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VANCOUVER, BC–(Marketwired – August 24, 2017) – Arizona Mining Inc. (TSX: AZ) (“Arizona Mining” or the “Company”) is pleased to report results from water well WW-1 drilled on its patented ground as part of the water supply testing program (the “Program”) on the Hermosa Project (the “Project”) in Santa Cruz County, Arizona.
The 14-inch diameter well was completed on June 29, 2017 to a final depth of 1,326 feet. After hole conditioning, a pumping test was completed at a rate of 1,100 gallons of water per minute (gpm) to determine the potential capacity of the well and supporting aquifer. After 72 hours of pumping at the 1,100 gpm rate, it was apparent that the aquifer should be more than sufficient to supply the estimated 650 gpm water requirement for the proposed 10,000 ton per day Taylor Sulfide and Taylor Deeps mining operation outlined in the Preliminary Economic Assessment. The pattern and small degree of drawdown suggests the bedrock aquifer is extensive and contains a significant amount of groundwater. Monitor wells around the proposed operation were largely unaffected by the pumping, indicating the large capacity of the aquifer.
Jim Gowans, President and CEO commented: “We are very pleased with the results of WW-1. This well, along with other sources of ground water on our private lands, should be ample to supply the water required for the operation for the life of mine. This is an important facet of the project and gaining certainty for the supply water is a key milestone in its development.”
Additional testing is ongoing to complete the project’s hydrology evaluation. In addition to the WW-1 well, other sources of supply water for the proposed operation are being investigated, including a second deep well on the patented claims and the historic, existing underground workings located on the Trench patented mining claim.
The results of the Arizona Mining Inc. groundwater supply investigation have been reviewed, verified and compiled by R. Douglas Bartlett, CPG, CHG, President and Principal Hydrogeologist of Clear Creek Associates, a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Bartlett has 40 years of geologic and hydrogeologic experience, and is a Registered Professional Geologist in Arizona (#25059), California (#8809), Oregon (#2305), Washington (#2879), and Pennsylvania (#4995).
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.
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.
For additional information please contact:
Vice-President, Investor Relations & Corporate Communications
Telephone: 416-366-5678 ext. 202
Email: [email protected]
Thu, 24 Aug 2017 10:30:00 GMT