Arizona Metals Intersects 11.3% CuEq over 0.5 m in North Central Target Drilling, and 41.3 m at 1.5 g/t AuEq (incl. 2.9 m at 10.4 g/t AuEq) in Kay Deposit Drilling
Arizona Metals Intersects 11.3% CuEq over 0.5 m in North Central Target Drilling, and
41.3 m at 1.5 g/t AuEq (incl. 2.9 m at 10.4 g/t AuEq) in Kay Deposit Drilling
Toronto, September 11, 2024 – Arizona Metals Corp. (TSX:AMC , OTCQ X:AZMCF) (the
“Company” or “Arizona Metals”) is pleased to announce the latest drill results from the Kay Mine
Project (the “Kay Project” or the “Property”) in Arizona. Fifteen new drill holes from the project,
seven at the Kay Mine Deposit (the “Kay Deposit”) and eight from the North Central exploration
target, continue to demonstrate the expansion and exploration potential of the project.
Highlights of the recent drilling include:
• Hole KM-24-153 at the North Central target returned a grade of 11.3% CuEq over 0.5 m of
massive sulfide mineralization in a newly discovered mineralized horizon. This intercept
occurred within an interval of 5.8 m showing anomalous Cu, Zn, and Pb. The extremely high
grade of this intercept signals a strong mineralizing system in this part of the project.
• Hole KM -24-159 intersected 41.3 m grading 1.5 g/t Au Eq in the Kay deposit , including
2.9 m @ 10.4 g/t AuEq. Located in the deeper central portion of the deposit, this hole showed
good continuity in the deposit between previous drill holes.
• Hole KM-24-155A in the Kay deposit returned numerous intervals, among them 12.3 m @
1.3% CuEq and 11.3 m @ 2.5% CuEq, including 3.7 m grading 4.8% CuEq. This hole
confirmed considerable thickness and continuity in the central portion of the deposit.
Duncan Middlemiss, President and CEO of Arizona Metals comments : “Outstanding drill assay
grades from a new horizon of massive sulfide in the North Central target point to the excellent
exploration potential of the Kay Project. We are continuing to drill test this target, while also
demonstrating the viability of the Kay Deposit with additional thick intercepts of good grade in
support of a mineral resource estimate for the deposit.”
With the completion of recent drill holes, Arizona Metals has drilled a total of 117,000 meters on
the Property. The Company is well funded, with $20.6 million in cash as of June 30, 2024.
Figure 1. Long section looking east, 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.
Figure 2. Cross-section view looking north at the Kay 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%.
North Central Target Drilling
Drilling at the North Central target intersected a newly discovered sulfide horizon, the Pad 10
horizon (Figure 3). This horizon is folded across the property with a strike length of approximately
1.8 km, along which it shows impressive grades in surface assays, including 10.9 % Cu. Drilling
of this horizon along only 400 m of its available strike length returned intercepts in five drill holes,
including 0.5 m @ 11.3% CuEq in massive sulfide (KM-24-153) and 0.6 m @ 1.7% CuEq (KM-
24-151; Figures 3, 4). These grades signal a strong mineralizing system in this part of the project.
The Company will evaluate results from four pending drill holes and continues to seek greater
thicknesses along this newly discovered mineral horizon.
Drilling at the North Central target is also focused on the extension of the Kay Project mineral
horizon, which shows 3 km of available strike length along its folded extent (Figure 3). The Kay
Project horizon shows high grades at surface, including 11.7% Cu (Adit target) and 9.5% Cu (Kay
North Extension).
Table 1. Results of Phase 3 Drill Program at the Kay Project, Yavapai County, Arizona announced in this news release.
The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 76%. (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 ProcessIQ 1, were 93% for copper, 92% for zinc,
90% for lead, 72% silver, and 70% for gold . The following equation was used to calculate copper equivalence: CuEq = Copper (%) (9 3% rec.) +
(Gold (g/t) x 0.61)(72% rec.) + (Silver (g/t) x 0.0079)(72% rec.) + (Zinc (%) x 0.3844)(93% rec.) +(Lead (%) x 0.2203)(93% rec.). The following
equation was used to calculate gold equivalence: AuEq = Gold (g/t)( 72% rec.) + (Copper (%) x 1.638)(93% rec.) + (Silver (g/t) x 0.01291)(72%
rec.) + (Zinc (%) x 0.6299)(93% rec.) +(Lead (%) x 0.3609)(93% 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.
1 SRK Consulting (Canada) Inc., March 2022, Updated Metallurgical Review, Kay Mine, Arizona. Report
3CA061.004
Figure 3. Map of mineralized horizons, drill holes, and surface assays on the North Central Target.
Figure 4. Cross section looking northeast at mineralized horizons, drill holes, and surface assays on the North Central
Target.
Table 2. Full results to date of Phase 2 and 3 Drill Program at the Kay Deposit, Yavapai County, Arizona. See Table
1 for width and metal equivalency notes.
Table 3. Full results to date of Phase 2 and 3 Drill Program at the Kay Deposit, Yavapai County, Arizona. See Table 1
for width and metal equivalency notes.