Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) has begun a drone-based airborne magnetic survey on portions of its gold and silver Philadelphia project.
The goal of surveying the project, located in Mohave County, Arizona, is to map the alteration peripheral to the high-grade vein that is often associated with the upper levels of an epithermal precious metal system.
Drilling at the project in October intersected high-grade gold in hole PC19-2T, a continuation of the high-grade vein intercept in another hole completed in May.
Shares of Arizona Silver advanced nearly 13% to C$0.13 on Wednesday.
READ: Arizona Silver Exploration shares advance after it posts encouraging drill results from Philadelphia project
The drone was initially flown over the old Philadelphia mine workings and the aforementioned 2019 drill sites. Results revealed a prominent magnetic low extending from roughly the location of the old mine workings, through the area of drilling completed to date and increasing in intensity northward towards the state highway.
The company also flew over the southern end of its claims block to investigate the magnetic signature of the southern extension of the vein and the surrounding rocks. That flight showed a strong magnetic low associated with the outcrop pattern of the vein and extending into the footwall granite and hanging wall volcanics in a manner similar to that seen in the vicinity of the mine workings, the company said.
Going forward, the Vancouver-based company plans to fly over the central portion of its claims in the first quarter of 2020.
Arizona Silver’s Philadelphia property lies along the immediate northwestern flank of a large magnetic low, which is suggestive of a large alteration zone at depth, the company said.
The company compared the property with the main vein deposits of the nearby Oatman District, which display strong alteration peripheral to the veins, especially above the boiling zone and the locations of the old high-grade stopes. Therefore, it views the magnetic signature of the Oatman district as a direct analogue to the recently acquired magnetic data at the Philadelphia property.
Additionally, the company announced plans to attend the American Exploration & Mining Association annual exhibit, held December 4-6 at the Nugget Casino Resort in Sparks, Nevada.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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