U.S. Precious Metals, Inc. (OTCMKTS:USPR) continues to move farther into oblivion on what looks like massive debt conversions. The stock has been in massive decline for many months since it was over $0.20 a share back in June.
The last time USPR saw any action was after the technical report from Applied Minerals, of Thompson Falls, Montana, entitled “La Sabila Precious & Base Metals Deposit Project Report that states Indicated Resources for the drilled acreage by zone of Indicated Mineralized Material: 6,283,500 tonnes, Au (Gold) Indicated Resource: 954,957.91 troy ounces, Ag (Silver) Indicated Resource: 4,651,690.38 troy ounces and Cu (Copper) Indicated Resource: 68,680 tonnes.
U.S. Precious Metals, Inc. (OTCMKTS:USPR) explores and develops precious and base metal properties in the U.S. and Mexico. The Company owns exclusive exploration and exploitation rights to approximately 37,000 acres of land in Michoacán, Mexico.
Much of the excitement on USPR is due to the Company’s 37,000-acre property down in Michoacán, Mexico. According to many reports there is a huge mineralized system on the property and you can pick up copper float on the ground with visible gold and copper systems.
Recently U.S Precious Metals, Inc. has expanded on its exploration focus by acquiring Resource Technology Corp. The Company has embraced the newest technological advancements in ore refining by embracing Thermal processing which is set to revolutionize the way and ore is processed in the future.
USPR has also started extensive work via Satellite Imaging on its Mexican concessions. This will supplement the existing, more traditional data that has been accumulated over the years.
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USPR acquired the property leases in 2003 after the initial exploration efforts by MIM, Esperanza Del Oro and Hot Springs Exploration in 1997-98. The previous exploration campaigns completed 21 drill holes totaling 3166 meters of R.C. drilling. An additional concession surrounding the Solidaridad concessions was obtained in 2006 by USPR of Mexico.
In November USPR announce it has received a technical report from Applied Minerals, Thompson Falls, Montana. The report is entitled “La Sabila Precious & Base Metals Deposit Project Report.” Mr. Michael J. Floersch is the Qualified Person (QP) responsible for the report.
This 40 page report describes the history of our Michoacan, Mexico property as well as geology and geologic history of its mineralization. It discusses in detail the resource estimate based upon the 2015 drilling campaign which primarily focused on the “Main Zone” and areas surrounding the “Main Zone.”
The Report calculates Indicated Resources for the drilled acreage by zone and reports the following Total Indicated Resource: Indicated Mineralized Material: 6,283,500 tonnes Au (Gold) Indicated Resource: 954,957.91 troy ounces Ag (Silver) Indicated Resource: 4,651,690.38 troy ounces Cu (Copper) Indicated Resource: 68,680 tonnes
USPR CEO John Gildea said “We are thrilled to announce the results of this Technical Report. I want to thank all of our employees and loyal shareholders that have helped us reach this momentous milestone. Now that the Report is complete, I would expect further milestones of our business plan to occur at a more accelerated pace.”
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Currently trading at a $800,000 market valuation USPR has little cash, no revenues and over $4 million in short term payables. Reports coming back from the Company’s 37,000-acre property down in Michoacán, Mexico suggest this is a huge mineralized system; in fact a recent technical report by Applied Minerals of Thompson Falls, Montana estimated reserves on the mine of indicated Mineralized Material: 6,283,500 tonnes, Au (Gold) Indicated Resource: 954,957.91 troy ounces, Ag (Silver) Indicated Resource: 4,651,690.38 troy ounces and Cu (Copper) Indicated Resource: 68,680 tonnes. If this had much merit USPR would not be in the triple zero’s. Massive debt conversions seem to be taking place there with Investors averaging down trying to catch a falling knife; a dangerous strategy indeed. We will be updating USPR as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with USPR.
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Disclosure: we hold no position in USPR either long or short and we have not been compensated for this article.