Picture: Arizona Eagle Mining.
Arizona Eagle Mining (TSXV: AZEM)(OTCQB:AZEMF) stated Monday it has accomplished the acquisition of 62 acres histing three past-producing high-grade silver mines with an working water nicely with extraction rights in Yavapai County, Arizona.
The Arizona Nationwide mine, the Lookout mine and the Silver Belt mine are 5 parcels situated on strike with, and roughly one kilometre northeast of the firm’s McCabe gold-silver deposit.
These acquisitions lengthen the structural hall of mineralization northeast of McCabe by 50%, from 3km to 4.5km and will increase Arizona Eagle’s patented land possession by 18%, from 348 to 410 acres.
Between 1980 and 1984, Stan West Mining spent $12 million on drilling and creating the McCabe deposit to a depth of 315 metres, the corporate stated.
An extra $23M was spent 1986 to construct a 500 tpd mill and provoke underground manufacturing. In 1984, Stan West revealed a Whole Reserve Estimate of 878,000 ounces of gold at a grade of 11.7 g/t, in addition to 5,120,000 ounces of silver grading 69 g/t.
“These high-grade silver mines served as main sources of silver manufacturing in Arizona till the Thirties. Mining operations at the moment had been restricted to comparatively shallow oxidized depths, with the deepest shaft reaching solely 150 metres, permitting for the chance for additional discoveries at depth,” Arizona Eagle CEO Kevin Reid stated in a information launch.
“These mines have been privately held by a number of events and dormant for nearly 100 years,” Reid stated. “Floor sampling on the Eagle Silver property has returned grades as much as 344 g/t silver, with sampling of the Arizona Nationwide Mine waste pile returning grades of as much as 861 g/t silver and 15.6 g/t gold.”
An extra sampling program was not too long ago accomplished on the newly acquired claims and the corporate is making use of the identical technique employed at the McCabe gold-silver deposit.
“We see the chance to revive these mines by the applying of recent exploration strategies and systematic drilling, and we firmly imagine that the Eagle challenge presents distinctive discovery potential in considered one of Arizona’s most prolific historic gold-silver districts,” Reid stated.
Arizona Eagle Mining’s inventory closed the day up 8.75% in Toronto. The corporate has a C$39.4 million ($35.6 million) market capitalization.
