AMC.TO · 2022-03-23 12:00:00

Arizona Metals Corp’s Kay Mine Drilling Intersects 68.4 m at 6.7 g/t AuEq; 84.4 m at 5.3 g/t AuEq; and 72.5 m at 2.5% CuEq

Drill Results

Arizona Metals Corp’s Kay Mine Drilling Intersects 68.4 m at 6.7 g/t AuEq;

84.4 m at 5.3 g/t AuEq; and 72.5 m at 2.5% CuEq

TORONTO--(BUSINESS WIRE)--March 23, 2022--Arizona Metals Corp. (TSX.V:AMC,

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

six recently completed drill holes at its Kay Mine project in Yavapai, County Arizona. An

additional 20 holes are pending, with three drill rigs turning 24 hours per day.

Marc Pais, CEO, commented “Drilling at the Kay Mine Project continues to intersect very

large widths and high grades of massive sulphide mineralization. The holes released today

demonstrate excellent continuity of mineralization in all directions, while also showing that

mineralization is substantially thicker than suggested by our original modelling. Drilling has

extended mineralization well into both the hanging-wall and foot-wall envelopes, which gives the

potential to define a significant tonnage of mineralization.

Hole 51B showed the deepest mineralization assayed to date, at a vertical depth of 900 meters.

Drilling is currently underway to test for depth extensions to at least 1,100 meters, while also

testing for lateral extensions of the thick hinge zone. The twenty holes pending all encountered

semi-massive or massive sulphide mineralization, and those intersections are guiding the drilling

currently underway.

We have drilled approximately 45,000 meters at Kay to date, with each hole solidifying our

opinion that this is one of the very few large precious-metals rich VMS deposits not yet mined,

and more importantly, is potentially part of a much larger mineralized system that has yet to be

explored. To that end, we recently completed a property-wide ground-loop electromagnetic

survey, which will serve to refine and improve the resolution of the Central and Western targets,

located approximately 300 meters and 1,000 meters west of Kay, respectively. Drill pad and

road permitting is currently underway for these targets, with a detailed update expected in the

next few weeks.”

Drilling Highlights

 Hole KM-21-58 intersected 68.4 m at a grade of 6.7 g/t AuEq, including higher-grade

intervals of 7.3 m grading 10.1 g/t AuEq and 10.5 m grading 21.1 g/t AuEq, from a

depth of 614 m. This hole is in the central portion of the deposit, and demonstrates

excellent continuity of mineralization between holes 26, 28, 25A, and 40.

 Hole KM-21-58A intersected 72.5 m at a grade of 2.5% CuEq, including higher grade

intervals of 7.6 m grading 3.0% CuEq, 11.0 m grading 4.3% CuEq, and 8.3 m

grading 4.2% CuEq, from a depth of 569 m. This hole is in the central portion of the

deposit, and demonstrates continuity and extension of mineralization between holes 26,

28, 25A, and 40.

 Hole KM-21-58B intersected 84.4 m at a grade of 5.3 g/t AuEq, including higher grade

intervals of 11.3 m grading 10.3 g/t AuEq, and 17.4 m grading 11.2 g/t AuEq, from a

depth of 597 m. This hole is in the central portion of the deposit, and demonstrates

continuity of mineralization between holes 26, 28, 25A, and 40.

 Hole KM-21-51B intersected 9.8 m at a grade of 2.8% CuEq, including a higher grade

interval of 0.9 m grading 8.0% CuEq, from a depth of 861m. At 10.6 m farther down-

hole, this hole also intersected 9.8 m grading 1.4% Cu, including 1.1 meters grading

6.1% CuEq. This is the deepest hole assayed to date, extending mineralization about 35

m north and 12 m downdip from hole 42C.

 Hole KM21-57 intersected 7.8 m grading 3.9 g/t AuEq, including a higher grade

interval of 0.9 m at a grade of 12.7 g/t AuEq, from a depth of 820 m. Thirty-five meters

farther downhole, this hole intersected 15.5 m at a grade of 3.3% CuEq including a

higher grade interval of 3.5 m grading 7.5% CuEq. This hole shows excellent continuity

of high-grade mineralization between holes 27A and 42A.

Kay Mine Phase 2 Drill Program Update

With the assayed holes released today, the Company has completed a total of 45,000 meters at

the Kay Mine since inception of drilling. The Company is fully-funded to complete the

remaining 30,000 meters planned for the Phase 2 program, as well as an additional 76,000 meters

in the upcoming Phase 3 program.

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

this news release.

Analyzed Grade

Analyzed Metal

Equivalent

Metal Equivalent

(including assumed

recoveries)

Hole ID From m To m Length m Cu % Au g/t Zn % Ag g/t Pb % Cu eq % Au eq g/t Zn eq% Cu eq % Au eq g/t Zn eq%

KM-21-

51B

860.5

870.2

9.8

3.00

0.13

0.10

6.5

0.05

3.18

5.21

8.27

2.82

4.63

7.35

including 864.7 865.6 0.9 8.70 0.09 0.09 16.0 0.10 8.93 14.64 23.24 7.99 13.09 20.78

KM-21-

51B

881.5

884.2

2.7

0.52

0.22

0.62

28.3

0.14

1.15

1.88

2.98

0.92

1.51

2.40

KM-21-

51B

893.7

903.4

9.8

1.51

0.10

0.06

4.4

0.01

1.63

2.67

4.24

1.44

2.36

3.74

including 898.2 899.3 1.1 6.56 0.11 0.10 15.0 0.04 6.79 11.13 17.67 6.06 9.93 15.75

KM-21-

434.6

435.9

1.2

1.53

0.39

0.13

19.0

0.01

1.97

3.23

5.12

1.66

2.72

4.31

KM-21-

499.1

501.5

2.4

1.53

0.18

7.15

6.4

0.02

4.45

7.29

11.57

3.96

6.48

10.29

including 499.1 500.2 1.1 1.97 0.31 14.55 7.0 0.02 7.81 12.81 20.33 6.96 11.41 18.10

KM-21-

524.0

525.0

1.1

0.97

0.12

0.07

5.0

0.03

1.12

1.83

2.91

0.97

1.59

2.53

KM-21-

558.2

563.6

5.3

0.82

0.99

3.09

27.0

0.06

2.84

4.65

7.38

2.31

3.78

6.00

KM-21-

577.0

578.2

1.2

0.02

1.66

0.47

5.0

0.02

1.26

2.06

3.27

0.81

1.34

2.12

KM-21-

776.5

784.3

7.8

0.26

2.30

2.59

57.9

0.68

3.27

5.36

8.51

2.39

3.91

6.21

including 777.8 778.8 0.9 0.25 6.62 11.45 105.0 3.33 10.26 16.81 26.68 7.77 12.73 20.21

KM-21-

819.9

835.5

15.5

1.29

2.17

2.58

90.9

0.27

4.39

7.19

11.41

3.33

5.47

8.67

including 824.0 827.5 3.5 3.69 4.67 3.81 228.5 0.29 9.88 16.19 25.69 7.49 12.28 19.48

KM-21-

852.5

853.6

1.1

0.30

3.10

2.33

92.0

0.57

3.94

6.46

10.25

2.76

4.52

7.18

KM-21-

57A

728.6

735.5

6.9

2.49

1.04

0.57

6.6

0.02

3.40

5.57

8.84

2.85

4.68

7.42

KM-21-

57A

759.6

821.4

61.9

1.08

2.60

3.73

32.0

0.50

4.46

7.31

11.60

3.46

5.67

9.00

including 762.3 783.3 21.0 0.42 6.78 9.49 67.9 0.49 8.84 14.50 23.00 6.56 10.75 17.06

KM-21-

577.0

586.4

9.4

0.43

1.28

2.48

41.3

0.47

2.59

4.25

6.74

2.00

3.28

5.20

KM-21-

614.2

682.6

68.4

1.30

3.42

3.85

47.2

0.50

5.35

8.78

13.93

4.08

6.69

10.61

including 640.7 648.0 7.3 0.79 4.34 10.20 51.9 0.56 7.90 12.94 20.54 6.19 10.14 16.10

including 668.1 678.6 10.5 5.30 12.19 6.67 194.7 1.88 17.26 28.30 44.90 12.84 21.05 33.40

including 668.1 669.6 1.5 2.55 43.20 7.76 856.0 0.80 38.86 63.69 101.08 25.03 41.02 65.10

KM-21-

58A

569.4

641.8

72.5

1.12

1.00

2.84

18.1

0.33

3.03

4.97

7.89

2.50

4.10

6.51

including 584.3 591.9 7.6 0.29 1.19 6.23 4.4 0.40 3.53 5.79 9.19 2.95 4.84 7.68

including 602.3 613.3 11.0 4.02 0.11 1.38 12.6 0.40 4.80 7.88 12.50 4.27 7.01 11.12

including 630.3 630.9 0.7 1.14 6.35 11.20 356.0 0.65 12.28 20.13 31.95 9.05 14.83 23.53

including 633.5 641.8 8.3 1.53 2.33 5.12 26.5 0.36 5.20 8.53 13.53 4.19 6.87 10.91

KM-21-

58A

665.5

676.0

10.5

0.12

2.90

3.88

167.5

1.92

5.13

8.41

13.34

3.69

6.04

9.59

including 672.5 676.0 3.5 0.12 6.89 6.40 332.0 3.81 10.26 16.82 26.70 7.19 11.78 18.69

including 673.6 674.5 0.9 0.28 19.65 12.65 844.0 10.20 26.07 42.74 67.82 17.86 29.27 46.45

KM-21-

58B

543.2

627.6

84.4

1.05

2.38

3.44

23.8

0.55

4.13

6.77

10.75

3.23

5.29

8.39

including 571.2 582.5 11.3 0.51 5.27 9.96 35.4 1.52 8.18 13.40 21.27 6.31 10.34 16.41

including 605.3 622.7 17.4 3.20 6.19 4.18 40.9 0.22 8.96 14.69 23.31 6.83 11.20 17.78

including 609.6 612.0 2.4 1.45 17.73 7.97 82.5 0.44 16.08 26.35 41.81 11.03 18.07 28.68

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

average of 80%. (2) Assumptions used in USD for the copper and gold Metal Equivalent

calculations were metal prices of $4.63/lb Copper, $1937/oz Gold, $25/oz Silver, $1.78/lb Zinc,

and $1.02/lb Pb. Assumed metal recoveries (rec.), based on a preliminary review of historic data

by SRK and ProcessIQ1, were 90% for each of copper, zinc, and lead, and 60% for each of gold

and silver. The following equation was used to calculate copper equivalence: CuEq = Copper

(%) (90% rec.) + (Gold (g/t) x 0.61)(60% rec.) + (Silver (g/t) x 0.0079)(60% rec.) + (Zinc (%) x

0.3844)(90% rec.) +(Lead (%) x 0.2203)(90% rec.). The following equation was used to

calculate gold equivalence: AuEq = Gold (g/t)(60% rec.) + (Copper (%) x 1.638)(90% rec.) +

(Silver (g/t) x 0.01291)(60% rec.) + (Zinc (%) x 0.6299)(90% rec.) +(Lead (%) x 0.3609)(90%

rec.). Analyzed Metal Equivalent calculations are reported for illustrative purposes only. The

metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value

after accounting for assumed recoveries.

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

Analyzed Grade

Analyzed Metal

Equivalent

Metal Equivalent

(including assumed

recoveries)

Hole ID From m To m Length m Cu % Au g/t Zn % Ag g/t Pb % Cu eq % Au eq g/t Zn eq% Cu eq % Au eq g/t Zn eq%

KM-21-

429.5

449.9

20.4

1.81

1.10

1.20

21.2

0.17

3.14

5.15

8.18

2.58

4.22

6.70

including 429.5 434.0 4.6 4.61 1.73 1.91 29.1 0.24 6.68 10.96 17.39 5.63 9.23 14.64

including 432.7 434.0 1.4 0.52 6.81 8.29 40.0 1.10 8.41 13.79 21.89 6.23 10.22 16.21

KM-21-

504.4

505.4

0.9

1.19

4.73

0.05

9.0

0.00

4.17

6.83

10.84

2.86

4.69

7.45

KM-21-

404.3

429.8

25.5

0.35

0.86

1.71

15.8

0.23

1.71

2.80

4.44

1.34

2.20

3.49

including 408.6 410.6 2.0 0.50 2.22 7.25 64.4 0.82 5.33 8.74 13.87 4.24 6.95 11.03

including 424.9 427.3 2.4 1.60 2.59 3.16 18.0 0.52 4.66 7.64 12.12 3.68 6.02 9.56

KM-21-

18A

391.4

423.8

32.5

1.09

0.62

1.25

17.7

0.15

2.13

3.48

5.53

1.76

2.88

4.57

including 393.3 395.8 2.4 9.57 2.83 2.72 40.9 0.28 12.73 20.87 33.12 10.84 17.78 28.21

KM-21-

377.8

378.3

0.5

3.39

5.59

6.83

128.0

0.63

10.58

17.34

27.52

8.19

13.43

21.32

KM-21-

442.7

443.6

0.9

2.56

0.52

3.52

18.5

0.14

4.40

7.22

11.45

3.82

6.26

9.94

KM-21-

456.0

458.1

2.1

1.49

0.35

0.14

6.0

0.04

1.81

2.97

4.71

1.55

2.54

4.04

KM-21-

452.6

495.5

42.8

0.80

0.78

1.52

15.1

0.15

2.01

3.29

5.22

1.63

2.67

4.24

including 488.7 493.5 4.8 0.26 2.50 6.13 27.6 0.54 4.48 7.34 11.65 3.51 5.75 9.12

KM-21-

21A

422.0

431.4

9.4

1.17

0.57

2.25

8.6

0.36

2.53

4.15

6.58

2.15

3.53

5.60

KM-21-

21A

439.1

502.1

63.0

0.45

1.28

3.14

58.8

0.77

3.08

5.04

8.00

2.39

3.92

6.23

including 465.0 481.9 16.9 0.52 2.45 4.05 80.9 0.99 4.43 7.26 11.53 3.35 5.49 8.71

KM-21-

394.4

401.4

7.0

0.36

0.93

1.94

13.5

1.17

2.05

3.35

5.32

1.64

2.69

4.26

KM-21-

438.6

459.2

20.6

0.17

1.18

1.93

27.8

0.37

1.94

3.17

5.03

1.46

2.39

3.80

KM-21-

501.2

592.1

90.8

0.45

1.33

3.42

44.6

0.41

3.02

4.95

7.86

2.37

3.88

6.16

including 501.2 521.7 20.4 1.34 1.70 6.35 113.1 0.66 5.86 9.60 15.24 4.69 7.69 12.20

including 520.9 521.7 0.8 1.75 16.50 9.55 574.0 1.22 20.31 33.29 52.82 13.89 22.77 36.13

including 575.9 592.1 16.2 0.16 2.50 6.00 44.4 0.79 4.51 7.40 11.74 3.50 5.74 9.11

including 588.7 590.4 1.7 0.47 9.98 23.70 18.2 0.13 15.84 25.96 41.20 12.39 20.30 32.22

KM-21-

662.6

741.3

78.6

1.41

2.33

2.79

43.4

0.35

4.33

7.10

11.26

3.37

5.52

8.76

including 663.2 672.7 9.4 8.06 1.84 1.31 92.3 0.15 10.45 17.13 27.18 8.85 14.50 23.01

including 693.0 703.9 11.0 0.68 6.28 10.40 99.7 1.17 9.56 15.66 24.86 7.21 11.82 18.77

KM-21-

25A

654.7

719.9

65.2

1.04

1.94

2.15

18.9

0.18

3.25

5.32

8.44

2.52

4.13

6.56

including 655.5 662.8 7.3 3.66 2.09 1.85 30.2 0.21 5.93 9.73 15.44 4.89 8.01 12.71

including 710.8 716.9 6.1 2.72 7.95 3.73 37.4 0.31 9.37 15.36 24.38 6.89 11.29 17.92

KM-21-

25B

647.2

648.9

1.7

0.13

0.58

2.41

62.1

0.64

2.04

3.35

5.31

1.58

2.60

4.12

KM-21-

25B

655.6

659.9

4.3

0.93

0.91

25.3

0.19

2.07

3.40

5.40

1.64

2.69

4.27

KM-21-

25B

666.0

667.8

1.8

0.60

0.72

2.98

33.5

0.43

2.55

4.18

6.63

2.08

3.41

5.42

KM-21-

25B

673.3

674.7

1.4

0.08

2.10

2.39

23.0

0.33

2.53

4.15

6.58

1.84

3.01

4.78

KM-21-

25B

681.2

682.6

1.4

0.09

1.54

2.98

11.0

0.35

2.34

3.83

6.08

1.80

2.95

4.67

KM-21-

506.7

582.8

76.0

0.79

1.61

4.23

32.7

0.54

3.78

6.19

9.83

3.03

4.96

7.88

including 511.1 526.1 14.9 0.73 1.78 9.68 43.3 0.77 6.05 9.92 15.74 5.02 8.23 13.05

including 573.8 582.8 9.0 4.02 6.06 3.32 18.2 0.19 9.18 15.04 23.87 7.11 11.65 18.49

KM-21-

706.8

738.2

31.4

1.58

0.16

0.69

9.0

0.06

2.03

3.33

5.28

1.77

2.91

4.62

KM-21-

764.4

777.4

13.0

2.85

0.48

0.17

8.5

0.02

3.29

5.39

8.55

2.85

4.67

7.41

KM-21-

27A

666.3

769.4

103.1

0.79

1.06

1.90

35.8

0.42

2.54

4.17

6.62

2.01

3.30

5.23

including 666.3 687.0 20.7 3.21 1.39 1.26 19.4 0.20 4.74 7.77 12.33 3.97 6.50 10.32

including 706.4 724.6 18.3 0.69 2.69 4.70 92.2 1.21 5.13 8.41 13.35 3.91 6.41 10.17

including 752.9 763.8 11.0 0.07 1.07 4.68 95.3 0.98 3.49 5.73 9.09 2.72 4.46 7.08

KM-21-

27B

665.8

762.9

97.1

1.31

1.62

3.21

31.7

0.40

3.88

6.35

10.08

3.12

5.11

8.11

including 702.0 723.0 21.0 0.87 4.56 9.03 81.5 1.10 8.01 13.13 20.83 6.18 10.13 16.08

including 723.0 738.2 15.2 4.97 0.36 0.42 18.7 0.05 5.51 9.03 14.33 4.85 7.95 12.61

KM-21-

640.7

694.9

54.3

1.87

2.85

5.03

29.4

0.70

5.93

9.72

15.43

4.75

7.78

12.34

including 660.2 671.6 11.4 0.54 4.29 9.30 32.2 1.17 7.24 11.87 18.84 5.66 9.27 14.71

including 681.1 689.0 7.9 4.39 9.47 10.34 93.1 2.41 15.42 25.27 40.10 11.92 19.54 31.00

including 690.4 692.6 2.2 16.06 0.82 0.06 55.8 0.01 17.02 27.90 44.28 15.04 24.65 39.12

KM-21-

393.0

393.8

0.8

0.43

1.54

4.92

9.0

0.21

3.38

5.54

8.79

2.74

4.49

7.13

KM-21-

264.9

267.9

3.0

1.18

0.02

0.01

1.5

0.00

1.21

1.98

3.15

1.08

1.77

2.81

KM-21-

316.4

320.0

3.7

1.84

1.29

2.47

38.5

0.30

3.95

6.47

10.27

3.22

5.29

8.39

KM-21-

342.9

345.9

3.0

0.67

0.52

2.70

13.0

0.15

2.16

3.54

5.62

1.82

2.98

4.73

KM-21-

358.9

368.4

9.4

0.60

1.47

1.99

45.7

0.35

2.70

4.42

7.01

2.05

3.36

5.33

KM-21-

171.3

172.5

1.2

3.79

0.45

0.21

63.0

0.17

4.69

7.68

12.19

3.99

6.53

10.37

KM-21-

299.3

303.9

4.6

0.29

1.69

0.94

46.3

0.26

2.12

3.47

5.50

1.48

2.43

3.86

KM-21-

309.7

310.9

1.2

2.27

0.56

1.55

19.9

0.08

3.38

5.54

8.80

2.89

4.74

7.53

KM-21-

609.6

615.1

5.5

0.92

1.26

1.71

57.7

0.02

2.80

4.60

7.29

2.16

3.53

5.61

including 609.6 613.0 3.4 1.39 1.69 1.98 54.0 0.01 3.61 5.92 9.40 2.81 4.61 7.32

KM-21-

406.5

407.8

1.4

0.60

1.08

9.41

4.0

0.25

4.96

8.13

12.90

4.26

6.98

11.07

KM-21-

467.4

476.1

8.7

0.09

1.73

3.87

61.1

1.22

3.38

5.55

8.80

2.58

4.24

6.72

including 470.0 475.2 5.2 0.12 2.44 5.68 87.5 1.79 4.88 8.01 12.71 3.74 6.13 9.73

KM-21-

589.8

613.8

24.0

4.98

0.61

0.98

23.4

0.45

6.01

9.86

15.65

5.25

8.60

13.64

including 589.8 597.9 8.1 7.63 0.43 0.39 27.1 0.17 8.30 13.60 21.58 7.32 12.00 19.05

KM-21-

627.9

680.8

52.9

0.47

2.91

3.40

35.7

0.40

3.93

6.44

10.22

2.92

4.78

7.59

including 641.1 648.3 7.2 1.15 7.66 8.27 88.5 0.92 9.90 16.23 25.76 7.30 11.97 18.99

including 670.3 674.1 3.8 1.53 10.89 9.47 24.6 0.61 12.15 19.91 31.59 8.88 14.55 23.10

KM-21-

462.6

559.3

96.7

1.04

1.54

2.66

40.8

0.35

3.41

5.59

8.86

2.69

4.41

6.99

including 503.2 514.2 11.0 0.99 5.34 8.17 106.3 1.63 8.59 14.08 22.35 6.50 10.65 16.91

including 546.7 558.1 11.4 5.86 5.83 3.24 185.4 0.04 12.14 19.90 31.58 9.42 15.44 24.49

including 553.1 556.9 3.8 7.11 9.55 5.70 505.8 0.09 19.16 31.41 49.84 14.29 23.43 37.18

KM-21-

803.5

810.3

6.9

0.05

1.60

1.58

64.3

0.35

2.22

3.64

5.78

1.55

2.55

4.04

KM-21-

835.5

839.7

4.3

0.63

2.46

2.15

21.7

0.21

3.18

5.20

8.26

2.36

3.86

6.13

KM-21-

853.7

854.7

0.9

0.11

1.63

2.88

28.0

0.40

2.52

4.13

6.55

1.90

3.12

4.95

KM-21-

42A

786.7

787.6

0.9

0.03

3.61

2.18

17.0

0.70

3.36

5.51

8.74

2.32

3.81

6.04

KM-21-

42A

805.4

811.1

5.6

6.17

0.92

0.18

39.5

0.01

7.12

11.68

18.53

6.15

10.08

15.99

including 807.0 808.9 2.0 10.72 0.87 0.11 61.8 0.00 11.79 19.32 30.66 10.30 16.89 26.80

KM-21-

42A

840.9

877.2

36.3

0.55

0.62

1.35

10.7

0.13

1.56

2.56

4.06

1.27

2.08

3.30

KM-21-

42B

808.0

811.2

3.2

0.29

2.06

5.77

63.0

0.94

4.47

7.33

11.63

3.50

5.73

9.10

KM-21-

42B

816.9

819.9

3.0

2.31

0.66

1.23

16.0

0.15

3.35

5.49

8.71

2.85

4.68

7.42

KM-21-

42B

835.5

840.8

5.3

0.02

0.73

2.93

13.5

0.24

1.75

2.87

4.56

1.41

2.31

3.67

KM-21-

42C

849.2

877.4

28.2

3.81

0.47

0.29

12.5

0.09

4.32

7.08

11.24

3.77

6.19

9.82

including 849.2 854.7 5.5 14.57 0.66 0.16 37.5 0.03 15.34 25.14 39.89 13.59 22.28 35.36

including 863.8 869.4 5.6 2.29 1.17 0.59 13.1 0.25 3.39 5.55 8.81 2.80 4.59 7.29

including 874.8 877.4 2.6 2.83 0.26 0.03 7.2 0.01 3.06 5.02 7.96 2.69 4.41 7.00

KM-21-

42C

886.1

889.1

3.0

0.87

0.88

0.50

5.2

0.05

1.65

2.71

4.30

1.31

2.15

3.42

KM-21-

583.7

607.1

23.4

0.39

0.25

3.68

3.1

0.02

1.98

3.25

5.15

1.73

2.84

4.50

including 598.9 599.8 0.9 0.50 0.18 11.30 3.0 0.03 4.99 8.17 12.97 4.45 7.29 11.57

KM-21-

616.0

633.1

17.1

1.81

0.17

0.14

8.2

0.03

2.04

3.34

5.31

1.79

2.93

4.65

including 631.2 633.1 1.8 6.30 0.61 0.09 25.0 0.01 6.91 11.32 17.97 6.05 9.91 15.73

KM-21-

353.4

377.3

23.9

0.34

0.97

2.52

18.3

0.33

2.12

3.47

5.50

1.68

2.76

4.38

including 354.0 356.6 2.6 0.23 2.14 7.97 38.9 0.68 5.06 8.29 13.15 4.07 6.67 10.58

KM-21-

459.6

463.0

3.4

0.32

0.62

6.63

82.3

0.87

4.10

6.71

10.65

3.38

5.53

8.78

including 461.2 462.1 0.9 0.15 1.23 16.90 182.0 2.50 9.39 15.38 24.41 7.79 12.77 20.26

KM-21-

350.4

362.9

12.4

0.66

2.61

3.69

40.6

0.39

4.08

6.69

10.61

3.10

5.08

8.06

including 350.4 353.3 2.8 0.77 5.19 6.83 107.0 0.72 7.58 12.42 19.70 5.61 9.20 14.60

KM-21-

433.9

435.9

2.0

0.16

1.88

9.28

138.7

2.17

6.46

10.58

16.79

5.14

8.42

13.36

KM-21-

605.2

610.7

5.5

3.54

0.45

0.19

12.7

0.05

4.00

6.55

10.40

3.49

5.71

9.07

KM-21-

630.3

634.6

4.3

1.11

0.34

0.69

12.7

0.11

1.71

2.80

4.45

1.45

2.37

3.77

KM-21-

685.5

696.8

11.3

0.98

0.05

0.06

4.2

0.02

1.07

1.75

2.77

0.94

1.54

2.45

KM-21-

715.1

718.4

3.4

2.08

0.04

0.03

4.3

0.01

2.15

3.52

5.59

1.92

3.14

4.98

KM-21-

723.0

724.5

1.5

1.54

0.07

0.06

4.0

0.02

1.64

2.68

4.26

1.45

2.38

3.78

KM-21-

735.5

743.6

8.1

0.34

0.60

1.52

9.2

0.07

1.38

2.26

3.59

1.11

1.82

2.89

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

average of 80%. (2) Assumptions used in USD for the copper and gold Metal Equivalent

calculations were metal prices of $4.63/lb Copper, $1937/oz Gold, $25/oz Silver, $1.78/lb Zinc,

and $1.02/lb Pb. Assumed metal recoveries (rec.), based on a preliminary review of historic data

by SRK and ProcessIQ2, were 90% for each of copper, zinc, and lead, and 60% for each of gold

and silver. The following equation was used to calculate copper equivalence: CuEq = Copper

(%) (90% rec.) + (Gold (g/t) x 0.61)(60% rec.) + (Silver (g/t) x 0.0079)(60% rec.) + (Zinc (%) x

0.3844)(90% rec.) +(Lead (%) x 0.2203)(90% rec.). The following equation was used to

calculate gold equivalence: AuEq = Gold (g/t)(60% rec.) + (Copper (%) x 1.638)(90% rec.) +

(Silver (g/t) x 0.01291)(60% rec.) + (Zinc (%) x 0.6299)(90% rec.) +(Lead (%) x 0.3609)(90%

rec.). Analyzed Metal Equivalent calculations are reported for illustrative purposes only. The

metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value

after accounting for assumed recoveries.

Table 2 Continued. 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

Analyzed Metal

Equivalent

Metal Equivalent

(including assumed

recoveries)

Hole ID From m To m Length m Cu % Au g/t Zn % Ag g/t Pb % Cu eq % Au eq g/t Zn eq% Cu eq % Au eq g/t Zn eq%

KM-21-

48A

538.0

539.5

1.5

0.31

1.17

2.79

29.0

0.52

2.44

4.01

6.36

1.92

3.14

4.99

KM-21-

48A

687.9

696.9

9.0

1.64

0.36

0.79

7.9

0.01

2.23

3.66

5.80

1.92

3.15

5.00

including 687.9 688.8 0.9 0.15 1.53 5.35 5.0 0.01 3.18 5.21 8.27 2.57 4.21 6.68

including 694.9 696.0 1.1 8.36 0.80 0.10 40.0 0.03 9.21 15.10 23.96 8.05 13.19 20.93

KM-21-

489.5

501.9

12.3

0.98

2.30

6.36

111.9

1.24

5.99

9.81

15.57

4.70

7.70

12.22

including 489.5 493.0 3.4 2.64 3.59 9.49 207.7 1.65 10.49 17.20 27.30 8.29 13.59 21.57

KM-21-

509.0

562.1

53.1

0.44

0.84

1.28

35.8

0.27

1.79

2.93

4.65

1.37

2.24

3.56

including 538.1 545.6 7.5 0.28 1.94 2.62 112.8 0.82 3.55 5.81 9.23 2.57 4.21 6.68

KM-21-

51B

860.5

870.2

9.8

3.00

0.13

0.10

6.5

0.05

3.18

5.21

8.27

2.82

4.63

7.35

including 864.7 865.6 0.9 8.70 0.09 0.09 16.0 0.10 8.93 14.64 23.24 7.99 13.09 20.78

KM-21-

51B

881.5

884.2

2.7

0.52

0.22

0.62

28.3

0.14

1.15

1.88

2.98

0.92

1.51

2.40

KM-21-

51B

893.7

903.4

9.8

1.51

0.10

0.06

4.4

0.01

1.63

2.67

4.24

1.44

2.36

3.74

including 898.2 899.3 1.1 6.56 0.11 0.10 15.0 0.04 6.79 11.13 17.67 6.06 9.93 15.75

KM-21-

751.5

758.2

6.7

1.18

0.66

0.98

18.2

0.14

2.14

3.50

5.56

1.76

2.88

4.58

KM-21-

787.5

789.6

2.1

0.04

1.27

1.68

28.5

0.22

1.73

2.84

4.50

1.26

2.06

3.27

KM-21-

52A

763.7

793.1

29.4

0.25

1.12

1.36

51.6

0.47

1.97

3.22

5.11

1.44

2.36

3.75

including 763.7 764.9 1.2 0.38 3.01 8.69 132.0 1.68 6.97 11.43 18.13 5.41 8.87 14.07

including 771.8 774.5 2.7 1.39 2.46 4.59 116.4 1.82 5.98 9.81 15.56 4.66 7.63 12.12

including 781.5 787.6 6.1 0.31 2.63 1.64 119.5 0.65 3.64 5.97 9.47 2.51 4.12 6.53

KM-21-

52A

801.3

802.5

1.2

0.42

0.90

1.29

82.0

0.17

2.15

3.52

5.59

1.57

2.58

4.09

KM-21-

52A

818.8

820.2

1.4

0.39

1.62

1.29

188.0

0.36

3.45

5.65

8.96

2.36

3.86

6.13

KM-21-

52A

831.2

852.4

21.2

0.05

0.91

0.80

27.2

0.29

1.19

1.95

3.10

0.84

1.38

2.19

including 837.0 841.6 4.6 0.03 2.16 1.34 69.0 0.79 2.59 4.24 6.73 1.77 2.90 4.60

KM-21-

302.7

308.5

5.8

0.66

0.44

0.53

15.8

0.10

1.28

2.10

3.33

1.03

1.70

2.69

KM-21-

434.6

435.9

1.2

1.53

0.39

0.13

19.0

0.01

1.97

3.23

5.12

1.66

2.72

4.31

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