Arizona Metals’ Final Sugarloaf Peak Drill Results Demonstrate Robust Expansion and Continuity
Arizona Metals’ Final Sugarloaf Peak Drill Results
Demonstrate Robust Expansion and Continuity
Toronto, March 2, 2026 – Arizona Metals Corp. (TSX:AMC, OTCQX:AZMCF) (the “Company”
or “Arizona Metals”) is pleased to announce the third and final round of results from its 2025
reverse-circulation drill program on the Company’s Sugarloaf Peak Gold Project (the “Sugarloaf
Peak Project”) in Arizona, which returned the highest gold grade on the project to date. Consistent
with previous results from the Company’s 2025 drill program, t hese final drill results expand the
deposit and they confirm excellent continuity of mineralization within an increasingly large gold
deposit. Highlights of the drilling include:
• SP-25-28: 91.4 m @ 0.69 g/t Au, including 1.5 m @ 25.5 g/t Au, the highest gold grade on the
property to date (including surface samples). This hol e, along with hole 29 , extended
mineralization approximately 80 m to the south in a previously undrilled area (Figure 1). Hole
28 also intersected 57.9 m @ 0.29 g/t Au and 18.3 m @ 0.39 g/t Au (Table 1).
• SP-25-29: 123.4 m @ 0.31 g/t Au. This hole i ntersected a large thickness of mineralization
starting at surface in a previously untested area on the southern margin of the deposit. Holes 29
and 28 (collared at the same location) show outstanding potential for continued expansion of the
deposit laterally to the south/southwest and along strike to the southeast.
• SP-25-26: 56.4 m @ 0.43 g/t Au . Hole 26 tested a 270 x 340 m gap in the eastern end of the
deposit and intersected thick mineralization, reinforcing the excellent continuity of
mineralization at Sugarloaf Peak.
All six of the final drill holes intersected mineralization , growing the deposit laterally and
reinforcing the strong continuity of mineralization on the project. The total drilling to date on the
project, in 2025 and 2026, comprises 5,186 m drilled in 25 reverse-circulation drill holes.
Duncan Middlemiss, President and CEO of Arizona Metals commented: “We are very encouraged
with these results from our 2025 drill program at Sugarloaf Peak. This has been the most
successful drill campaign on the project to date, intersecting mineralization in 22 out of 25 holes,
and showing significant expansion upside and excellent continuity of an already large gold deposit
that crops out at surface . The Company’s drilling shows Sugarloaf to be a robust gold deposit,
and we look forward to further developing its value.”
Additional drill results are as follows:
• SP-25-24: 24.4 m @ 0.23 g/t Au and 30.5 m @ 0.32 g/t Au. This is an infill hole in a 225 x
475-m gap in the northwestern part of the deposit.
• SP-25-27: 51.8 m @ 0.30 g/t Au and 27.4 m @ 0.34 g/t Au. Hole 27 intersected thick
mineralization in a 340 x 360-m gap in the eastern end of the deposit.
The Company is currently conducting a comprehensive exploration synthesis consist ing of
990 surface rock samples for multi-element geochemistry; IP-resistivity geophysics and airborne
magnetic and radiometric geophysics; an airborne hyperspectral survey; geologic reviews of
previous mapping, drill core, and drill cuttings; AI targeting studies; and a thorough integration of
historical data. The intent of this exploration program is to integrate new modern geochemical,
geophysical, and geologic data with historical data in order to comprehensively target drilling for
expanded deposit size and higher gold grades.
Table 1. Results of the drill program at the Sugarloaf Peak Project, La Paz County, Arizona, announced in this news
release, including the depth of oxidized mineralization encountered in each hole.
The true width of mineralization has not been determined at this time.
Figure 1. Oblique view of drilling at Sugarloaf Peak looking north,
highlighting the drill results announced in this press release.
About the Sugarloaf Peak Project
The Sugarloaf Peak Project is located in La Paz County, Arizona, on 4,400 acres of BLM claims.
The Sugarloaf Peak Project is a heap-leach, open-pit target and has a historic estimate of
“100 million tons containing 1.5 million ounces gold” at a grade of 0.5 g/t (Dausinger, N.E., 1983,
Phase 1 Drill Program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite,
Arizona: Report for Westworld Inc.) The historic estimate at the Sugarloaf Peak Project was
reported by Westworld Resources in 1983. The historic estimate has not been verified as a current
mineral resource. None of the key assumptions, parameters, and methods used to prepare the
historic estimate were reported, and no resource categories were used. Significant d ata
compilation, re-drilling and data verification may be required by a Qualified Person (as defined
below) before the historic estimate can be verified and upgraded to a current mineral resource. A
Qualified Person has not done sufficient work to classify it as a current mineral resource, and
Arizona Metals is not treating the historic estimate as a current mineral resource.
Metallurgical test work on the project by Arizona Metals indicates favorable gold recoveries in
both oxide and sulfide mineralization, as previously announced (June 1, 2021 and September 14,
2023). Cyanide bottle -roll tests on oxide material achieved gold recoveries averaging 76% with
recoveries as high as 95%; column leach testing achieved gold recoveries of up to 90%.
As a result of these initial results, the Company engaged SRK Consulting (Canada) Inc. to oversee
metallurgical test work to develop low-cost flow sheets to recover gold from the sulfide zone. This
test work on sulfide mineralization indicated gold recoveries of up to 85%. Mineralogy and
diagnostic leach tests on the samples indicate the majority of gold is present as free gold within
sulfides, primarily pyrite. As the samples tested demo nstrated relatively soft material, it is likely
that whole-ore leach would be the preferred processing method for sulfide material.
About Arizona Metals Corp.
Arizona Metals Corp. owns 100% of the Sugarloaf Peak Project and 100% of the Kay Project in
Yavapai County, which is located on 1,669 acres of patented and BLM mining claims and 193
acres of private land that are not subject to any royalties. The Kay Project is a steeply dipping VMS
deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on
strike and at depth.
The Kay Project contains a current mineral resource estimate (MRE) of 9.28 million tonnes
grading 1.39 g/t Au, 27.6 g/t Ag, 0.97% Cu, 0.33% Pb, and 2.39% Zn in the Indicated category,
and 0.86 million tonnes grading 1.06 g/t Au, 15.4 g/t Ag, 0.87% Cu, 0.20 % Pb, and 1.68% Zn in
the Inferred category, at a base-case cut-off grade of 1.00 % CuEq. Copper equivalent MRE grades
are 9.28 million tonnes @ 3.18% CuEq in the Indicated category and 0.86 million tonnes @ 2.44%
CuEq in the Inferred category.
See above for information regarding the Sugarloaf Peak Project.
Qualified Person and Quality Assurance/Quality Control
All of Arizona Metals’ drill sample assay results have been independently monitored through a
quality assurance/quality control ( “QA/QC”) protocol which includes the insertion of blind
standard reference materials and blanks at regular intervals. Logging was completed at Arizona
Metals’ facilities located in Blythe, California, and Phoenix, Arizona. Reverse -circulation drill
samples were collected onsite and securely transported to ALS L aboratories’ ( “ALS”) sample
preparation facility in Tucson, Arizona. Sample pulps were sent to ALS’s labs in Vancouver,
Canada, and Reno, Nevada, for analysis.
Gold content was determined by fire assay of a 30 -gram charge with ICP finish (ALS method
Au-AA23). Silver and 47 other elements were analyzed by ICP methods with four -acid digestion
(ALS method ME-MS61L).
ALS Laboratories is independent of Arizona Metals Corp. and its Vancouver and Reno facilities
are ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the
accuracy and integrity of results. Parameters for ALS’ internal and Arizona Metals’ external blind
quality control samples were acceptable for the samples analyzed. Arizona Metals is not aware of
any drilling, sampling, recovery, or other factors that could materially affect the accuracy or
reliability of the data referred to herein.
The qualified person who reviewed and approved the technical disclosure in this release is David
Smith, CPG, a qualified person (“Qualified Person”) as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Smith supervised the preparation
of the scientific and technical information that forms the basis for this news release and has
reviewed and approved the disclosure herein. Mr. Smith is the Vice -President, Exploration of the
Company. Mr. Smith super vised the drill program and verified the data disclosed, including
sampling, analytical and QA/QC data, underlying the technical information in this news release,
including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for
quality assurance and quality control in a manner consistent with industry practice, and all matters
were consistent and accurate according to his professional judgement. There were no limitations
on the verification process.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” (collectively,
“forward-looking statements ”) within the meaning of the applicable Canadian securities
legislation. All statements, other than statements of historical fact, are forward-looking statements
and are based on expectations, estimates and projections as at the date of this news release. A ny
statement that discusses predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always using phrases such as “expects”,
or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”,
“scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and
phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or
“will” be taken to occur or be achieved) are not statements of historical fact and may be forward-
looking statements. Forward-looking statements contained in this press release include, without
limitation, statements regarding drill results and future drilling of the Sugarloaf Peak Project;
statements regarding the continuity of mineralization and the expansion potential of the Sugarloaf
Peak Project; statements regarding execution of the Company’s plans for 2026 and the
achievement of targeted milestones . In making the forward -looking statements contained in this
press release, the Company has made certain assumptions. Although the Company believes that
the expectations reflected in forward-looking statements are reasonable, it can give no assurance
that the expectations of any forward -looking statements will prove to be correct. Known and
unknown risks, uncertainties, and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such forward-looking statements.
Such factors include, but are not limited to: availability of the Company to stay well funded; delay
or failure to receive required permits or regulatory approvals; and general business, economic,
competitive, political and social uncertainties. Accordingly, readers should not place undue
reliance on the forward-looking statements and information contained in this press release. Except
as required by law, the Company disclaims any intention and assumes no obligation to update or
revise any forward -looking statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in factors affecting such forward -
looking statements or otherwise.
Cautionary Note regarding Mineral Resource Estimates
Until mineral deposits are actually mined and processed, Mineral Resources must be considered
as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not
demonstrated economic viability. The estimation of Mineral Resources is inher ently uncertain,
involves subjective judgement about many relevant factors and may be materially affected by,
among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or
other relevant risks, uncertainties, conting encies and other factors described in the Company's
public disclosure available on SEDAR+ at www.sedarplus.ca. “Inferred” Mineral Resources have
a lower level of confidence than that applied to an “Indicated” Mineral Resource and must not be
converted to a Mineral Reserve. The accuracy of any Mineral Resource Estimates is a function of
the quantity and quality of available data, and of the assumptions made and judgments used in
engineering and geological inter pretation, which may prove to be unreliable and depend, to a
certain extent, upon the analysis of drilling results and statistical inferences that may ultimately
prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among
other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results
of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of
geological and structural modeling including block model design; (vi) proposed mining
operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of
any estimates; and (viii) the possible failure to receive required permits, licenses and other
approvals. It cannot be assumed that all or any part of a n “Inferred” or “Indicated” Mineral
Resource Estimate will ever be upgraded to a higher category. The Mineral Resource Estimates
disclosed in this news release were reported using Canadian Institute of Mining, Metallurgy and
Petroleum Definition Standards for Mineral Resources and M ineral Reserves ( the “CIM
Standards”) in accordance with NI 43-101.
Cautionary Statements to U.S. Readers
This news release uses the terms “Mineral Resource ”, “Indicated Mineral Resource ” and
“Inferred Mineral Resource ” as defined in the CIM Standards in accordance with NI 43 -101.
While these terms are recognized and required by the Canadian Securities Administrators in
accordance with Canadian securities laws, they may not be recognized by the United States
Securities and Exchange Commission. The “Mineral Resource” Estimates and related information
in this news release may not be comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements under the United States federal securities
laws and the rules and regulations thereunder.
THE TORONTO STOCK EXCHANGE HAS NEITHER REVIEWED NOR ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Not for distribution to US newswire services or for release, publication, distribution or dissemination
directly, or indirectly, in whole or in part, in or into the United States
For further information, please contact:
Morgan Knowles
Vice President of Investor Relations
(647) 202-3904
or
Duncan Middlemiss
President and CEO
www.arizonametalscorp.com
https://x.com/ArizonaCorp