Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced that core drilling at its Philadelphia project in northwestern Arizona has hit continuous gold mineralization at potentially bulk-mineable grades.
Two new drill holes were completed about 100 meters north of a previously reported hole, and both intersected wide mineralized zones.
One hole returned 62.18 meters at 1.27 grams per tonne (gpt) gold and 4.06 gpt silver from the surface, while the other intersected 40.39 meters at 1.0 gpt gold and 2.76 gpt silver.
The drilling targeted the Rising Fawn zone, located within the main gold trend on the Philadelphia Project. About 100 meters south of these holes, channel sampling of a high-grade outcrop returned assays of 9.94 gpt gold and 79.4 gpt silver over 1.83 meters, prompting the company to drill two additional holes near the outcrop.
The new holes returned high-grade intercepts, including 2.07 meters at 17.45 gpt gold and 46.2 gpt silver and 2.05 meters at 16.55 gpt gold and 42.7 gpt silver.
"Our goal at Philadelphia is to develop a bulk tonnage gold resource for large-scale heap leach development," said Greg Hahn, vice president of exploration. “These results indicate we are firmly on track to achieve a successful outcome.”
The company is currently drilling deeper extensions of the Rising Fawn intercepts and awaiting assay results to guide further drilling at the Red Hills target.