Canadian Mining Journal


LEAD-ZINC: Arizona Mining raises $15.6M for Hermosa project

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.

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