(TheNewswire)
Vancouver, British Columbia – TheNewswire - August 03, 2021 - Arizona SilverExploration Inc. (TSX V: AZS) (OTC:AZASF)(“Arizona Silver Exploration” or the “Corporation”) is pleased to announce it hasnegotiated a lease on the two outstanding patented claims, the Resacaand the Rising Fawn claims, at the Philadelphia Gold-Silver Project,Mohave County, Arizona.
RESACA AND RISING FAWN PATENTEDCLAIMS LEASE
The Company has secured a long-term lease on the Resacaand Rising Fawn patented claims at the Philadelphia Project. These twoclaims cover a significant portion of the vein mineralizationlocalized along approximately 850 metres of strike length of theArabian fault within the two claims. The Arabian Fault is the host tothe high-grade vein(s) localized along or adjacent to it. Acquisition of this lease agreement consolidates the Company’sproperty position over +3 kilometers of strike length along the faultand associated vein exposures. Most of this mineralized structure isundrilled. Where the Company has drilled into the structure and theassociated vein it has encountered high-grade gold-silvermineralization both to the immediate the north and south of the newlyacquired claims. See updated claim maphere.
The lease covers all mineralization on both claims fromthe surface downward, except for the area that is currently beingmined by the lessor, which is excluded from the current lease. In theexcluded the Company has secured a right of first offer/right of firstrefusal to acquire this area, which is comprised of mineralizationfrom the surface down to the valley floor, approximately 30-40vertical metres. In consideration for these rights the Company hasagreed to a work commitment to fully drill and assay this area inorder to properly quantify the gold resource present, and itseconomics, in order to allow negotiation of mutually agreeableacquisition terms.
GEOLOGY AND WORK PROGRAM
Mapping and sampling of the newly acquired patentedclaims will commence immediately, with the objective of being able todesign drilling programs to test the newly acquired claims. At thenorth end of the Resaca claim the Company’s recently completed coredrilling program at Philadelphia has progressed to the property linewith good gold and silver values present in drill holes up to theproperty line. At the southern end of the newly acquired claims theCompany’s recently completed core holes -81 thru -83, whichinterested the high-grade vein on the Perry patented claim, are lessthan 20 metres from the claim line with the Rising Fawn claim.Outcrops of gold-bearing calcite-veined breccia that cross from thePerry claim to the Rising Fawn claim, and which were encountered inour recently complete drilling program footwall to the high-gradevein, support that the high-grade vein likely continues onto theRising Fawn patented claim.
Summary on Philadelphia
The Company has now completed control of the last twopatented claims where surface mining has been ongoing for severalyears. Combined with our recent addition of 10 claims to the east, webelieve we have covered the entire strike length ofPhiladelphia-Arabian Vein. Our land package is now complete, and ourfocus is now on further exploration along the strike and dip of thevein. Based on historical mining data along with our drilling over thelast two years we feel very confident for the potential for anearly-stage high-grade vein discovery like what was mined historicallyin the nearby Oatman District.
Silverton Update
Site survey work was completed at Silverton last weekand several earthworks contractors were contacted regarding sitepreparation required prior to drilling. Drilling will commence basedon earthmoving equipment and drill availability. Silverton remains todrill ready with permits to drill 12 holes into what we believe may bea Carlin-type deposit
Qualified Person
Gregory Hahn, VP-Exploration and a CertifiedProfessional Geologist (#7122) is a Qualified Person under NationalInstrument 43-101 (“NI 43-101”) and has reviewed and approved thetechnical information contained in this news release.
About Arizona Silver ExplorationInc.
Arizona Silver is a young exploration company focusedon exploring underexplored gold-silver properties in western Arizonaand now Nevada. The Company plans to continue to drill test the RamseySilver Mine property located a short distance east of Quartzsite,Arizona as drill availability and time allows. The Company hasrecently received a positive Record of Decision on its Notice ofIntent to drill an initial twelve exploration holes on its recentlyacquired Silverton gold-silver property with Carlin-type targets.Drilling there will be scheduled as time and equipment allow. Recentcommunication from the US Forest Service with respect to the SycamoreCanyon permit is the cultural review is complete and they continue toadvance the permit application.
Please refer to our web site for all news and updatedproperty information. www.arizonasilverexploration.com
On behalf of the Board ofDirectors:
ARIZONA SILVER EXPLORATION INC.
Mike Stark, President and CEO, Director
Phone: (604) 833-4278
N either the T S X Ve n t u r e Exc h a ng e n or its R eg u l a tion S e r v i c es Pr ov id e r (as th a t t e r m is d efi n ed in p o l i c ies of the T S X Ve n tu r e Exc hang e) a c c epts r e spo n sib i lity f o r t h e a d eq ua cy or a c c u r a cy of t h is r ele a se.
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 2020-2021exploration 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 2021 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's2021 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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