Arizona Silver Announces Sampling Continues to Widen Target Zone at Sycamore Canyon Gold-Silver Project and Announces a Private Placement
VANCOUVER, British Columbia, June 05, 2018 (GLOBE NEWSWIRE) -- Arizona Silver Exploration Inc. (the "Company" or “Arizona Silver”) (TSX-V:AZS) (OTCQB:AZASF) announced today the results of its ongoing rock chip sampling on the Sycamore Canyon gold-silver epithermal property located in Graham County, Arizona.
Sampling surrounding the south silicified breccia has added to the width of the gold-silver target at Sycamore Canyon.
Highlights include:
- Five samples from outside the breccia zone returned values greater than 0.1 gpt Au with a high of 1.2 gpt Au.
- Eight of 52 samples returned values in excess of 30 grams per tonne (gpt) Ag, with a high of 156 gpt Ag, while another 6 samples returned values between 10-30 gpt Ag.
- These samples are all from outside of the silicified breccias and primarily in silicified granite containing stockwork quartz veining. Most of the sampling was done in residual rocky soils by aggregating rocks from within a 5-metre area on a 25-metre grid where there is no outcrop. As such they are not in-situ samples. However, the presence of stockwork and quartz-veined silicified granite in the residual soils suggests bedrock is not far below the surface, and the presence of a silver-mineralized halo around the stronger gold and silver mineralized silicified breccias which are exposed central to the zone of silicified granite with stockwork quartz.
Mike Stark, Chairman, said, “We are very pleased with these most recent results, which exceed our expectations. The results demonstrate Sycamore Canyon has even greater potential than previously thought. These surface results bode well for a targeted drill program, which we are actively planning now for the near term.”
The Company has applied for a 10-year right of way to upgrade and maintain commercial access across State of Arizona lands to the Sycamore Canyon property and has submitted a Plan of Operations to the US Forest Service for an initial drilling program on the north breccia zone along existing road access.
The outline of the gold and silver anomalous samples at the south breccia zone has expanded in places to a width of over 100 metres, and is consistently greater than 50 metres wide. Maps of contoured gold and silver values and VLF-EM pseudo-sections have been posted to the website via these direct links:
VLF-EM survey results
Gold and Silver Grade Contours
SC Drill Hole Planning
Private Placement
Additionally, Arizona Silver Exploration is pleased to announce a non-brokered private placement up to 3.4 million shares at a price of 13 cents per share for gross proceeds of up to $442,000. No warrants are being issued with this financing. Management and Directors are participating for a minimum of $60,000 of the placement.
All securities will be subject to a four-month hold period from the closing date. The private placement is subject to TSX Venture Exchange approval.
QA/QC and Analytical Procedures
All rock samples were transported under strict chain of custody to the ALS Minerals sample preparation facility in Tucson, Arizona. Each sample was crushed to 70% passing 2 mm, a 250 gram split is taken and pulverized to 85% passing 75 microns, subject to a four-acid digestion, and then analyzed by ICP/MS for a 33-element package including silver, lead, zinc, and copper, and for atomic absorption gold analyses. Samples over 100 ppm silver and over 10,000 ppm lead, zinc, or copper are re-analyzed using ICP for higher concentration levels. Samples over 10 ppm Au are re-assayed using 1-assay ton fire assay methods.
Greg Hahn, President and CEO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.
Please refer to our web site for all news and updated 2018 drill campaign locations. www.arizonasilverexploration.com.
On behalf of the Board of Directors:
ARIZONA SILVER EXPLORATION INC.
Greg Hahn, President and CEO
Contact: Mike Stark, Chairman and Director
Phone: (604) 833-4278
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this news release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this news release.