Arizona Silver Exploration shares up 10% as test hole underscores Ramsey project potential

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Arizona Silver Exploration Inc (CVE:AZS)  shares added 10% on Tuesday as it released encouraging results from a test hole sunk in the western deep IP anomaly.

Hole R1713 was drilled 800 metres west of the Ramsey mine workings to test that the source of the IP anomaly was 100 metres below surface and was approximately 500 metres cubed.

Assays showed a zone of silver ranging up to 10 grams per tonne in the interval 375 feet to 440 feet (114 m to 134 m) or 20 meters (m) averaging 5.2 g/t (grams per ton) of silver, Arizona said.

“The presence of the silver signature in this hole this far from the Ramsey mine and adjacent drill holes is an indication of the strength of the mineral system we are chasing at Ramsey,”Greg Hahn, the firm’s president and chief executive, told investors.

“The vector of increasing potential to the east is clear, and that is the direction we are heading with our Q1 2018 drilling program.”

The company noted that the results from hole R1713 do not adequately explain the IP anomaly, as very little fresh pyrite or other sulphide minerals were identified in the drill cuttings.

It added that  drilling in 2017 has demonstrated the Ramsey silver system is open in three directions –  south, east and north of the original Ramsey mine.

Mineralization is close to the surface, which means it may be suitable for open-pit development.

The company is financed for the initial 2018 drill program and looks forward to continuing to expand the dimensions of the silver mineralized zone.

Shares in Toronto gained 10% to C$0.16.