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Tombstone Exploration Evaluating Targets for 2009 Drill Program
10 minutes ago - Market Wire
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As of 12:00 AM ET 2/18/09
Tombstone Exploration Corporation (OTCBB: TMBXF) today announced the Company's technical staff is currently in the process of evaluating numerous exploration targets on the TMBXF's wholly owned 11,500 acre land position in the West Tombstone District for the upcoming 2009 Drill Program. The previous two drill seasons have defined a shallow silver rich manganese deposit, which the Company will continue upgrading. With the recent strength in precious metals prices, Tombstone intends to test several silver and gold targets during the upcoming exploration program.
TMBXF's property includes numerous small past producing underground mines. Part of the upcoming program's objective is to test some of these mineralized structures at depth. Assay data indicates numerous occurrences of shallow mineralization that at today's silver prices appears to have potential for surface mining. Open pit silver mining proved to be a profitable low cost operation in Tombstone during the 1980s.
Sample #49376 from the Santa Anna 58' level underground recovered 0.180 opt gold and 81.70 opt silver. Sample #49378 was taken on the same level along the vein's footwall, and assayed 0.009 opt gold and 3.95 opt silver, which could add ounces and tonnages to a surface mineable deposit. Prior samples of the Santa Anna included assayed values of 609.50 ounces per ton (opt) of Ag (silver) and 0.396 opt Au (gold).
Recent rock chip samplings of the Merrimac Mine returned assay grades with widths that could be mineable with underground or surface methods. The Merrimac is on a mineralized structure that is parallel to the Company's State of Maine Mine. Sample #48712 recovered 0.034 opt gold and 13.15 opt silver over the 1.3 m vein width. Sample #48713 tested, found the vein's hanging wall assayed 0.032 opt gold and 23.8 opt silver.
Grab sample #004-A from the Black Horse dump recovered 0.009 opt Au / 10.8 opt Ag. This indicates that potentially higher grade ore was mined from the underground. The extension of mineralization below the old working mine has not been drill tested.
Alan Brown, President and CEO of Tombstone, stated, "We expect that our current drilling program combined with the historical drill results reported will allow the Company to further quantify both a near-surface oxide silver resource and a deeper, higher-grade gold-silver resource. The Company intends to have additional consulting geologists assisting our technical team with target generation and definition during the coming weeks."
Tombstone Exploration Corporation (OTCBB: TMBXF) is focused primarily on exploration and development of mineral resources. At the completion of the feasibility study, the Company will then consider joint venture mining or some other scenario that would eventually expedite a mining operation on the Tombstone property. More often in these scenarios, the Company would become subject to take over offers based on a positive economic feasibility study. The Company understands that the discovery to feasibility phase generally offers the best return on investment to shareholders. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is now the largest landholder in the Tombstone Mining District. Through expansion, the Company will acquire new properties.
For more information on Tombstone Exploration Corporation, please visit www.tombstonemining.com.
FORWARD-LOOKING STATEMENTS
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing. Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation most recent public filings with the U.S. Securities and Exchange Commission.
CONTACT:
Tombstone Exploration Corporation
Alan M. Brown
President
Email Contact
480-305-4507
Investor Relations:
The Eversull Group, Inc.
Jack Eversull
972-378-7917
972-378-7981 (fax)
Email Contact
SOURCE: Tombstone Exploration
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