Arizona Gold & Silver (TSX-V:AZS) has completed a non-brokered private placement, raising C$2 million ($2.17 million), to fund exploration at the group’s Philadelphia Project in Arizona, US.
As previously reported, Arizona Gold & Silver issued 6.66 million units at C$0.30 per unit – with each unit comprising one common share and one transferable common share purchase warrant. The warrants are exercisable at $0.40 per share with a three-year expiry date.
The Philadelphia Project is a gold and silver vein target located in Mohave County, northwestern Arizona. Mohave County is host to the Oatman Mining District which has produced more than 2 million ounces of gold from veins from underground mining.
As Mining.com.au reported, like Oatman, Arizona Gold & Silver believes the Philadelphia vein system has potential to rapidly open up into high-grade zones capable of delivering substantially increased grades.
Arizona Gold & Silver is focused on advancing the epithermal gold-silver system in preparation for an initial resource estimate.
Write to Aaliyah Rogan at Mining.com.au
Images: Arizona Gold & Silver
