Vancouver, BC, January 31, 2017 – Arizona Silver Exploration Inc. (the “Company“) (TSX-V: AZS) is pleased to announce initial drill results from the first phase of drilling on the Ramsey Mine silver project located in La Paz County, Arizona.
Initial Drill Results
Drill hole R1602-C intersected 50 feet (15.3 metres approximate true width) containing 102 gpt Ag, 0.12% Pb and 0.35% Zn. Within this zone is a higher grade banded amethystine quartz vein 5 feet wide (1.5 metres) of 276 g/tonne (gpt) Ag and 0.5 gpt Au that appears to be the southern extension of the Ramsey vein that was mined historically. The gold content is noteworthy and much to our surprise, in that gold was not previously reported from mine shipments or rock samples from the Ramsey vein. The vein occurs within and near the top of the more extensive lower grade silver zone beneath it. The silver zone is contained within a much thicker section of low grade mineralization that is 91 feet (27.7 metres approximate true width) and grades 63 gpt Ag, 0.09% Pb, and 0.25% Zn. These results confirm the presence of a thick interval of silver, lead, and zinc, as identified by historic long hole drill holes, with newly identified locally elevated gold. This mineral system appears to be large and wide-open to the south of hole R1602-C, where no previous drilling or mine development has occurred.
Drill hole R1603-C was drilled beyond the northern extent of the old underground workings where it was unclear why historic mining was discontinued. R1603-C interested footwall mineralization only, grading 31.3 gpt Ag, 0.08% Pb, and 0.32% Zn with intervals of 0.1-0.2 gpt Au, across 47 feet (14.3 metres approximate true width) after drilling through extremely faulted ground in the region where the high-grade vein projected. We believe the high-grade vein is faulted out, which explains why mining was discontinued historically, along with about 50 feet (15.3 metres) of mineralized section. We interpret the large magnetic anomaly located north of this drill site to represent the faulted extension (see discussion on hydrothermal magnetite below).
Drill hole R1601-C was drilled from the same site at R1602-C, but at a steeper inclination, and intersected a mine working where we projected the high-grade vein. This mine working was not on the historical stope maps that predate the MM Sundt Company’s underground activity at the Ramsey Mine in the late 1960s, and probably represents a portion of the high-grade vein that they mined during their tenure on the property. The core drillers were unable to drill past this 7-ft wide mine working, and the hole was abandoned.
Drill holes R1604-C and R1605-C were drilled from the same site as R1603-C, and are currently in the laboratory for sample preparation and analyses, and the results will be reported after they have been received and reviewed.
Drilling simultaneously tested the ground magnetic anomaly that is coincident with the old Ramsey Mine workings, in order to understand the source of the magnetic anomaly and to be able to better interpret the much larger (500-meter diameter) ground magnetic anomaly to the north. There is a distinct hydrothermal magnetite zone in the volcanic rocks above the silver target zone in all five holes, explaining the source of the magnetic anomaly and reinforcing the significance of the larger magnetic anomaly to the north. Lab physical property tests also show this rock type is very resistive, probably due to silicification. Magnetic pyrrhotite is also present in the volcanic rocks above and in the silver target zone. Rock physical property tests were performed on representative samples from this magnetite-pyrrhotite zone and confirm a magnetic susceptibility 20-100 times that of the mineralized rocks below the high-grade vein, which explains the ground magnetic anomaly.
The magnetic anomaly to the north of the Ramsey Mine area is significantly stronger and larger than that at the Ramsey Mine. It is located across an inferred fault intersected in drill hole R1603-C and is believed to lie beneath an estimated 30-60 meters of alluvial cover. Silver-mineralized footwall rocks have a higher conductivity and polarization effect than the hanging wall rocks. The lab physical property tests suggest an electrical survey over the large untested magnetite anomaly should help define the geometry of the mineral system in the sub-surface and the locus of any disseminated sulphide minerals. An IP (induced polarization) geophysical survey is being planned to measure the electrical properties of the Ramsey mine are and the larger northern magnetic anomaly. We are encouraged with the results of the programme and have gained further knowledge of the system. Please take a moment to view our web site with images of the core at www.arizonasilverexploration.com.
QA/QC and Analytical Procedures
All drill core is stored in a locked facility in Quartzsite, Arizona prior to transport under strict chain of custody by ALS Minerals personnel to the ALS Minerals laboratory in Tucson Arizona. Core is photographed, sawed, and sampled by ALS Minerals personnel in accordance with sample intervals provided by Arizona Silver, then each interval is crushed to 70% passing 2 mm, a 250 gram split is taken and pulverized to 85% passing 75 microns, subject to a four-acid digestion, and then analyzed by ICP/MS for a 48-element package including silver, lead, and zinc. Samples over 100 ppm silver and over 10,000 ppm lead or zinc are re-analyzed using ICP for higher concentration levels. Selected intervals with high silver values are re-submitted for 1-assay ton fire assays for gold.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
ARIZONA SILVER EXPLORATION INC.
SIGNED: “Greg Hahn”
Greg Hahn, President and Chief Executive Officer
Contact: Greg Hahn (720) 244-2022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the TSX Venture Exchange has in no way passed upon the merits of the transactions herein.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2016 program on the Ramsey property; the potential for development of the mineral resources; the potential mineralization and geological merits of the Ramsey property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s 2016 drilling program(s) on the Ramsey property, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Ramsey property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s 2016 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.