Arizona Metals Corp. Commences Drilling at the Western Target
Arizona Metals Corp. Commences Drilling at
the Western Target
TORONTO--(BUSINESS WIRE)--February 15, 2023--Arizona Metals Corp. (TSX:AMC,
OTCQX:AZMCF) (the “Company” or “Arizona Metals”) announces that it has completed
construction of the road to the first of two drill pads which will be used to test the Western
Target (pads W1 and W2 in Figure 1) at the Company’s Kay Mine Project. These new pads will
allow for testing of the Western Target, while also allowing for drilling of additional coincident
anomalies located between the Central and Western Targets. The Central and Western Targets
were previously defined based on coincident structural, stratigraphic, geochemical, and
geophysical anomalies (through extensive geologic mapping, sampling, and electromagnetic and
gravity surveys).
Marc Pais, CEO, commented, “We are pleased to announce the completion of road
construction to the Western Target drill pads, and that the first hole to test this large coincident
EM-geochemical-gravity anomaly is now underway. While this target is located only 1,200m
west of our Kay Mine Deposit, the drilling started this week will be the first to test this area in
the history of the property.
The Company will continue infill and exploration drilling at the Kay Mine Deposit, while also
undertaking the first detailed exploration of the Central and Western Targets in the known
history of the property.”
Central Target Update
The Central Target graphite horizon (Figures 2 and 3) is thought to be a structural repetition of
the Kay Mine Deposit horizon. The graphite horizon drilled to date at the Central Target has
anomalous base metals throughout, demonstrating the potential to host stratiform mineralization
north of pad C1 and south of pad C2. Upcoming planned drill holes will test these areas.
Arizona Metals is fully-funded (with $58 million in cash at Sept 30, 2022) to complete the
remaining 5,000 meters planned for the Phase 2 program at Kay (budgeted at $2.1 million), as
well as an additional 76,000 meters in the Phase 3 program (budgeted at $32 million), which will
be used to test the numerous parallel targets heading west of the Kay Mine Deposit, as well as
possible northern and southern extensions of the Kay Mine Deposit.
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.
(Fellows, M.L., 1982, Kay Mine massive sulphide deposit: Internal report prepared for Exxon
Minerals Company)
*The Kay Mine 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 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, 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 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.
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 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 drilling at and around the
Western and Central Targets and the continuation and completion of the Company’s Phase II
drill program. 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
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
Contacts
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp