Arizona Metals Corp Announces Inclusion in GDXJ Index and that Warrant Exercises Increase Working Capital to $57 Million
Arizona Metals Corp Announces Inclusion in GDXJ Index and that Warrant
Exercises Increase Working Capital to $57 Million
TORONTO--(BUSINESS WIRE)--December 13, 2021--Arizona Metals Corp. (TSX.V:AMC,
OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that it has been
added to the MVIS Global Junior Gold Miners Index (“GDXJ”) pursuant to the GDXJ’s Q4
rebalance which was announced on December 10th, 2021. Arizona Metals will be included at a
weighting of 0.42% of the Index, with implementation expected by December 17, 2021.
Arizona Metals is also pleased to report that 4,650,000 common share purchase warrants, issued
on May 29th, 2020 with an exercise price of $0.85, were fully exercised prior to their November
29th, 2021 expiry, with the result that the Company now has 104,899,644 common shares issued
and outstanding. The exercise generated gross proceeds of $3.95 million, resulting in an increase
of AMC’s working capital position to $57 million.
Marc Pais, CEO, commented “Inclusion in the GDXJ Index is a significant milestone in the
Company’s continued growth, and recognition of increases in both share price and liquidity.
Recent warrant exercises, along with completion of a financing in November, have increased the
Company’s working capital position to $57 million. The Phase 2 program is underway with 3
rigs turning, and approximately 35,000 metres of a 75,000 metre program completed to date.
The Company currently has 18 drill holes pending assay and release. The Phase 3 program is
fully-funded, with a projected drill program of at least 76,000 metres expected to start in early
2022.”
About Arizona Metals Corp
Arizona Metals Corp owns 100% of the Kay Mine Property in Yavapai County, which is located
on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any
royalties. An historic estimate by Exxon Minerals in 1982 reported a “proven and probable
reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8 g/t gold, 3.03% zinc, and 55 g/t
silver.” The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. 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 data compilation, re-drilling and data verification
may be required by a “qualified person” (as defined in National Instrument 43-101 – Standards
of Disclosure for Mineral Projects) before the historic estimate can be verified and upgraded to
be 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.
The Kay Mine 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 Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is
located on 4,400 acres of BLM claims. Sugarloaf 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, 1983, Westworld Resources).
The historic estimate at the Sugarloaf Peak Property 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 data compilation, re-drilling and data verification
may be required by a qualified person 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.
Disclaimer
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. Any 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 expecte d”, “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 and assays, the resumption of drilling and the effects of the COVID-19 pandemic on the
business and operations of the Company. 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 financing; 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.
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ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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Contacts
For further information:
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp