Arizona Gold & Silver (TSXV:AZS)(OTCQB:AZASF) has released a detailed progress update on its ongoing exploration activities at the Philadelphia gold-silver project in Arizona. The company’s exploration program has made significant strides, with all core drilling hitting intended targets, meeting or exceeding expected thicknesses. Additionally, the company’s follow-up on satellite hyperspectral data has identified promising new exploration targets.
Core Drilling at Philadelphia Project
Arizona Gold & Silver currently operates two core drills at the Philadelphia site. The company has completed six core holes, with samples undergoing preparation in the laboratory. Another core hole is expected to reach the lab before the holiday season.
Two deep core holes have been drilled at the Red Hills target, which follows up on prior reverse circulation (RC) drilling results showing +100-meter-thick intercepts with over 1.3 grams per tonne (g/t) of gold. These holes targeted the down-dip extension of known mineralization and the southern fringe of a Controlled Source Audio-Magnetotellurics (CSAMT) anomaly beneath the hydrothermally altered Red Hill flow dome.
Both deep holes intersected the targeted zones, showing thick quartz and calcite veining, with occasional fine-grained visible gold present. A third core hole is underway to further investigate mineralization at greater depths, with additional drilling planned for 2025.
At the Rising Fawn target area, five out of a planned ten core holes have been completed. The program aims to test mineralization adjacent to and beneath an historic drift known for high-grade ore. All drilled holes intersected quartz-calcite veins in rhyolite or granite, with occasional visible gold observed. Drilling at Rising Fawn has returned intercepts ranging from 40 to 130 meters in true width.
Preliminary models suggest a potential plunge to mineralization in this area, which current drilling aims to confirm. Sample assays are pending, and final grades will inform resource modeling.
Ground Follow-Up of Hyperspectral Data
Arizona Gold & Silver is conducting field follow-ups on hyperspectral satellite data acquired in October. This survey provided enhanced resolution (2-meter versus previous 30-meter data) and identified several large alteration anomalies. Notably, the Red Hills target area revealed prominent iron oxide and illite-smectite alteration across a 600 x 700-meter area.
The company’s current drilling program is testing the western edge of this bulk-tonnage target. Additional targets identified through the hyperspectral survey will be explored further, with updates expected in Q1 2025.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
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