The Arizona State Land Department will execute and finalize the applications within the next 60 days.
According to the company, these leases, named Zebra Property, were the focus of an exploration program in the 1980s that included geochemistry, geophysics, mapping, sampling and drilling, and mineralization on the property is thought to be epithermal in origin.
Tombstone said it will evaluate the existing data, and design an exploration program to confirm the historic information, and also to search for both high grade gold mineralization and large tonnage, low grade gold mineralization.
Tombstone Exploration has the mineral rights to about 11,500 acres of historical mining land in the areas around the city of Tombstone, Arizona.
