03:20:35 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Arizona Silver Exploration Inc
Symbol AZS
Shares Issued 41,296,771
Close 2020-01-28 C$ 0.16
Market Cap C$ 6,607,483
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Arizona Silver signs new deal for Philadelphia

2020-01-29 13:38 ET - News Release

Mr. Mike Stark reports

ENTERS INTO PURCHASE AND SALE AGREEMENT ON PHILADELPHIA HIGH-GRADE GOLD-SILVER VEIN PROPERTY MOHAVE COUNTY, ARIZONA

Arizona Silver Exploration Inc. has entered into a purchase and sale agreement covering the 11 unpatented mining claims currently covered under a lease with option to purchase agreement on the Philadelphia project.

Philadelphia is a high-grade gold and silver vein target located in Mohave county, northwestern Arizona. Core drilling at the property in October, 2019, intersected high grade in the last hole of the 2019 program, PC19-2T (press release dated Nov. 13, 2019), which is a continuation of the high-grade vein intercept in RC hole PRC19-2 completed in May (press release dated May 15, 2019). The high-grade zone is associated with strong silicification and clay alteration, and magnetite-destruction peripheral to the vein. An airborne UAV (unmanned aerial vehicle) magnetic survey identified a large magnetic low north of the existing drill hole intercepts that will be tested by an upcoming drilling program.

Purchase and sale agreement

The purchase and sale agreement completely replaces and supersedes the lease and option agreement on the property entered into in February, 2019. The terms of the purchase and sale agreement call for a cash payment of $20,000 (U.S.) and issuance of 250,000 common shares of the company to own the property 100 per cent outright with no further annual lease payments or buyout expenditures. The seller will retain a 1-per-cent net smelter return royalty on the 11 unpatented claims covered by the purchase and sale agreement.

The purchase and sale agreement and transaction are subject to the approval of the TSX Venture Exchange. All common shares issued are subject to the statutory four-month hold period from the date of issuance.

The company has also granted options to a director to purchase 125,000 common shares with a strike price of 16 cents and a maturity date five years from the date of grant.

Initial 2020 drilling program

Harris Exploration Drilling has been contracted for up to 3,000 feet of reverse circulation drilling on the project. The drill and crew will mobilize from their current job site around Feb. 1, with drilling expected to commence the week of Feb. 3. Currently, 10 to 12 holes are planned between the nine previous gold-bearing drill intercepts and State Highway 68. An additional 10 holes have already been permitted and bonded in the event drilling results encourage the company to keep going. The drillers will use a centre-return bit and the anticipated mineralized interval will be samples on two-foot sample intervals to maximize sample return and assay control on any high-grade mineralized zone.

Greg Hahn, vice-president of exploration 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.

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