Tombstone Exploration Files Additional Exploration Permits on the Zebra Property
21.07.2011 | Marketwire
Company Receives Additional FinancingPHOENIX, AZ -- (Marketwire - Jul 21, 2011) - Tombstone Exploration Corporation (OTCBB: TMBXF) (OTCQB: TMBXF) announced today that the Company has applied for four new State Exploration Permits in the eastern edge of the Tombstone Mining District. These applications should be executed and finalized by the Arizona State Land Department within the next sixty days. The property is approximately three miles east of its current holdings.
These leases, named "Zebra Property," were the focus of an exploration program in the 1980s that included geochemistry, geophysics, mapping, sampling, and drilling. A report on the property written in 1990 stated, "The total proven and probable reserves delineated to date on the Zebra Property are 100,632 tons averaging 0.0919 ounces per ton gold." This is a historical estimate and can only be categorized as inferred historical resources using current terminology.
Some of the historical drill hole intercepts include:
Hole Start of True Grade
# Intercept Thickness Oz/ton
(ft) (ft)
89-1 25 5 0.98
90-2 0' (surface) 40.8 0.182
90-3 25' 9.1 .077
90-4 15 18.2 .031
90-5 15 9.1 .041
28-4 0 10 .069
28-4 20 10 .041
The mineralization on the Zebra Property is thought to be epithermal in origin. TMBXF will evaluate the existing data, and design an exploration program to confirm the historic information, and also to search for both high grade gold mineralization, and large tonnage, low grade gold mineralization.
TMBXF has closed a non-brokered private placement for gross proceeds of $100,000 by the issuance of 2,000,000 units at a price of $0.05 per Unit. Each Unit consists of one share of common stock and one-half of one common share purchase warrant. Each Warrant entitles the holder to purchase one common share at a price of $0.10 until July 14, 2014.
The proceeds of this offering will be used to continue the Company's exploration program, including geophysical work and ground IP on its wholly owned property in the Tombstone Mining District, along with additional sampling and possibly drilling of further near surface silver/gold targets that have not been drilled and are historically the most sought after resource in the Tombstone area.
Alan Brown, President of TMBXF, stated, "We have made significant progress in expanding our acreage and receiving funding. We are now able to focus on exploration and Company growth."
TMBXF is focused primarily on exploration and development of mineral resources. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is the largest landholder in the Tombstone Mining District.
FORWARD-LOOKING STATEMENTS
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing. Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation's most recent public filings with the U.S. Securities and Exchange Commission.
Contact Information
Tombstone Exploration Corporation
Alan M. Brown, President
480-305-4507
480-452-0286 (fax)
Email Contact
www.tombstonemining.com
Investor Relations:
The Eversull Group, Inc.
Jack Eversull, President
972-571-1624
214-469-2361 (fax)
Email Contact