- Arizona Metals (TSXV:AMC) is set to commence a drilling program at the Sugarloaf Peak project in La Paz County, Arizona
- The company plans to begin a 1,300-metre program on July 6, taking samples from two holes at a depth of 150 metres and extending two other holes to a depth of 457 metres and 549 metres
- The two deeper drills will outline a large geophysical target, which has remained previously untested thus far
- Based on previous exploration work, the company hopes to develop a heap leach mine at the site
- Arizona Metals (AMC) is down 1.5 per cent and is trading at $0.63 per share
Arizona Metals (TSXV:AMC) is set to commence a drilling program at the Sugarloaf Peak project in La Paz County, Arizona
The company plans to begin a four-hole, 1,300-metre program on July 6.
Previous exploration work at the project returned assays that indicate pyrite and quartz, both gold-hosting rock types.
Sugarloaf is 100 per cent owned by Arizona Metals, and stretches 4,400 acres across several claims.
the planned drilling will involve four holes, two at a depth of 152 metres and the other two at a depth of 457 metres and 549 metres.
The two deeper drills will test a large geophysical target that has remined previously underexplored. The target was identified by induced polarization data, which showed the area has high resistivity.
A previous exploration, performed by the former owner in 1983, estimates of 100 million tonnes of resource at the site, containing 1.5 million ounces of gold at a grade of 0.5 grams per tonne.
Consqeuntly, the company hopes a heap leach mine could be viable on the site.
Marc Pais, the CEO of Arizona Metals. said the company’s primary focus remained on its VMS project, but he believes Sugarloaf had significant unrecognised value.
“We will first follow up on promising initial metallurgical testing completed by Kinross in 2009 and Agnico in 2013, to demonstrate that Sugarloaf has the characteristics required of a viable heap-leach mining operation,” he said.
Arizona Metals (AMC) is down 1.5 per cent and is trading at C$0.63 per share at 10:45 pm EDT.