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Enters into Purchase and Sale Agreement on Philadelphia High-Grade Gold-Silver Vein Property Mohave County, Arizona
(via TheNewswire) Vancouver, British Columbia - TheNewswire - Jan. 29 ...
About this update from Arizona Gold & Silver Inc.
[{"type":"text","content":"Enters into Purchase and Sale Agreement on Philadelphia High-Grade Gold-Silver Vein Property Mohave County, Arizona(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - Jan. 29, 2020 - Arizona Silver Exploration Inc. (the \"Company\" or \"Arizona Silver\") (TSXV:AZS) (OTC:AZASF) is pleased to announce that it has entered into a purchase and sale agreement covering the 11 unpatented mining claims currently covered under a lease with option to purchase agreement on the Philadelphia project.\n\n\n \nPhiladelphia is a high-grade gold and silver vein target located in Mohave County, northwestern Arizona. Core drilling at the property in October 2019 intersected high grade in the last hole of the 2019 program, PC19-2T (Press Release dated November 13, 2019), which is a continuation of the high-grade vein intercept in RC hole PRC19-2 completed in May (Press Release dated May 15, 2019). The high-grade zone is associated with strong silicification and clay alteration and magnetite-destruction peripheral to the vein. An airborne UAV magnetic survey identified a large magnetic low north of the existing drill hole intercepts that will be tested by an upcoming drilling program.\n\n\n \nPurchase and Sale Agreement\n\n\n \nThe Purchase and Sale Agreement completely replaces and supersedes the Lease and Option Agreement on the property entered into in February 2019. The terms of the Purchase and Sale Agreement call for a cash payment of US$20,000 and issuance of 250,000 common shares of the Company to own the property 100% outright with no further annual lease payments or buyout expenditures (the \"Transaction\"). The Seller will retain a 1% NSR royalty on the 11 unpatented claims covered by the Purchase and Sale Agreement.\n\n\n \nThe Purchase and Sale Agreement and Transaction are subject to the approval of the TSX Venture Exchange. All common shares issued are subject to the statutory 4-month hold period from the date of issuance.\n\n\n \nThe Company also announces that it has granted options to a director to purchase 125,000 common shares with a strike price of $0.16 and a maturity date 5 years from the date of grant.\n\n\n \nInitial 2020 Drilling Program\n\n\n \nHarris Exploration Drilling has been contracted for up to 3000 feet of reverse circulation (\"RC\") drilling on the project. The drill and crew will mobilize from th...