(TheNewswire)
Vancouver, British Columbia - TheNewswire - September 26 ,2023 – Arizona Gold & Silver Inc. (TSXV: AZS ) ( OTC:AZASF ) is pleased to provide an update on on-going explorationon the Philadelphia Project, Mohave County, Arizona.
Next Drilling Phase
The next round of drilling will focus on drilling gapswithin the 1.5 km strike length that is known to be mineralized zoneon the property. The first 30 drill holes will test a 450 metre longgap on the Resaca patented claim ** . Three drill hole fans will be sited fromeach of 10 drill pads. The plan is to utilize a reverse circulation(RC) drill to test the mineralized zone down to a depth of 150 meters. We have the capability to step back another 100 meters and drill thesystem deeper. Our 3-D model shows these planned holes for review: https://arizonasilverexploration.com/philadelphia/
The 30 Resaca drill holes will be followed by drillingon the the Rising Fawn portion of the mineral system. This drillingcan use existing access.
Following BLM approval we will mobilize a core rig toBLM Pad#1 to test the continuity of thick gold intercepts encounteredin holes PRC21-80 and -85 (106.7m of 1.53 grams per tonne gold, 7.55grams per tonne silver, and 115.85m of 1.34 grams per tonne gold and5.78 grams per tonne silver respectively).
BLM Permit Progress
The Company has applied to the Federal Government todrill up to 40 holes from BLM (Bureau of Land Management) land on theeastern side of the mineralized trend. To accomplish that theCompany submitted a Final Environmental Assessment Report (EAR) to theBLM, after having responded to comments received from the BLM on adraft EAR. The Company believes it has adequately addressed commentsreceived, and as such the Final EAR should be complete. We lookforward to a Finding of No Significant Impact (FONSI) from the BLMwithin the next 45 days.
The Plan of Operations is based on drilling up to 40holes from two drill pads situated on the western slope of Red Hill. An approval to proceed will be a significant benefit to the projectas it facilitates drilling a high priority CSAMT anomaly beneath theRed Hills target. In addition it will facilitate drilling theeastward and down-dip extension of thick intercepts in earlier drillholes PRC21-80 and PRC21-85. We very much look forward to being ableto proceed with this drilling in Q4-2023.
Core hole PC23-112
Core hole P23-112 was recently drilled to test a CSAMTanomaly beneath Red Hill that lies to the east of the known veinsystem. This hole was drilled at a shallow -45-degree angle to reachas far as possible in an easterly direction. Unfortunately, the holedeviated and missed the target.
PC23-112 encountered highly altered and iron stainedupper volcanics in the first 90 metres. It then penetrated a seriesof clay-rich fault zones after which it intersected unaltered lowervolcanic rocks. A down hole survey indicated the drill holesteepened slightly and turned 12 degrees to the left (north), ratherturning south as anticipated. Our geologists decided to not attempt toredrill the hole but rather to await issuance of the BLM permit described above. The new drill pads providebetter sites from which to drill both the the CSAMT anomaly and theRed Hills targets.
** A patented claim is private property, the title to which wastransferred by the Federal government to the private landowner in thepast. A patented claim is subject only to state permitting andproperty taxes and not to Federal permitting requirements orthe annual claim maintenance fees”.
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& Silver Inc.
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 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 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 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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