- Working in a very favorable jurisdiction
- Experienced management
- Philadelphia lies in Oatman district, which has produced over 2M ounces of gold
What Arizona Silver Exploration does:
Arizona Silver Exploration (CVE:AZS) (OTCMKTS:AZASF) is on the hunt for high grade gold and silver in the 'mining friendly' US state of the same name.
The Vancouver-based company owns 100% of the previously producing Philadelphia property in Mohave county, Arizona, which was discovered in the late 1800s and operated intermittently, mainly between 1917 and 1935 as a 50-tonne-per-day (tpd) underground mine.
Past production ranged from 10 to 27 grams per tonne (g/t) gold with historic silver grades in the production shaft averaging 420 g/t silver.
The firm also boasts the Ramsey asset, which lies two hours west of the city of Phoenix, and saw historic high-grade production of 1,370 g/t of silver. It has 41 existing 1960s underground drill holes. Notably, the silver mineralization is open-pittable at depths hit so far.
It also owns the Sycamore Canyon project, where 31 g/t gold and 553 g/t silver have been encountered at surface.
Here, the company has staked an additional 27 unpatented claims surrounding the core group of leased claims, to protect possible extensions of the silicified breccia, both to the northwest and the southeast, and to cover any additional veins identified.
How is it doing:
Recent news flow has centred around the Philadelphia project and on June 2 this year, Arizona Silver revealed it had completed 21 reverse circulation (RC) drill holes on the project, with 15 hitting the vein. Fire assays returned up to 3 grams per ton (g/t) gold across a minimum sampling width of five feet.
Arizona Silver said the results had not reflected its expectations "based upon the presence of visible gold" so it performed metallic screen analyses, but those findings did not vary appreciably from the results by fire assay. The junior then said it would turn to metallurgical testing.
It also revealed it would move a drill rig to its Ramsey project to test the high-grade zone of the Creosote vein and the continuity of mineralization below a polymetallic soil geochemical anomaly.
The metallurgical testing proved to be a good idea and on July 29, the firm reported what it called "exceptional recoveries" from the Philadelphia property following the analysis.
Arizona Silver said the results demonstrated that 27% to 65.5% of the gold in the drill cuttings was coarse and recoverable by gravity methods, confirming the observations of visible gold in cuttings during drilling.
The firm added that it was 'looking forward' to drilling the west side of the Philadelphia property again.
- Drill results from Ramsey project
- Exploration finds at Philadelphia property
- Gold and silver price moves
What the boss says:
Following the drill results from Philadelphia released in June this year, which were not what had been hoped for, considering visible gold had been identified in the earlier cuttings, Arizina Silver's vice-president of Exploration Greg Hahn explained the group's next steps.
"When we got the initial results, we launched into a more expanded sampling and analytical program in order to address that issue," he said, explaining that the company was now heading towards metallurgical testing.
Hahn said the firm would now move to drill at Ramsey but also come back to Philadelphia, which was still very much a focus for the company.
"We have a target there (Ramsey) that we've identified since 2017 and we haven’t drilled it so we want to drill that and then while we have a drill rig available to us, we're going to move that drill rig back to Philadelphia and focus on the side of the property where we did get good results previously - the 40 g/t material still is wide open and we need to test that in a different direction that we have pursued previously," he added.