Reverse Circulation Drilling At Philadelphia Gold-Silver Project

VANCOUVER – Arizona Gold & Silver Inc. reported that equipment is on site for reverse circulation (RC) drilling on the Philadelphia Gold-Silver Property, located in Mohave County, Arizona.

Greg Hahn, VP Exploration, said, “We are excited to resume drilling on the Philadelphia property. This round of drilling will test the entire 400 metre strike length of the Resaca patented claim, a segment of the vein system that has never been drilled before. This is despite the presence of old high grade mine workings at the north end of the claim. Similarly, there is reported high grade in a historic vein intercept at the south end of the area to be drilled (on the adjacent Rising Fawn claim). The overall objective of this drilling program is to complete drill testing of the shallow portion of the vein system and help establish priorities for drilling down dip.”

Reverse circulation (RC) drilling will commence on the north end of the Resaca claim, immediately south of the historic R1 shaft, which is the southernmost shaft to access historic mine workings. It will then progress southward. Historic channels samples from 1930 along the R1 shaft down to the water table at the 100-level returned 21.34 metres (“m”) at an average grade of 8.33 grams per tonne (“g/t”) gold (0.242 opt Au). Such grades were the target of historic mining activity. Company geologists have determined that this shaft followed the hanging wall (“HW”) vein above both the stockwork interval and FW vein.  The HW vein is buried by alluvium to the south of the R1 shaft.

Company channel sampling at surface has traced the footwall (FW) vein and returned a 3m interval grading 11.6 g/t gold and 658 g/t silver. Furthermore, sampling has established that excellent mineralization continues along the entire length of the ridge that forms the center line of the Resaca claim. In 1982 Meridian Minerals drilled a RC hole near the claim boundary of the Resaca claim (on the Rising Fawn patented claim).  The drill hole intersected 32.1m at 1.0 g/t gold, including a FW vein assay of 1.5m at 22.8 g/t gold. The Meridian hole did not go deep enough to intersect the entire stockwork zone and the HW vein: it was drilled from the west to the east.