Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) announced it had uncovered a new high-grade gold-silver vein within a thick mineralized zone on the Perry vein at its Philadelphia property in Arizona.
The company said that drilling intersected “thick” zones of gold-silver mineralization in all 15 holes drilled at the property.
Highlights from the Main Vein include intercepts of 3.05 metres at 16.9 grams per ton (g/t) gold and 51.2 g/t silver within 45.73 meters at 1.63 g/t gold and 7.74 g/t silver and 9.15 metres at 7.82 g/t gold and 21 g/t silver within 15.24 metres at 1.82 g/t gold and 5.52 g/t silver.
READ: Arizona Silver Exploration receives permits to drill up to 12 holes at Silverton project, Nevada
The weighted average intercept of six of the reported holes on the high-grade vein was 4.57 metres at 8.06 g/t gold and 32.54 g/t silver.
“We are delighted that drilling has discovered high grades in a vein that was overlooked historically,” CEO Mike Stark said in a statement.
“Significantly, the high-grade zone is open at depth. The shallow lower grade mineralization is a surprise, a result that represents potentially significant bulk tonnages. Drilling will continue.”
Greg Hahn, the firm’s vice president exploration, told investors that the results confirmed the interpretation that high grades would start 50 to 100 metres below the low grade, partially outcropping Perry Vein.
“Fortunately for us the productive part of the vein appears to be entirely intact and is open to depth,” Hahn said.
“The thick, shallow zone of low-grade mineralization is very significant as it represents a bulk tonnage opportunity. For this reason, we are reporting the vein grades and the shallow, bulk tonnage grades separately.”
Drill holes in the shallower portion of the vein intersected broad zones of stockwork gold mineralization, the company said, as the high-grade vein component is “absent.”
Arizona Silver said the weighted average of the lower grade intercepts in the up-dip portions of the mineralized zone is 39 metres at 0.38 g/t gold and 1.68 g/t silver, which does not include any high-grade vein intercepts.
Based in Vancouver, Arizona Silver’s flagship Philadelphia property is located in Mohave County, Arizona.
Contact Angela at firstname.lastname@example.org
Follow her on Twitter @AHarmantas