Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) announced Wednesday that it had received all federal and state permits and secured a drilling contractor to move ahead with its exploration work at the Philadelphia project.
Shares of Arizona Silver increased over 12% by midday Wednesday to sit at C$0.14 in Toronto and were up nearly 10% in the US to US$0.11.
The Vancouver-based company awarded a contract to Harris Exploration Drilling and expects drilling to begin as soon as April 15, the company said in a statement.
At the Philadelphia project in northwestern Arizona, the junior explorer plans to drill 6 holes in a bid to demonstrate the continuation of a high-grade vein that was historically mined in the early part of the 20th century.
Philadelphia’s past production ranged from 10 to 27 grams of gold per ton, according to Arizona Silver. The area is easily accessible, with initial drilling to take place less than 100 metres from paved roads.
Update on Sycamore Canyon
The company also announced that its team staked additional claims to the north of the property.
In addition, Arizona’s management provided an update on its Sycamore Canyon permitting process, where the next step is to determine whether an environmental assessment is required.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas