Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) CEO Mike Stark joined Proactive to provide key updates on the company’s recent achievements.
Stark discussed the successful closing of a non-brokered private placement that raised $4.6 million, highlighting strong support from existing shareholders and welcoming new investors, including the Sprott Group and Rick Rule.
He also shares details on the upcoming drilling program at the Philadelphia project, focusing on the Red Hills area, where promising geochemical results have been observed.
Proactive: So, a couple of pretty big pieces of news out from the company. First off, you're able to close off your non-brokered private placement, and it was very successful. Lots of people wanting to get involved in it.
Mike Stark: Yes, Steve. It was very successful and very fortunate as well. Again, kudos to the support of existing shareholders and family and friends. They really stepped up, and management as well. I certainly welcome our new addition to shareholders, and that is the Sprott Group and Rick Rule as well.
So,about $4.6 million. And a lot of that will obviously go into working on the Philadelphia project. And that's the other big piece of news – the fact that you're on-site with preparations for drilling.
Yes, we were very successful, as you know, earlier this year with a 40-hole program being permitted on the BLM property. We actually believe that this is the root of the system where the mineralization generally came from, and then it flowed out from here. So, the program is going to consist of starting with four fan holes, then move over, do another four, and then likely over to site two, which is a secondary site, and do the same thing there, showing the continuity as we go deeper into the system.
This area you're targeting is called Red Hills. You've done some geochemical work and physical work, and that's why you're starting at this particular area, right?
Absolutely. The previous results around this area have been literally fantastic. Over 100 meters thick, one-plus gram material. And we've only drilled shallow. So, these four holes now will go to a thousand meters or beyond. The reason I say beyond is because of the beauty of it – Mark and Greg on the rig. If they see what they like, we'll just continue. I mean, we have the capability with this core rig to go to some really deep depths, 1,500-1,600 feet if necessary.
You mentioned that it's going to be four holes to begin with, and then you’ll see where you're at results-wise before you decide if you're going to continue in that area or move.
Yes. The beauty is that we will know just by what we see if we are into the system. Then again, we'll step over, move it over, and hit another fan of four holes again. We're very confident. Obviously, we wouldn't be drilling here if we weren't confident. I'm excited to see the results. Everything going well, we should have maybe one, possibly two holes – that's a big "possibly" on number two – before Christmas, giving shareholders a very nice Christmas present.
Quotes have been lightly edited for clarity and style