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777 Hornby St #970, Vancouver, BC, V6Z 1S4, Canada
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Spec Value Rating History
Dec 13, 2018
$0.055
Bottom-Fish Spec Value
New
Dec 1, 2021
$0.200
Bottom-Fish Spec Value
New
Nov 28, 2022
$0.270
Bottom-Fish Spec Value
New
Oct 18, 2023
$0.340
Bottom-Fish Spec Value
New
Dec 29, 2023
$0.450
Fair Spec Value
New
Spec Value Rating Overview Updated January 25, 2022
SV Rating: Fair Spec Value - Favorite - as of December 29, 2023: Arizona Silver Corp was assigned a Bottom-Fish Spec Value rating at $0.20 on December 1, 2021 based on emerging evidence that the Philadelphia project in Arizona was evolving beyond a high grade gold-silver vein chasing exercise into a potential associated open-pittable bulk tonnage discovery. Arizona Silver listed on the TSXV on Nov 16, 2011 as a CPC called Damon Capital Corp which completed its QT on Nov 16, 2016 by acquiring a private company called Arizona Silver Corp with rights to the former Ramsey silver mine in Arizona. The driving force behind Arizona Silver was Mike Stark who handled marketing and is now the CEO, and Greg Hahn who handles the exploration strategy. Ramsey hosted a narrow high grade silver vein that was mined on a very small scale because its down-dip extension was cut off by a fault. Hahn developed the hypothesis that the remainder of the system had been fault offset to the northeast where it was buried under gravel cover. An IP anomaly suggested a comparison with the Real de Angeles deposit in Zacatecas where a high grade silver-lead-zinc vein ended up being the extension of a bulk tonnage system that became an open pit mine. May 18, 2017 outlined this play which caught the market's imagination, but the play collapsed when rush assays revealed that the silver grade was too low. I gave up in Tracker Jan 17, 2018. Arizona Silver still has hopes for testing a blind geophysical target to the east of the Ramsey vein interpreted as a bulk tonnage system, but Philadelphia has become the primary focus. After killing the deep IP Ramsey target Arizona Silver in March 2018 optioned the Sycamore Canyon project in Arizona which a pair of prospectors had generated during the 1980's but never managed to do any work on themselves or farm it out. Greg Hahn knew one of them and optioned the claims whose outcropping gold-silver mineralized breccia zones have never been drilled. However, it lies in USFS jurisdiction and when they initiated the drill permitting cycle in 2019 the wheels got immediately gummed up by the covid pandemic in 2020. Arizona Silver is still awaiting a drill permit but Sycamore Canyon is secondary to Philadelphia optioned in February 2019. The Philadelphia lease covered 11 unpatented claims in Arizona's Oatman district, the northeast extension of the high grade low sulphidation epithermal Philadelphia-Arabian gold-silver vein. These claims were worked in 1917-1941 via 2 shafts and a 50 tpd mill. Initially Arizona Silver tried to find shoots between the mined out portions and then chase the existing shoots beyond the 125 m mining depth limit. This was a truly uninteresting exploration story with no scale so I ignored it. The southern part of the vein was covered by 3 patented claims being worked on a mom and pop scale. AZS leased the Perry claim in Feb 2021 and then the Resaca and Rising Fawn claims in Aug 2021 so that it controlled the entire vein. It also staked a buffer zone around the claims in 2021, including the 1 km by 1 km square jutting east of the 3 patented claims acquired in 2021. This was done for a reason that finally makes the Philadelphia project interesting and Arizona Silver Corp worthy of a Bottom-Fish Spec Value rating. Arizona Silver drilled the just acquired Perry claim in Q2 of 2021 and intersected high grade gold-silver values over 1.5-9 m intervals within the vein below the projected boiling zone within this system. But the big surprise in the Perry claim area was that both the footwall and particularly the hanging wall had thick intervals of low grade stockwork mineralization which is absent at the northern Philadelphia vein end of the system where Arizona Silver had focused its drilling efforts in 2019-2020. These results prompted Greg Hahn to rethink the deposition model for the Philadelphia project. The Philadelphia vein tracks the fault contact with basement rocks to the west of a volcanic rhyolite flow dome complex centered east of the Perry claim area. The vein does not outcrop on most of the Perry claim but does to the northeast and to the southwest; Hahn now believes that the erosional surface is such that the southwest extension which is weakly mineralized is above the boiling zone while the northern extension is below it. But in the middle segment covered by the 3 patented claims acquired in 2021 the boiling zone is close to the surface. Not only does this now provide a guide for tracking the unmined portion the Philadelphia vein at depth and along strike, but it opens up the potential for a low grade stockwork zone just below the boiling zone of the dome complex to the east. This was confirmed on Dec 9, 2021 when AZS received assays for the upper portions of 2 Perry holes. Arizona Silver is gearing up to mount a major core drilling program which will test two objectives: 1) delineate the Philadelphia vein estimated with average 5 m thickness to a depth of 200 m along a 400 m segment of the Perry claim including a 200 m gap in the middle caused by lack of drill roads, and, 2) assess a 100 m thick envelope around the vein as a bulk tonnage target. The vein target represents a 1 million tonne footprint where a 10 g/t gold grade would represent about 320,000 ounces. The disseminated target has a tonnage footprint of 200 million tonnes which at 1 g/t would represent about 640,000 ounces. If this combination were to exist it could be at least partly mined as an open pit. If it extends farther east it could become very interesting. The scope of the initial drill program is limited by the footprint of the patented claims and their easier permitting. The next stage which is subject to BLM permits would involve stepping to the east to chase the vein deeper and assess how the low grade stockwork mineralization behaves laterally within the rhyolite flow dome and within reach of open-pittable depth. A future stage would involve drilling the 1,500 m southwestern extension of the Philadelphia vein whose bonanza grades are expected to be deeper and which have never been drilled. Arizona Silver Corp has 76.7 million fully diluted after raising $945,000 in December 2021 through a half warrant unit at $0.21, which brings its working capital to about $1.2 million. The missing pieces are confirmation of the bulk tonnage scenario and sufficient funding to allow systematic drilling of this 3,500 m by 300-1,300 m wide land package. Arizona Silver has enough money to get this program underway in H1 of 2022, but will need to raise additional money, though this should not be a problem if results support the new rethink of the Philadelphia system's potential for both high grade and bulk tonnage gold mineralization. Sycamore Canyon could become a fallback play if Philadelphia disappoints, but the USFS needs to grant those drill permits. The market probably will not want to hear about the Ramsey project until after drill results confirm a new zone to the east of the original Ramsey workings. Arizona Silver does have drill permits for the Silverton project in central Nevada where an undrilled portion has potential for a Carlin-type gold system, though that project might end up be farmed out. A consolation prize for the Philadelphia play if it does not deliver results supportive of a standalone mine could involvee becoming part of an Oatman District consolidation effort. Elevation Gold Mining Corp operates the Moss gold mine to the south and is in need of a redemption story after merging with Eclipse Gold Mining Corp in February 2021, and could benefit from higher grade mill feed. Alternatively that district consolidation could be pursued by Aura Minerals Inc which operates the Gold Road Mine acquired in 2020.
Corporate Change History
#Old for New
Last Price
Prior Name
Subsequent Name
Details
Mar 26, 2014
Symbol Change
1:1
$0.04
Damon Capital Corp (DAM.P)
Damon Capital Corp (DAM.H)
Nov 16, 2016
Name Change
1:1
$0.10
Damon Capital Corp (DAM.H-V)
Arizona Silver Exploration Inc (AZS-V)
Sep 22, 2023
Name Change
1:1
$0.33
Arizona Silver Exploration Inc (AZS-V)
Arizona Gold & Silver Inc (AZS-V)
Recommendation History
Edition
Date
Price
Recommendation
Gain
SV2017
5/18/2017
$0.61
Good Relative Spec Value Buy @ $0.61
0%
SV2017
6/14/2017
$0.25
Confirm Good Relative Spec Value Buy @ $0.25
-59%
SV2017
1/17/2018
$0.20
SV Technical Closeout Hold 0%
-67%
BF2016
1/17/2018
$0.20
New BF Buy $0.20-$0.29
-31%
BF2016
4/23/2018
$0.13
Confirm BF Buy $0.20-$0.29
-57%
BF2016
12/13/2018
$0.06
BF Technical Closeout 100%
-81%
SVF2024
12/29/2023
$0.44
Fair Spec Value Favorite
0%
Charts & Financing Activity
Most recent 43-101 resource estimate Prior resource estimate PEA PFS FS/BFS/DFS
Private Placement Key
less than $500,000
$1,000,000 - $2,000,000
$5,000,000 - $10,000,000
$20,000,000 - $50,000,000
$500,000 - $1,000,000
$2,000,000 - $5,000,000
$10,000,000 - $20,000,000
over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party
Occupation
Related Since
Insider Ended
Director Ended
Capacity
Ownership
Richard Barnett
Accountant
2/27/2017
8/25/2017
CFO
0
John Barrett
2/27/2017
8/17/2021
Insider
575,000
Ronald S. Bell
2/27/2017
8/17/2021
Insider
325,000
Anke Cantzler-Kramer
2/27/2017
8/17/2021
Insider
575,000
Joseph Charland
Businessperson
2/27/2017
1/17/2019
1/17/2019
Director
250,000
Sean Charland
Investor Relations
3/15/2017
Finder
45,500
Joseph E. R. DeVries
2/27/2017
8/17/2021
Insider
800,000
Scott B. Hean
Administrator
3/1/2018
8/17/2021
8/17/2021
Director
108,500
Keturah Nathe
Administrator
2/27/2017
4/25/2018
4/25/2018
Director
0
Patrick E. Power
Accountant
2/27/2017
8/17/2021
Insider
250,000
Graham H. Scott
Lawyer
2/27/2017
4/25/2018
4/25/2018
Director
139,020
Ronald Shorr
Analyst
3/20/2017
2/22/2018
2/22/2018
Director
0
David Vincent
Lawyer
3/15/2017
8/16/2022
8/16/2022
Finder
1,100,000
Christian Wirth
2/27/2017
8/17/2021
Insider
560,000
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Active Index Memberships
Membership Start Date:
December 29, 2023
Start Price:
$0.44
KRO Favorites 2024: Features companies designated 2024 KRO Favorites, based on closing price December 29, 2023 or when added during 2024..
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value -
Fair Speculative Value -
Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability Ranges in millions ranked from most to least achievable
below $25
Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50
Tiny Scale: underground mine or quarry - not worth the bother
$50-$100
Small Scale: junior needs to self-develop
$100-$250
Buyout Target: by Lower Tier Producers
$250-$500
Buyout Target: by Mid-Tier Producers
$500-$1,000
Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000
Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000
World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000
Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000
Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project
Location
Net Interest
Stage
IPV $ MM
Fair Spec Value Required Target Outcome Range
$100
UPV $500
$2000
Target Metals
Deposit Style
Philadelphia
United States - Arizona
100% WI
3-Discovery Delineation
$43
$854 - $1,708
Gold Silver
Low Sulphidation Epithermal
Silverton
United States - Nevada - Nye County
100% WI
2-Target Drilling
$43
$1,708 - $4,269
Gold
Carlin Style
Sycamore Canyon
United States - Arizona
100% WI
2-Target Drilling
$43
$1,708 - $4,269
Gold Silver
Breccia / Vein
Ramsey
United States - Arizona
100% WI
2-Target Drilling
$43
$1,708 - $4,269
Silver Lead Zinc
Vein
Project Stage
Flagship
Secondary
Active
Grassroots (1) & Target Testing (2)
Discovery Delineation (3)
Infill Drilling & Metallurgy (4)
PEA (5) or PFS (6)
Feasibility & Permitting (7)
Construction (8) or Production (9)
Clicking on the project icon will display a popup identifying the company project, its stage and target metals, basic facts, a chart, a link to that project within that company's KRO Profile, a link to the most recent news release, and a link to the most recent KRO comment if one exists.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Feb 19, 2019 to acquire a lease with option to purchase with terms not disclosed other than initial USD $15,000 payment. On Jan 29, 2020 agreement was amended to allow for purchase of 100% of 11 unpatented claims for USD $20,000 and 250,000 shares. Vendor retains 1% NSR. On Nov 12, 2020 AZS announced it had bought out the NSR on undisclosed terms. On Feb 16, 2021 AZS leased the Perry patented claim to cover the southern extension of the 11 unpatented Philadelphia claims. May 18, 2021 stake 3 placer claims covering suspected drainage area of vein. On Aug 3, 2021 leased the Resaca and Rising Fawn patented claims.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Aug 19, 2020 to acquire a 100% lease for $45,000 and then $25,000 annually starting Oct 2022. Underlying 2% NSR and 1% NSR which can be bought out for USD $1,250,000 and $500,000 respectively.
Net Interest: 100% WI Vested: Yes Uncapped NSR/GOR: 1.00%
Ownership Terms: Agreement Mar 28, 2018 for to purchase 100% for USD $100,000 over 5 years with $10,000 due annually and $40,000 in year 5. Vendor retains 2% NSR extending 1 mile around core claims. Half can be bought back for $500,000.
Net Interest: 100% WI Vested: No Uncapped NSR/GOR: 0.00%
Ownership Terms: The J&D patented claims are subject to 2% NSR that can be bought for USD $500,000. The Precious Metals LLC has a 2% NSR on the leased claims that can be bought for USD $1 million. The option group was acquired for 5,587,710 shares under the Damon QT.