Junior firm Arizona Silver Exploration Inc (CVE:AZS, OTCQB:AZASF) is set to acquire a new gold-silver property in Arizona, which it believes to have 'tremendous' potential.
The company has struck a lease with option to purchase agreement for the Sycamore Canyon gold-silver epithermal property in Graham county.
READ: Arizona Silver Exploration completes first quarter drill programme; awaits assays
Sycamore lies around 20 miles northeast of the town of Willcox and mainly consists of 10 unpatented claims on US Forest Service public lands.
The property contains a prominent breccia body that is over 600 meters long and between 20-80 meters wide, it added.
"We are very excited with Sycamore Canyon and believe this property has tremendous potential in both gold and silver mineralisation," said Mike Stark, chairman of Arizona.
He said that sampling throughout the breccia so far had demonstrated values up to 31 grams per tonne (gpt) gold, or 0.903 ounces per ton (opt) gold, and 458 gpt (13.34 opt) silver from within the silicified breccia.
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The average of all 31 rock chip samples taken from the body and the surrounding silicified granite is 1.77 gpt (grams per ton) gold and 89.5 gpt silver.
Despite attractive historic assays, the silicified breccia has yet to be tested with a drill hole, Arizona noted.
It's a busy spell for the firm. Earlier this month, it told investors it had completed, within budget, the first quarter 2018 reverse circulation (RC) drill programme at its flagship Ramsey silver project in La Paz county.
All holes hit the target zone and the firm will announce the results as soon as all "seven" holes have been assayed, it said.
Meanwhile, a second phase of 10 RC holes has been permitted on patented claims, pending receipt of these results and fine-tuning of the drill locations.
The first phase, for which assays are now awaited, initially consisted of six holes sunk to the northeast of the previous series of 11 holes, which all hit silver across tens of metres.
Arizona Silver Exploration shares shed 5.56% to stand at C$0.17.