First Core Holes At The Philadelphia Gold Project Demonstrate High-Grade Vein And Thick Stockwork Zone Continue Down Dip

VANCOUVER – Arizona Silver Exploration Inc. reported on three core holes at the Philadelphia project, Mohave County, Arizona.  All three holes intersected high grades similar to the shallower reverse circulation drill holes. Three additional holes are in process in the assay laboratory.  The drill will now move 300 meters along strike to the south. Results demonstrate the continuation of the high-grade upper (“hanging wall”) vein down-dip from the previously reported reverse circulation (RC) drill holes. Similarly the stockwork mineralization below (footwall) to the HW vein continues.  

Greg Hahn, VP Exploration, said, “We drilled these holes to confirm grades from previous, shallower RC drill holes and to determine the continuity of mineralization to depth. We certainly accomplished that. Effectively we have doubled the down dip extent, with another unassayed hole (PC22-91) down dip from these holes being visually impressive. In that hole the HW vein was intercepted where anticipated. In addition, an impressive and extensive zone of stockwork mineralization with some visible gold is present. The stockwork mineralization extends down to the total depth of the hole.

I have included the HW vein in our calculation of the Total Mineralized Zone for each hole. I did this because of the vein’s consistency and the fact that there is 40 to 50 meters of low-grade mineralization below it. It is far too early to talk about mining, however I have little doubt that the Philadelphia project has the signature of a bulk tonnage, open pitable target rather than merely a narrow vein underground mining scenario. This is supported by the+100 meter thick zone of mineralization we discovered to the south which will be drilled next.”

Holes PC22-89 and PC22-90 tested the “Shark Fin”, a prominent outcrop of calcite cemented breccia that contains clasts of quartz vein material and altered Tr2 rhyolite. They were drilled from the same drill pad as the three core holes on Section 1 but on an oblique azimuth of 325 degrees, instead of 270 degrees. Assays are awaited.

The drill rig will move to the southern area located 300 meters to the south of Section 1 reported above.  There we will drill a fence of core holes as we did on Section 1, and parallel to RC hole PRC21-85, which intersected 115.9 meters of 1.34 gpt gold and 5.78 gpt silver, our thickest drill intercept reported to date. One of the core holes will be a twin of PRC21-85 to provide a comparison of RC drilling results to core results where groundwater flow is present.