Arizona Silver Exploration Inc's (CVE:AZS) chairman reckons the firm can 'significantly' expand silver mineralization at its Ramsey project and is funded for a drill campaign in the fall and beyond.
In a recent letter to shareholders outlining progress, Mike Stark said he believed the firm to be 'over-sold' and 'undervalued'.
Shares today (August 28) added over 11% in Toronto to stand at 25 cents each, but earlier this year touched C$1.20.
The firm has confirmed it can expand the east and south sides of mineralization with good grades and thickness towards the Creosote vein 100 metres east of the historic mine workings, he said.
"We are very pleased with results in this area around the historic mine as we have hit on all drill holes (7) ranging from 44 grams to 295 grams, and the system continues to expand," he said in the letter.
"This target will see more drilling in the fall, after additional modeling, permitting, and roadwork is done."
At the so-called Northern target, Arizona has learned through holes 1 to 5 that intense alteration and the beginning of weak silver mineralization is cut off by a fault at depth.
"We are currently working on modelling the IP data gathered to enhance the imaging of this target, and it is our intention to drill a hole into this Western IP anomaly in the fall.
"Modelling of the Western IP anomaly suggests the sulfide deposit that causes it is very large, being at least 500 metres, by 500 metres, by 500 metres in dimensions.
"If this target has the same silver content as the recent drill holes into the old Ramsey Mine area, this could be a very, very large silver system," highlighted Stark.
Stark made the point in the letter that no one in the management had sold a share.
He said the firm's share structure was very tight and it would endeavor to keep it this way.
"There are only 28 million shares out, fully diluted, and no warrants at all. All shares as of July 16/2017 are now free trading. Several insiders are still escrowed as well, which represents over 4 million shares of the 28 million outstanding," he said.