Arizona Silver Exploration says drilling is progressing "very well" at the Philadelphia gold project in Arizona
The firm completed three more drill holes that intersected its target at anticipated depths and intervals on all holes
Company
CVE:AZS
Arizona Gold & Silver Inc. is a leading exploration company focused on uncovering precious metal resources in Arizona and Nevada. With a commitment to sustainable practices and innovative exploration techniques, the company aims to drive value for stakeholders while prioritizing environmental stewardship. The flagship asset is the Philadelphia gold-silver property where the company is drilling off an epithermal gold-silver system ahead of an initial resource calculation.
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The firm completed three more drill holes that intersected its target at anticipated depths and intervals on all holes
Current drilling is at the north end of the Perry patented claim testing down-dip of three previously drilled reverse circulation drill holes
The objective is to further demonstrate the continuity and extent of both high-grade and stockwork gold targets on the property
'We remain committed to Philadelphia simply because it has shown the highest value to shareholders, with our results speaking for themselves,' CEO Mike Stark said
“The assay results from altered volcanics in the hanging wall (upper portion) of the high-grade vein surprised us, carrying substantial gold where quartz veins are mostly absent,” Arizona Silver’s vice president for exploration Greg Hahn sa
The explorer issued 4.5 million units at C$0.21 each for gross proceeds of C$945,000. Each unit consists of one share and one half of a share purchase warrant
The Vancouver-headquartered company owns the previously producing Philadelphia property in Mohave county, Arizona
The area is known as the 'Gap' and the company plans to commence a scheduled drilling between November and December after the drill road access is complete
The company negotiated a long-term lease on the Resaca and Rising Fawn claims that cover a large portion of the vein mineralization along the Arabian Fault
The new claims cover the depth extension of the Perry vein system that returned high grade gold results a few weeks ago
The weighted average intercept of six of the reported holes on the Main Zone was 4.57 metres at 8.06 g/t gold and 32.54 g/t silver
The explorer said it will announce the securing of a driller and a start date when arrangements are in place
Drilling at the vein intersected 3.7 feet of 6.79 g/t gold and 258 g/t silver
The program conducted on the newly acquired Perry claim, consisted of 15 holes for a combined depth of 6,270 feet.
Arizona Silver’s vice president-Exploration, Greg Hahn, commented: “We are excited to be the first to test the Perry vein with drilling. Surface samples indicate the presence of visible gold and historic samples contained good gold grades l
A total of 18 core holes have been completed to date and results from 11 holes remain outstanding
The Perry Patented Claim contains the continued southern strike extension of the Arabian Fault and the vein that hosted the Arabian Mine in the early 1900s.
The new drill program will begin in mid-February, with the objective of testing the down-dip extensions of high-grade gold-silver mineralization intersected in the previous round of drilling
The placement was originally announced for 4,714,286 units and proceeds of $1,650,000 but was increased to 4,899,382 units for gross proceeds of $1,714,783 to accommodate additional subscribers
The company says acquiring the existing royalty on its 100% owned Philadelphia property will remove any outstanding encumbrances to future development