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Arizona Metals Corp’s Kay Mine Drilling Intersects 28.2 m at a grade of 3.8% Cu, 0.5 g/t Au, 0.3% Zn, and 13 g/t Ag (incl. 5.5 m at 14.6% Cu, 0.7 g/t Au, 0.2% Zn, and 38g/t Ag), and Expands Mineralization on Strike, Towards

Drill Results

Arizona Metals Corp’s Kay Mine Drilling Intersects 28.2 m at a grade of

3.8% Cu, 0.5 g/t Au, 0.3% Zn, and 13 g/t Ag (incl. 5.5 m at 14.6% Cu, 0.7 g/t

Au, 0.2% Zn, and 38g/t Ag), and Expands Mineralization on Strike, Towards

Surface, and at Depth

TORONTO--(BUSINESS WIRE)--January 25, 2022--Arizona Metals Corp. (TSX.V:AMC,

OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce the results of an

additional fourteen drill holes at its Kay Mine project in Yavapai, County Arizona.

Marc Pais, CEO, commented “The fourteen drill holes released today continue to demonstrate

the richness and size potential of the Kay Mine system. Virtually all holes drilled to date at Kay

have intersected semi-massive to massive sulphide mineralization, with assays pending on 13

more holes, and three holes currently underway.

In Phase 2 drilling, the deposit has been tested to 860 m below surface (in Hole 42C) along a

strike length of 300 m and drilling continues to expand Kay mineralization in all directions.

Hole 42C continues to demonstrate exceptional vertical continuity of thickness and grade of the

deposit at depth; our deepest hole assayed, it has extended mineralization by 165 m down-plunge

of hole 27B, and returned our highest copper grade to date, 18.8%. Hole 46, one of our

shallowest holes to date, has also extended the deposit up-plunge by 35 m.

Drilling is currently underway with three drill rigs to test for further extensions of high-grade

mineralization, both laterally and targeting depths below 900 m.

Our geological model, especially the modeled orientation of mineralized zones, is evolving

rapidly as we drill, and is confirming a deposit considerably larger than reported historically.

Our drill program is evolving to reflect these changes, and will soon incorporate results of a

recently completed surface structural mapping program, as well as ground-loop EM survey

currently underway.”

Drilling Highlights

 Hole KM-21-42C intersected 28 m at a grade of 3.8% Cu, 0.5 g/t Au, 0.3% Zn, and 13

g/t Ag, including a higher-grade interval of 5.5 m grading 14.6% Cu, 0.7 g/t Au, 0.2%

Zn, and 38 g/t Ag. This hole extends the high-grade mineralization encountered in Hole

27B approximately by 165 m down-plunge to a depth of 860 m below surface. Hole 42C

is the deepest hole assayed so far, and intersected the project’s highest copper grade to

date: 18.8% (over 1.4 m from 850.7 m downhole).

 Hole KM-21-42A intersected 5.6 m at a grade of 6.2% Cu, 0.9 g/t Au, 0.2 % Zn, and

40 g/t Ag, including a higher grade interval of 2.0 m grading 10.7% Cu, 0.9 g/t Au,

0.1% Zn, and 62 g/t Ag. At 30 m farther downhole, this hole intersected 36 m at a

grade of 0.6% Cu, 0.6 g/t Au, 1.4% Zn, and 11 g/t Ag. This hole extends the high-

grade mineralization encountered in Hole 27B by approximately 145 m down-plunge to a

depth of 835 m, and together with holes KM-21-42B and KM-21-42C defines a strike

length at depth of approximately 75 m.

 Hole KM-21-46 intersected 12.4 m at a grade of 2.6 g/t Au, 0.7% Cu, 3.7% Zn, and 41

g/t Ag, including a higher grade interval of 2.8 m grading 5.2 g/t Au, 0.8% Cu, 6.8%

Zn and 107 g/t Ag. One of the shallowest holes drilled to date, intersecting

mineralization at a vertical a depth of 157 m, this hole extends mineralization by

approximately 35 m up-plunge from hole 44.

 Hole KM-21-50 intersected 12.3 m at a grade of 2.3 g/t Au, 1.0% Cu, 6.4% Zn and

112 g/t Ag, including a higher grade interval of 3.4 m grading 3.6 g/t Au, 9.5% Zn,

2.6% Cu, and 208 g/t Ag. Sixteen meters deeper, this hole intersected 53 m grading

0.4% Cu, 0.8 g/t Au, 1.3% Cu, and 36 g/t Ag, including 7.5 meters grading 1.9 g/t

Au, 2.6% Zn, 113 g/t Ag, and 0.3% Cu. Hole 50 confirms good continuity of the new

mineralized zone approximately 60 m up-plunge of holes 24 and 26.

 Hole KM21-52A intersected 29.4 m grading 1.1 g/t Au, 1.4%Zn, 52 g/t Ag, and 0.3%

Cu, including a higher grade interval of 6 m at a grade of 2.6 g/t Au, 1.6% Zn, 120 g/t

Ag, and 0.3% Cu. Forty-four meters deeper, this hole intersected 21.2 m at a grade of

0.9 g/t Au, 0.8% Zn, 0.1% Cu, and 27 g/t Ag, including a higher grade interval of 4.6

m grading 2.2 g/t Au, 1.3% Zn, and 69 g/t Ag. This deeper interval was intersected at a

vertical depth of 817 m and confirms good continuity of mineralization below hole 27B

and above holes 42 and 42B.

Summary of Pending Holes that Intersected Massive Sulphide Mineralization:

 KM-21-57A: Located about midway in the 165 m gap between holes 27B (above) and

42C (below) in the deepest parts of the deposit drilled so far. This hole intersected

stringer, semi-massive, and massive sulfide mineralization in two sections over downhole

lengths of approximately 7 m and 38 m, starting at 728.6 and 762.3 m hole depth,

respectively. Some sections of core reach 80% total sulphides.

 KM-21-57B: Located 25 m downdip and north of 57A. Shows a ~58-m section of sulfide

mineralization from 757.6 m downhole, with up to 75% chalcopyrite.

 KM-21-58A: In the middle of the deposit, midway between holes 28 and 40. Beginning

at 597.1 m downhole, intersected approximately 63 m of sulfide mineralization,

comprising massive, semi-massive, and stringer sulfide styles with up to 90% total

sulfides.

 KM-21-60: This is one of a series of holes testing continuity and the northern extent of

mineralization near the middle of the deposit’s vertical extent. This hole intersected

numerous sections of massive, semi-massive, and stringer mineralization over a down-

hole distance of 84 m. This confirms excellent continuity in the 100-m gap between holes

26 and 40, and along with hole 58B (assays pending) adds 15-20 m of additional

thickness of mineralization into the footwall in this area.

Structural Mapping Program

In December 2021, the Company completed a detailed surface structural mapping program

performed by associates of technical advisor Dr. Mark Hannington, to update and supplement

structural mapping completed in 2019. The results of the mapping program will be combined

with core logging data to refine drill targets at pads 4, 5, and 6. These pads will test for

extensions of the Kay Mine mineralization approximately 500 m north and 300 m south of the

main mineralized body. Mapping will also refine drill targets at the Central and West targets,

located approximately 0.5 km and 1.3 km, respectively, west of the Kay deposit.

Ground-loop Geophysical Survey Underway

On January 15th, 2022, the Company initiated a ground loop electromagnetic (EM) survey, in

order to refine and test the depth extensions of numerous previously untested exploration targets

identified by the 2019 helicopter-borne EM survey. The survey will make a detailed examination

of targets to the north and south of the Kay Mine, as well as the Central and Western targets.

Kay Mine Phase 2 Drill Program Progression Update

With the assayed holes released today, the Company has completed a total of 41,600 metres at

the Kay Mine since inception of drilling. The Company is well financed and fully-funded to

complete the remaining 33,000 metres planned for the Phase 2 program, as well as an additional

76,000 metres planned under the Phase 3 program.

Table 1. Results of Phase 2 Drill Program at Kay Mine, Yavapai County, Arizona announced in

this news release. The true width of mineralization is estimated to be 50% to 99% of reported

core width, with an average of 80%.

Analyzed Grade

Vertical Depth Below Surface m Hole ID From m To m Length m Cu % Au g/t Zn % Ag g/t Pb %

KM-21-42 803.5 810.3 6 . 90 . 0 51 . 6 0 1.58 64.3 0.35 800

KM-21-42 835.5 839.7 4 . 30 . 6 32 . 4 6 2.15 21.7 0.21 816

KM-21-42 853.7 854.7 0 . 90 . 1 11 . 6 3 2.88 28.0 0.40 846

KM-21-42A 786.7 787.6 0 . 90 . 0 33 . 6 1 2.18 17.0 0.70 781

KM-21-42A 805.4 811.1 5 . 66 . 1 70 . 9 2 0.18 39.5 0.01 802

including 807.0 808.9 2.0 10.72 0.87 0.11 61.8 0.00

KM-21-42A 840.9 877.2 36.3 0.55 0.62 1.35 10.7 0.13 848

KM-21-42B 808.0 811.2 3 . 20 . 2 92 . 0 6 5.77 63.0 0.94 790

KM-21-42B 816.9 819.9 3 . 02 . 3 10 . 6 6 1.23 16.0 0.15 810

KM-21-42B 835.5 840.8 5 . 30 . 0 20 . 7 3 2.93 13.5 0.24 828

KM-21-42C 849.2 877.4 28.2 3.81 0.47 0.29 12.5 0.09 850

including 849.2 854.7 5.5 14.57 0.66 0.16 37.5 0.03

including 863.8 869.4 5.6 2.29 1.17 0.59 13.1 0.25

including 874.8 877.4 2 . 62 . 8 30 . 2 6 0.03 7.2 0.01

KM-21-42C 886.1 889.1 3 . 00 . 8 70 . 8 8 0.50 5.2 0.05 855

KM-21-43 583.7 607.1 23.4 0.39 0.25 3.68 3.1 0.02 586

including 598.9 599.8 0.9 0.50 0.18 11.30 3.0 0.03

KM-21-43 616.0 633.1 17.1 1.81 0.17 0.14 8.2 0.03 616

including 631.2 633.1 1.8 6.30 0.61 0.09 25.0 0.01

KM-21-45 459.6 463.0 3 . 40 . 3 20 . 6 2 6.63 82.3 0.87 459

KM-21-46 350.4 362.9 12.4 0.66 2.61 3.69 40.6 0.39 157

including 350.4 353.3 2.8 0.77 5.19 6.83 107.0 0.72

KM-21-47 433.9 435.9 2 . 00 . 1 61 . 8 8 9.28 138.7 2.17 432

KM-21-48 605.2 610.7 5 . 53 . 5 40 . 4 5 0.19 12.7 0.05 606

KM-21-48 630.3 634.6 4 . 31 . 1 10 . 3 4 0.69 12.7 0.11 631

KM-21-48 685.5 696.8 11.3 0.98 0.05 0.06 4.2 0.02 686

KM-21-48 715.1 718.4 3 . 42 . 0 80 . 0 4 0.03 4.3 0.00 716

KM-21-48 723.0 724.5 1 . 51 . 5 40 . 0 7 0.06 4.0 0.02 724

KM-21-48 735.5 743.6 8 . 10 . 3 40 . 6 0 1.52 9.2 0.07 737

KM-21-48A 538.0 539.5 1 . 50 . 3 11 . 1 7 2.79 29.0 0.52 538

KM-21-48A 687.9 696.9 9 . 01 . 6 40 . 3 6 0.79 7.9 0.01 688

including 687.9 688.8 0.9 0.15 1.53 5.35 5.0 0.01

including 694.9 696.0 1.1 8.36 0.80 0.10 40.0 0.03

KM-21-50 489.5 501.9 12.3 0.98 2.30 6.36 111.9 1.24 481

including 489.5 493.0 3.4 2.64 3.59 9.49 207.7 1.65

KM-21-50 509.0 562.1 53.1 0.44 0.84 1.28 35.8 0.27 501

including 538.1 545.6 7.5 0.28 1.94 2.62 112.8 0.82

KM-21-52 751.5 758.2 6 . 71 . 1 80 . 6 6 0.98 18.2 0.14 743

KM-21-52 787.5 789.6 2 . 10 . 0 41 . 2 7 1.68 28.5 0.22 777

KM-21-52A 763.7 793.1 29.4 0.25 1.12 1.36 51.6 0.47 750

including 763.7 764.9 1.2 0.38 3.01 8.69 132.0 1.68

including 771.8 774.5 2.7 1.39 2.46 4.59 116.4 1.82

including 781.5 787.6 6.1 0.31 2.63 1.64 119.5 0.65

KM-21-52A 801.3 802.5 1 . 20 . 4 20 . 9 0 1.29 82.0 0.17 789

KM-21-52A 818.8 820.2 1 . 40 . 3 91 . 6 2 1.29 188.0 0.36 805

KM-21-52A 831.2 852.4 21.2 0.05 0.91 0.80 27.2 0.29 817

including 837.0 841.6 4.6 0.03 2.16 1.34 69.0 0.79

KM-21-55 302.7 308.5 5 . 80 . 6 60 . 4 4 0.53 15.8 0.10 153

Table 2. Full results of Phase 2 Drill Program at Kay Mine, Yavapai County, Arizona. The true

width of mineralization is estimated to be 50% to 99% of reported core width, with an average of

80%.

Analyzed Grade

Vertical Depth Below Surface m Hole ID From m To m Length m Cu % Au g/t Zn % Ag g/t Pb %

KM-21-17 429.5 449.9 20.4 1.81 1.10 1.20 21.2 0.17 300

including 429.5 434.0 4.6 4.61 1.73 1.91 29.1 0.24

including 432.7 434.0 1.4 0.52 6.81 8.29 40.0 1.10

KM-21-17 504.4 505.4 0 . 91 . 1 94 . 7 3 0.05 9.0 0.00 356

KM-21-18 404.3 429.8 25.5 0.35 0.86 1.71 15.8 0.23 255

including 408.6 410.6 2.0 0.50 2.22 7.25 64.4 0.82

including 424.9 427.3 2.4 1.60 2.59 3.16 18.0 0.52

KM-21-18A 391.4423.8 32.5 1.09 0.62 1.25 17.6 0.15 233

including 393.3 395.8 2.4 9.57 2.83 2.72 40.9 0.28

KM-21-19 377.8 378.3 0 . 53 . 3 95 . 5 9 6.83 128.0 0.63 337

KM-21-20 442.7 443.6 0 . 92 . 5 60 . 5 2 3.52 18.5 0.14 362

KM-21-20 456.0 458.1 2 . 11 . 4 90 . 3 5 0.14 6.0 0.04 370

KM-21-21 452.6 495.5 42.8 0.80 0.78 1.52 15.1 0.15 362

including 488.7 493.5 4.8 0.26 2.50 6.13 27.6 0.54

KM-21-21A 422.0 431.4 9 . 41 . 1 70 . 5 7 2.25 8.6 0.36 362

KM-21-21A 439.1 502.1 63.0 0.45 1.28 3.14 58.8 0.77 366

including 465.0 481.9 16.9 0.52 2.45 4.05 80.9 0.99

KM-21-23 394.4 401.4 7 . 00 . 3 60 . 9 3 1.94 13.5 1.17 313

KM-21-23 438.6 459.2 20.6 0.17 1.18 1.93 27.8 0.37 336

KM-21-24 501.2 592.1 90.8 0.45 1.33 3.42 44.3 0.41 470

including 501.2 521.7 20.4 1.34 1.70 6.35 113.1 0.66

including 520.9 521.7 0.8 1.75 16.50 9.55 574.0 1.22

including 575.9 592.1 16.2 0.16 2.50 6.00 44.4 0.79

including 588.7 590.4 1.7 0.47 9.98 23.70 18.2 0.13

KM-21-25 662.6 741.3 78.6 1.41 2.33 2.79 43.4 0.35 638

including 663.2 672.7 9.4 8.06 1.84 1.31 92.3 0.15

including 693.0 703.9 11.0 0.68 6.28 10.40 99.7 1.17

KM-21-25A 654.7 719.9 65.2 1.04 1.94 2.15 18.8 0.18 624

including 655.5 662.8 7.3 3.66 2.09 1.85 30.2 0.21

including 710.8 716.9 6.1 2.72 7.95 3.73 37.4 0.31

KM-21-25B 647.2 648.9 1 . 70 . 1 30 . 5 8 2.41 62.1 0.64 610

KM-21-25B 655.6 659.9 4 . 30 . 9 30 . 9 1 0.91 25.3 0.19 615

KM-21-25B 666.0 667.8 1 . 80 . 6 00 . 7 2 2.98 33.5 0.43 620

KM-21-25B 673.3 674.7 1 . 40 . 0 82 . 1 0 2.39 23.0 0.33 628

KM-21-25B 681.2 682.6 1 . 40 . 0 91 . 5 4 2.98 11.0 0.35 631

KM-21-26 506.7 582.8 76.0 0.79 1.61 4.23 32.6 0.54 480

including 511.1 526.1 14.9 0.73 1.78 9.68 43.3 0.77

including 573.8 582.8 9.0 4.02 6.06 3.32 18.2 0.19

KM-21-27 706.8 738.2 31.4 1.58 0.16 0.69 9.0 0.06 700

KM-21-27 764.4 777.4 13.0 2.85 0.48 0.17 8.4 0.02 775

KM-21-27A 666.3 769.4 103.1 0.79 1.06 1.90 35.8 0.42 678

including 666.3 687.0 20.7 3.21 1.39 1.26 19.4 0.20

including 706.4 724.6 18.3 0.69 2.69 4.70 92.2 1.21

including 752.9 763.8 11.0 0.07 1.07 4.68 95.3 0.98

KM-21-27B 665.8 762.9 97.1 1.31 1.62 3.21 31.7 0.40 660

including 702.0 723.0 21.0 0.87 4.56 9.03 81.5 1.10

including 723.0 738.2 15.2 4.97 0.36 0.42 18.7 0.05

KM-21-28 640.7 694.9 54.3 1.87 2.85 5.03 29.4 0.70 584

including 660.2 671.6 11.4 0.54 4.29 9.30 32.2 1.17

including 681.1 689.0 7.9 4.39 9.47 10.34 93.1 2.41

including 690.4 692.6 2.2 16.06 0.82 0.06 55.8 0.01

KM-21-29 393.0 393.8 0 . 80 . 4 31 . 5 4 4.92 9.0 0.21 235

KM-21-30 264.9 267.9 3 . 01 . 1 80 . 0 2 0.01 1.5 0.00 240

KM-21-32 316.4 320.0 3 . 71 . 8 41 . 2 9 2.47 38.5 0.30 185

KM-21-32 342.9 345.9 3 . 00 . 6 70 . 5 2 2.70 13.0 0.15 190

KM-21-32 358.9 368.4 9 . 40 . 6 01 . 4 7 1.99 45.7 0.35 195

KM-21-33 171.3 172.5 1 . 23 . 7 90 . 4 5 0.21 63.0 0.17 150

KM-21-34 299.3 303.9 4 . 60 . 2 91 . 6 9 0.94 46.3 0.26 205

KM-21-34 309.7 310.9 1 . 22 . 2 70 . 5 6 1.55 19.9 0.08 210

KM-21-35 609.6 615.1 5 . 50 . 9 21 . 2 6 1.71 57.7 0.02 550

including 609.6 613.0 3.4 1.39 1.69 1.98 54.0 0.01

KM-21-38 406.5 407.8 1 . 40 . 6 01 . 0 8 9.41 4.0 0.25 345

KM-21-38 467.4 476.1 8 . 70 . 0 91 . 7 3 3.87 61.1 1.22 370

including 470.0 475.2 5.2 0.12 2.44 5.68 87.5 1.79

KM-21-40 589.8 613.8 24.0 4.98 0.61 0.98 23.4 0.45 550

including 589.8 597.9 8.1 7.63 0.43 0.39 27.1 0.17

KM-21-40 627.9 680.8 52.9 0.47 2.91 3.40 35.7 0.40 590

including 641.1 648.3 7.2 1.15 7.66 8.27 88.5 0.92

including 670.3 674.1 3.8 1.53 10.89 9.47 24.6 0.61

KM-21-41 462.6 559.3 96.7 1.04 1.54 2.66 40.8 0.35 420

including 503.2 514.2 11.0 0.99 5.34 8.17 106.3 1.63

including 546.7 558.1 11.4 5.86 5.83 3.24 185.4 0.04

including 553.1 556.9 3.8 7.11 9.55 5.70 505.8 0.09

KM-21-42 803.5 810.3 6 . 90 . 0 51 . 6 0 1.58 64.3 0.35 800

KM-21-42 835.5 839.7 4 . 30 . 6 32 . 4 6 2.15 21.7 0.21 816

KM-21-42 853.7 854.7 0 . 90 . 1 11 . 6 3 2.88 28.0 0.40 846

KM-21-42A 786.7 787.6 0 . 90 . 0 33 . 6 1 2.18 17.0 0.70 781

KM-21-42A 805.4 811.1 5 . 66 . 1 70 . 9 2 0.18 39.5 0.01 802

including 807.0 808.9 2.0 10.72 0.87 0.11 61.8 0.00

KM-21-42A 840.9 877.2 36.3 0.55 0.62 1.35 10.7 0.13 848

KM-21-42B 808.0 811.2 3 . 20 . 2 92 . 0 6 5.77 63.0 0.94 790

KM-21-42B 816.9 819.9 3 . 02 . 3 10 . 6 6 1.23 16.0 0.15 810

KM-21-42B 835.5 840.8 5 . 30 . 0 20 . 7 3 2.93 13.5 0.24 828

KM-21-42C 849.2 877.4 28.2 3.81 0.47 0.29 12.5 0.09 850

including 849.2 854.7 5.5 14.57 0.66 0.16 37.5 0.03

including 863.8 869.4 5.6 2.29 1.17 0.59 13.1 0.25

including 874.8 877.4 2 . 62 . 8 30 . 2 6 0.03 7.2 0.01

KM-21-42C 886.1 889.1 3 . 00 . 8 70 . 8 8 0.50 5.2 0.05 855

KM-21-43 583.7 607.1 23.4 0.39 0.25 3.68 3.1 0.02 586

including 598.9 599.8 0.9 0.50 0.18 11.30 3.0 0.03

KM-21-43 616.0 633.1 17.1 1.81 0.17 0.14 8.2 0.03 616

including 631.2 633.1 1.8 6.30 0.61 0.09 25.0 0.01

KM-21-44 353.4 377.3 23.9 0.34 0.97 2.52 18.3 0.33 185

including 354.0 356.6 2.6 0.23 2.14 7.97 38.9 0.68

KM-21-45 459.6 463.0 3 . 40 . 3 20 . 6 2 6.63 82.3 0.87 459

KM-21-46 350.4 362.9 12.4 0.66 2.61 3.69 40.6 0.39 157

including 350.4 353.3 2.8 0.77 5.19 6.83 107.0 0.72

KM-21-47 433.9 435.9 2 . 00 . 1 61 . 8 8 9.28 138.7 2.17 432

KM-21-48 605.2 610.7 5 . 53 . 5 40 . 4 5 0.19 12.7 0.05 606

KM-21-48 630.3 634.6 4 . 31 . 1 10 . 3 4 0.69 12.7 0.11 631

KM-21-48 685.5 696.8 11.3 0.98 0.05 0.06 4.2 0.02 686

KM-21-48 715.1 718.4 3 . 42 . 0 80 . 0 4 0.03 4.3 0.00 716

KM-21-48 723.0 724.5 1 . 51 . 5 40 . 0 7 0.06 4.0 0.02 724

KM-21-48 735.5 743.6 8 . 10 . 3 40 . 6 0 1.52 9.2 0.07 737

KM-21-48A 538.0 539.5 1 . 50 . 3 11 . 1 7 2.79 29.0 0.52 538

KM-21-48A 687.9 696.9 9 . 01 . 6 40 . 3 6 0.79 7.9 0.01 688

including 687.9 688.8 0.9 0.15 1.53 5.35 5.0 0.01

including 694.9 696.0 1.1 8.36 0.80 0.10 40.0 0.03

KM-21-50 489.5 501.9 12.3 0.98 2.30 6.36 111.9 1.24 481

including 489.5 493.0 3.4 2.64 3.59 9.49 207.7 1.65

KM-21-50 509.0 562.1 53.1 0.44 0.84 1.28 35.8 0.27 501

including 538.1 545.6 7.5 0.28 1.94 2.62 112.8 0.82

KM-21-52 751.5 758.2 6 . 71 . 1 80 . 6 6 0.98 18.2 0.14 743

KM-21-52 787.5 789.6 2 . 10 . 0 41 . 2 7 1.68 28.5 0.22 777

KM-21-52A 763.7 793.1 29.4 0.25 1.12 1.36 51.6 0.47 750

including 763.7 764.9 1.2 0.38 3.01 8.69 132.0 1.68

including 771.8 774.5 2.7 1.39 2.46 4.59 116.4 1.82

including 781.5 787.6 6.1 0.31 2.63 1.64 119.5 0.65

KM-21-52A 801.3 802.5 1 . 20 . 4 20 . 9 0 1.29 82.0 0.17 789

KM-21-52A 818.8 820.2 1 . 40 . 3 91 . 6 2 1.29 188.0 0.36 805

KM-21-52A 831.2 852.4 21.2 0.05 0.91 0.80 27.2 0.29 817

including 837.0 841.6 4.6 0.03 2.16 1.34 69.0 0.79

KM-21-55 302.7 308.5 5 . 80 . 6 60 . 4 4 0.53 15.8 0.10 153

Table 3. Results of Phase 1 Drill Program at Kay Mine, Yavapai County, Arizona. The true

width of mineralization is estimated to be 50% to 99% of reported core width, with an average of

80%.

Arizona Metals Kay Mine Drill Intercepts Analyzed Grade

Vertical Depth Below Surface m Hole ID From m To m Length m Cu % Au g/t Zn % Ag g/t Pb %

KM-20-01 275.8 281.5 5 . 60 . 5 70 . 4 8 1.20 11.6 0.18 156

including 275.8 276.5 0.6 0.50 1.22 5.04 32.0 0.73

including 279.8 281.5 1.6 1.21 0.98 1.49 22.6 0.23

KM-20-02 297.8 300.8 3 . 00 . 7 70 . 2 0 0.04 1.4 0.01 172

KM-20-03 256.3 259.1 2.7 3.40 1.01 0.65 69.6 0.09 120

including 256.3 257.3 0.9 7.42 1.79 1.11 56.0 0.17

KM-20-03 292.2 292.6 0 . 52 . 4 30 . 1 9 0.15 2.0 0.04 152

KM-20-03 295.4 295.8 0 . 51 . 3 50 . 8 0 0.91 6.0 0.06 154

KM-20-03A 252.4 256.9 4 . 63 . 7 02 . 5 5 0.27 35.6 0.03 122

including 252.4 253.1 0.8 9.74 6.34 0.40 164.0 0.11

KM-20-05 266.6 269.0 2 . 46 . 4 71 . 9 4 0.57 43.3 0.14 150

including 266.6 267.8 1.2 10.60 2.21 1.05 50.0 0.26

KM-20-06 267.9 281.5 13.5 1.02 0.85 1.23 45.6 0.30 158

including 267.9 268.4 0.5 1.54 2.20 6.10 31.0 0.81

including 276.6 281.5 4.9 1.86 0.87 1.96 92.1 0.42

including 280.0 281.0 1.1 3.22 1.03 0.64 340.0 0.04

KM-20-09 588.1 588.4 0 . 30 . 9 11 . 7 4 1.86 15.0 0.40 588

KM-20-09 613.4 614.1 0 . 70 . 9 01 . 8 1 1.04 10.0 0.08 612

KM-20-09 614.6 614.9 0 . 32 . 6 40 . 3 6 0.98 19.0 0.10 613

KM-20-09 632.8 638.9 6 . 10 . 1 24 . 1 8 8.02 41.7 0.82 575

including 633.6 637.9 4.4 0.15 5.46 9.06 33.1 0.50

including 636.9 637.9 1.1 0.17 9.77 14.65 68.0 0.78

KM-20-10 563.6 568.5 4 . 92 . 3 92 . 1 6 3.27 24.9 0.31 490

including 563.6 566.6 3.0 3.66 2.42 3.16 28.2 0.32

including 567.2 568.5 1.2 0.33 2.52 5.10 28.4 0.43

KM-20-10 574.2 574.9 0 . 60 . 1 24 . 3 3 11.30 113.0 0.16 498

KM-20-10 577.7 579.3 1 . 60 . 0 30 . 7 0 4.38 45.9 0.68 500

KM-20-10 582.3 583.1 0 . 80 . 0 30 . 4 2 2.90 51.0 1.07 502

KM-20-10A 521.2 522.5 1 . 32 . 1 31 . 2 7 7.46 51.1 0.91 437

KM-20-10A 527.9 538.6 10.7 1.32 1.66 2.58 27.2 0.30 442

including 527.9 529.4 1.5 6.69 0.92 1.62 30.2 0.07

including 532.2 535.3 3.1 0.72 1.75 2.99 34.3 0.42

including 537.2 538.6 1.4 0.16 7.29 9.06 79.2 0.60

KM-20-10B 503.0 530.7 27.6 0.87 0.97 1.76 21.3 0.32 423

including 503.0 509.6 6.6 1.78 1.55 2.55 29.8 0.37

including 513.9 518.3 4.4 1.08 1.89 4.05 47.4 0.68

including 527.2 530.7 3.5 1.91 2.32 3.93 52.9 0.99

KM-20-10C 523.9 530.7 6 . 80 . 5 83 . 3 2 5.84 102.0 1.15 422

including 523.9 528.2 4.3 0.88 4.89 7.61 125.2 1.45

including 525.6 526.4 0.8 0.52 16.65 21.40 214.0 2.76