Arizona Silver acquires Philadelphia property lease

Feb 20, 2019

2019-02-19 12:56 ET – News Release

Mr. Greg Hahn reports

ARIZONA SILVER EXPLORATION INC. ACQUIRES NEW PROPERTY

Arizona Silver Exploration Inc. has acquired a lease with option to purchase on a high-grade gold and silver vein target located in Mohave county, northwestern Arizona. Mohave county in northwestern Arizona is the home to the Oatman mining district, which produced over two million ounces of gold from high-grade veins through underground mining in the early 1900s. Currently active gold mining operations by Northern Vertex at the Moss mine open-pit heap-leach operation and by Para Resources at the Gold Road underground mine and agitation leach operation are located nominally six miles and 10 miles, respectively, south of Arizona Silver’s new acquisition.

Highlights of Philadelphia property:

Past production indicates gold grades ranged from 0.3 ounce per ton to 0.79 ounces per ton (10 grams per tonne to 27 grams per tonne) gold.
Historic silver grades in production shaft average 12.25 ounces per ton (420 grams per tonne) silver.
Historic gold grades in production shaft average 0.341 ounce per ton (15.5 grams per tonne) gold for a combined gold equivalent grade of 0.485 ounce per ton (16.63 grams per tonne) gold equivalent.
Readily accessible: Initial drilling will be conducted less than 100 metres from paved road access.
Water will be provided from a water well on site.
Samples have been taken on new targets on the 280 acres, with results expected shortly.
Drill permitting is under way with the U.S. Bureau of Land Management and the State of Arizona.

Acquisition

The company has entered into a lease with option to purchase on 11 unpatented lode mining claims that cover a majority of the old workings and potential strike extension of the former-operating Arabian-Philadelphia mine. In addition, the company has staked three additional lode mining claims to cover the southern strike extension of the vein and host structure that was not covered by the leased claim group. The initial lease payment has been made. Together, the company has 2.29 kilometres of strike length along the mineralized fault.

Exploration plan

The current plan is to drill a fence of five to six reverse circulation holes between the Philadelphia No. 1 and Philadelphia No. 2 shafts to test the continuity of the high-grade vein between these two shafts down to a depth of about 150 metres. Success in this initial effort will require additional drilling, mostly with core, to continue to test the strike and dip extensions of the vein.

Greg Hahn, president, chief executive officer and a certified professional geologist (No. 7122), is the qualified person under National Instrument 43-101 responsible for preparing and reviewing the data contained in this press release.

We seek Safe Harbor.

http://arizonasilverexploration.com/news-releases/