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    AZS   CA0405821087

ARIZONA SILVER EXPLORATION INC.

(AZS)
Delayed Bourse de Toronto  -  12:55 2022-09-26 pm EDT
0.2000 CAD   -4.76%
08/18Arizona Silver Exploration Inc. Announces Resignation of Mr. David Vincent from Board of Directors
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08/18Arizona Silver Exploration Announces AGM Results
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08/10Arizona Silver Exploration Reports New Drill Results from Core Drilling at the Philadelphia Gold Project
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Arizona Silver Reports New Drill Results from Core Drilling at the Philadelphia Gold Project

08/09/2022 | 09:03am EDT

(via TheNewswire)

Arizona Silver Exploration Inc.
 

Vancouver, British ColumbiaTheNewswire -August 09, 2022 Arizona Silver Exploration Inc. (TSXV:AZS) (OTC:AZASF)announces drill results from two core holes, PC22-93 and PC22-92T from the Philadelphia gold project, Mohave County, Arizona. Core hole PC22-93 was drilled 350 metres north of the northernmost core holes completed earlier in the program.  This hole successfully extends the strike length of the mineral system drilled to date to +750 meters, with gaps in the drill pattern to be drilled as the next priority.  Core Hole PC22-92T was intended to be a twin of reverse circulation hole PRC21-85 for quality control purposes. Unfortunately, it intersected a significant fault zone and suffered poor recoveries as a result. It also deviated from the intended azimuth by 20 degrees and therefore was not a valid twin.

Core Hole PC22-93

Core hole PC22-93 was drilled north of Arizona Silver’s previously announced core holes. It tested below a prominent ridge on the Rising Fawn claim that had caught the attention of Meridian Gold in 1982. They drilled 14 shallow RC holes on the top of the ridge to test abundant gold-bearing quartz veins mostly in granite. As drill logs or geology are not available from that program, PC22-93 was drilled below the Meridian holes to provide a geological framework for our program.  The hole successfully intersected good quartz vein mineralization in the upper portion of the hole.

The interval 27.84 to 46.01 metres (18.17 metres) averaged 1.20 grams per tonne (gpt) gold and 13.31 gpt silver within a broader interval, 27.84 to 67.99 metres (40.15 metres) that averaged 0.78 gpt Au and 8.79 gpt Ag, in both rhyolite dike and footwall altered granite.  The gold-silver mineralization was terminated by a clay rich fault zone. Below the fault was barren propylitic granite. A single hole does not provide a handle on the orientation of this fault. Additional drilling is planned to test the quartz vein mineralization along strike both above and below the fault to expand the strike and dip of mineralization and to determine the geometry of the fault plane as a guide to deeper drilling.

Core Hole PC22-92T

Core hole PC-22-92T was intended to be a twin of RC hole PRC21-85 which intersected 115.85 metres of 1.34 grams per tonne (gpt) Au and 5.79 gpt Ag.   Core hole PC22-92T was set up about one metre away from the collar of RC hole -85 but deviated by about 20 degrees off azimuth to terminate about ten metres from the bottom of RC hole-85.

Core hole PC22-92T intersected a zone of mineralization from 119.51-154.57 metres (35.05 metres) averaging 0.85 gpt gold and 5.27 gpt silver, including an upper vein intercept of 5.32 gpt gold and 13.7 gpt silver from 121.04-122.1 metres, all within a very broad zone from 50.91-188.41 metres (137.5 metres) averaging 0.41 gpt gold and 2.22 gpt silver, as defined by an outer cut-off of 0.2 gpt gold.

The upper 71 metres of the intercept was in the hanging wall volcanics without any attendant quartz veining. The host lithologies in the core hole are identical to those encountered in RC hole PRC21-85 but all contacts are approximately 30 meters deeper in the core hole than in the adjacent RC hole. This provides evidence for a steep fault separating the two holes. In fact the core hole appears to have gone down a fault zone, with many intervals of crushed and broken rock and poor to no recovery. As a result, we do not consider do hole PC22-92T to be a fair “twin” of PRC21-85.

Both drill hole intercepts are approximately true widths.

Program Going Forward (reference News Release dated June 21, 2022)

The Northern Extension

From the site of the PC-22-93 drill hole reported in this release, we plan to drill southward to the Shark Fin area towards excellent holes PC-22-86 thru PC22-91. This open extension to the Shark Fin area is expected to host both vein and stockwork mineralization over a width of 30-80 metres.  Up to 26 RC drill holes (~5000 metres) have been designed to test a target area approximately 500 metres long.  First pass drilling will test the area to a vertical depth of approximately 100 metres.

The Southern Gap

From the site of the PC-22-91 reported in the June 21, 2022 news release, we plan to drill to the south for a strike length of 300 metres. This Southern Gap is bounded to the south by an array of Arizona Silver drill holes, including drill hole PC-22-92T reported in this news release. This target area is scheduled for drilling when we can get a core rig back on the property.  

Mr. Greg Hahn, Vice President, Exploration commented,“Core hole PC22-93 is our first drill hole north of drill hole PC22-86 through PC22-91 which all intersected good gold mineralization in the upper vein and stockwork zone beneath the upper vein. Hole PC22-93 is located 350 metres north of the previously drilled core holes beneath a hill of very prominent gold-bearing quartz veins.  The results of this hole are encouraging and require us to follow up with additional drilling to flesh out the extent of the gold bearing quartz veins along the entire strike length of the hill which is about 450 meters.

“We now have gold mineralization in drill holes along 750 metres of strike length and + 200 metres of dip extension that needs to be fleshed out with additional drilling.  The gold zone remains open along strike and down dip.  Recent and ongoing geologic mapping and sampling north of hole PC22-93 for a distance of another 500 metres demonstrates abundant white quartz veining and stockwork mineralization on the ridge that has never been drilled. Again, this area needs to be drilled and is all on patented claims. I look forward to a resumption of drilling following the summer heat.”

Geologic and assay section for the hole is posted to the web site at:
https://arizonasilverexploration.com/wp-content/uploads/2022/08/SectionD_7Aug2022_Layout-PRa.pdf

QA/QC Program

All assaying was conducted by ALS Global, an independent analytical laboratory. Core was trucked to the ALS sample preparation facility in Tucson, Arizona, where the samples are inventoried, dried, crushed and pulverized.  Pulverized splits are sent to the ALS analytical facility in Vancouver, British Columbia for analyses. All material handling is done under a strict chain of custody protocol.  Gold is determined by fire assay with an AA finish and silver is determined by ICP-MS methods within a 31-element suite.

The Company maintains its own program of inserting Standard Reference material in the form of standards and blanks to the sampling stream, prior to being shipped to ALS's preparation facility in Tucson, Arizona, in addition to the independent QA/QC protocols of ALS Global.

Qualified Person

Gregory Hahn, VP-Exploration, and a Certified Professional Geologist (#7122) is a Qualified Person under National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this news release.

About Arizona Silver Exploration Inc.

Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia property. The company has recently received a positive Record of Decision on its Notice of Intent to drill an initial twelve exploration holes on its recently acquired Silverton gold-silver property that hosts Carlin-type targets. Drilling there will be scheduled as time and equipment allow.  

Please take a moment and listen to Greg Hahn narrate our latest PowerPoint now available on the website link: <iframe style="display: block; margin: 20px auto 20px auto; width:560px; height: 315px; max-width: 95%;" src="https://www.youtube.com/embed/W2CHsoW3P3w" allowfullscreen="true"></iframe>and visit our website at:  www.arizonasilverexploration.com

On behalf of the Board of Directors:

ARIZONA SILVER EXPLORATION INC.

Mike Stark, President and CEO, 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 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 2022 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; 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 2022 drilling program(s) on its properties, 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 exploration properties 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 2022 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.

Copyright (c) 2022 TheNewswire - All rights reserved.

Copyright (c) 2022 TheNewswire - All rights reserved., source Press Releases

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Financials
Sales 2021 - - -
Net income 2021 -0,46 M -0,34 M -0,34 M
Net cash 2021 0,59 M 0,43 M 0,43 M
P/E ratio 2021 -23,9x
Yield 2021 -
Capitalization 12,9 M 9,41 M 9,41 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 73,5%
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Managers and Directors
Michael Stark Chairman, President & Chief Executive Officer
Dong H. Shim Chief Financial Officer & Secretary
David John Vincent Independent Director
Eugene D. Spiering Independent Director
Gregory A. Hahn Director & Vice President-Exploration
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