Vancouver, British Columbiaâ(Newsfile Corp. â February 14, 2017) â Arizona Silver Exploration (TSXV:AZS)Â is pleased to announce the second batch of drill results from the first phase of drilling on the Ramsey Silver Project located in La Paz County, Arizona.
Drill hole R1605-C intersected 156 feet (47.5 metres with approximate true width of 32 metres) containing 32.4 g/tonne (gpt) Ag between 250-406 feet (76-124 metres) depth. R1605-C was a vertical hole. Within this zone is a higher grade grey matrix silica zone 5 feet wide (1.5 metres) containing 280 gpt Ag. The entire intercept is within silicified rhyolite that is hanging-wall to the high-grade vein and associated footwall silver mineralization that was reported previously from hole R1602-C. Drill rods in hole R1605-C got stuck in a fault immediately below the intercept reported above, and the hole had to be abandoned. The lead, zinc, and gold content of the hanging-wall zone are negligible.
This intercept is significant in that it demonstrates that appreciable thicknesses of silver occur in the rhyolite above the high-grade vein that was the focus of historic production in the old Ramsey Mine workings and the associated footwall silver intercepts that were reported from holes R1602-C. Hole 1602-C is located 73 metres to the south of R1605-C. Hole R1602-C intersected 91 feet (27.7 metres approximate true width) grading 63 gpt Ag. The intercepts in R1602-C and R1605-C are separated by a large fault that appears to have moved the hanging-wall zone to the north relative to the footwall zone. Together, the hanging-wall and footwall zones comprise a packageÂ of silver mineralization that appears to have been 240 feet thick (60 meters true width) averaging 46.4 gpt Ag before it was faulted. The recognition of this fault explains why the vein appears to be sheared in the accessible underground workings.
This mineral system appears to be very large and is wide-open to the north of hole R1605-C, where no previous drilling or mine development has occurred and where we have detected a large magnetic anomaly over 0.5 kilometres in diameter that we believe is the faulted extension of the mineralization intersected in this phase 1 drilling program. There is over 40 meters of hydrothermal magnetite in the rocks up-hole from the silver-bearing intercept in R1605-C, which accounts for the magnetic anomaly over the location of the phase 1 drill holes and the Ramsey Mine workings. The much larger magnetic anomaly to the north has a stronger signature than that detected over the phase 1 drill holes and Ramsey Mine, suggesting it may represent the heart of the hydrothermal system, with R1605-C being on the periphery of that system. R1605-C is the closest drill hole to this large magnetic anomaly.
Drill hole R1604-C was an inclined hole drilled up-dip and southwest of the intercepts in R1603-C and R1605-C. R1604-C got stuck in the fault that separates footwall from hanging-wall mineralization, but drilling was able to proceed by reducing rod size and continuing through the fault. R1604-C penetrated footwall mineralization only from 220-242 feet (67-74 metres with 7 metres true width) grading 51 gpt Ag, after drilling through extremely faulted ground in the region where the high-grade vein projected. We believe the high-grade vein is faulted out along with over 50 feet (15.3 metres) of mineralized footwall section, which would explain why historical mining was discontinued at the north end of the deposit.
We are encouraged with the results of the initial drilling programme and have tagged what we think is the periphery of a much larger silver-bearing hydrothermal system centred on the large magnetic anomaly to the north. We will post cross sections to the web site after we have finalized them. Please take a moment to view our web site with images of the geology and core at www.arizonasilverexploration.com.
QA/QC and Analytical Procedures
All drill core is stored in a locked facility in Quartzsite, Arizona prior to transport under strict chain of custody by ALS Minerals personnel to the ALS Minerals laboratory in Tucson Arizona. Core is photographed, sawed, and sampled by ALS Minerals personnel in accordance with sample intervals provided by Arizona Silver, then each interval is 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 48-element package including silver, lead, and zinc. Samples over 100 ppm silver and over 10,000 ppm lead or zinc are re-analyzed using ICP for higher concentration levels. Selected intervals with high silver values are re-submitted for 1-assay ton fire assays for gold.
Greg Hahn, President and COO 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.
ON BEHALF OF THE BOARD
ARIZONA SILVER EXPLORATION INC.
SIGNED: âGreg Hahnâ
Greg Hahn, President and Chief Executive Officer
Contact: Mike Stark, 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, and the TSX Venture Exchange has in no way passed upon the merits of the transactions herein.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2016 program on the Ramsey property; the potential for development of the mineral resources; the potential mineralization and geological merits of the Ramsey property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s 2016 drilling program(s) on the Ramsey property, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Ramsey property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s 2016 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.