Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) announced that a core drill rig is mobilizing to start an initial program on its 100% owned Philadelphia project - a high-grade gold and silver vein target located in Mohave County, northwestern Arizona - with drilling expected to commence September 30.
In a statement, the Vancouver-based company pointed out that the drilling will see it step out 100 feet to the north from its previous drilling looking for a continuation of the high-grade vein which was intersected at 15.82 grams per tonne (gpt) gold (Au) and 90 gpt silver (Ag) over 3.1 metres thickness in hole PRC19-2, and 7.2 gpt Au and 50 gpt Ag across 3.1 metres in hole PRC19-1.
The firm said its interpretation is that the high-grade zone extends to the north of these intercepts beneath a historic surface sample that is reported at 5 foot (ft) containing 1.15 ounces per ton of Au.
The company added that drill core will be delivered to ALS Minerals sample preparation facility in Tucson, Arizona for sawing and sample preparation, then splits of samples will be sent to the ALS Minerals analytical laboratory in Vancouver under strict chain of custody for ICP multi-element analyses, including silver, and AA analyses and fire assay for gold.
Arizona Silver noted that the Philadelphia property - the first of two new gold projects for the company – has a permitted and bonded drilling plan for up to 24 exploration holes following up the gold-silver mineralization identified in the previous drilling in holes 1 to 6.
It said a geologic section for the six holes - PRC19-1 through PRC19-6 - has been posted to the company’s website along with a long section of the proposed drilling along the vein target and an assay section. http://arizonasilverexploration.com/philadelphia-property/.
Last week, Ariziona Silver announced that it was looking to raise up to $700,000 through a non-brokered private placement, selling up to 3,684,210 units at a price of $0.19 per unit.
The company said it plans to use the proceeds for further exploration of the Philadelphia Property in Mohave County and the Ramsey silver mine in La Paz County, both in Arizona, and for general working capital purposes.
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