Arizona Metals Corp Completes Acquisition of Additional Private Lands at its Kay Mine Project
Arizona Metals Corp Completes Acquisition of Additional Private Lands at its Kay Mine
Project
Toronto, December 14th , 2023 – Arizona Metals Corp. (TSX:AMC , OTCQ X:AZMCF) (the
“Company” or “Arizona Metals”) is pleased to announce that it has completed the acquisition of
100% of a private land parcel totaling 46.4 acres (the “Property”), located 950 metres northeast of
its Kay Mine Deposit. The Property was acquired from an arm’s length California -based public
company (the “Vendor”) . The Property includes the surface, mineral, and water rights, among
other rights and benefits.
Transaction Details
The Company made total payments of US$2,500,000 to the Vendor as consideration for a 100%
interest in the Property. The terms of the Purchase Agreement include d a due diligence period
which ended in November, 2023. The Company has sufficient financial resources to acquire this
additional private land while also meeting its current exploration objectives, with $4 0 million in
the treasury as of September 30, 2023.
Marc Pais, CEO of Arizona Metals comments, “The acquisition of the Property is another
significant de -risking step in moving the Kay Mine Deposit closer to a production decision.
Including the 7 1 acres of patented land that host our Kay Mine Deposit, this acquisition will
increase our total holdings of private and patented land to 224 acres. The Property is contiguous
with and adjacent to the 107 acres of patented land (including water rights and wells) acquired in
January 2021. The additional flat land we are acquiring increases the private land suitable for
future mine infrastructure by more than 40% and is in -line with our vision of a minimally -
disruptive operation.
We believe that our Kay Mine Project has the potential to become one of Arizona’s newest and
highest-grade copper -gold-zinc-silver mines, with the main deposit and potential for all
infrastructure to be located on private land. This would allow for a small footprint while also
providing high-paying jobs to the local community of Black Canyon City. The Kay Mine Project
already has the benefit of being only an hour north of Phoenix, with excellent access to
infrastructure, including rail, roads, water, and po wer. The acquisition announced today will
provide the potential for an expanded operation, increased flexibility in mine design, and
accelerated permitting timelines.”
Figure 1. Kay Mine claims showing the acquisition Property located 950 metres to the northeast
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 reso urce, 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 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 acquisition of the Property, including completion of due
diligence and the satisfaction of the Company’s payment obligations under the Purchase
Agreement, and the completion of the Offering . 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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For further information, please contact:
Morgan Knowles
Vice President of Investor Relations
(647) 202-3904
or
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp