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Arizona Gold & Silver Inc
Symbol AZS
Shares Issued 77,087,292
Close 2024-04-10 C$ 0.39
Market Cap C$ 30,064,044
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Arizona Gold begins drilling at Philadelphia project

2024-04-10 11:00 ET - News Release

Mr. Greg Hahn reports


Arizona Gold & Silver Inc. has noted that equipment is on site for reverse circulation (RC) drilling on the Philadelphia gold-silver property, located in Mohave county, Arizona.

Greg Hahn, vice-president of exploration, commented: "We are excited to resume drilling on the Philadelphia property. This round of drilling will test the entire 400-metre strike length of the Resaca patented claim, a segment of the vein system that has never been drilled before. This is despite the presence of old high-grade mine workings at the north end of the claim. Similarly, there is reported high grade in a historic vein intercept at the south end of the area to be drilled (on the adjacent Rising Fawn claim). The overall objective of this drilling program is to complete drill testing of the shallow portion of the vein system and help establish priorities for drilling down dip."

Proposed drill program

Reverse circulation (RC) drilling will commence on the north end of the Resaca claim, immediately south of the historic R1 shaft, which is the southernmost shaft to access historic mine workings. It will then progress southward.

Historic channels samples from 1930 along the R1 shaft down to the water table at the 100-level returned 21.34 metres at an average grade of 8.33 grams per tonne (g/t) gold (0.242 ounce/ton Au (gold)). Such grades were the target of historic mining activity. Company geologists have determined that this shaft followed the hanging wall (HW) vein above both the stockwork interval and footwall (FW) vein. The HW vein is buried by alluvium to the south of the R1 shaft.

Company channel sampling at surface has traced the footwall vein and returned a three m interval grading 11.6 g/t gold and 658 g/t silver (Ag). Furthermore, sampling has established that excellent mineralization continues along the entire length of the ridge that forms the centre line of the Resaca claim.

In 1982, Meridian Minerals drilled an RC hole near the claim boundary of the Resaca claim (on the Rising Fawn patented claim). The drill hole intersected 32.1 m at one g/t gold, including an FW vein assay of 1.5 m at 22.8 g/t gold. The Meridian hole did not go deep enough to intersect the entire stockwork zone and the HW vein -- it was drilled from the west to the east.

An Arizona Department of Transportation (ADOT) vertical drill hole in the vicinity of the company's first fence of holes intersected good stockwork quartz in both rhyolite and granite, including green quartz at the top of the interval (the HW vein?) from 9.8 m to 64.6 m, beginning immediately below alluvium. The hole was drilled to test for unknown extensions to underground workings that could be a hazard to a then proposed new road alignment. It was not assayed and no workings were encountered. The Resaca claim is shown in the accompanying figure.

Harris Exploration Drilling, a division of Earth Drilling, has been selected for the drilling. The RC drill rig and support equipment is on site with drilling scheduled to commence this week. A total of 2,440 m in 26 holes is budgeted for the program. Samples will be transported to ALS sample preparation facility in Tucson, Ariz., by an independent contractor, and analyzed for gold via fire assay and silver via 31-element ICP (inductively coupled plasma) analyses.

Qualified person

Mr. Hahn, vice-president of exploration, and a certified professional geologist (No. 7122) is a qualified person under National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Gold & Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia gold-silver property where the company is drilling off an epithermal gold-silver system.

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