Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has announced more positive assays from its ongoing core drilling program at the Philadelphia project, including a significant high-grade gold intercept.
Hole PC25-155 intercepted 14.5 grams per ton gold over 1.52 meters within a broader interval of 4.24 g/t over 22.26 meters, the company reported on Wednesday.
The company said the hole demonstrates continuity of vein thickness and an increase in grade as drilling progresses down dip, with the intercept representing a 40% increase in grade compared to results from hole PC25-154, located about 60 meters up dip.
The high-grade zone is hosted within a single massive composite and brecciated quartz vein. Arizona Gold & Silver said that the true thickness of intercepts in PC25-155 is approximately 57% of the reported drill thickness.
Drilling continues with core hole PC25-156, which is currently at about 266 meters, about 61 meters from the top of the targeted vein.
“Core hole PC25-155 has delivered an exceptional intercept, showcasing strong continuity of impressive vein thickness with a notable increase in gold grade with depth to date,” Arizona Gold & Silver VP exploration Greg Hahn said.
“The evolving vein textures—particularly the increasing replacement of bladed calcite by yellow quartz—are classic markers of a high-grade epithermal system and signal that we are approaching the heart of the boiling zone, where gold grades typically spike significantly."
Hahn highlighted that these textures are similar to those seen in the nearby historic Oatman Gold Mining District, which produced more than 2 million ounces of gold from similar high-grade veins.
“Like Oatman, we believe the Philadelphia vein system has the potential to rapidly open up into high-grade zones capable of delivering substantially increased grades,” Hahn said.
“Hole PC25-156, currently advancing toward the target zone below hole 155, is poised to test this exciting interpretation. If the system continues to behave as expected, we could be on the cusp of unlocking a major high-grade gold discovery."
Mike Stark, Arizona Gold & Silver CEO, added that the results from PC25-155 have increased the company’s confidence in the potential of this zone.
“The results from hole PC25-156 will be instrumental in guiding our next phase of drilling. It will likely focus on strike in both directions, which will expand the current mineralized footprint,” he added.
“Encouragingly, our geological model is showing strong validation. We have shallow intercepts on this vein system over a strike length of one kilometer, and by continuing to drill at depth along strike (north and south), we can begin to more accurately assess the size potential of this zone.”