Vancouver, BC, March 23, 2017 – Arizona Silver Exploration Inc. (the “Company“) (TSX-V: AZS) is pleased to announce the successful completion of the initial induced polarization (IP) survey (the “Survey”) at the Ramsey Silver Project, located in La Paz County, Arizona. The Survey confirms the suspected continuation of an IP/resistivity response to the north of the Ramsey Mine, similar to that detected at the Ramsey Mine, and identifies an entirely new and large anomaly and area of potential mineralization to the west of the old Ramsey Mine.
Induced Polarization (IP) Survey
Ramsey Mine Signature
The initial IP/resistivity Survey was completed on the Ramsey Silver Project March 21, 2017. The Survey consisted of three lines, totalling about 2400 metres in length. Line 1 was located directly over the old Ramsey Mine workings and the disseminated silver mineralization encountered in our 2016 drilling program. That Survey line successfully detected an IP response associated with the zone of disseminated silver and related base metal mineralization encountered in the 2016 drill holes. The resistivity data clearly detected the overlying silicified rhyolite. Together, the IP and resistivity data establish the geo-electric parameters for the signature we were seeking in the larger magnetic anomaly area to the north of the Ramsey Mine.
Lines 2 and 3 were located approximately 300 meters and another 425 meters north of Line 1, respectively. An IP and resistivity anomaly associated with the anomalous high magnetic zone similar in character to the IP and resistivity obtained over the Ramsey Mine area were detected. We interpret this to be the northern continuation of the Ramsey Mine mineral system beneath alluvial cover. A portion of Line 3 was re-surveyed at tighter dipole spacing to obtain higher definition of the anomalous zones, in particular greater accuracy determining the depth of alluvium cover as well as the top, width, and attitude of the target for drill planning purposes.
New Western Anomaly
All three lines detected a stronger but deeper IP anomaly on the western ends of the lines located beneath alluvial cover. A first pass inversion model suggests the source of the anomaly is buried beneath about 100-300 metres of alluvium, and had dimensions of about 500-800 metres wide, 100-200 meters thick, and is at least 500 metres long, and it remains open in several directions. Currently it appears to be roughly flat-lying to shallowly dipping to the east. This anomaly will be the focus of additional inversion modelling to attempt to fine-tune the geometry and dimensions of this significantly larger and completely blind anomaly for future exploration drilling.
Stock Option Grant
The Company also announces the grant on March 23, 2017 of options entitling eligible participants to purchase an aggregate of 175,000 common shares, exercisable in whole or in part on or before March 22, 2022 at an exercise price of $0.30 per share.
These options are being issued pursuant to the Company’s Fixed, less than 10% Stock Option Plan (the “Plan”) that was accepted for filing by the TSX Venture Exchange on December 15, 2016. The Plan reserves 2,000,000 shares for issuance, of which 1,336,546 are currently outstanding. After this option grant, 488,454 shares remain available to grant.
Greg Hahn, President and CEO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the geological data contained in this press release.
Please visit the Company’s website at www.arizonasilverexploration.com for more information on the Company.
ON BEHALF OF THE BOARD
ARIZONA SILVER EXPLORATION INC.
SIGNED: “Greg Hahn”
Greg Hahn, President and Chief Executive Officer
Contact: Mike Stark, non-executive Chair and Director
Phone: (604) 833-4278