U.S. Precious Metals, Inc. (OTCMKTS:USPR) has been building up on the excitement of its newly acquired 37,000-acre property in Mexico. There is evidence of large mineral deposits in the area, with copper floats and gold deposits visible on the ground. As per the recent updates from the company USPR has completed 15-drill holes in the area, with a cumulative depth of 2500-meters. The mineral extraction from these holes has been encouraging and the current holes are also under analysis from an independent mineral lab.
One of the geologists from USPR, David Burney, revealed that the apart from the gold and copper, the area has large deposits of Bornite, Pyrite and Chalcopyrite. However, he stated that they are still awaiting the third party lab results to confirm their observations. As the drilling operations continue, USPR expects to find even larger reserves in the property.
Additionally, the company has also got in touch with the University of Michoacan in the region, to conduct environmental studies in the region. The studies would be aimed at helping USPR in conducting sustainable mining operations, while understanding the extent of mineral deposits in the area. USPR is also trying to improve the lifestyle of the population in the surrounding areas, by providing better infrastructure facilities.
USPR, in recent weeks, has grown increasingly focused on expanding its business with the acquisition of Resource Technology Corp. Apart from gaining additional mining area from the acquisition; the company has decided to use a more technological approach for its ore-refining processes. USPR has also recently adopted a thermal processing procedure for the ore-refining. Similarly, the company is also making use of satellite imagery on its various properties to compare it with data collected from the ground. With the rapid developments on the new property and encouraging preliminary results, the company can expect to add a lot to its balance sheet in a very short time.
U.S. Precious Metals, Inc. (OTCMKTS:USPR) closed at the end of the June 23 session at a share price of $0.16, after reporting a decline of 9.6%, despite experiencing trade of 2.19 million shares during the session.