Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has reported initial assay results from the first two holes of its ongoing drilling program at the Philadelphia gold project in Arizona.
Drilling at the Rising Fawn claim aimed to test high-angle veins within the mineralized zone located between the hangingwall and footwall fault structures.
The first of eight holes intersected 55.8 meters grading 1.27 grams per ton (gpt) of gold and 2.5 gpt of silver between 0 and 55.8 meters down hole.
Seven additional horizontal or shallow-angle holes were drilled at approximately 30-meter intervals across the Rising Fawn target area to further investigate these high-angle, high-grade structures.
All seven holes are currently at the lab. Each hole encountered thick intervals of stockwork quartz within the host rhyolite and granite, with visible gold particles in some areas.
Meanwhile, the first hole at the Red Hills target, located 563 meters south of Rising Fawn, intersected a thick mineralized interval, including 13.23 meters at 1.216 gpt gold, and a total accumulated thickness of 64.2 meters at 0.563 gpt gold.
Arizona Gold & Silver believes this suggests a potentially bulk mineable deposit, although the grade is lower than previous up-dip holes.
The results may indicate the depth limit of the deposit, they added. Additional drilling has confirmed the target's position, with assay results pending.
“Our overall objective at Philadelphia is to build a bulk tonnage low-grade heap leachable resource at grades better than 0.5 gpt gold. This grade is known to be mineable in this district,” Greg Hahn, Arizona Gold & Silver VP of exploration, said in a statement.
“Importantly we need to delineate the high-grade veins that are known to exist between the footwall and hanging wall structures that define the mineralized corridor. Some of these veins were the subject of historic mining and others are new discoveries. Our results are accomplishing our objective.”