Arizona Gold & Silver acquires additional land for Philadelphia project
Last updated: 14:25 28 Apr 2025 EDT, First published: 10:34 28 Apr 2025 EDT
Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced it has acquired approximately 300 acres of land intended for possible leach pad or tailings disposal use in support of future development at the Philadelphia gold project in northwestern Arizona.
The land was secured through claim staking and carries no obligations beyond the payment of annual maintenance fees to the US government, the company said on Monday.
The newly staked claims are located less than 1.5 kilometers southwest of the Philadelphia mineralized area and are accessible via existing gravel roads from both Arizona Highway 68 and the project site.
The area is characterized by gently sloping hills and unconsolidated alluvial gravels, providing favorable conditions for shaping and contouring a leach pad or tailings facility.
According to Arizona Gold & Silver, the site offers sufficient space to accommodate tens of millions of tonnes of processed material as well as a plant site.
“In my view, we must look ahead to the potential production requirements of the Philadelphia project. This land acquisition fits in extremely well as it is nearby and was acquired at negligible cost,” CEO Mike Stark said in a statement.
“In the meantime, our drilling program is progressing well with results showing a high success rate. We are looking forward to announcing further results as they come available.”
Arizona Gold & Silver also provided a corporate update, reporting that the exercise of warrants and options by insiders and other holders has increased its treasury to over $3.24 million as of April 18.
The company stated that it is fully funded for its current drilling program through the end of the year.
Shares of Arizona Gold & Silver shares gained 6.7% on Monday afternoon.
