Arizona Metals Corp Announces Temporary Suspension of Kay Mine Drill Program in Precautionary Response to COVID-19 Pandemic
Arizona Metals Corp Announces Temporary Suspension
of Kay Mine Drill Program in Precautionary Response to
COVID-19 Pandemic
Toronto, Ontario--(Newsfile Corp. - March 27, 2020) -
Arizona Metals Corp. (TSXV: AMC) (the "Company" or "Arizona Metals")
announces the temporary suspension the Kay Mine drill program, located near Black Canyon City, Arizona, in order to protect
the safety of employees, contractors, and the local community in response to the COVID-19 pandemic. No cases of infection
have been reported in any of the Company's employees or contractors working at the Kay Mine site. Arizona Metals' employees
and contractors are safely demobilizing and securing the drill site, and will be ready to resume operations as soon as conditions
allow.
Nine holes of the sixteen hole Phase 1 drill program have been completed, and assay results are pending. The Company has a
strong cash position of approximately $3M, and will now focus efforts on modelling drill data received to date in order to refine
planned targets for the resumption of drilling.
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, 2.8g/t gold, 3.03% zinc, and 55g/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 before the historic estimate can be verified and upgraded to be compliant with current NI
43-101 standards. 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 150m to at least 900m. 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 0.5g/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 be compliant
with current NI 43-101 standards. 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 Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, CPG.
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 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 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.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information, please contact:
Marc Pais
President and CEO
Arizona Metals Corp.
(416) 565-7689
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/53893