Arizona Silver Exploration Inc told investors it remains focused on “exciting results” that are emerging from its Philadelphia project in Arizona and plans to resume drilling on February 1, 2022.
In an open letter to shareholders, CEO Mike Stark said following the discovery of gold in multiple zones at the project, the exploration company looks forward to drilling the depth extent and linkages between the zones.
“Importantly we have demonstrated potentially economic grades, not only in the primary vein target but in the surrounding rocks,” Stark said, noting that the company now controls the entire 3,000-metre (m) strike length following agreements reached over the past two years.
READ: Arizona Silver says drilling extends bulk tonnage target at the Philadelphia project
“The company is anxious to resume drilling, not just on the Gap Zone, but on the entire strike length up to and including the Shark Fin and Rising Fawn areas,” Stark continued.
Stark said the company has established multiple gold-bearing zones that simply need to be linked with drilling. Given the 3,000m length of the vein system and the low-grade envelope demonstrated on the Perry claim, he said the project offers significant tonnage potential.
Arizona’s three other properties remain under care and maintenance, Stark said. A drilling permit with the Bureau of Land Management (BLM) at its Silverton property allows for 12 holes. The property has already been approved and bonded and has large scale potential, with comparisons to the Long Canyon gold deposit currently in operation by Newmont.
The Ramsey property is permitted for eight more holes. Drilling pads are complete on the patented ground, with the property showing good silver values in the holes completed to date and warranting much more drilling, Stark said.
“We believe we have just scratched the surface of this opportunity,” he said. “The Sycamore Canyon property has tried our patience for sure due to permitting delays. I hope to share news in 1Q 2022 on permitting developments.
“In summary, we remain committed to Philadelphia simply because it has shown the highest value to shareholders, with our results speaking for themselves,” Stark concluded.
Contact the author at stephen.gunnion@proactiveinvestors.com