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Arizona Silver signs lease agreement with owner of the Perry Patented Claim adjacent to unpatented lode mining claims at its Philadelphia property

Published: 16:55 16 Feb 2021 GMT

Arizona Silver Exploration
Arizona Silver said mapping and sampling along the axis of the vein will commence immediately and drilling will commence once data are received and recorded and studied

Arizona Silver Exploration Inc. (CVE:AZS) (OTC:AZASF) said it has signed a lease agreement with the owner of the Perry Patented Claim adjacent to the unpatented lode mining claims at its Philadelphia property.  

The company said the Perry Patented Claim contains the continued southern strike extension of the Arabian Fault and the vein that hosted the Arabian Mine in the early 1900s. The vein is exposed for most of the entire 1,250 foot length along the axis of the claim and contains several prospect pits and shallow mine workings along the outcrop expression of the vein, some with visible gold present at the surface.  

READ: Arizona Silver Exploration begins a new drill program at its Philadelphia gold-silver project in Arizona

The vein has never been drilled within the boundaries of the Perry Patented Claim. Company lode mining claims lie adjacent to and further along strike to the south covering the continuation of the Arabian Fault and the associated vein south from the Perry Patented Claim for another 4,500 feet of strike length. Road access is available on the claim immediately adjacent to the vein, the company noted.

Arizona Silver said mapping and sampling along the axis of the vein will commence immediately and drilling will commence once data are received and recorded and studied, and highest priority targets are identified.

Terms of the lease call for an annual fixed lease payment that has already been made, with unrestricted access to test, sample, and drill, the group added.

“Patented property provides easier access to drilling without the requirement of permitting with federal agencies. This agreement is the culmination of two years of negotiations and adds substantial drill targets to increase overall value to the Philadelphia property," Mike Stark, Arizona Silver CEO said in a statement.

Arizona Silver is a young exploration company focused on exploring underexplored gold-silver properties in western Arizona and now Nevada. The company plans to continue to drill test the Ramsey Silver Mine property located a short distance east of Quartzsite, Arizona as time allows.

It has recently received a positive Record of Decision on its Notice of Intent to drill an initial eight exploration holes on its recently acquired Silverton gold-silver property with carlin-type targets. Drilling there will be scheduled as time and equipment allow.

Contact the author at jon.hopkins@proactiveinvestors.com

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