Arizona Silver Exploration Inc (CVE:AZS, OTCQB:AZASF) says recent sampling results from the Sycamore Canyon gold-silver property have beaten expectations.
The work continues to widen the target zone, it said.
Highlights included five samples from outside the breccia zone, which returned values greater than 0.1 gpt (grams per ton) gold with a high of 1.2 gpt of the yellow metal.
Eight of 52 samples returned values more than 30 grams per tonne (gpt) silver, with a high of 156 gpt silver, while another six samples returned values between 10 and 30 gpt silver.
"We are very pleased with these most recent results, which exceed our expectations," said Mike Stark, the chairman.
"The results demonstrate Sycamore Canyon has even greater potential than previously thought. These surface results bode well for a targeted drill programme, which we are actively planning now for the near term."
Arizona added that it had applied for a 10-year right of way to upgrade and maintain commercial access across State of Arizona lands to the Sycamore Canyon property .
It has also submitted a plan of operations to the US Forest Service for an initial drilling programme on the north breccia zone along existing road access.
The company also announced a non-brokered private placing of up to 3.4mln shares at 13 cents a share for gross proceeds of up to C$442,000.
Management and directors are taking part in the financing for a minimum of C$60,000.
Arizona shares added over 8% to C$0.13.