Arizona Silver Exploration Inc (CVE:AZS, OTCQB: AZASF) told investors it had started reverse circulation (RC) drilling at its Ramsey silver project in La Paz County.
The first phase of the work consists of six holes sunk to the northeast of the previous eleven holes which all hit disseminated silver across tens of metres.
A second phase consisting of 10 RC holes has also been permitted on patented claims with the Arizona department of water resources, pending receipt of results from this first round of drilling.
Of the current program, the first hole -R1801 - was drilled 50 metres northeast of vertical core hole R1605-C, which intersected 47.7 metres grading 32.4 gpt (grams per ton) silver from 76.4 to 123.8 metres below 30 metres of post-mineral cemented alluvium.
Samples for R1801 have been delivered to the laboratory for sample prep and analyses.
Hole R1802 was drilled 33 metres south of R1801 and was designed to test the target section encountered in the previous eleven holes in the target area.
Drill hole R1803 was drilled 33 metres southeast of R1802 and is currently in progress, the mining firm said.
Drill holes R1804, R1805, and R1806 will also be drilled at 33-metre intervals to get a sense of the continuity and variability of mineralisation along a fence of holes covering around 200 metres.
Last week, the group announced its founding membership in the formation of an Ethereum blockchain strategic alliance for gold-and-silver-asset-backed cryptotokens.
The alliance’s members will seek to collaborate on the future offerings of cryptotokens and potential future initial token offerings (ITO).
These offerings may be backed by gold and/or silver forward delivery, using gold and/or silver royalty streaming and other asset backed models, to develop future financing models for financing future exploration, feasibility studies, mine development and/or mine expansion, by its member companies.
The other founding members of the alliance are: Canamex Gold Corp. Guyana Goldstrike Inc. Cabral Gold Ltd and Altamira Gold Corp.
Arizona Silver shares in Toronto eased 5.56% to C$0.17.