(TheNewswire)
Vancouver, British Columbia - TheNewswire - July 25, 2023 - ArizonaSilver Exploration Inc. (TSXV: AZS ) ( OTC:AZASF ) is pleased toprovide this update on the Silverton carbonate-hosted gold explorationproperty located in Nye County, Nevada.
HIGHLIGHTS :
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In late March the Company completed a combinedhelicopter-borne magnetotelluric (”MT”) and magnetic survey flownover the entire property
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Rock chip gold samples above 100 ppb across an area 2.5kilometers by 3 kilometers
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Locally strong stibnite-quartz-gold veins in volcanicsabove the target limestone/dolomite section
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2-year extension obtained on drilling permit (Notice ofIntent) with the BLM
Carlin-Type GoldTarget at Silverton
The Silverton property is a large claim block of 1860 acrescontaining anomalous gold above 100 ppb in rock chip samples across anarea 2.5 kms by 3 kms. The gold is accompanied by strongly anomalousarsenic, antimony, mercury and other metals (the classic Carlin-typeor intermediate sulfidation metal suite). Most of this area hasexposures of Paleozoic carbonate rocks that are variably altered todolomite. In both the eastern and the western ends of the propertythe carbonates are overlain and intruded by Tertiary volcanics datedat late Eocene to early Oligocene in age. The central area ofexposed carbonate rocks appears to be a shallow anticline or complexdome.
Extensive low-grade gold-bearing jasperoid replacement depositsoccur primarily at the contact between the carbonates and theoverlying volcanics. Jasperoids also occur in the carbonates andvolcanics along faults, fractures, and bedding planes. Veins of quartzcontaining variable amounts of gold, silver and antimony (stibnite)and barite within the overlying volcanics were the primary focus ofshallow historic exploration drilling in the late 1980s to early2000s. No serious exploration has been done to test the alteredcarbonate package containing the bulk of the gold and trace metalanomalies, or in the carbonates beneath the swarm ofquartz-antimony-gold veins. Models of, and data from, deepCarlin-type deposits suggest a subtle geochemical halo occurs up tothousands of feet above the high-grade deposits, occurring mostlyalong faults, fractures, and bedding planes.
AMasters Thesis at the University of Nevada-Reno completed by RobertSmallwood, sponsored in part by the Company, recognized the surfacemineralization as exhibiting boiling zone textures indicative ofepithermal mineralization situated well above the level whereCarlin-type systems form. This is the exploration model we are usingto explore the Silverton property.
Helicopter-borne MTSurvey
The company contracted Expert Geophysics Ltd. out of Toronto,Ontario to fly the MT survey over the entire claim block asproperty-wide geophysics had not been previously done. MT measures theresistivity of the rocks to a depth of +1 kilometre, especially inresistive rocks like massive carbonates. The survey has provided a3D data set to aid in mapping resistivity changes and structures downto the depth limit of the survey. Our objective was to identify thesignature features that characterize Carlin-type deposits describedabove. Such features outcrop but the shallow historic drillingprovides no information on the sub-surface below about 150 metres. The survey has revealed several obvious low resistivity anomaliesbeneath the surface features referenced above. The Company hasstaked an additional 16 claims (320 acres) to cover the easternmargins of the large resistivity anomaly, which is included in thetotal acreage above.
Gregory Hahn, VP Exploration states “ Our interpretation of the survey results are asfollows. One very prominent low resistivity zone, interpreted asalteration, occurs along a strike length of +1.5 kms and a width of0.5 kms, beneath a strongly silicified (resistive) volcanic cap. Nohistoric drill holes test this anomaly, although several historicdrill holes drilled along the western (up-dip) flank of the anomalyintersected good intervals of low-grade gold and jasperoid. Weinterpret these intercepts as the distal fringe of the heart of theanomaly which may represent a source for the low-grade intercepts.Several other weaker and shorter anomalies also are identified withlow-grade gold intercepts in their vicinity. Importantly, the airmagnetic survey shows a large intrusion at depth. A prominent deepthick property-wide low resistivity layer has unknown origins. Itcould be extensive alteration, a package of carbonaceous sedimentswithin the resistive carbonate sequence, or a large sill-like alteredintrusion. No existing drill holes went deep enough to penetrate andtest this large low-resistivity layer.”
Drill PermitExtension
The Company submitted a request to extend the drilling permit forthe property (approved and bonded Notice of Intent (NOI)) for twoyears. The extension was received May17, 2023 and the additional bond was approvedon May 24, 2023. The extension will allow geologists time to reviewthe results of the MT survey and amend the NOI as appropriate to testtargets highlighted by the MT survey.
The Company will now seek a joint venture or strategic relationshipwith a large mining or exploration company with expertise inepithermal or carbonate-hosted gold deposits to drill test theproperty.
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 Silver ExplorationInc.
Arizona Silver is a young exploration company focusedon exploring gold-silver properties in western Arizona and Nevada.
On behalf of the Board of Directors:
ARIZONA SILVER EXPLORATIONINC.
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 2023 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 2023 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 2023 programs would proceed as plannedand within budget. The Company expressly disclaims any intention orobligation to update or revise any forward-looking statements whetheras a result of new information, future events or otherwise, except asotherwise required by applicable securities legislation.
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