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Gold Company's Core Drilling Redefines Project in Arizona

Source: Streetwise Reports


May 19, 2023 ( Newswire) Arizona Silver's core drilling has provided new information about the Philadelphia Project. Read on to see what it found out about a new formation on the project.

Arizona Silver Exploration Inc. (AZS:TSX; AZASF:OTC) has recently released the results of its first deep core hole test for the down-dip continuity of the Philadelphia project. Located in Arizona, the core drilling has redefined some of the information about the project, particularly the Footwall and a new formation known as the Upper Vein. Arizona Silver is based in Canada.


Arizona Silver has recently released information related to its first deep core hole test for down-dip continuity of gold and silver in its Philadelphia gold-silver project, located in Mohave County, Arizona.

Most notably, Hole PC23-111 was completed to a depth of 319.5m, and results have confirmed the down-dip extensions of both the Hangingwall (HW) and Footwall (FW) vein systems. A third vein, named the Upper Vein, was intersected.

The drilling results are as follows:

Drill Hole PC23-111 was drilled from the same drill pad as PC22-91 and was designed to test the known HW and FW veins 30 to 40m below the intercepts in hole PC22-91. The hole intersected the HW at 230.59 to 231.59m of depth and intersected the FW vein at 275.15 to 285.12m depth. It intersected a new vein from 187.26 to 190.95m.

The Upper Vein is composed primarily of calcite cemented quartz breccia, with a dominant calcite matrix, which is characteristic of vein intercepts higher up-dip in the Philadelphia project. The HW vein intercept is similar to intercepts found in previous drilling. The FW vein is somewhat different from previous intercepts in the up-dip holes.

Unlike previous samples, the FW vein in PC23-111 only has a very thin portion of bladed calcite textures and minimal calcite. It intersected mostly fine-grained saccharoidal-textured quartz vein clasts, sometimes with banding and dark streaks. The FW vein appears to have plateaued because it was intercepted higher in the hole than anticipated, indicating that it has not continued along its previous slope.

The company announced the Red Hills target on February 7th, 2023, which is a geophysical anomaly beneath Red Hill, immediately east of the known veins at Philadelphia. PC23-111 intercepted a low resistivity feature interpreted to be the "feeder zone" to the main CSAMT anomaly.

Arizona Silver will continue drilling with a new 45-degree hole from the current drill pad. This drilling will be designed to test the western portion of the low-resistivity CSAMT anomaly that is believed to be a clay cap above the boiling zone. This is associated with the Red Hills target.

Why Gold?

Last month, gold saw a correction after record highs. However, as Adrian Day observed, fears of a recession have continued to prop up gold as confidence in the dollar wanes.

This month, gold was back up again, and speculations of another record have not yet abated.

The ongoing banking crisis and the actions of the Federal Reserve will continue to prop up gold, says Richard Mills of Ahead of the Herd, along with a robust demand for gold and an unchanging supply.


Clive Maund recently reported that he bought shares in the company at "what was thought to be a good entry point . . . but now, thanks to it reacting back a little more than expected, it is at an even better entry point, especially as its technical setup is even more positive."

Arizona Silver reports that drill results are due out at any time. The company has a tight share structure with large investments from management and insiders. It also records a 100% rate of drill hole hits on all patented ground drilling and minable grades since 2021. Drill results from the Q4 of 2022 are due to come out shortly.

Ownership and Share Structure

Arizona Silver has a market cap of CA35,500 Million. There are 69,201,075 shares, 8,521,426 warrants, and 5,487,250 options. The company trades in the 52 week period between .17 and .59. as of January 2023.

Management and insiders own over 28% of the company. Brady Stiles owns 15.01% with 10.62 million shares, Gregory A. Hahn owns 5.36% with 3.79 million shares, Mike Stark owns 3.73% with 2.64 million shares, John David Vincent owns 1.77% with 1.25 million shares, Dong Hyun Shim owns 1.28% with 0.90 million shares. James B. Engdahl owns 0.28% with 0.20 million shares, and Eugene Spiering owns 0.09% with 0.06 million shares.

In terms of institutions, SSI Wealth Management AG owns 7.94% with 5.62 million shares, and Moloney Securities Asset Management owns 0.01% with 0.01 million shares.

Arizona Silver reports no strategic investors.

The company has a monthly burn rate of CA$28,000, a monthly drilling cost of CA$50 per foot in core, and about CA$35 per foot in RC in all costs.

The company reports no potential negatives.

Arizona Silver does not work with any IR firms and does not work with any influencers. Brent Cooke provides analysis and news coverage of the company.

More Info: Newswire

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