June 29, 2023 (Investorideas.com Newswire) Arizona Silver has uncovered visible gold at the Philadelphia Property. Read on to see the impressive assay results for the project.
Arizona Silver Exploration Inc. (AZS:TSX; AZASF:OTC) has released the assay results from the PC23-111 core hole on the Philadelphia project in Arizona.
The results revealed gold and silver in significant quantities and intersected three different veins on the project.
Assay Results
Arizona Silver has announced that it has the final assay results from the core hole PC23-111, located on the Philadelphia epithermal gold-silver project in Mohave County, Arizona. The drill hole was intended to test the down dip, and the eastern extension of vein and stockwork mineralization intersected roughly 30m away in the deepest previous hole.
The core hole intersected 102.15m at 0.716g/t gold (Au) and 4.56g/t silver (Ag) from 182.30m to 284.45m. The total interval includes three intercepts of brecciated vein: 6.2g/t Au and 11.3g/t Ag over 3.2m at a depth of 182.3m to 185.5m, 4.04g/t Au and 9.2g/t Ag over 1.0m at a depth of 230.6m to 231.6m, and 1.91g/t Au and 8.77g/t Ag over 6.49m at a depth of 275.15m to 281.64m.
The true thickness of the intercepts is about half of the drilled thickness. The three veins referenced are the Hangingwall vein, the intermediate vein, and the Forward wall vein.
According to Greg Hahn, the Vice President of Exploration, “As anticipated, PC23-111 confirms the down-dip and eastward continuation of the mineral system. We now await results from PC23-112, a new -45 degree hole from the same pad location as PC23-111. That hole is testing the western portion of a low resistivity CSAMT anomaly that is believed to be a clay cap above the boiling zone at the Red Hills target. Samples are in the lab, and results will be announced when received.”
Silver and Gold Still Trading at High Levels
In the current economic climate of uncertainty, gold become a hot commodity for investors. Rick Mills of Ahead of the Heard identified several main drivers for gold: central bank purchases, weakness in the dollar, and recession anxiety.
Central bank buying is expected to continue, and economic destabilization caused by the conflict in Ukraine is not expected to abate anytime soon.
Additionally, another gold mining company inArizona, Gold 50 (ASX:G50) has seen success with its assay results. According to Stockhead, the company has “some impressive silver hits, too, showing 11 meters at 1.2g/t gold, 399g/t silver, 0.31% copper and 0.55% zinc from 61.0m and immediately below historic underground workings at hole GRC03.”
One of the Few Unexplored Gold Systems
According to Greg Hahn, the Vice President of Exploration, “The Philadelphia Property is one of the few gold systems remaining in the Western U.S.A. that has never been evaluated using modern exploration concepts. Our recent discoveries using the model of “Boiling Zones” resulted in an immediate discovery. Discovering the bulk tonnage target answered my question as to why we see such a remarkable alteration feature at surface. All this project needs is drilling to demonstrate its real potential.”
The company is expecting more pending drill results to come out at any time and has 100% drill hole hits on all patented ground drilling since 2021 and minable grades. [OWNERSHIP_CHART-10692]
Chris Temple of The National Investor described the company’s findings as “uber exciting” and said, “When free, visible gold can be panned out of grindings from a few of these holes, that’s an attention-getter!” Temple noted that the company had already been performing above its peers among junior mining companies, and now this news may signal more stellar performance.
Ownership and Share Structure
Brady Stiles owns 15.29% of the company with 10.62 million shares, Gregory A. Hahn owns 5.32% with 3.79 million shares, Mike Stark owns 3.71% with 2.64 million shares, David John Vincent owns 1.75% with 1.25 million shares, Dong Hyun Shim owns 1.27% with 0.90 million shares, Eugene Spiering owns 0.09% with 0.06 million shares, and James B. Engdahl owns 0.07% with 0.05 million shares.
SSI Wealth Management AG owns 7.88% with 5.62 million shares, and Moloney Securities Asset Management owns 0.01% with 0.01 million shares.
The company reports no strategic investors.
There are no potential sellers or warrants overhang.
The company does not work with any IR firms or influencers.
There are 71.3 million shares outstanding. The company has a market cap of CA$23.75 million. It trades in the 52-week period between CA$0.17 and CA$0.59.
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