Canadian explorer Arizona Eagle Mining buys three historical Arizona silver mine areas
TSX-V-listed Arizona Eagle Mining Corporation has acquired 62 acres of patented land that hosts three past-producing high-grade silver mines, in Arizona.
The mines - Arizona National mine (ANM), Lookout mine and Silver Belt mine - are all located along strike and 1 km north-east of Arizona Eagle Mining's McCabe gold/silver deposit.
Notably, the acquisition included an operational water well with extraction rights.
Arizona Eagle CEO Kevin Reid says closing this strategic acquisition of three past-producing high-grade silver mines consolidates the Eagle Silver project given its close proximity of the McCabe mine.
"These high-grade silver mines served as major sources of silver production in Arizona until the 1930s. Mining operations at that time were limited to relatively shallow oxidised depths, with the deepest shaft reaching only 150 m, allowing for the opportunity for further discoveries at depth.
"These mines have been privately held by multiple parties and dormant for almost 100 years. Surface sampling on the Eagle Silver property has returned grades up to 344 g/t silver, with sampling of the ANM waste pile returning grades of up to 861 g/t silver and 15.6 g/t gold. An additional sampling programme was recently completed on the newly acquired claims," Reid explains.
Arizona Eagle Mining intends to apply the same strategy as the McCabe gold/silver deposit, with the company seeing the opportunity to revive these mines through the application of modern exploration methods and systematic drilling.
"We firmly believe that the Eagle project offers exceptional discovery potential in one of Arizona's most prolific historic gold/silver districts. These acquisitions extend the structural corridor of mineralisation north-east of McCabe by 50%, from 3 km to 4.5 km and will also increase our patented land ownership by 18%, from 348 to 410 acres," Reid confirms.
The company's Phase 1 drill programme, focused on the McCabe structure outside the historic resource estimate, has been completed with results of the final two holes pending.
"We look forward to delivering results as we advance these highly prospective projects," Reid concludes.
