Arizona Gold drills 76 m of 2.36 g/t Au at Philadelphia

On December 8, 2025, Arizona Gold & Silver Inc. announced assay results from core hole PC25-157 at its flagship Philadelphia Project in Arizona. The key intercept was 76.53 metres grading 2.36 g/t gold and 16.24 g/t silver, starting from a depth of 265.85 metres. This broad interval includes several higher-grade sub-intervals, such as 6.28 metres of 7.02 g/t gold and 1.52 metres of 13.8 g/t gold.

Critically, the V.P. of Exploration, Greg Hahn, noted that significant stockwork quartz-calcite veining was found in the hangingwall of the main Perry vein, hosted primarily in andesite rock. This mineralization was not encountered in previous holes and is responsible for the substantial width of the intercept. Mr. Hahn stated this "is changing our interpretation of the nature of mineralization" and "definitely adds a potentially bulk-minable component to the deposit." The company has completed the subsequent hole, PC25-158, which visually shows an even thicker interval of this stockwork veining; assays are pending.

This news is materially positive and represents a significant evolution in the geological understanding of the Philadelphia project. The analysis of recent news progression highlights this development:

• September 17, 2025: The company reported a high-grade intercept in hole PC25-156 of 20.43 m @ 9.04 g/t Au. This established the potential for a high-grade, structurally controlled vein system at depth and caused the stock to re-rate significantly.
• November 5, 2025: The company announced that the follow-up hole, PC25-157, had visually intersected 34.45 metres of the Perry Vein structure, suggesting continuity. The market anticipated strong results, driving the stock from the $0.50s to the $0.70s.
• December 8, 2025 (Current News): The assay results from PC25-157 have exceeded the expectations set by the November 5 visual report. While the grade of 2.36 g/t Au is lower than the previous hole, the mineralized width of 76.5 metres is nearly four times greater.

From a risk-averse perspective, this is a crucial development. Comparing the "grade x thickness" (GT) metric, which is a proxy for metal content, shows the consistency of the system: - PC25-156 (high-grade): 9.04 g/t Au * 20.43 m = 184.6 GT - PC25-157 (bulk tonnage): 2.36 g/t Au * 76.53 m = 180.6 GT

The discovery of a near-identical metal factor over a much wider interval is an outstanding exploration result. It confirms the robustness of the mineralizing system and, more importantly, introduces a bulk-tonnage, potentially open-pittable scenario. This complements the high-grade underground target, significantly de-risking the project by adding scale and demonstrating multiple potential development pathways. The company's parallel metallurgical work on heap leaching, as announced on October 15, now appears even more prescient.

The market had already priced in a successful step-out, but the discovery of a new style of mineralization that fundamentally changes the project's potential scope is a material improvement.

Arizona Gold & Silver Inc. is a Canadian-based junior exploration company focused on assets in the Southwestern United States.

Its flagship asset is the Philadelphia Gold-Silver Project in Mohave County, Arizona. The project is situated in the historical Oatman Mining District, which has past production of over 2 million ounces of gold. Historically viewed as a high-grade, low-sulphidation epithermal vein system, recent drilling has uncovered a significant stockwork zone, adding bulk-tonnage potential to the project. The company is actively drilling to expand the mineralization, which remains open in all directions, and is conducting metallurgical studies to support a potential low-cost heap leach development scenario. The company also holds the Silverton (Nevada) and Sycamore Canyon (Arizona) projects, but its operational focus is clearly on Philadelphia.