(TheNewswire)
Vancouver, BritishColumbia, July 3, 2024 – TheNewswire – Arizona Gold & SilverInc. (TSXV: AZS) ( OTCQB:AZASF ) is pleaseto announce initial results of sampling a recently uncovered historicadit and RC drilling at the Philadelphia Gold-Silver property,Arizona.
For historic reasons the mineralizedgold system is generally reported using the patented claim names(Figure 1). Exploration work in this press release is confined tothe Rising Fawn and Resaca claims where there were
gaps in our database.
Channel Sampling onthe Rising Fawn Claim
Most of the historic mine workings areinaccessible. Fortunately, in January the entrance to a 51.8 metrelong adit (tunnel) was uncovered on the Rising Fawn claim thatfacilitated systematic channel sampling across the mineralized system.That sampling returned 30.5 metres (m) grading 2.33 grams pertonne (gpt) gold and 15.27 gpt silver. The zone extended from the entrance of theadit for 30.5 metres. For safety reasons sampling excluded an unsafe30m deep winze sunk on the high grade HW vein. The 30.5m interval isfollowed by 18.28m grading 0.59 gpt gold and 3.74 gpt silver. In totalthe adit intersected 48.78m grading 1.68 gpt gold and 10.95 gptsilver. The true width ofthe mineralized interval is estimated at 44.21m.
Currently there are no drill holes downdip of this adit. Several fences of drill holes are planned to testthis zone down the dip of the mineral system.
A short adit nearby exposes the HW vein.Channel sampling there returned 1.5m of 20.4 gpt gold and 20.5 gpt silverin the HW vein. The total interval from 0 to 10.67m assayed 3.49 gptgold and 12.33 gpt silver.
All underground drift samples werecollected in 5-ft individual lengths with either a hammer and chiselor an electric reciprocating chisel to simulate a complete channelacross the individual sample lengths. Figure 2 shows the results ofthe sampling for both of the above referenced underground workings. Individual sample weights were 7 to 19 kilograms each.
RC Drilling of theRising Fawn Gap
Previous drilling did not test theRising Fawn Gap that lies between the Rising Fawn portion of themineral system and the Perry portion of the mineral system to thesouth. Three RC holes were drilled from one drill pad to test thedown dip continuity of mineralization. All three holes encounteredgold-silver mineralization associated with stockwork (breccia) andwithin the overlying volcanics. The results suggest mineralizationcontinues into the gap. Assay results are tabulatedbelow.
Drill Hole From(m) To(m) Thickness(m) Au (gpt) Ag(gpt) Est.True Width(m)
PRC24-129 60.98 108.23 47.25 0.85 2.0 46.5
including 103.66 105.16 1.50 12.5 6.7 1.50 (FWvein)
PRC24-130 29.0 83.84 54.88 0.62 1.26 49.4
PRC24-131 74.70 125.0 50.30 0.352 4.0 47.3
(incomplete)
Drill holes PRC24-130 and PRC24-131 wereterminated prematurely above the FW vein due to high water influxissues. Assay results from sampling above the intercept reported fromPRC24-131are awaited.
Resaca Gap DrillingResults
The Resaca Gap was an undrilled areabetween the Arabian mine workings to the north and the Rising Fawnarea to the south. Drilling encountered gold and silver mineralizationassociated with stockwork quartz at the both the north and south endsof the gap. Significant gold intercepts are reportedbelow:
Drill Hole From(m) To(m) Thickness(m) Au (gpt) Ag(gpt) Est.True Width(m)
PRC24-123 44.21 48.78 4.57 2.67 9.0 4.0
PRC24-126 74.70 91.46 16.76 0.50 1.8 15
PRC24-127 27.44 54.88 27.44 0.40 1.1 25
Significant silver intercepts arereported below:
Drill Hole From(m) To(m) Thickness(m) Ag (gpt) Au(gpt) Est.True Width(m)
PRC24-102 18.29 35.06 16.77 12.2 .03 15
PRC24-103 24.39 54.88 30.49 18.8 .16 15
PRC24-113 36.59 73.17 36.58 16.0 .04 30
PRC24-114 21.34 44.21 22.87 8.8 .02 22
PRC24-115 41.16 64.02 22.86 10.6 .02 22
PRC24-116 22.87 60.98 38.11 3.0 .04 30
PRC24-117 54.88 88.41 33.53 6.7 .03 30
The remaining holes contain anomalousgold and silver but the values are below a cut-off of 0.25 gpt Au(eq)used for reporting purposes.
Mr. Greg Hahn, VP Exploration commented, “Drilling at Philadelphia has two objectives: to build a bulktonnage low grade heap leachable resource at grades +0.5 gpt gold, andto delineate high grade portions in the FW and HW veins that were thesubject of historic mining. The channel sampling in the recentlyuncovered adit revealed what is likely the higher grade core of theRising Fawn section of the mineral system, where we have limited drillhole coverage. This higher grade area remains to be drilled.”
Greg Hahn continued,“The drilling results in the Rising Fawn Gap demonstrate thegold-silver stockwork system continues towards the Perry portion ofthe mineral system with further drilling required. We intersected goldmineralization in the volcanics above the stockwork quartz intervalwhich increases the total thickness of mineralization there. The drillintercepts in the Resaca Gap are primarily silver with low goldvalues. This suggests this is the periphery of the mineral system bothto the north where the old Philadelphia mine workings are andsouthwards towards the Rising Fawn portion of the mineral system.”
QA/QC Program
All assaying was conducted by ALS Global, anindependent analytical laboratory. Core was trucked to the ALS samplepreparation facility in Tucson, Arizona, where the samples areinventoried, dried, crushed and pulverized. Pulverized splits aresent to the ALS analytical facility in Vancouver, British Columbia foranalyses. All material handling is done under a strict chain ofcustody protocol. Gold is determined by fire assay with an AA finishand silver is determined by ICP-MS methods within a 31-element suite.
The Company maintains its own program of insertingStandard Reference material in the form of standards and blanks to thesampling stream, prior to being shipped to ALS's preparation facilityin Tucson, Arizona, in addition to the independent QA/QC protocols ofALS Global.
Exploration GoingForward
The next phase of drilling will be totest the Red Hills target, an opportunity to expand on the bulktonnage intercepts drilled on patented claims in 2022. beneath thehydrothermally altered Red Hills flow dome (See News Releases dated February 7, 2023 and June 5,2024 ). The Company veryrecently received BLM approval for diamond drilling up to 40 holesfrom 2 new drill pads situated above the targeted gold system.
QualifiedPerson
Gregory Hahn, VP-Exploration and aCertified Professional Geologist (#7122) is a Qualified Person underNational Instrument 43-101 ("NI 43-101") and has reviewedand approved the technical information contained in this newsrelease.
About Arizona Gold& Silver Inc.
Arizona Gold & Silver Inc. is aleading exploration company focused on uncovering precious metalresources in Arizona and Nevada. With a commitment to sustainablepractices and innovative exploration techniques, the company aims todrive value for stakeholders while prioritizing environmentalstewardship. The flagshipasset is the Philadelphia gold-silver property where the Company isdrilling off an epithermal gold-silver system ahead of an initialresource calculation.
On behalf of the Board ofDirectors:
ARIZONA GOLD &SILVER INC.
Mike Stark, Presidentand CEO, Director
Phone: (604) 833-4278
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
CAUTION CONCERNINGFORWARD-LOOKING STATEMENTS
This news release includes certainforward-looking statements or information. All statements other thanstatements of historical fact included in this release areforward-looking statements that involve various risks anduncertainties. Forward-looking statements in this news release includestatements in relation to the timing, cost and other aspects of the2024 exploration program; the potential for development of the mineralresources; the potential mineralization and geological merits of theexploration properties; and other future plans, objectives orexpectations of the Company. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company's plans or expectations include therisk that actual results of current and planned explorationactivities, including the results of the Company's 2024 drillingprogram(s) on its properties, will not be consistent with theCompany's expectations; the geology, grade and continuity of anymineral deposits and the risk of unexpected variations in mineralresources, grade and/or recovery rates; fluctuating metals prices;possibility of accidents, equipment breakdowns and delays duringexploration; exploration cost overruns or unanticipated costs andexpenses; uncertainties involved in the interpretation of drillingresults and geological tests; availability of capital and financingrequired to continue the Company's future exploration programs andpreparation of geological reports and studies; delays in thepreparation of geological reports and studies; the metallurgicalcharacteristics of mineralization contained within the explorationproperties are yet to be fully determined; general economic, market orbusiness conditions; competition and loss of key employees; regulatorychanges and restrictions including in relation to required permits forexploration activities (including drilling permits) and environmentalliability; timeliness of government or regulatory approvals; and otherrisks detailed herein and from time to time in the filings made by theCompany with securities regulators. In connection with theforward-looking information contained in this news release, theCompany has made numerous assumptions, including that the Company's2024 programs would proceed as planned and within budget. The Companyexpressly disclaims any intention or obligation to update or reviseany forward-looking statements whether as a result of new information,future events or otherwise, except as otherwise required by applicablesecurities legislation.
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