Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) has received the go-ahead from the relevant authorities to drill the next 24 holes at its exciting Philadelphia gold-silver project in Mohave County, the firm said Monday.
In a brief statement, the group said drilling was expected to begin this month, while the incremental bond to cover the additional drilling has been posted.
READ THE DEEP DIVE: Arizona Silver hoping to be back on its exciting Philadelphia property as soon as July
Philadelphia lies in the Oatman district in Arizona, which has produced over 2 million ounces of gold from high-grade veins via underground mining.
The property was discovered in the late 1800s and operated intermittently, mainly between 1917 and 1935 as a 50-tonne-per-day underground mine.
In May this year, Arizona reported exciting results from the first three shallow holes at a key vein target, with highlights including 10 feet at 0.46 opt (ounces per ton) gold and 2.62 opt silver from 25-35 feet in one hole.
The planned 24-hole drilling program will cover the northward strike extension along 500 feet (150 metres) of strike and 300 feet (100 metres) of shallow dip extensions to these results above.
CEO Greg Hahn has said of the Philadelphia opportunity: "It's been 30/40 years since I've been able to drill a gold, silver system this close to the surface. Everybody's looking deep now. You look at other people's intercepts they're hundreds of meters deep. We're tens of meters deep. This is really an opportunity that has been overlooked."
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