Vancouver, British Columbia / February 19, 2019 – Arizona Silver Exploration Inc. (the “Company” or “Arizona Silver”) (TSX-V: AZS) (OTCQB: AZASF) is pleased to announce it has acquired a lease with option to purchase on a high-grade gold and silver vein target located in Mohave County, northwestern Arizona. Mohave County in northwestern Arizona is the home to the Oatman Mining District, which produced over 2 million ounces of gold from high-grade veins through underground mining in the early 1900’s. Currently active gold mining operations by Northern Vertex at the Moss Mine open pit heap leach operation, and by Para Resources at the Gold Road underground mine and agitation leach operation are located nominally 6 miles and 10 miles respectively south of Arizona Silver’s new acquisition.
Highlights of Philadelphia Property
- Past production indicates gold grades ranged from 3-0.79 opt (10-27 gpt) Au
- Historic silver grades in production shaft average 12.25 opt (420 gpt) Ag
- Historic gold grades in production shaft average 0.341 opt (15.5 gpt) Au, for a combined gold equivalent grade of 0.485 opt (16.63 gpt) Au(eq).
- Readily accessible – initial drilling will be conducted less than 100 metres from paved road access.
- Water will be provided from a water well on site
- Samples have been taken on new targets on the 280 acres with results expected shortly
- Drill permitting is underway with the US BLM and the State of Arizona
The Company has entered into a lease with option to purchase on 11 unpatented lode mining claims that cover a majority of the old workings and potential strike extension of the former operating Arabian-Philadelphia Mine. In addition, the Company has staked three additional lode mining claims to cover the southern strike extension of the vein and host structure that was not covered by the leased claim group. The initial lease payment has been made. Together the Company has 2.29 kilometers of strike length along the mineralized fault.
The current plan is to drill a fence of 5-6 reverse circulation (“RC”) holes between the Philadelphia #1 and Philadelphia #2 shafts to test the continuity of the high-grade vein between these two shafts, down to a depth of about 150 metres. Success in this initial effort will require additional drilling, mostly with core, to continue to test the strike and dip extensions of the vein.
Greg Hahn, President, CEO, 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.
Please refer to our web site for additional and complete news updated on Philadelphia property information. www.arizonasilverexploration.com
On behalf of the Board of Directors:
ARIZONA SILVER EXPLORATION INC.
Greg Hahn, President and CEO
Contact: Mike Stark, Chairman and Director
Phone: (604) 833-4278
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.
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 2019 exploration program; 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 2019 drilling program(s) on its properties, 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 exploration properties 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 2019 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.