VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Arizona Mining Inc. (TSX:AZ) (“Arizona Mining” or the “Company”) announces it has intersected 86 feet assaying 28.6% combined zinc-lead and 3.7 ounces per ton (“opt”) silver in an 850-foot step-out hole, opening up an entirely new area to the southwest of the Taylor deposit and highlighting the continued potential for resource growth and increased grades at its 100%-owned Hermosa Project in Santa Cruz County, Arizona, as distinct from the Updated Preliminary Economic Assessment (“PEA”) (see Press Release dated January 16, 2018).
“Our exploration drilling continues to expand the deposit, but more importantly HDS-501 indicates how wide open the project is for major expansion and new discoveries,” said Chief Operating Officer Don Taylor. “This and the other successful infill and step-out drill holes in this release, coupled with others completed since drilling was cut off last October for the updated PEA, will be very accretive for the Feasibility Study now underway.”
HDS-501 is a vertical step-out hole targeting Taylor Deeps (TDS) mineralization on the southwest portion of the Trench claim. The drill hole intercepted one vein and a very significantly mineralized Taylor Deeps Zone. The Taylor Deeps intercept extends the mineralization 850 feet to the southwest of the resource and demonstrates the lateral extent of mineralization. Significant mineralization in the Taylor Deeps Zone includes:
- 86 feet assaying 28.6% combined zinc-lead and 3.7 opt silver (TDS)
HDS-502 is a vertical infill hole targeting Taylor Deeps mineralization. The drill hole intercepted three mineralized horizons. Most notable among the mineralized intervals are:
- 81 feet assaying 7.5% combined zinc-lead and 1.9 opt silver (TDS); and
- 15 feet assaying 9.0% combined zinc-lead and 4.2 opt silver (TDS)
HDS-506 is an angled step-out drill hole targeting Taylor Sulfide and Taylor Deeps mineralization. The drill hole intercepted two mineralized horizons within the Taylor Sulfide Zone and a well mineralized Taylor Deeps Zone. The Taylor Deeps intercept extends the mineralization 360 feet northwest of HDS-437 (reported May 18, 2017). Significant mineralization in the Taylor Deeps Zone includes:
- 22 feet assaying 12.9% combined zinc-lead and 2.7 opt silver (TDS)
HDS-479 is a vertical infill hole targeting Taylor Deeps mineralization. The drill hole intercepted one robust zone of mineralization as follows:
- 95 feet assaying 3.1% combined zinc-lead and 1.2 opt silver (TDS)
For a full list of the Trench Vein, Taylor Sulfide and Taylor Deeps Sulfide mineralized intervals from these holes please refer to Table I.
|Table 1. Drill Hole Assay Summary|
|DH_ID||From (feet)||To (feet)||Interval (in feet)||From (meters)||To (meters)||Interval (meters)||Ag opt||Pb%||Zn%||Cu%||Zone|
Drill intersections with a combined zinc and lead grade of greater than 9% are bolded. Sulfide drill intervals from the Taylor Sulfide Zone and Taylor Deeps Sulfide Zone are down-the-hole drill intervals. Vertical drill holes are considered to be within +5% of true width based on the dip of the mineralized stratigraphy at 20-25 degrees. Angle drill holes are considered to be within +15% of true width based on the dip of the mineralized stratigraphy at 20-25 degrees. The exception to this are the intervals noted as veins. It is not possible to determine the true width of the veins based on the drill density and no representation is made here regarding true width of the veins. Zones shown include: Taylor Sulfide Zone (TS); Taylor Deeps Sulfide Zone (TDS) and Trench Vein System (TVS).
Figure 1. Drill Hole Location Map
Figure 2. Plan View of Taylor Deeps with ZnEq Grade Contour
Figure 3. Long Section of Hermosa Geology and Ore Deposits
The results of the Arizona Mining Inc. drilling have been reviewed, verified and compiled by Donald R. Taylor, MSc., PG, Chief Operating Officer for Arizona Mining Inc., a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Taylor has 30 years of mineral exploration and mining experience, and is a Registered Professional Geologist through the SME (registered member #4029597).
Assays and Quality Assurance/Quality Control
To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.
Sample preparation (crushing and pulverizing) has been performed at ALS Minerals Laboratories, an ISO/IEC accredited lab located in Tucson, Arizona. ALS Minerals Laboratories prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C. Canada for analysis. ALS analyzes the pulp sample by ICP following a 4-acid digestion (ME-ICP61 for 33 elements) including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using four acid digestion with an ICP – AES finish (Cu-OG62; Pb-OG62; and Zn-OG62) with the elements reported in percentage (%). Silver values are determined by ICP (ME-ICP61) with all samples with silver values greater than 100 ppm repeated using four acid digestion with an ICP-AES finish (Ag-OG62) calibrated for higher levels of silver contained. Any values over 1,500 ppm Ag trigger a fire assay with gravimetric finish analysis. Gold values are determined by a 30 gm fire assay with an ICP-AES finish (Au-ICP21).
About Arizona Mining
Arizona Mining Inc. (an augustagroup company) is a mineral exploration and development company focused on the exploration and development of its 100%-owned Hermosa Project located in Santa Cruz County, Arizona. The Taylor Deposit, a zinc-lead-silver carbonate replacement deposit, has a resource of 15.2 million tons in the Measured Mineral Resource category grading 4.0% zinc, 4.0% lead and 1.6 opt silver, or 9.6% ZnEq, plus 85.8 million tons in the Indicated Mineral Resource category grading 4.2% zinc, 4.3% lead and 2.2 opt silver, or 10.5% ZnEq, and 43.6 million tons of Inferred Mineral Resources grading 3.9% zinc, 4.8% lead and 3.4 opt silver or 11.9% ZnEq, all reported in accordance with NI 43-101 guidelines utilizing a 4% ZnEq cutoff grade. The Taylor Deposit remains open to the north, west and south over land controlled by the Company and will be aggressively drilled to test the limits of the resource. The Company’s other project on the Hermosa property is the Central Deposit, a silver-manganese manto oxide project.
For additional information please contact:
Senior Vice President, Corporate Development
Telephone: 416-366-5678 ext. 207
Vice President, Investor Relations & Corporate Communications
Telephone: 416-366-5678 ext. 202
Cautionary Note Regarding Forward-Looking Information
Certain information contained in this press release constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the Company’s intentions for its Hermosa Project in Arizona, including, without limitation, performing additional drilling, a resource update, permitting and a feasibility study on the Taylor Deposit. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Arizona Mining, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Arizona Mining's management's discussion and analysis for the year ended December 31, 2016 ("MD&A"). Arizona Mining cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc, lead, silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks and Uncertainties" in the MD&A.
Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Arizona Mining disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.