Why the modest response to Arizona Gold's latest assays?

Thank America's slow-motion exploration permitting system

Arizona Gold & Silver Inc released assays for hole #156 on September 17, 2025 which yielded 20.43 m of 9.04 g/t gold and 34 g/t silver, about 13 meters after adjusting for the estimated 64% true width of the intersection. The section indicates this hole is the strongest yet in this vertical portion of the vein and that grade and thickness are improving at depth. It does include a 45 g/t interval over about a meter. On August 14 Arizona Gold had published a brief visual description of the vein mineralogy that hole #156 had intersected, and noted a transition from the rock type in the upper portion which was typical of the vein in the upper 300 m of the Philadelphia vein that drilling has tested along a strike of about 1,500 m, to a different rock type that resembles the vein host rock at the United Eastern vein in the Oatman district to the south which yielded 1.5 million ounces at an average grade of 28 g/t, considerably better than the 4-8 g/t we might expect from past drilling of the Philadelphia vein. On August 20, 2025 I asked, Is Arizona Gold poised for game changer assays?, pointing out that if the Philadelphia vein is indeed transitioning to Oatman style mineralogy with evidence of the boiling zone, the next 300 m of down dip extension would represent a major upward shift in the potential outcome target for the project, from a 500,000 oz underground mineable prize for the upper 300 m of Philadelphia to a target of 1-2 million ounces at a substantially better grade for the lower 300 meters. The stock did gain $0.105 to $0.46 on 2,023,260 share volume, but that seems a rather muted response to the results. Why was there not a much better response? Why has the stock price not erupted into S-Curve territory for a CAD $1.5 billion target outcome?