Shares in Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) shot up Wednesday as the company posted latest drill results from the Philadelphia project in Mohave county, which underlined the potential of the gold and silver project.
Significant gold intersections have now been found in all of the nine (9) reported drill holes from the property so far, the firm noted.
Drilling continues to hit high grades of gold-silver mineralization along strike towards the north from historic high-grade underground production on the Philadelphia vein, the company noted.
Highlight assays included 41.6 grams per tonne (g/t) gold and 94.4 g/t silver across 0.76 metres (m), from 10m to 10.76m, said Arizona.
Another hole showed 5.75 g/t of the yellow metal and 54.2 g/t silver over 1.2 m.
Notably a high-grade vein in another hole contained 497 g/t (approximately 0.05%) of beryllium, the highest beryllium grades reported from the property to date.
"We are very happy with the results announced today, as they confirm extension of strike and also suggest that precious metal grades and continuity of mineralization should improve down the dip of the vein as we approach the boiling zone," said Greg Hahn, vice-president of exploration.
He added that the firm's analysis showed that intercepts completed to date as being above the boiling zone where the majority of gold and silver mineralization should occur in any high-grade epithermal gold-silver deposit.
"By analogy with the main vein deposits of the nearby Oatman District, where over 2 million ounces of gold have been produced historically, the drill holes completed to date at Philadelphia are probably within 100 metres of the top of the boiling zone. The next round of drilling should be able to test for the boiling zone down the dip on the vein from currently permitted and bonded drill sites," said Hahn.
Shares in Toronto added 10.71% to stand at C$0.16 each.