That was quick… after closing the $1.59M private placement on Monday, crews are already mobilizing the equipment to begin the reverse circulation (RC) drill program at the flagship Philadelphia Gold-Silver Property in Mohave County, Arizona.

A total of 2,440 meters are planned, over an impressive 26 holes. Drilling is expected to start this week.

VP-Exploration Greg Hahn explains why this is an exciting program.

• “We are excited to resume drilling on the Philadelphia property. This round of drilling will test the entire 400 metre strike length of the Resaca patented claim, a segment of the vein system that has never been drilled before. This is despite the presence of old high grade mine workings at the north end of the claim. Similarly, there is reported high grade in a historic vein intercept at the south end of the area to be drilled (on the adjacent Rising Fawn claim). The overall objective of this drilling program is to complete drill testing of the shallow portion of the vein system and help establish priorities for drilling down dip.”

This is where Greg is talking about… they’ll begin drilling on the north end of the “Resaca Target,” where you see there has been no drilling.

The stock remains at a C$31.6M market cap, so any success here could lead to a nice pop. Although this shallow program is designed to identify deeper targets, there are old high grade mine workings here, and it’s never been drilled. We could see assays before the end of next month (my estimate). I remain overweight the stock and look forward to what the drills turn up this year.

Courtesy of the Gold Advisor