RC Drill Hole R1703
The Company has received the first assay results from drill hole R1703, drilled from 450 metres north of the Ramsey Mine workings, on a 270 degree azimuth and -65 degree inclination. The hole tested the western portion of a large magnetic and induced polarization anomaly. The hole intersected strong magnetite and hematite bearing zones with strong silicification across the detachment fault separating Tertiary volcanics from older metasediments, but only weak silver mineralization in the interval 790 feet (232 metres) to the end of the hole at 905 feet 290 metres), containing between 0.5-3 gpt Ag throughout the interval. The rest of the hole contained no silver.
A black iron- and silica-impregnated sandstone intersected between 560-665 feet (171-203 metres) contained anomalous iron, copper, nickel, zinc, and vanadium. This interval bears strong similarities to the mineralized zone at the Copperstone gold deposit located about 25 miles (35 kilometres) to the northwest of the Ramsey Mine. This iron-rich interval and the lower silver-bearing interval will be analysed for gold.
RC Drill Hole R1702
Drill hole R1702 was drilled on an azimuth of 90 degrees and -65 degree inclination, and targeted to test a strong induced polarization anomaly within the large magnetic anomaly. The hole intersected massive silica with disseminated sulphides and oxides in the interval 350-500 feet (107-152 metres). Results indicate there is no silver in this interval. Anomalous titanium (2-3 times background) suggests the unidentified fine-grained silver-black metallic mineral is ilmenite disseminated in with the magnetite and pyrrhotite. The hole was lost at 680 feet (207 metres) when the hammer broke and dropped to the bottom of the hole. As a result the hole did not go deep enough to test the detachment fault target which is the location of the Ramsey Mine silver mineralization. The silicified interval will be assayed for gold.
Samples from drill holes R1701, R1704, and R1705 are in the lab and being processed. Remaining drilling for this program will continue on patented ground immediately south of the silver intercepts reported previously from the 2016 drilling.
All drill samples were picked up on site by ALS Minerals personnel and transported to their preparation facility in Tucson, Arizona under strict chain of custody for drying, crushing, splitting and pulverizing. Representative pulp splits were shipped from there to the ALS analytical facility in Vancouver, BC for 33 element ICP analyses. Greg Hahn, President and CEO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the technical data contained in this press release.
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ON BEHALF OF THE BOARD
ARIZONA SILVER EXPLORATION INC.
SIGNED: Greg Hahn
Greg Hahn, President and Chief Executive Officer
Contact: Mike Stark, non-executive Chair 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, 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 2017 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 2017 geophysical and 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 2017programs 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.