VANCOUVER, British Columbia, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Arizona Mining Inc. (TSX:AZ) (“Arizona Mining” or the “Company”) is pleased to announce it has been selected by the Prospectors and Developers Association of Canada to receive the 2018 Thayer Lindsley Award for the discovery of its Taylor zinc-lead-silver deposit at the Hermosa project in Arizona.
The award recognizes an individual or team of explorationists credited with a recent significant mineral discovery globally, and will be presented to Chief Operating Officer Don Taylor and his team during the annual Prospectors and Developers Convention on March 6, 2018. The Taylor sulfide project is currently in the feasibility stage, with first production expected in 2020.
“We are extremely proud to receive this distinguished award, which recognizes both the world-class nature of this great deposit and also Don’s top-notch skills as a geologist,” said Jim Gowans, President and CEO.
When Don Taylor joined Arizona Mining in 2010, the Company’s focus was to move the Central oxide project in southeast Arizona into development. Don, who graduated with an MSc from the University of Missouri, became intrigued by signs of a carbonate replacement signature and resolved to test the potential for sulfide mineralization at depth.
He compiled the historical exploration data for the area and completed an airborne survey in 2011, and after developing a new geological model, launched a deeper drilling campaign below the oxide zone. In 2014, he discovered a high-grade carbonate replacement deposit containing lead, zinc and silver sulfide mineralization in altered limestone. The deposit was named Taylor in recognition of his achievement.
The Company released a Preliminary Economic Assessment for the Taylor deposit in April, 2017, which showed Measured and Indicated resources of 72.5 million tons grading 10.5% zinc-equivalent (“ZnEq”) and 1.7 ounces per ton (“opt”) silver, and Inferred resources of 38.6 million tons grading 11.6% ZnEq, and 3.1 opt silver at a 4% ZnEq cutoff grade.
“Under Don’s guidance, the Taylor deposit has expanded rapidly over the past three years to become the world’s best zinc project and it continues to grow, but this is just the beginning,” said Richard Warke, Executive Chairman. “We are excited by the district-scale potential of the Hermosa project and believe it will yield more discoveries in the future.”
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 8.6 million tons in the Measured Mineral Resource category grading 4.2% zinc, 4.0% lead and 1.6 opt silver, or 9.7% ZnEq, plus 63.8 million tons in the Indicated Mineral Resource category grading 4.5% zinc, 4.4% lead and 1.9 opt silver, or 10.6% ZnEq, and 38.6 million tons of Inferred Mineral Resources grading 4.4% zinc, 4.2% lead and 3.1 opt silver or 11.6% 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.