The wait is over: management reported yesterday that the US Bureau of Land Management (BLM) approved the company to proceed with exploration drilling on the Red Hills gold target at the Philadelphia Gold-Silver property in Arizona.

The permit includes drilling up to a whopping 40 exploration holes. It also includes upgrading two access roads and building two drill pads.

This paves the way for the company to drill for extensions to the significant drill intercepts encountered in 2021-2022 at the Rising Fawn and Perry patented claims.

The press release also pointed out the company has agreed to several environmental mitigation measures prior to and during drilling that will help protect sensitive species known to be present in the general area. All disturbances will be reclaimed as soon after completion of drilling as is practicable, including regrading and reseeding.

The stock was up yesterday on double the normal volume and on a down day for gold, investors were happy to see this news. We’re pleased too, as this paves the way for drilling in one of the most prospective parts of the company’s property. We should see more news about the specifics of the drill program soon. The stock is up 51% since gold started its run back on February 29, but if you’re looking to add shares the C$35M market cap means it’s still undervalued relative to its potential. I remain overweight the stock.

Courtesy of the Gold Advisor