SOURCE: Tombstone Exploration

Tombstone Exploration

September 12, 2016 09:00 ET

Tombstone Exploration Corporation Files Arizona Bureau of Land Management Federal Lode Mining Claims for All Company Federal Lands Including the Stardust Claims in Yuma County, Arizona

PHOENIX, AZ--(Marketwired - Sep 12, 2016) - Tombstone Exploration Corporation (OTC PINK: TMBXF), a fully reporting company, announced today that the Company has completed the filing of all of its Bureau of Land Management (BLM) mining claims for the Eagletail Mining District, which is located in the State of Arizona for the year 2016 - 2017. 

During the first and second quarters of 2016, the Company's geological team has identified surface high grade gold results from a detailed mapping and sampling of a mineralized trend in the 100% owned claim block in Yuma County, AZ in the Eagletail Mining District. Highlights include a sample returning 7.04 g/t gold with multiple other samples above 1 g/t gold of the 70 samples sent for assay.

The encouraging results from the rock sampling program over the Stardust project indicate the presence of a high angle detachment related precious metals vein system. The mineralization present at the Stardust project appears to be located within detachment related veins & locally intensively chloritic and hematitic host rocks. The vein system has been sampled over a strike of approximately 3200 feet (975 meters). These veins appear to be a feeder system of an extensive partially eroded low angle fault system over the Stardust.

The results of the latest tranche of rock samples combined with field observations and existing data appear to fit the USGS detachment fault model of USGS Bulletin 2004 by Long, K.R.: Preliminary Descriptive Deposit Model for Detachment-Fault-Related Mineralization. Other productive detachment fault related precious and base metal systems occur through the Basin and Range areas of Southern California, Western Arizona, and Southern Nevada. An example in Arizona includes the Copperstone Mine, previously mined by Cypress which produced one-half million ounces of gold by open pit methods from 1987-1993. Copperstone is currently being evaluated for additional resources.

Quartz veins present in outcrop, subcrop, float, & in historical mining dumps showcase multi ppm gold values up to 7.04 ppm (sample SDR0048 -- 50gram Fire Assay) and silver values up to 22.6 ppm (sample SDR0052). Eight out of seventy rock samples returned assays above 1 ppm. In addition to these strong precious metal values found in samples, additional observations at Stardust include:

  • The presence of chalcedonic quartz veins
  • Crushed veins & and multi-phase cemented -- banded silica veins, & silicification
  • Abundant drusy textures (boiling level and vapor phase)
  • Footwall host rocks are a metasediment matrix with strong hematite & intensive chloritic alteration + copper oxides 

Tombstone Exploration also owns the mineral rights to eight patented lode claims totaling 145 acres in Section 16 along with a State Lease that encompasses the balance of Section 16 in the Tombstone Mining District. Section 16 is located two miles southwest of the town of Tombstone, Cochise County, Arizona. The section comprises many of the historical silver mines in the district including: San Pedro group (Fox claims), State of Maine, Merrimac, Free Coinage, Chance, Bonanza, Santa Ana, Solstice, Annex 40 and 41 (Ace-in-the-Hole), Black Horse, the Joseph Group, Mamie, Sailor, Randolph, and Groundhog. The total strike length of these structures is estimated to be in excess of 7,000 meters.

Tombstone has conducted multiple sampling and drill programs on Section 16 in prior years. A prior sampling program on Section 16 included 115 samples that had high gold and silver assays. The results include rock samples collected from outcrops, mine dumps, trenches, and underground workings. The two highest samples returned assayed values of 609.50 ounces per ton (opt) of Ag (silver), 0.396 opt Au (gold) and 81.70 opt Ag and 0.180 opt Au. The highest of these samples, sample 49373, was a selected sample collected from the Santa Ana mine (Joseph Vein) workings at the 18-meter level across a 10 cm. wide fault. An earlier selected high grade sample collected from the 10-meter level of the Santa Ana mine (Joseph Vein), sample SA 35-0, assayed 971.40 opt Ag, 0.335 opt Au across a 5 cm. width.

A detailed NI 43-101 was completed on this property by SRK Consulting along with a ZTEM Report by Geotech. Ltd based on Helicopter-Borne Electromagnetic Geophysical survey on the Tombstone property conducted for Tombstone Exploration Corporation. A significant Porphyry copper system has been identified that encompassed Section 16 of this district.

Alan Brown, President and CEO of Tombstone Exploration Corporation, said, "We are pleased with the exploration work completed during the last year on the Stardust claims that started with staking the property in the second and third quarters of 2015 and then completing a ground based Geophysical program with Zonge Engineering which was completed in the last quarter of 2015. We continued with a detailed mapping and sampling program into 2016 with incredible sample results where we are just scratching the surface of the multiple precious metal veins identified by the ground based Geophysical program. With these sample results from the exploration work, we expect to exceed a suggested resource in the amount of multi million tons of .2 ounces per ton gold equivalent along with significant copper and silver values from recent assays and suggested in historical reports."

TMBXF is a gold silver copper exploration company based in Phoenix, Arizona. The Company's goal is to maximize shareholder value through focused exploration, testing and development of high quality mineral targets in the prolific mineral producing areas in S.W. USA. This goal will be achieved in part through the application of the best mineral exploration practices and techniques available to the Company's experienced exploration and management team, including adherence to the highest possible standards of corporate responsibility, governance and conduct.

FORWARD-LOOKING STATEMENTS

This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Tombstone Exploration Corporation, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are Tombstone Exploration Corporation's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Tombstone Exploration Corporation's filings with the Securities and Exchange Commission.

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