Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced that drilling at its Philadelphia project in northwestern Arizona has hit high gold grades.
The drill hole at the Rising Fawn target returned 4.91 meters at 9.20 grams per ton of gold.
The company said mineralization is associated with epithermal quartz and calcite-bearing vein breccias hosted in rhyolitic volcanic rocks.
Arizona’s vice president of exploration Greg Hahn told shareholders that the result "is exciting in that it demonstrates the continuity of high-grade veining and an attendant stockwork system to the east of previously drilled mineralization."
“In long section it can be seen that the high-grade intercepts demonstrate a modest plunge to the north that remain wide open in both directions," Hahn added. “The opportunity is open for further vein intercepts along strike and down plunge.
"Grades improve down dip which encourages continuing to pursue the target at depth."
Shares of Arizona Gold & Silver were up 3.1% in early Tuesday trading in Toronto.
This hole is one of six recently completed at Rising Fawn to follow up on earlier intercepts.
Assays are pending from four additional holes, with drilling currently ongoing.