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Mining Co. Identifies New Vein, Getting Close to Gold Source

Source: Streetwise Reports

 

June 9, 2023 (Investorideas.com Newswire) Arizona Silver has identified the Upper Vein, a new feature on the Philadelphia Project. Read on to see why the company thinks it is nearing the source of gold.


Arizona Silver Exploration Inc. (AZS:TSX; AZASF:OTC) has the results of its core drilling on the Philadelphia gold and silver project. The drilling has further identified some features of the Footwall and Hangingwall, as well as a new vein that it has called the Upper Vein.

The continuation of the veins has indicated that Arizona Silver may be nearing the source of the mineralization on the Philadelphia Project.

News

Arizona Silver has announced some of the results of its first deep core hole as it makes progress on the Philadelphia gold-silver project. Hole PC23-111, the deep core hole, was drilled to a depth of 319.5m, and confirmed the down-dip extensions of the Hangingwall (HW) and Footwall (FW) vein systems. The core hole also encountered a new vein, the Upper Vein, indicating the potential for additional veins as it explores deeper into the system.

According to Greg Hahn, the Vice President of Exploration, "We continue to hit the dominant veins in the system as we drill deeper. The thickness of the FW vein has increased, and its character appears to be improving. The discovery of the new upper vein is exciting, suggesting we may be getting closer to the source of the fluids that produced the veins."

This drill hole was located near the previous hole, PC22-91, which ended in calcite-cemented quartz vein breccia containing over 2 grams per ton (gpt) gold.

The objective of this drilling was to test the HW and FW veins slightly below the intercepts in the previous hole. The HW was intersected at a depth of 230.59 to 231.59m, while the FW vein was encountered at a depth of 275.15 to 285.12m. The Upper Vein was discovered at a depth of 187.26 to 190.95m.

The characteristics of the Upper Vein align with the vein intercepts observed in the higher up-dip sections of the Philadelphia system, suggesting potential proximity to the fluid source. The FW vein in PC23-111 shows differences from up-dip holes, with minimal calcite and predominantly fine-grained saccharoidal-textured quartz vein clasts. These differences indicate that Arizona Silver has reached the boiling zone's deeper levels beyond the influence of late-stage barren calcite.

The PC23-111 drill hole intersected a low resistivity feature which is believed to be the feeder zone for the main CSAMT anomaly identified beneath Red Hill.

Why Gold

According to Business Insider, central banks all over the world are now considering gold as a reserve asset in the face of the de-dollarization trend.

In a World Gold Council survey, 62% expect gold to account for a larger portion of total reserves in five years, which is up from last year's 46%. In contrast, the survey found that about 50% of the survey takers expect the dollar to make up 40% to 50% of reserves in five years.

According to the National Inflation Association, gold rose by US$5.75 this week, bringing the price up to US$1,963.75 per ounce, and analysts expect gold to move higher soon.

Catalyst

As Chris Temple reported earlier this month, Arizona Silver had encouraging drill results. However, Arizona Silver is also a good prospect because "AZS shares had already been better-than-average performers among the universe of exploration juniors that haven't been able to get out of their own way for many months, despite the occasional - and current - spike in gold's price especially."

Arizona Silver is expecting pending drill results at any time. The company has a tight share structure with large investments from management and advisors. It also has hit 100% of the drill holes on Patented ground since 2021, with minable grades.

Ownership and Share Structure

Management and insiders hold over 28% of the company. Brady Stiles owns 15.00% of the company with 10.62 million shares, Gregory A. Hahn owns 5.35% with 3.79 million, Mike Stark owns 3.72% with 2.64 million, David John Vincent owns 1.77% with 1.25 million, Dong Hyun Shim owns 1.27% with 0.90, Eugene Spiering owns 0.09% with 0.06, and James B. Engdahl owns 0.07% with 0.05 million.

As for institutions, SSI Wealth Management AG owns 7.93% with 5.62 million, and Moloney Securities Asset Management owns 0.01% with 0.01 million shares.

Arizona Silver reports no potential negatives.

Arizona Silver has a market cap of CA$35,568,000. There are 69,201,075 shares, 8,521,426 warrants, and 5,487,250 options. It trades in the 52-week range between CA$0.17 and CA$0.59.

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