Arizona Metals Intersects 10.5 m grading 6.2% CuEq, 7.3 m grading 4.6 % CuEq, and 29 m grading 1.2% CuEq at the Kay Mine Deposit and Provides Update on Western Target Drilling
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Arizona Metals Intersects 10.5 m grading 6.2% CuEq, 7.3 m grading 4.6 % CuEq, and 29 m
grading 1.2% CuEq at the Kay Mine Deposit and Provides Update on Western Target
Drilling
TORONTO, June 12, 2023 – Arizona Metals Corp. (TSX:AMC, OTCQX:AZMCF) (the
“Company” or “Arizona Metals”), a leading exploration and development company, is pleased to
announce the latest drilling results from the Kay Mine Deposit in Arizona. The results from five
additional drill holes demonstrate the significant potential of the deposit and highlight the
expansion opportunities within the broader property.
Highlights of the recent drilling include:
• Hole KM-23-103 intersected 10.5 meters grading 6.2% copper equivalent (CuEq), including
2.7 meters at 10.5% CuEq and 1.5 meters at 8.9% CuEq. This hole confirms the high-grade
copper and gold mineralization previously encountered in hole KM-21-19. Moreover, it extends
the mineralization 20 meters north of KM-21-19 and 70 meters north of KM-22-68. The presence
of multi-gram gold assays suggests the potential for delineating a high-grade gold zone in the
western portion of the Kay Mine Deposit.
• Hole KM-23-105 intercepted 7.3 meters grading 4.6% CuEq, (including 2.0 meters at 8.7%
CuEq), starting at a depth of 553.2 meters. Furthermore, at 13.7 meters below, the hole
intersected 28.8 meters grading 1.2% CuEq, including 2.3 meters at 5.9% CuEq. This hole
confirms the excellent continuity, thickness, and grade of mineralization within a previously
unexplored 50-meter gap in the central part of the Kay Mine Deposit.
In addition to these promising results, drilling at the Western Target has been ongoing since February
2023. The first two holes, KM-23-104 and branch hole KM-23-104A, have been completed, and assays
are currently pending. Hole KM-23-107 is underway to test for mineralization approximately 250 meters
north of KM-23-104, while hole KM-23-108 is targeting an area approximately 125 meters south of KM-
23-104. The Company has conducted downhole electromagnetic surveys on hole KM-23-104A and on
85% of hole KM-23-107, aimed at identifying extensions of previously observed conductors. The
collected data are undergoing analysis and 3D inversion modeling.
To further accelerate exploration efforts, Arizona Metals Corp. has mobilized a third drill rig specifically
for targeting extensions of the high-grade mineralization encountered in hole KM-23-103. This rig will
also focus on areas with lower drill density, including the northern part of the deposit and shallow areas
above a depth of 200 meters (see Fig. 3).
Marc Pais, CEO, commented “The high-grade copper and gold drill results reported toda y
continue to demonstrate the expansion potential of the Kay Mine Deposit, which we believe is part
of a much larger property-wide mineralized system. We are also pleased to report that drilling of
the third and fourth holes at the Western Target has commenced and we are now targeting the fifth
drill hole in this area following up visual mineralization encountered in hole s 104 and 104A .
Downhole electromagnetic surveying of th e first two Western Target holes has been completed
and data are currently being analyzed. Surface outcrop sampling at the Western Target has
returned significant grades of both copper and gold, extending the strike length of mineralization
exposed at surface in this area to approximately 800 meters.”
Arizona Metals is fully-funded (with $49 million in cash as of March 31, 2023) to complete the
remaining 1,250 meters planned for the Phase 2 drill program at the Kay Mine Deposit (budgeted
at $526,000) as well as an additional 76,000 meters in the Phase 3 program (budgeted at
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$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.
Figure 1. Long section displaying new drill holes reported in this release (labels highlighted yellow). See Tables 1-3
for additional details. The true width of mineralization in this area is yet to be determined. See Table 1 for constituent
elements, grades, metals prices and recovery assumptions used for AuEq g/t and CuEq % calculations. Analyzed Metal
Equivalent calculations are reported for illustrative purposes only.
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Figure 2. Cross-section view looking north at the Kay Mine Deposit, showing assay intervals in drilling reported in
this release. See Tables 1-3 for additional details. The true width of mineralization is estimated to be 50% to 99% of
reported core width, with an average of 76%.
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Figure 3. Cross section view looking north showing assay intervals and areas open for expansion in the northern part
of the Kay Mine Deposit . See Tables 1 -3 for additional details. The true width of mineralization is estimated to be
50% to 99% of reported core width, with an average of 76%.
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Figure 4. Core from hole KM-23-103 between 392.2 m and 395.1 m downhole, which includes an interval of 1.5 m
grading 7.6% copper, 1.8 g/t gold, 2.6% zinc , and 26 g/t silver. This is part of a broader interval of 10.5 m grading
6.2% CuEq. See Table 1 for constituent elements, grades, metals prices and recovery assumptions used for CuEq %
calculations. Analyzed metal equivalent calculations are reported for illustrative purposes only.
Drilling Details—Kay Mine Deposit
Drill holes KM-23-100 through 103, described below, extended mineralization northward or
filled in large gaps in mineralization along the northern portion of the deposit, in its upper half.
Collectively, they confirmed mineralization in an area approximately 175 m in strike and 300 m
in depth.
KM-23-100
• 4.5 m @ 1.6% CuEq, 1.8 m @ 0.5% CuEq, and 1.3 m @ 0.7% CuEq
• This hole confirmed continuity of mineralization 40 m north of hole 34 and added
mineralization in two deeper intervals in the footwall of the main deposit in this area.
KM-23-101
• 2.3 m @ 1.1% CuEq
• A large step-out hole, this extended mineralization approximately 65 m north of hole 22,
and suggests mineralization potential in the ~200 m gap north of hole 11.
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KM-23-102
• 4.4 m @ 0.6% CuEq
• This hole confirmed mineralization in a large gap along the northern edge of the deposit:
it extended mineralization almost 100 m north of hole 69 and 50 m north of hole 19 and
indicates further potential in this area of the deposit.
KM-23-103
• 10.5 m @ 6.2% CuEq (including 2.7 m @ 10.5% CuEq), and 3.5 m @ 0.6% CuEq
• Hole 103 confirmed the high Cu and Au grades drilled in hole 19, and extended
mineralization 20 m north of hole 19 and 70 m north of hole 68.
• Hole 103 included numerous multi-gram Au assays, suggesting potential for tracing a
steeply dipping, relatively high-Au zone within the western portion of the deposit.
KM-23-105
• 28.8 m @ 1.2% CuEq, including 2.3 m @ 5.9% CuEq
• 7.3 m @ 4.6% CuEq, including 2.0 m @ 8.7% CuEq
• Hole 105 confirmed excellent continuity, thickness, and grade of mineralization in a 50-
m gap in the central portion of the deposit.
West Target Surface Sampling
Recent surface mapping and sampling on the West target (Figure 5) has extended the mineralized
horizon that was drilled in holes 104 and 104A and previously sampled at surface, where it
returned 8.6% Cu. Nine new surface samples all returned percent-grade Cu, up to 4.9% Cu, and
averaging 2.9% Cu. These samples also contained anomalous Au, up to 0.5 g/t Au. The surface
strike length of mineralization exposed at surface in this area is now approximately 800 m. These
surface samples suggest increasing intensity of mineralization to the north; along with data
gathered in the drill holes completed and underway, these results will be used to refine drill
targeting on the West Target.
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Figure 5. Plan view displaying drill holes completed and underway at the Western Target, as well as results of recent
outcrop surface sampling north of the Western Target EM Conductivity Anomaly. See Table 5 below of sample assay
details.
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Figure 6. Cross section of the Western Target looking north, showing current and completed drill holes and
mineralization intersected in drill hole KM-23-104.
Kay Mine Project Phase 2 Drill Program Update
With the assayed holes released today, the Company has completed a total of 82,200 meters at the
Kay Mine Project since inception of drilling. The Company is fully -funded t o complete the
remaining 1,250 meters planned for the Phase 2 program with the priority focus areas for
upcoming drilling (shown in Figure 1 above ) as well as an additional 76,000 meters currently
planned for the upcoming Phase 3 program.