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U.S. SILVER CORPORATION REPORTS SIGNIFICANT NEW SILVER-LEAD ZONES AT GALENA MINE
Toronto, Ontario CANADA, January 17, 2007 /FSC/ - Chrysalis Capital III Corporation (USA - TSX Venture), wholly-owned subsidiary, U.S. Silver Corporation ("U.S. Silver") reports that it has identified two new areas of significant silver-lead occurring on the 3700 Level and the 5200 Level of the Galena mine. There is already a limited silver-lead resource identified at the 3000 level as described in the Information of a technical nature in this press release respecting the Properties is derived from the "Technical Report, Galena Mine Project, Idaho, U.S.A." dated November 17, 2006 by Chlumsky Ambrust & Meyer LLC.
Since acquiring the Galena mine near Wallace, Idaho in June of 2006, U.S. Silver has conducted an aggressive underground diamond drill program identifying new zones and additional areas of previously identified mineralization.
Historically, this operation has produced primarily silver-copper ore although there had been interesting silver-lead mineralization identified with previous drillings. With the rise in metal prices recently, and in particular lead prices, U.S. Silver has aggressively targeted silver-lead exploration.
The most significant intercepts on the 3700 Level include 4.4 feet true thickness (1.49 meters) at a grade of 34.33 ounces of silver per ton (opt) (1,177 grams of silver per tonne) and 23.16 percent lead in hole 37-191, and 6.5 feet true thickness (1.98 meters) at a grade of 25.36 opt silver (869 gpt) and 14.86 percent lead in hole 37-210. This zone is believed to be the down-dip extension of the silver-lead resource on the 3000 Level. Drilling conducted during 2006 from the 3700 Level has identified this zone over a strike length of 1,000 feet and a vertical distance of 400 feet, and lies very near existing development on the 3700 Level. Therefore, development can occur quickly once a decision is made to do so. These results are outside of any previously reported resources for the Galena Mine.
The most significant intercepts on the 5200 Level include 23.5 feet true thickness (7.16 meters) at a grade of 11.03 opt silver (378 gpt) and 8.19 percent lead in hole 52-223, and 21.6 feet true thickness (6.58 meters) at a grade of 9.93 opt silver (340 gpt) and 8.33 percent lead in hole 52-225. This area is a newly discovered vein, referred to as the 175 Vein, therefore it has not been included in any prior resource reports. Drilling to-date on the 175 Vein indicates a minimum of 500 feet of strike length and 400 feet vertically. The vein is centered on the 5200 Level and it remains open above and at depth.
Silver-lead zones were first seen in these areas of the mine as early as the mid-1950s in scattered diamond drill holes or crosscuts but the significance of these zones remained unknown as no follow-up work was conducted. Previous operators of the Galena Mine focused primarily on mining the silver-copper bearing tetrahedrite ore rather than silver-lead. The result of this operating philosophy is that there may be a significant potential for silver-lead production in the future.
A partial list of diamond drill hole silver-lead intercepts for 2006 is listed below in Table 1. The data reported in the table are only those intercepts with greater than 40 silver equivalent foot ounces. "Silver Equivalent" grade is calculated by multiplying the lead value by 0.6, which accounts for metal prices at the time of the news release, metallurgical recoveries, and an anticipated net smelter return from lead. This number is then added to the silver value to obtain the "Silver Equivalent" grade. "Foot ounces" are the silver equivalent value multiplied by the true thickness of the intercept.
The drilling results highlighted in this news release are part of the underground exploration program conducted at the mine during 2006 totaling 45,599 feet of drilling in 74 drill holes. Fifty-nine of those holes and 34,679 feet of drilling were completed since U. S. Silver obtained ownership of the mine in June of 2006. U.S. Silver expects to complete a minimum of 80,000 feet (24,380 meters) of underground diamond drilling during 2007.
Table 1: Galena Mine 2006 Significant Silver-Lead Diamond Drilling Results
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Downhole TRUE
Hole # From To Length Thickness
(feet) (feet) (feet) (feet) Ag opt Pb %
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3700 Level
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37-190 440.8 443.0 2.2 1.0 29.92 21.50
37-191 503.6 509.8 6.2 4.4 34.33 23.16
555.1 560.0 4.9 3.1 15.12 9.82
579.0 583.8 4.8 2.4 62.00 19.98
594.4 604.0 9.6 5.8 15.67 7.60
37-193 398.6 411.6 13.0 6.5 7.63 8.86
480.3 490.5 10.2 5.6 5.50 8.27
587.3 593.2 5.9 3.6 6.01 9.17
37-194 502.1 509.0 6.9 4.3 7.29 3.62
37-195 513.7 520.3 6.6 3.3 6.63 10.57
625.3 629.0 3.7 2.1 16.57 6.99
652.2 657.0 4.8 3.1 11.45 12.90
37-205 495.2 497.4 2.2 1.6 14.80 18.50
37-206 648.0 657.8 9.8 4.1 8.86 11.62
37-207 611.3 616.1 4.8 4.7 10.73 8.49
650.3 653.0 2.7 2.1 22.60 16.40
37-209 373.4 384.0 10.6 7.5 5.02 7.01
392.0 402.0 10.0 5.7 15.98 13.44
442.0 446.8 4.8 4.5 10.10 5.76
37-210 340.8 353.7 12.9 6.5 25.36 14.86
400.0 406.4 6.4 6.0 4.25 4.51
37-211 174.0 175.7 1.7 1.5 217.20 0.42
37-214 616.5 620.8 4.3 2.5 16.33 13.43
37-215 47.0 52.0 5.0 2.5 11.29 8.03
27-216 353.0 361.0 8.0 4.0 6.86 10.30
376.0 381.4 5.4 3.8 7.43 13.20
37-217 58.0 65.2 7.2 5.5 4.22 6.91
37-218 34.5 50.0 15.5 5.3 8.52 12.65
97.0 104.1 7.1 2.4 9.33 15.02
175.3 191.5 16.2 8.1 3.01 5.82
518.5 526.2 7.7 4.9 6.56 3.02
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5200 Level
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52-223 645.4 680.8 35.4 23.5 11.03 8.19
52-225 541.5 569.3 27.8 21.6 9.93 8.33
52-226 443.0 453.5 10.5 9.9 5.26 8.45
52-227 71.6 75.4 3.8 2.1 51.21 0.11
52-228 402.7 421.4 18.7 16.3 8.92 10.25
52-229 406.8 424.0 17.2 15.5 6.22 8.68
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QUALIFIED PERSON
Information of a technical nature in this press release respecting the properties has been prepared and reviewed by Mr. Daniel H. Hussey, Chief Geologist of U.S. Silver. Mr. Hussey is a "qualified person" within the meaning of National Instrument 43-101 of the Canadian Securities Administrators. All silver assay results reported in this news release were analyzed using standard fire assay techniques by a commercial laboratory. All diamond drill core holes were drilled with NQ2 size core.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiary U.S. Silver-Idaho, Inc., owns and operates the Galena underground silver mine. U.S. Silver-Idaho, Inc. also owns the Coeur Mine and Caladay Property, which are located near the Galena mine, as well as certain other mining properties in the Coeur d'Alene Mining district, a region known for silver, lead and zinc production, near the base of the panhandle of northern Idaho. U.S. Silver acquired U.S. Silver-Idaho, Inc. in June 2006 from Coeur d'Alene Mines Corporation. U.S. Silver is a wholly owned subsidiary of Chrysalis Capital III Corporation.
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