Vancouver, British Columbia, April 10, 2024 – Arizona Gold & Silver Inc. (TSXV: AZS ) ( OTCQB:AZASF ) announces that equipment is on site for reverse circulation (RC) drilling on the Philadelphia Gold-Silver Property, located in Mohave County, Arizona.
Mr. Greg Hahn, VP Exploration commented, “ We are excited to resume drilling on the Philadelphia property. This round of drilling will test the entire 400 metre strike length of the Resaca patented claim, a segment of the vein system that has never been drilled before. This is despite the presence of old high grade mine workings at the north end of the claim. Similarly, there is reported high grade in a historic vein intercept at the south end of the area to be drilled (on the adjacent Rising Fawn claim). The overall objective of this drilling program is to complete drill testing of the shallow portion of the vein system and help establish priorities for drilling down dip.”
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Proposed Drill Program
Reverse circulation (RC) drilling will commence on the north end of the Resaca claim, immediately south of the historic R1 shaft, which is the southernmost shaft to access historic mine workings. It will then progress southward.
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Historic channels samples from 1930 along the R1 shaft down to the water table at the 100-level returned 21.34 metres (“m”) at an average grade of 8.33 grams per tonne (“g/t”) gold (0.242 opt Au). Such grades were the target of historic mining activity. Company geologists have determined that this shaft followed the hanging wall (“HW”) vein above both the stockwork interval and FW vein. The HW vein is buried by alluvium to the south of the R1 shaft.
Company channel sampling at surface has traced the footwall (“FW”) vein and returned a 3m interval grading 11.6 g/t gold and 658 g/t silver. Furthermore, sampling has established that excellent mineralization continues along the entire length of the ridge that forms the center line of the Resaca claim.
In 1982 Meridian Minerals drilled a RC hole near the claim boundary of the Resaca claim (on the Rising Fawn patented claim). The drill hole intersected 32.1m at 1.0 g/t gold, including a FW vein assay of 1.5m at 22.8 g/t gold. The Meridian hole did not go deep enough to intersect the entire stockwork zone and the HW vein: it was drilled from the west to the east.
An Arizona Department of Transportation (ADOT) vertical drill hole in the vicinity of our first fence of holes intersected good stockwork quartz in both rhyolite and granite, including green quartz at the top of the interval (the HW vein?) from 9.8m to 64.6m, beginning immediately below alluvium. The hole was drilled to test for unknown extensions to underground workings that could be a hazard to a then proposed new road alignment. It was not assayed and no workings were encountered. The Resaca claim is shown in the accompanying figure.
Harris Exploration Drilling, a division of Earth Drilling, has been selected for the drilling. The RC drill rig and support equipment is on site with drilling scheduled to commence this week. A total of 2,440m in 26 holes is budgeted for the program. Samples will be transported to ALS sample preparation facility in Tucson Arizona by an independent contractor and analyzed for gold via fire assay and silver via 31-element ICP analyses.
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 Gold & Silver Inc.
Arizona Gold & Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia gold-silver property where the Company is drilling off an epithermal gold-silver system.
On behalf of the Board of Directors:
ARIZONA GOLD & SILVER 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 2024 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 2024 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 2024 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.
