Arizona Silver Exploration Inc (CVE:AZS) is gearing up to drill test an exciting deep anomaly at its Ramsey silver mine project in Arizona in the second half of September.
President and chief executive Greg Hahn said the structure looked to be over half a kilometer long and around a half a kilometer wide.
Modelling has shown it to be potentially half a kilometer thick, he also told Proactive.
The firm is fully funded to carry out the drilling, which will consist of 4-6 RC (reverse circulation) holes at depths of between 200m to 300m.
"That should take us about two weeks to complete and then about a month for the assay results to be returned," said Hahn.
The program should cost around $200,000 he said, and the resource junior has around $1mln in the bank.
The firm is a relatively new one to the public markets.
In November last year, executives made the decision to go public and it became listed on the TSX Venture Exchange through a capital pool company.
Soon after listing, the firm raised $900,000 through a private placement of 10 cents a share – no warrants.
The funds allowed the firm to kick off an initial drilling program with the second batch of findings confirming a large open mineral system to the north.
A further $1.5m was raised in less than four days via a private placement again with no warrants.
An induced polarization (IP) survey then confirmed the suspected continuation to the north of the Ramsey mine.
It also identified a new and large anomaly and area of potential mineralization, stronger and deeper to the west.
Arizona Silver shares are currently at 22 Canadian cents, up 2.33%, but have been as high as C$1.21 in late May.