Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) narrowed its loss for fiscal year ended in August as the company presses forward with exploration for precious metals.
Last month the Vancouver company closed a non-brokered private placement, raising gross proceeds of C$231,846.
BIG PICTURE: Arizona Silver Exploration hoping to hold two aces down in Arizona
The company said it was planning to use the proceeds for further exploration at its Ramsey silver mine in La Paz County and the Sycamore Canyon property in Graham County, both in Arizona.
Arizona Silver reported Thursday in a filing that for the fiscal year ended August 31, its net loss narrowed to C$553,996, or C$0.02 per share, from C$612,130, or C$0.03 per share, a year earlier.
In November 2016, the company changed its name from Damon Capital Corp to Arizona Silver Exploration and acquired Arizona Silver Corp, holder of a property lease and option agreement for the Ramsey mine area.
A recent assay at its Sycamore Canyon gold-silver project indicated 553 grams per ton of silver was found at the surface and as much as 3.04 grams per ton of gold.
Shares of Arizona Silver fetched C$0.09 in Thursday’s Canadian trading and US$0.06 on the OTC Markets.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com