(TheNewswire)
Vancouver, British Columbia, April10, 2024 – TheNewswire – Arizona Gold & SilverInc. (TSXV: AZS ) ( OTCQB:AZASF ) announcesthat equipment is on site for reverse circulation (RC) drilling on thePhiladelphia Gold-Silver Property, located in Mohave County, Arizona.
Mr. Greg Hahn, VP Exploration commented,“ We are excited to resumedrilling on the Philadelphia property. This round of drilling willtest the entire 400 metre strike length of the Resaca patented claim,a segment of the vein system that has never been drilled before. Thisis despite the presence of old high grade mine workings at the northend of the claim. Similarly, there is reported high grade in ahistoric vein intercept at the south end of the area to be drilled (onthe adjacent Rising Fawn claim). The overall objective of thisdrilling program is to complete drill testing of the shallow portionof the vein system and help establish priorities for drilling downdip.”
Proposed DrillProgram
Reverse circulation (RC) drilling will commence on the north end ofthe Resaca claim, immediately south of the historic R1 shaft, which isthe southernmost shaft to access historic mine workings. It will thenprogress southward.
Historic channels samples from 1930 along the R1 shaft down to thewater table at the 100-level returned 21.34 metres (“m”) at an average grade of 8.33 grams per tonne (“g/t”) gold (0.242 opt Au). Suchgrades were the target of historic mining activity. Company geologistshave determined that this shaft followed the hanging wall (“HW”)vein above both the stockwork interval and FW vein. The HW vein isburied by alluvium to the south of the R1 shaft.
Company channel sampling at surface has traced thefootwall (“FW”) vein and returned a 3m interval grading 11.6 g/tgold and 658 g/t silver. Furthermore, sampling has established thatexcellent mineralization continues along the entire length of theridge that forms the center line of the Resaca claim.
In 1982 Meridian Minerals drilled a RC hole near theclaim boundary of the Resaca claim (on the Rising Fawn patentedclaim). The drill hole intersected 32.1m at 1.0 g/t gold, includinga FW vein assay of 1.5m at 22.8 g/t gold. The Meridian hole did not godeep enough to intersect the entire stockwork zone and the HW vein: itwas drilled from the west to the east.
An Arizona Department of Transportation (ADOT) verticaldrill hole in the vicinity of our first fence of holes intersectedgood stockwork quartz in both rhyolite and granite, including greenquartz at the top of the interval (the HW vein?) from 9.8m to 64.6m,beginning immediately below alluvium. The hole was drilled to test forunknown extensions to underground workings that could be a hazard to athen proposed new road alignment. It was not assayed and no workingswere encountered. The Resaca claim is shown in the accompanyingfigure.
Harris Exploration Drilling, a division of EarthDrilling, has been selected for the drilling. The RC drill rig andsupport equipment is on site with drilling scheduled to commence thisweek. A total of 2,440m in 26 holes is budgeted for the program. Samples will be transported to ALS sample preparation facility inTucson Arizona by an independent contractor andanalyzed for gold via fire assay and silver via 31-element ICPanalyses.
QualifiedPerson
Gregory Hahn, VP-Exploration, and a CertifiedProfessional Geologist (#7122) is a Qualified Person under NationalInstrument 43-101 ("NI 43-101") and has reviewed andapproved the technical information contained in this newsrelease.
About Arizona Gold & SilverInc.
Arizona Gold & Silver is a young explorationcompany focused on exploring gold-silver properties in westernArizona and Nevada. The flagship asset is the Philadelphia gold-silverproperty where the Company is drilling off an epithermal gold-silversystem.
On behalf of the Board of Directors:
ARIZONA GOLD & SILVER INC.
Mike Stark, President and CEO,Director
Phone: (604) 833-4278
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
CAUTION CONCERNING FORWARD-LOOKINGSTATEMENTS
This news release includes certain forward-lookingstatements or information. All statements other than statements ofhistorical fact included in this release are forward-lookingstatements that involve various risks and uncertainties.Forward-looking statements in this news release include statements inrelation to the timing, cost and other aspects of the 2024 explorationprogram; the potential for development of the mineral resources; thepotential mineralization and geological merits of the explorationproperties; and other future plans, objectives or expectations of theCompany. There can be no assurance that such statements will prove tobe accurate and actual results and future events could differmaterially from those anticipated in such statements. Importantfactors that could cause actual results to differ materially from theCompany's plans or expectations include the risk that actual resultsof current and planned exploration activities, including the resultsof the Company's 2024 drilling program(s) on its properties, will notbe consistent with the Company's expectations; the geology, grade andcontinuity of any mineral deposits and the risk of unexpectedvariations in mineral resources, grade and/or recovery rates;fluctuating metals prices; possibility of accidents, equipmentbreakdowns and delays during exploration; exploration cost overruns orunanticipated costs and expenses; uncertainties involved in theinterpretation of drilling results and geological tests; availabilityof capital and financing required to continue the Company's futureexploration programs and preparation of geological reports andstudies; delays in the preparation of geological reports and studies;the metallurgical characteristics of mineralization contained withinthe exploration properties are yet to be fully determined; generaleconomic, market or business conditions; competition and loss of keyemployees; regulatory changes and restrictions including in relationto required permits for exploration activities (including drillingpermits) and environmental liability; timeliness of government orregulatory approvals; and other risks detailed herein and from time totime in the filings made by the Company with securities regulators. Inconnection with the forward-looking information contained in this newsrelease, the Company has made numerous assumptions, including that theCompany's 2024 programs would proceed as planned and within budget.The Company expressly disclaims any intention or obligation to updateor revise any forward-looking statements whether as a result of newinformation, future events or otherwise, except as otherwise requiredby applicable securities legislation.
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