PHOENIX, AZ--(Marketwired - Nov 17, 2016) - Tombstone Exploration Corporation (OTC PINK: TMBXF), a fully reporting company, announced today that the renewal of its Exploration Permit encompassing 450 acres for Section 16 in the Tombstone Mining District has been filed. 145 acres of patented mining claims in Section 16 is also owned by TMBXF.
The location of Section 16 is two miles southwest of the town of Tombstone, Cochise County, Arizona. It is comprised of 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 is mainly considered a precious metal district, famous for its bonanza silver deposits, however the porphyry copper model of Lowel and Gilbert (1970) suggests the presence of a significant porphyry copper deposit at depth.
In prior years, the Company commissioned Geotech Ltd., the world leader in airborne geophysical surveying techniques, to prepare a ZTEM report. Results of this report indicated the geological presence of a deep-seated porphyry copper ore body similar to other large porphyry copper ore deposits throughout Arizona. The ZTEM report, conducted via a helicopter, flew over TMBXF's property and scanned the ground to a depth of 6000 feet. This well-regarded and comprehensive report showed TMBXF's property contains significant porphyry structures resembling known porphyry copper deposits that had previously been successfully defined by ZTEM. An NI 43-101 technical report was updated for this property by the SRK Group. Through its work with a large number of major international mining companies, the SRK Group has established a reputation for providing valuable consultancy services to the global mining industry.
Alan Brown, President of TMBXF, stated, "Section 16 is also the center of a large porphyry copper silver gold target identified by the ZTEM geophysical program that was completed by TMBXF. Copper has recently grabbed investors' attention as it has lagged behind other commodities the last few years. We expect to see a larger increase in the copper price out of the range it is in now. TMBXF will issue an update on the exploration of the Stardust project shortly as we have done an extensive sampling and geophysical program over the last year on these BLM claims in Yuma County, Arizona."
The State of Maine Mine is 145 acres of patented mining claims owned 100% by TMBXF and has the potential for the discovery of a very large porphyry copper gold discovery at depth. This is the center of one of the most important targets in the Tombstone Mining District.
A prior sampling program on Section 16 included 115 samples that had incredible 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.
Tombstone Exploration Corporation 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 our experienced exploration and management team, including adherence to the highest possible standards of corporate responsibility, governance and conduct.
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.