(MENAFN- Investor Ideas) Arizona Silver released the assay results from the Philadelphia gold project. Click here to see how much gold and silver it found.
arizona silver exploration inc. (azs:tsx; azasf:otc) has released the assay results from drilling on the Rising Fawn Zone and the Perry GAP zone. The drill results reveal significant gold and silver mineralization within both segments, which is particularly encouraging as gold rises in the face of the foundering dollar.
Arizona Silver is a junior mining exploration company based in Canada, and its flagship project is the Philadelphia epithermal gold-silver project in Arizona.
Assay Results
Arizona Silver has released the final assay results from 12 reverse circulation drill holes at the Philadelphia epithermal gold-silver project. The Philadelphia project is located in Mohave County, Arizona.
The highlights of the results from the Rising Fawn Zone are as follows:
Drill Hole PRC23-97 found 2.894g/t gold (Au), 6.74g/t silver (Ag) over 50m at a depth of 10.67, including 18.2g/t Au, 46.6g/t Ag over 1.5m at a depth of 13.72m, and 51.0g/t Au and 16.1g/t Ag over 1.5m at a depth of 54.88m. Drill Hole PRC23-98 found 1.093g/t Au and 6.31g/t Ag over 64m at a depth of 6.10m. Drill Hole PRC23-99 found 0.976g/t Au and 5.38g/t Ag over 53m at a depth of 19.82m. Drill Hole PRC23-100 found 0.423g/t Au and 1.71g/t Ag over 65m at a depth of 0.00m. Drill Hole PRC23-101 found 0.734g/t Au and 2.01g/t Ag over 57m at a depth of 32.01m, including 8.84g/t Au and 11.5g/t Ag over 1.5m at a depth of 105.18m. The Perry GAP Zone comprised seven drill holes. Drill Hole PRC23-104 found 1.096g/t Au and 9.73 Ag g/t over 24.3m at a depth of 62.50m, including 3.3g/t Au and 27.6g/t Ag over 3m at a depth of 70.12m. Drill Hole PRC23-105 found 0.789m Au and 4.04 g/t Ag over 16.4m at a depth of 91.46m, including 5.65g/t Au and 29.1g/t Ag over 1m at a depth of 91.46m. Drill Hole PRC23-106 found 0.503g/t Au and 2.95g/t Ag over 12.2m at a depth of 137.20m, including 3.16g/t Au and 14.6g/t Ag over 0.76 at a depth of 138.72m. Drill Hole PRC23-107 found 1.428g/t Au and 11.3g/t Ag over 18.6m at a depth of 53.35m, including 5.6g/t Ag and 32.4g/t Ag over 5.3m at a depth of 138.72m. Drill Hole PRC23-108 found 0.475g/t Au and 2.63g/t Ag over 35m at a depth of 71.65m, including 4.56g/t Au and 30.9g/t Ag over 1.2m at a depth of 77.74m. Drill Hole PRC23-109 found 0.55g/t Au and 4.21g/t Ag over 24.5m at a depth of 54.88m. Drill Hole PRC23-110 found 0.302g/t Au and 1.55 Ag over 12.9m at a depth of 80.79m.
According to Greg Hahn, the Vice President and Head of Exploration for Arizona Silver, "Our drilling on these previously undrilled areas has delivered precisely what we were targeting - continuity of good grade mineralization. On the Rising Fawn zone beneath and along strike of mine workings, we have demonstrated continuity of robust gold mineralization . . . In the Perry zone, our successful drilling of the GAP has been particularly encouraging. We confirmed the continuity of mineralization in that previously undrilled area. Importantly, the system remains open along strike in both directions and downdip."
Why Gold?
Gold has performed well as the dollar continues to take hits. stockhead reports that gold futures last week "lifted as high as US$2037oz with spot gold lifting almost 1% to US$2031oz in the U.S. market."
Ed Moya, the senior market analyst for OANDA, commented that, depending on the actions of the Fed, gold could be looking at another rise: "The journey to record highs has been a long one for gold, but if the Fed is truly done lifting rates, further tightening of credit conditions could be the key catalyst."
According to rick mills with ahead of the herd , there are a number of factors that are acting in concert to support gold, including recession fears, a banking crisis, the actions of the U.S. Federal Reserve, a robust gold demand, and supply stagnation.
Catalyst
The analyst Clive Maund rated Arizona Silver as an excellent Buy: "We bought Arizona Silver late last month at what was thought to be a good entry point which is shown on the latest 6-month chart below. But now, thanks to it reacting back a little more than expected, it is at an even better entry point, especially as its technical setup is even more positive."
Arizona Silver has pending drill results that should be ready to release anytime. The company has a tight share structure with large investments in management and with advisors. Management has a big stake and does not have a history of selling shares. The company reports 100% of drill hole hits on all patented ground drilling and minable grades. [OWNERSHIP_CHART-10692]
Ownership and Share Structure
Arizona Silver has a market cap of CA35,500 Million. There are 69,201,075 shares, 8,521,426 warrants, and 5,487,250 options. The company trades in the 52-week period between CA$0.17 and CA$0.59. as of January 2023.
Management and insiders own over 28% of the company. Brady Stiles owns 15.01% of the company with 10.62 million shares, Gregory A. Hahn owns 5.36% with 3.79 million shares, Mike Stark owns 3.73% with 2.64 million shares, David John Vincent owns 1.77% with 1.25 million shares, Dong Hyun Shim owns 1.28% with 0.90 million shares, James B. Engdahl owns 0.28% with 0.20 million shares, and Eugene Spiering owns 0.09% with 0.06 million shares.
As for institutions, SSI Wealth Management AG owns 7.94% with 5.62 million shares, and Maloney Securities Asset Management owns 0.01% with 0.01 million shares. The company reports no strategic investors.
Arizona Silver has a monthly burn rate of CA$28,000.
The company reports no potential negatives.
Arizona Silver does not work with any IR firms or influencers at this time.