Management updated their drilling progress yesterday at the Philadelphia Gold-Silver project in Mohave County, Arizona.

This graphic shows the grid outline of the current drill program. You can see from the key at the bottom right that many holes have already been drilled, with 14 of them already at the lab for assaying.

VP Exploration Greg Hahn had a couple interesting comments about this program, which I put in bold. “Drilling is testing the 400-meter strike length of the Resaca patented claim, a segment of the Philadelphia vein system that had not been previously drilled. The area being tested has 5-20 metres of alluvial cover. It is bounded to the north by old mine workings and to the south by extensive exposures of stockwork quartz on the Rising Fawn claim. Prior drilling on the Rising Fawn intersected thick intercepts of gold mineralization below stockwork quartz outcrops. Current drilling has intersected stockwork quartz in all 18 drill holes completed to date, a positive sign that gold mineralization continues beneath the alluvial cover.”

Here’s a short video with Greg Hahn on the vein they recently discovered. It reminds me of an adit my Dad and his friends had also found in Arizona.

The press release adds that the drill crew will take a 10-day break and return mid-May to complete the program.

It was great to see the stock up 12% yesterday, on above average volume. It’s giving back a little today but still has just a C$30M market cap and is thus a good buy at current levels if you haven’t built out a full position. I am certainly holding on to my overweight position, as the upcoming results could be very interesting.

Courtesy of the Gold Advisor