Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) is testing the blue sky potential at its 100%-owned Philadelphia project in Arizona.
The company said earlier this week that it will test below the old mine workings of a shaft on the Philadelphia property to confirm the team’s belief that gold and silver mineralization continues beneath the 400-foot level where previous mining ceased.
The firm’s management team believes that the material extends even further below the 440-foot mark. Recent drilling hit the vein at 660 feet – lower than anything previously recorded on the property – and the interval, which is currently at a laboratory to test for grade, has the same material as what was previously recorded.
“The high-grade vein system is still being mapped out, but we have hit material lower than what was ever recorded,” CEO Mike Stark told Proactive in an interview.
In a sign of confidence at the property’s potential, the explorer also jumped at the chance to pick up two additional claims east of recent drilling at Philadelphia, to cover possible extensions of the gold and silver veins. Nearby operations in the state are hitting material at much lower depths.
Arizona Silver also said that testing on samples is continuing without interruption even though the timeline for results has taken longer than expected as a result of the coronavirus pandemic. The company said that laboratory personnel are outfitted with health protections to continue working safely on the testing.
Following completion of the drill holes, the Vancouver-based firm will mobilize drill rigs at its Ramsey property, also a former producer.
The program will test the high-grade zone of the Creosote vein and the surrounding low-grade silver mineralization in addition to testing the mineralization’s continuity below a polymetallic soil geochemical anomaly on the property.
Arizona Silver’s management has demonstrated its confidence in the projects, having never sold a share and keeping a 34% position in the company to date.
The firm is “anxious to begin drilling” at Philadelphia and Ramsey, it told shareholders. Arizona Silver’s financials are robust, according to Stark, thanks to a regimen of careful spending and low overhead.
“Our treasury is very, very good and we have enough to sustain more programs if our predictions are accurate,” Stark said.
“There’s a lot of potential here and it’s just a matter of proving what we think we have.”
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