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Significant Drilling at Arizona Co.'s Gold-Silver Site Hints at Potential Riches

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Arizona Gold & Silver Inc.successfully completes Philadelphia drilling project.

Arizona Gold & Silver Inc. (AZS:TSX; AZASF:OTC) has reported significant progress in its drilling activities at the Philadelphia gold-silver property located in Mohave County, Arizona. The company has completed 18 reverse circulation drill holes, testing the previously undrilled 400-meter strike length of the Resaca patented claim within the Philadelphia vein system.

According to the company, with this 400-meter infill, the mineralization now extends continuously for 1.6 km. Greg Hahn, Vice President of Exploration, highlighted the discovery of stockwork quartz in all drilled holes, indicating continuous gold mineralization beneath the alluvial cover, which is a promising sign for the potential of the area. The company also notes that the Philadelphia property remains open in all directions, down dip as well.

The drilling program is strategically designed to assess the shallow parts of the Philadelphia vein system and establish priorities for deeper exploration. Initiated in early April, the effort has progressed methodically from the north end of the Resaca claim, uncovering significant quartz stockwork mineralization ranging from 10 to 55 meters in thickness. According to the company, the current drilling has seen 73 consecutive holes in a row hitting the target, and only 75 acres of property have been looked at so far out of the 2400 acres owned.

The initial findings from the drilling have been positive, with samples from the first 14 holes already sent to the ALS sample preparation facility in Tucson, Arizona, for detailed analysis, including gold fire assay and silver ICP analysis. This ongoing work underscores the company’s commitment to unlocking the value of the Philadelphia property and enhancing its understanding of the mineral resources present. Additionally, the company recently completed an oversubscribed financing of 1.59 million, with management participating for over $285,000, demonstrating their confidence in the project's potential.

Why Gold?

Gold continues to be a sought-after avenue for many investors. Reported on CBS News on April 15, COO and co-founder of Allegiance Gold, Alex Ebkarian, said the price of gold "shot higher and beyond [record highs] due to a confluence of economic and geopolitical issues like rising inflation, a weakening dollar, and ongoing geopolitical tensions."

Investopedia explained the allure of gold in an April 11 article, saying, "The idea that gold preserves wealth is even more important in an economic environment where investors are faced with a declining U.S. dollar and rising inflation. Historically, gold has served as a hedge against both of these scenarios."


Arizona Gold & Silver Inc.'s ongoing and future drilling activities at the Philadelphia gold-silver project present several significant catalysts that could influence the company's prospects and stakeholder confidence. The immediate catalyst is the completion of the current drilling program, which is focused on exploring the shallow portions of the Philadelphia vein system, especially under areas previously unexplored due to alluvial cover. Successfully identifying gold mineralization in these sections could substantiate the potential for richer, deeper targets and set the stage for more extensive exploration efforts.

Additionally, the drilling outcomes will help define the mineralization profile along the 400-meter strike length of the Resaca patented claim. Positive results could lead to an updated resource estimate and possibly extend the known zones of mineralization, enhancing the project's overall valuation and appeal to investors.

Lastly, the anticipation of results from the assay of drill samples currently being analyzed will provide crucial data to support these explorations, potentially leading to a reevaluation of the project's economic viability and a strategic reassessment of the next phases of drilling.

Expert Opinions

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Arizona Gold & Silver Inc. (AZS:TSX; AZASF:OTC)

*Share Structure as of 11/28/2023

Jeff Clark of, in an April 15 article with Streetwise, spoke highly of Arizona's VP of Exploration, Greg Hahn, stating, "He's an accomplished geologist who's had a lot of success in his career. He knows what he's doing." When mentioning the Philadelphia drilling, Clark added, "It is becoming more apparent that there is something more here than what had been found."

Another who sees value in this project is Chris Temple of The National Investor. On March 19, Temple said, "There are all kinds of small exploration companies out there. Some have got more promise than others. I think this is one (Arizona Gold & Silver) has got the potential to deliver something that you don't see every day."

Ownership and Share Structure

As for ownership of Arizona Gold & Silver, management and insiders own approximately 27.52% of the company. According to the company, 9% of the company is held by institutions, and 41% is held by family and friend investors. 

Arizona Gold & Silver has 77.09 million shares outstanding and 58.44 million free-float traded shares.

The company's market cap is CA$31 million, and its 52-week trading range is CA$0.27−0.59 per share.

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Important Disclosures:

  1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Arizona Gold & Silver.
  2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
  3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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