Philadelphia Project First Holes From Current Core Drilling Program

VANCOUVER – Arizona Gold & Silver Inc. reported initial assay results from the first two holes of the current core drilling program at the Philadelphia project.  The assays results are from PC24-140 the first hole of eight holes drilled into Rising Fawn during this program.  Rising Fawn is a patented claim that was historically mined. It is one of many patented and unpatented claims on the Philadelphia property.

These holes were designed to test high-angle veins internal to the mineralized zone situated between hangingwall and footwall bounding fault structures. PC24-140 intersected 55.8 metres at 1.27 grams per tonne gold (gpt Au) and 2.5 grams per tonne silver (gpt Ag), between 0 and 55.8 metres down hole.  True width is estimated at 52.4 metres, based on the overall 70 degree dip of the mineralized zone.  The overall intercept includes two high grade intercepts at 39.02-40.24 metres grading 24.5 gpt Au and 3.9 gpt Ag, and 51.98-54.73 metres grading 5.95 gpt Au and 9.3 gpt Ag.

Seven other horizontal or shallow angle holes were drilled at approximately 30-metre centres across the Rising Fawn target area to further test for these high-angle high-grade structures.  All seven holes are in the lab currently. All holes intersected thick intervals of stockwork quartz in the host rhyolite and granite, with locally visible gold particles.

The Red Hills area is some 563 metres southerly along trend from the Rising Fawn. The first hole, PC24-132, was drilled to intersect down-dip thick intervals of mineralization discovered in reverse circulation drilling in 2021. Hole PC24-132 intersected 13.23 metres of 1.216 gpt Au flanked by lower grade intervals grading between 0.267 and 0.718 gpt Au, for a total accumulated thickness and grade of 64.2 metres at 0.563 gpt Au. Taken as one interval the intercept is 115.8 metres thick grading 0.38 gpt Au beginning at 107.2 metres down hole.  Gold values were present in all three metallurgical rock types identified on the target to date (see Figure x). The intercept is thick, and potentially of ore grade for heap leaching is lower in grade than the previous holes drilled up dip.  

A second hole, PC24-133 was drilled down dip of PC24-132.  A third hole PC24-134 was drilled down dip of hole PC24-133 but was lost at a depth of 208.8 metres, just above the main target.  Unfortunately the drill rods became irretrievably jammed. A fourth drill hole, PC25-135 was drilled to the north of PC24-132 to test beneath the southern edge of the Red Hills target.  All completed holes intersected the target approximately where anticipated. Assay results will be reported when fully received.

Analytical turnaround times have been slow, affected by the year-end holiday season and a rush of samples delivered from multiple clients immediately prior to the beginning of the year-end. This was compounded by other lab issues.  

Greg Hahn, VP Exploration, said, “Our overall objective at Philadelphia is to build a bulk tonnage low grade heap leachable resource at grades better than 0.5 gpt gold. This grade is known to be mineable in this district.  Importantly we need to delineate the high grade veins that are known to exist between the footwall and hanging wall structures that define the mineralized corridor. Some of these veins were the subject of historic mining and others are new discoveries. Our results are accomplishing our objective.”