Mining analyst John Kaiser, of online portal Kaiser Research, is upbeat on the prospects of Arizona Silver Exploration Inc (CVE:AZS), which he believes has its hands on an "emerging discovery".
Fresh from a site visit, he says in an interview, he got the impression that there was a lot more going on at the Ramsey geological system than would have been thought from looking at the old mine at the site.
Arizona is looking to breathe new life into the old mine project area at La Paz County in the US state.
There is no doubt high grade has been found in the area - with around 15,000 tons of 3- 4 ounce per ton (opt) silver mined between 1921 and 1962, notes Kaiser.
The question now is whether there is a large previously undiscovered area at depth and under a layer of thick gravels.
WATCH THE KAISER INTERVIEW HERE
Investors have piled into the stock in recent days following news it had hit massive silica. Kaiser says he is 'relatively' confident that a few metres of high grade silver can be found, but the key question is to what extend disseminated mineralisation extends into the hanging and footwalls.
The firm's goal is to find a bulk tonnage, open pit style of deposit rather than a small high grade mine, he notes.
Shares in Arizona Silver Exploration are at 85 cents today, down 4.49% but have risen around 54% since May 18.