Arizona Silver Exploration Inc announced it has acquired the two remaining claims at the Philadelphia project in Arizona.
The junior explorer said it had negotiated a long-term lease on the Resaca and Rising Fawn claims that cover a “significant” portion of the vein mineralization along the Arabian Fault.
With the lease agreement in hand, Arizona Silver now controls over three kilometres of strike length along the prosperous fault and associated vein exposures.
READ: Arizona Silver Exploration adds more claims around Perry vein after recent high-grade gold and silver intercepts
Most of the mineralized structure is undrilled, according to Arizona Silver. The company’s limited drilling has returned high-grade gold-silver mineralization both to the immediate north and south of the new claims.
Under the terms of the lease agreement, Arizona Silver has the rights to both claims from surface downward, except for an area that is currently being mined by the lessor. However, Arizona Silver has the right of first offer or refusal to acquire the area.
In consideration for the rights, Arizona Silver will commit to “fully” drill and assay the area to quantify the gold resource and gain an understanding of the economics of the deposit.
The firm will now start mapping and sampling in order to design drill programs on the new claims. The company said that outcrops of gold-bearing calcite-veined breccia that cross from the Perry claim to the Rising Fawn claim support that the high-grade vein likely continues onto the Rising Fawn patented claim.
In a statement, Arizona Silver said it believes it has covered the entire strike length of Philadelphia-Arabian Vein with the new claims and another 10 recently-acquired claims.
“Our land package is now complete, and our focus is now on further exploration along the strike and dip of the vein,” the company said.
“Based on historical mining data along with our drilling over the last two years we feel very confident for the potential for an early-stage high-grade vein discovery like what was mined historically in the nearby Oatman District.”
Separately, Arizona Silver said it had wrapped up site survey work at its Silverton property and will start drilling once the necessary equipment becomes available.
The property is drill ready with permits for 12 holes into what Arizona Silver believes could be a “Carlin-type” deposit.
Contact Angela at angela@proactiveinvestors.com
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