Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) said it has successfully intersected 34.45 metres of material from its Perry Vein in one hole (PC25-157) located 60 metres north of a high-grade gold intercept reported in September.
The company said drilling is continuing with the next hole aimed at a further northern extension of the vein.
Greg Hahn, vice president of exploration, said the Perry Vein intersection aligns with the company’s geological predictions.
“Our understanding of this extraordinary vein is improving with each hole,” Hahn said in a statement.
“I continue to believe that we are at the top of the favourable “boiling zone” of what is a fascinating hydrothermal system. This leaves a very significant target zone to pursue down dip of this intercept.”
The company said PC25-157 intersected the Perry Vein between 314.02 metres and 348.48 metres, with a true thickness of approximately 64% of the drilled interval. Multiple vein facies were identified, including bladed calcite-quartz, rhyolite clasts with banded quartz veins, and deep red quartz vein breccia near the Arabian Fault. All facies in the previous hole contained gold.
The core from PC25-157 has been delivered to an Arizona lab for detailed sampling and analysis, including fire assay for gold and ICP testing for silver and trace metals. High-grade results above five grams per ton of gold will undergo further testing with a gravimetric finish.
Shares of Arizona Gold & Silver popped around 6.6% on Wednesday morning.