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The first assay results of the drill program are expected to be received during Q1 2020, with completion of the drill program anticipated in Q2 2020. The drill for the program is a LF90 track rig with a capability of drilling both HQ and NQ core to a maximum vertical depth of 1,100 m (Figure 1 below).
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/ca8b82e5-4df3-4285-8033-bdc5e8238981
The first phase of drilling will comprise 16 holes, ranging in length from 300m to 650m, with the goal of testing the historic estimate defined by Exxon Minerals in 1982 (Figure 2 and Table 1) and also to test the possible depth extensions of the lenses. The lenses to be tested are along a strike length of approximately 275m and range in depth from approximately 100m to 700m. The bulk of the historic estimate defined by Exxon lies between a depth of 150m and 450m and 12 of the 16 planned drill holes have been targeted to intersect this zone. The remaining 4 holes will test possible extensions of the lenses from a depth of approximately 450m to 600m depth (Figure 3). It is anticipated that the results of this program, along with additional future drilling, could be incorporated into a resource estimate.
Short Tons (millions) | Copper Grade | Gold Grade (g/t) | Zinc Grade | |
6.4 | 2.20% | 2.8 | 3.03% | 55 |
Table 1. Historic estimate by Exxon Minerals in 1982, reported as “proven and probable reserves” |
The historic estimate at the
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/c35b1eba-d63a-4129-b8f4-30207a6aa1c2
Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/bd149fa6-b84d-4fa6-bed9-9b75373c5017
Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/810f09c5-9321-404b-9439-76a2a5459a83
About
The Company also owns 100% of the Sugarloaf Peak Property, in
The historic estimate at the Sugarloaf Peak Property was reported by Westworld Resources in 1983. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to be compliant with current NI 43-101 standards. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and
The Qualified Person who reviewed and approved the technical disclosure in this release is
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding VTEM survey results, permitting and drilling; use of funds; and the business and operations of the Company. In making the forward- looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward- looking statements or otherwise.
NEITHER THE
For further information, please contact:
President and CEO
mpais@arizonametalscorp.com
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www.arizonametalscorp.com
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Source:2020 GlobeNewswire, Inc., source