Home > Market Activity > Get Quotes > News > News Article

Arizona Mining Inc.

Exchange: TSX Exchange | May 25, 2018, 6:24 PM EDT

$ 4.12 real time data Change Up
0.02 (0.49%)
Real-time price
Day Low 4.05
Day High 4.185

Arizona Mining Reports Additional High-Grade Areas at Taylor Deposit
  • 31 feet assaying 40.9% combined zinc-lead; and 11.7 opt silver
    -  within 81 feet assaying 27.1% combined zinc-lead; and 6.8 opt silver
  • 81 feet assaying 30.0% combined zinc-lead; and 8.3 opt silver
  • 137 feet assaying 14.5% combined zinc-lead; and 3.0 opt silver

VANCOUVER, British Columbia, Jan. 24, 2018 (GLOBE NEWSWIRE) -- Arizona Mining Inc. (TSX:AZ) (“Arizona Mining” or the “Company”) announces high grade results for four drill holes from the current program focused on expansion of the Taylor Sulfide Zone (“TS”) and Taylor Deeps Zone (“TDS”) located on its 100%-owned Hermosa Project in Santa Cruz County, Arizona. The drill holes highlighted in this release are successful step-out exploration and infill drill holes highlighting the continued potential for resource growth and increased grades, as distinct from the Updated Preliminary Economic Assessment (“PEA”) (see Press Release dated January 16, 2018).

Figure 1. Drill Hole Location Map
Drill Hole Location Map

Figure 2. Plan View of Taylor Deeps with ZnEq Grade Contour
Plan View of Taylor Deeps with ZnEq Grade Contour

Figure 3. Long Section of Hermosa Geology and Ore Deposits
Long Section of Hermosa Geology and Ore Deposits

“Our exploration drilling continues to expand both the Taylor Sulfide and Taylor Deeps Zones, while the infill drilling is demonstrating excellent continuity between areas,” said Chief Operating Officer Don Taylor.  “As we continue to grow the resource it is amazing how many new areas of high grade mineralization have been added, especially in the Taylor Deeps Zone.  These results are part of an additional 55,000 metres of infill and step-out drilling that will be included in the feasibility study, which follow the September 2017 drilling cut-off date for the just-released Preliminary Economic Assessment update.”

Of particular importance, HDS-497, collared on the northeast part of Hardshell, is an angled step-out drill hole targeting the northwest extension of the previously reported Taylor Deeps Zone intersected in HDS-477 (reported October 24, 2017). The drill hole encountered two Taylor Sulfide intervals hosted in the Epitaph Formation and a very strongly mineralized interval in the Taylor Deeps Zone. The Taylor Deeps intercept extends the mineralization 290 feet northwest of HDS-477. Significant mineralization in the Taylor Deeps includes:

  • 31 feet assaying 40.9% combined zinc-lead; and 11.7 ounces per ton (“opt”) silver (TDS) 
    o  within an 81-foot thick interval assaying 27.1% combined zinc-lead; and 6.8 opt silver (TDS)

HDS-498 and HDS-493 are vertical infill drill holes targeting Taylor Sulfide (TS) mineralization hosted in the Concha (TS), Scherrer (TS) and Taylor Deeps (TDS) domains encountered in HDS-338 and HDS-425 (previously reported on May 5, 2016 and April 20, 2017, respectively). The targeted Concha and Scherrer domains continue to expand with the addition of these holes and will have a positive impact on the grade and tons of the Taylor Sulfide resource. In addition to improving the Taylor Sulfide Zone, these intercepts in the Taylor Deeps confirm the continuity and robustness of the Deeps mineralization in this area.

HDS-498, located 200 feet west of HDS-425, intersected three veins, three Taylor Sulfide intervals and a well mineralized Taylor Deeps intersection. Notable mineralization in HDS-498 includes:

  • 81 feet assaying 30.0% combined zinc-lead; and 8.3 opt silver (TS)
  • 137 feet assaying 14.5% combined zinc-lead; and 3.0 opt silver (TDS)

HDS-493, located 600 feet west of HDS-425, encountered three veins, three Taylor Sulfide intervals and two Taylor Deeps intervals. Most notable among the mineralized intervals:

  • 17 feet assaying 22.8% combined zinc-lead; and 4.1 opt silver (TDS) 
    within an 89-foot thick interval assaying 6.6% combined zinc-lead; and 1.3 opt silver (TDS)

HDS-484 is an infill angled drill hole targeting Taylor Sulfide mineralization. The drill hole encountered mineralization in all three stratigraphic domains within the Taylor Sulfide Zone (Concha, Scherrer and Epitaph). The hole will expand the Taylor Sulfide resource boundary to the southwest and extend the boundary along strike to the southeast. Most notable among the mineralized intervals are:

  • 22.5 feet assaying 15.1% combined zinc-lead; and 6.7 opt silver (TS) 
    o  within a 151-foot thick interval assaying 6.5% combined zinc-lead; and 1.9 opt silver (TS)

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 I.  Drill Hole Assay Summary

DH_IDFrom (feet)To (feet)Interval (in feet)From (meters)To (meters)Interval (meters)Ag optPb%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 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1c38ae9b-97c9-4dd1-a3c5-44fc661ebbfa

Figure 2. Plan View of Taylor Deeps with ZnEq Grade Contour is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/23d7a898-5aa1-4adc-8b71-3467af913940

Figure 3. Long Section of Hermosa Geology and Ore Deposits is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d87bb4c5-6c1b-4f9a-8da0-115ca8198f15

Qualified Person

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 Canadian 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 and Taylor Deep Deposits 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:
Jerrold Annett
Senior Vice President, Corporate Development
Telephone: 416-366-5678 ext. 207
Email: jannett@arizonamining.com

Susan Muir
Vice President, Investor Relations & Corporate Communications
Telephone: 416-366-5678 ext. 202
Email: smuir@arizonamining.com

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. 

Primary Logo

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.