Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) said it is making good progress with a drill program at the company’s flagship Philadelphia project in northwestern Arizona.
The company announced Wednesday that the first two drill holes sunk on the property point to the high-grade gold zone extending north of previous intercepts beneath a historic trench sample that revealed nearly 40 grams per ton (g/t) gold at 1.5 metres (m).
The holes intersected the targeted vein in a zone consisting of strong quartz-calcite veins in a highly mineralized area, Arizona Silver told investors in a statement.
READ: Arizona Silver says core drill rig mobilizing to start initial core drilling program on its 100% owned Philadelphia project on September 30
At least four instances of calcites or quartz veining is evident in the core, including a quartz replacement area of bladed calcite that indicates the upper part of a precious metals zone, the company said.
The two drill holes, PC19-7 and PC19-8, are located 100 feet north of previous drilling where Arizona Silver intersected 15.8 g/t gold and 90 g/t silver over 3.1m. Another prior hole intersected 7.2 g/t gold and 50 g/t silver over 3.1m.
The cores were sent to a sample preparation facility in Tuscon before being sent to a mineral laboratory in Vancouver for analysis, the group added.
Arizona Silver is permitted for a 24 hole program at Philadelphia.
Shares of Arizona Silver were trading at C$0.18 on Wednesday morning in Canada and on OTC markets at US$0.14.
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