(TSXV: AEM) • (OTCQB: AEMCF)
Sector: Mining
Arizona Eagle Mining ("AEM") owns 100% of the Eagle Project in Yavapai County. The Eagle Project is made up of 225 acres of patented (private) land and 3,350 acres of unpatented Bureau of Land Management (BLM) claims. At the centre of the Eagle Project is the past-producing McCabe Mine, located on patented land, which has a historic resource estimate of 878,000 ounces of gold at a grade of 11.7 g/t, as well as 5 million ounces of silver at a grade of 69 g/t*. The McCabe deposit was last in production in 1987 and is open for expansion at depth and on strike. Surface sampling and helicopter VTEM completed by AEM has identified at least 12 parallel mineralized structures which have not been drill tested.
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The Eagle Claims cover a broad area that 205 acres of patented land holdings and 3,350 acres of BLM ground available for mineral exploration. The Company's principal asset is the past-producing high-grade gold McCabe mine, which is located on 87 acres of patented land that includes water rights. In total the Eagle Claims cover numerous past-producing mines and multiple high-grade structures that are highly-prospective to make new high-grade gold discoveries. The infrastructure surrounding the mine is second to none, and is a short drive on a paved highway north from Phoenix, Arizona.
The Eagle project, is in a historical mining district known as "Big Bug". The region became of significant interest to gold explorers starting in the late 1870's when gold-rush prospectors from California heard about the high-grade gold, silver and copper deposits that had been discovered in Arizona. This resulted in many private land holdings being established, prospected and mined by numerous independent entities. Arizona Eagle Mining Corp. ("AEMC") is the first company to consolidate such a large, strategic land package of both patented and BLM land holdings in the region in its 150-year history.
The McCabe mine has an intermittent production history that dates back to 1898. Most recently, between 1980 and 1984, Stan West Mining spent US$12 million on drilling and developing the McCabe deposit to a depth of 315 metres. Stan West invested an additional US$23M during 1986 to build a 500 tpd mill and initiate underground production. In 1984, Stan West published a "Total Reserve Estimate[1]" (the "Estimate") of 877,617 ounces of gold at a grade of 11.7 g/t, as well as 5,120,000 ounces of silver grading 69 g/t. AEMC estimates that US$35 million was invested between 1980 and 1988, which would equate to approximately CDN$110 million when indexed to 2025 dollars.
AEMC believes there is significant potential to expand the current high-grade gold resource at the McCabe mine and to make new discoveries. AEMC intends to embark on its maiden drill program to advance the project in early 2026.
The historical estimates for the McCabe Deposit predates and is unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company's QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource
The Eagle Claims cover a broad area to the west, southwest, and south of the historic Iron King volcanogenic massive sulfide (VMS) mine, with reported production of 5.7 million tonnes grading 2.6 g/t gold, 91 g/t silver, 4.9% zinc, 1.8% lead and 0.1% copper from 1903 to 1969. The Eagle claims also encompass the past-producing McCabe gold mine located on 205 acres of patented land which include water rights. Between 1980 and 1984, Stan West Mining spent US$12 million on drilling and developing the McCabe deposit to a depth of 315 metres. An additional US$23M was incurred during 1986 to build a 500 tpd mill and initiate underground production. In 1984, Stan West published a "Total Reserve Estimate[1]" (the "Estimate") of 878,000 ounces of gold at a grade of 11.7 g/t, as well as 5,120,000 ounces of silver grading 69 g/t. AEM estimates that total spending of US$35 million between 1980 and 1988 would equate to CDN$110 million if indexed to 2025 dollars.
Between 1980 and 1984, Stan West Mining spent US$12 million on drilling and developing the McCabe deposit to a depth of 315 metres. An additional US$23M was incurred during 1986 to build a 500 tpd mill and initiate underground production. In 1984, Stan West published a "Total Reserve Estimate1" (the "Estimate") of 878,000 ounces of gold at a grade of 11.7 g/t, as well as 5,120,000 ounces of silver grading 69 g/t. AEM estimates that total spending of US$35 million between 1980 and 1988 would equate to CDN$110 million if indexed to 2025 dollars.
During 1987 and 1988, Stan West Mining and Magma Mining reported total mine production of only 80,000 ounces gold at the McCabe Mine. AEM believes there is significant potential to expand and further define the remaining McCabe deposit. The Stan West Estimate of 878,000 ounces was calculated using a gold price of US$350/oz and cut-off grade of 6.75 g/t gold. Importantly, McCabe has not been drilled below a depth of 315 metres. In addition, AEM has also identified a number of parallel and conjugate veins that were not included in the Stan West Estimate.
The acquisition of the McCabe property, along with the recently announced acquisition of the Sunol, Palo Alto, and Columbia mines, will increase AEM's total holdings of patented land to 120 acres, within a large total claim package of 3,470 acres.
The Eagle Property covers a broad area to the west, southwest, and south of the historic Iron King volcanogenic massive sulfide (VMS) mine, with reported production of 5.7 million tonnes grading 2.6 g/t gold, 91 g/t silver, 4.9% zinc, 1.8% lead and 0.1% copper from 1903 to 1969.
Mapping and Sampling Program
During September 2024, a total of 209 samples were collected along mineralized zones at the Eagle Property. Samples were submitted to ALS laboratory in Tucson, Arizona with 5% standards and 5% blanks inserted into the sample sequence. Additional geological mapping and sampling were completed during October 2024, with an additional 41 samples collected and submitted with 5% standards and 5% blanks inserted into the sample sequence.
Figure 5 below displays a detailed geological map, showing the various lithologies of the Eagle Property, as well as numerous past-producing gold and VMS mines on or adjacent to the project. The Eagle Property hosts a variety of mineralization styles that originated from at least two principal mineralizing events. Property-wide high-grade samples are displayed in Figure 1.
Eagle Gold Zone
In the southwestern portion of the Eagle Property, high-grade gold mineralization was sampled in a number of quartz veins. Select high grade results in this area include 92 g/t gold, 23.6 g/t gold, 11.2 g/t, 8.6 g/t gold, 6.6 g/t gold, and 6.2 g/t gold (Figure 2).
Eagle Copper Zone
In the southern portion of the Eagle Property, copper mineralization is hosted within apparent stratiform zones and veins. Copper oxide veinlets with silicified alteration are abundant and occur with chalcopyrite and pyrite in quartz veins (Figure 3). There are many workings and pits in this area.
Select high grade results in this area included 27.6% copper, 4.5% copper, 3.8% copper and 3.0% copper. High grade gold and silver were also encountered in this area, including 29.4 g/t gold, 653 g/t silver, and 450 g/t silver (Figure 4).
The strongly anomalous copper, gold, and silver results on samples of this type indicate impressive potential for VMS mineralization within the area sampled and in surrounding areas. Based on strong similarities with Iron King VMS ore, the Eagle Copper Zone represents a target that requires detailed exploration as a potential to host similar deposits.
Chairman Commentary
"Arizona Eagle Mining has assembled a large land package hosting numerous past-producers in mining-friendly Yavapai County. Recent sampling has identified property-wide high grade mineralization containing copper, gold, silver and zinc. The acquisition of the McCabe Mine announced today adds a significant high-grade past-producing deposit that has not been explored since 1988. We believe there is potential to greatly expand on the historic estimate produced in 1984 by Stan West Mining, which was drilled to a relatively shallow depth of only 315 metres. The deposit is open at depth and our recent surface sampling program has identified at least 12 mineralized veins that were not historically drill tested. Upcoming work will start with geophysical testing to further define mineralized trends, including airborne VTEM and ground-based resistivity and induced polarization tests. The Company intends to undertake a public-listing during 2025."
Marc Pais
Chairman and Director
[1] The historical estimates for the McCabe Deposit predates and is unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company's QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource
The historical estimates for the McCabe Deposit predates and is unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company's QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource.
The historical estimates for the McCabe Deposit predates and is unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company's QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource.
The historical estimates for the McCabe Deposit predates and is unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company's QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource
High Grade Historic Estimate Located on Patented Ground:
1984 Total Reserve Estimate of:
Historic Estimate calculated using a cut-off grade of 6.8 g/t gold
Source: Stan West Annual Report 1984
* The historical estimates for the McCabe Deposit predates and is unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards. The Company's QP has not yet undertaken sufficient work to classify the historic estimate as a current resource and the Company is not treating the historic estimate as a current resource
Marc Pais: Chairman - Co-founder, Director and CEO of Arizona Metals Corp (TSX:AMC, OTCQX:AZMCF). B.Sc. Geological Engineering (Mineral Exploration) from Queen's University. Founder and former President of Telegraph Gold (listed as Castle Mountain Mining, later acquired by Equinox Gold). Seven years experience as a Mining Analyst, with a focus on precious metals development companies.
Rickard Vernon: Director - Mr. Vernon has 30 years of experience as a mining finance professional. He was previously Managing Director and Head of Investment Banking at PI Financial Corp. He was also previously a member of the Board of Directors of Arizona Metals Corp (TMX:AMC, OTCQX:AZMCF). He holds a BSc in Geological Sciences from Queen's University, as well as an MBA from the University of Southern California.
Chief Executive Officer & President - Mr. Reid has a BSc. Honours in Geological Sciences from Queen's University, Kingston, and an MBA in Finance from the Schulich School of Business, Toronto. Mr. Reid has over 20 years of capital markets experience, beginning in the Equity Research department at CIBC World Markets in 2002, and then at both GMP Securities and Maxit Capital as a Managing Partner in the Investment Banking departments. Mr. Reid has acted as the lead advisor on numerous equity, debt and merger and acquisition transactions.
Chief Financial Officer - Senior Financial Analyst at Marrelli Support Services Inc. Previously worked at public accounting firms for 7 years. Canadian Professional Accountant designation, Master of Accounting degree from University of Waterloo
Vice President of Exploration - Clyde is a veteran exploration geologist with a career that spans over 40 years. He has four deposit discoveries to his credit. In 1974 he founded the Ogilvie Joint Venture, funded by Rio Tinto, Mitsubishi Metals, and Ventures West Capital, and discovered the Jason lead-zinc- silver deposit in Yukon Territory, Canada. Jason was sold to HudBay Minerals. As co- founder of Ventures West Minerals and VP of Exploration for Westley Mines Ltd., Clyde discovered the Santa Fe gold deposit, the first discovery of a significant sediment-hosted Carlin-type gold deposit in western Nevada. The deposit contained more than 400,000 ounces gold, and was sold to Corona Corporation, which began production in 1988 at 65,000 ounces gold per year.
Email: kreid@arizonaeaglemining.com
X (Twitter): @AzEagleMining
https://x.com/azeaglemining
Website: https://www.arizonaeaglemining.com/
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