ARIZONA – Arizona Mining of Vancouver has closed financings worth US$15.6 million for its Hermosa zinc-lead-silver project 100 km southeast of Tucson. Osisko Gold Royalties has paid US$10 million for a 1% net smelter royalty and a further $5 million for 8.93 million units. Other investors have subscribed for 1.06 million units worth another US$560,000.
Proceeds from the financings will be primarily used for a drilling program at the Taylor deposit. This is a lead-zinc-silver carbonate deposit with a 43-101 resource of 39.4 million inferred tonnes grading 11% ZnEq. The deposit is open to the north, west and south on land controlled by Arizona Mining.
Arizona shareholders recently approved the company’s plan to buy out its 20% private partner in the Hermosa project (both the Taylor and Central deposits), giving it 100% ownership.
More information is posted at www.ArizonaMining.com.