Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) earlier this week updated investors on progress at its Philadelphia Project in Arizona, highlighting improvements in heap leach testing and continued success in exploration drilling.
The company said it is now crushing ore to a finer consistency as part of its metallurgical testing, which is allowing for improved gold extraction. The revised approach is intended to increase the leaching surface area, enhancing overall recovery. It highlighted that early indicators suggest the potential for as much as a 10% increase in returns.
Arizona Gold & Silver Inc noted that the second phase of its heap leach testing program is expected to last approximately 90 days. The company had initially expected head grades of around one gram per tonne but reported that results so far are showing an average of two grams per tonne.
Drilling continues at the Philadelphia Project, with eight horizontal holes intersecting thick mineralization from surface. The company stated that all holes drilled down dip from the road have also hit their intended targets. The current drilling campaign includes hole 153, which is now nearing completion. Once finished, the company plans to drill below hole 136, which previously returned promising results.
In addition to operational progress, Arizona Gold & Silver Inc confirmed that the exploration program is fully funded. The company said it has a treasury of C$3.2 million, sufficient to sustain exploration activity through the end of the year and beyond. It also described this position as a vote of confidence from both management and its consultants.