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Tombstone Exploration Corporation Announces Update on Its Zebra Exploration Project
|By Marketwired .
|May 22, 2014 09:00 AM EDT
PHOENIX, AZ -- (Marketwired) -- 05/22/14 -- Tombstone Exploration Corporation (OTCQB: TMBXF) (BERLIN: UDNA) announced today that the Company has applied for new State Exploration Permits for minerals, including gold, silver and copper in the eastern edge of the Tombstone Mining District. These applications will be executed upon and finalized by the Arizona State Land Department within the next sixty days. The additional permits, encompassing 2,163 acres in Cochise County, Arizona, are adjacent to Tombstone's 100% Company-owned 2,000 acre Zebra property.
The company also announced that on March 26, 2014, it received exploration approval for State Exploration Permits for minerals that were applied for on November 13, 2013.
The Zebra Prospect is an epithermally disseminated gold property located in Cochise County, Arizona, approximately three miles southeast of the town of Tombstone. The property totals 4,163 acres and consists entirely of state land for which Arizona state prospecting permits have been secured or applied. Tombstone believes that Zebra lies within the metallogenic zonation halo of the Tombstone district. The shallow ores of this district were known to be high in silver and lower in gold. Conversely, and in accordance with zonational patterns, the Zebra Property has high gold and relatively moderate silver values.
The property received its name from the "zebra" jasperoid located in Section 34. This jasperoid is red and white striped, having fine grained fluorite and hematite composing the reddish layers while chalcedonic quartz and open spaced quartz compose the white layers. The hydrothermal processing fluids that were used revealed silty limestone/shale layers and precipitated gold, fluorite, barite, iron sulfides and silica. One of these horizontal zebra layers (N75W strike, 20N dip) is now exposed on the top of a hill in Section 34.
During the 1990s, a detailed mapping program yielded thirty-three samples of jasperoid, jasperoid breccia, silica vein material, hematitically altered silty limestone, dolomite and silicified rhyolite porphyry. Seven of these samples assayed >.20 ounces per ton Gold and another three assayed >.10 ounces per ton gold. The highest assay, 1.0268 ounces per ton gold, was collected from an outcrop of black to red jasperoid breccia. These historical assays strongly support previous positive assay data from the property and suggest the presence of a disseminated gold deposit, in large bulk tonnage, on the property.
Alan Brown, President of TMBXF, stated, "We are currently preparing an initial exploration plan for the Zebra project that is expected to start next month as the State Land Department has approved the main leases. This will be done in tandem with financing begun by the Eurogas Group in December 2013. We anticipate that once exploration work on the Zebra prospect begins, we will continue exploration on the porphyry copper, silver and gold targets identified by earlier exploration work that was completed between 2011-2013 in the Tombstone Mining District on the Company's other BLM, state lease and patented claims. Our initial ZTEM report was prepared by Geotec Ltd., the world leader in airborne Geophysical surveying techniques. The authoritative report shows the property does contain several structures with characteristics that resemble known porphyry copper deposits successfully defined by ZTEM.
"In addition, we continue to await developments on Tombstone's entitlement to a 20% direct interest in EuroGas Inc.'s ("EuroGas") potential award from EuroGas' pending lawsuit against the Slovak Republic. This is in addition to the Company's 26% direct interest in EuroGas AG of Zurich, Switzerland, an international natural resources holding company, that was announced on December 10, 2013."
The Tombstone Exploration Project, an exploration and development project within the historic Tombstone Mining District, is located in Cochise County, southeastern Arizona. Detailed studies of the mineralization of the Tombstone Mining District show a wide assortment of minerals including silver, gold, copper, lead, zinc, manganese, tellurium, molybdenum, and vanadium. Although Tombstone is famous for bonanza silver deposits and is essentially a precious-metal district, the porphyry copper model of Lowell and Guilbert (1970) suggests the presence of a meaningful porphyry copper deposit at depth.
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's most recent public filings with the U.S. Securities and Exchange Commission.
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