Arizona Metals Corp’s Kay Mine Drilling Intersects 93.3 m at 8.3 g/t AuEq (incl. 17.5 m at 29.6 g/t AuEq) and 125.3 m at 3.2% CuEq

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Arizona Metals Corp. (TSX.V:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce the results of two 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.

Drilling Highlights

  • Hole KM-21-60 intersected 93.3 m at a grade of 8.3 g/t AuEq, including a higher-grade interval of 17.5 m grading 29.6 g/t AuEq, from a depth of 557 m. This hole is in the central portion of the deposit, and demonstrates excellent continuity of mineralization between holes 26, 28, 25A, 57A and 40. This hole returned the project’s highest single gold assay, a value of 273 g/t Au (over 1.2 meters from 634.3 m downhole).
  • Hole KM-21-57B intersected 125.3 m at a grade of 3.2% CuEq, including higher grade intervals of 1.8 m grading 9.9% CuEq and 7.3 m grading 7.7% CuEq, from a depth of 728 m. This hole demonstrates continuity and extension of mineralization between holes 26, 28, 25A, and 40, and 58B. Hole 57B contains the project’s highest copper analysis to date, grading 20.7% Cu (over 1.5 m from 802.2 m downhole).

Hole 60 has extended the thickness of the mineralized zone encountered in hole 58B (located 23 metres up-plunge) by approximately 5 metres into the hanging-wall and 10 metres in the footwall. Hole 57B has extended the mineralized zone encountered in hole 57A (located 33 metres up-plunge) by approximately 10 metres into the hanging-wall and 22 metres into the footwall. Assays received to date have intersected mineralization over a down-plunge extent of 760 m (880 m below surface). Holes 57B and 60, spaced 310 metres apart down-plunge from the top of mineralization in 60 to the bottom of mineralization in 57B, continue to demonstrate the excellent vertical continuity of very thick zones of mineralization.

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 60 encountered the highest grade of gold mineralization at Kay assayed to date, with visible gold in the core (Fig. 4 below) while hole 57B encountered the longest interval of copper-dominant mineralization assayed to date. Drilling is currently underway to test for depth extensions to at least 1,200 meters, while also testing for lateral extensions of the thick hinge zone. The 20 holes pending all encountered semi-massive or massive sulphide mineralization, and those intersections are guiding the drilling currently underway.

Holes 57B and 60, spaced 310 metres apart down-plunge from the top of 60 to the bottom of 57B, continue to demonstrate the excellent vertical continuity of very thick zones of mineralization. The large widths and high grades being encountered at Kay are extremely rare in the context of VMS deposits either in production or being explored globally.

We have drilled approximately 52,000 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.”


Figure 1. Cross section view looking north showing assay intervals in drilling. Mineralization in holes 60 and 57B begins approximately 100 m and 250 m, respectively, below the deepest level tested by historic exploration workings. 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%.


Figure 2. Cross section view looking north showing assay intervals in drilling and locations of drilling currently underway. 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%.


Figure 3. Hole KM-21-60 displaying interval from 634.3 m to 635.5 m downhole, intersecting 1.2 m grading 273.0 g/t Au, 5.6 % Cu, 0.2% Zn, and 715 g/t Ag. This is part of a broader 93.3 m interval, from 554.7 to 648.0 m, grading 8.3 g/t AuEq. See Table 1 for constituent elements, grades, metals prices and recovery assumptions for AuEq g/t calculations. Analyzed Metal Equivalent calculations are reported for illustrative purposes only.


Figure 4. Visible gold observed in Hole KM-21-60, in the interval from 634.3 m to 635.5 m downhole, which intersected 1.2 m grading 273.0 g/t Au, 5.6 % Cu, 0.2% Zn, and 715 g/t Ag. This is part of a broader 93.3 m interval, from 554.7 to 648.0 m, grading 8.3 g/t AuEq. See Table 1 for constituent elements, grades, metals prices and recovery assumptions for AuEq g/t calculations. Analyzed Metal Equivalent calculations are reported for illustrative purposes only.


Figure 5. Long section displaying Kay Mine drill holes. 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 80%. 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

Kay Mine Phase 2 Drill Program Update

With the assayed holes released today, the Company has completed a total of 52,000 meters at the Kay Mine since inception of drilling. The Company is fully-funded to complete the remaining 23,000 meters planned for the Phase 2 program with the priority focus areas for upcoming drilling (shown in Figure 5 below), as well as an additional 76,000 meters in the upcoming Phase 3 program which will be used to test the numerous parallel targets heading West of Kay and the Northern and Southern Extensions of the Kay Deposit.

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 Vertical Depth
Below Surface m
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-22-57B

736.7

862.0

125.3

2.40

0.90

1.29

18.7

0.13

3.62

5.93

9.42

3.20

5.25

8.33

728

including

739.7

741.6

1.8

9.42

2.37

0.32

8.5

0.03

11.06

18.12

28.76

9.93

16.28

25.84

including

798.3

805.6

7.3

6.35

0.81

3.76

19.5

0.14

8.47

13.89

22.04

7.72

12.65

20.08

KM-22-60

554.7

648.0

93.3

1.36

5.65

3.25

32.6

0.34

6.39

10.47

16.62

5.08

8.32

13.21

557

including

591.6

597.7

6.1

0.58

5.62

12.00

56.3

1.40

9.37

15.37

24.38

7.78

12.75

20.24

including

627.0

644.5

17.5

5.22

25.37

4.71

100.6

0.59

23.44

38.42

60.98

18.05

29.59

46.95

including

634.3

635.5

1.2

5.63

273.00

0.18

715.0

0.28

177.99

291.74

462.98

126.03

206.57

327.82

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 ProcessIQ1, 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 (%) (93% 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.

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

Analyzed Grade

Analyzed Metal Equivalent

Metal Equivalent

Vertical Depth
Below Surface m

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-21-17

429.5

449.9

20.4

1.81

1.10

1.20

21.2

0.17

3.14

5.15

8.18

2.73

4.47

7.10

300

including

429.5

434.0

4.6

4.61

1.73

1.91

29.1

0.24

6.68

10.96

17.39

5.92

9.70

15.39

including

432.7

434.0

1.4

0.52

6.81

8.29

40.0

1.10

8.41

13.79

21.89

6.76

11.09

17.60

KM-21-17

504.4

505.4

0.9

1.19

4.73

0.05

9.0

0.00

4.17

6.83

10.84

3.20

5.24

8.31

356

KM-21-18

404.3

429.8

25.5

0.35

0.86

1.71

15.8

0.23

1.71

2.80

4.44

1.43

2.35

3.72

255

including

408.6

410.6

2.0

0.50

2.22

7.25

64.4

0.82

5.33

8.74

13.87

4.51

7.39

11.72

including

424.9

427.3

2.4

1.60

2.59

3.16

18.0

0.52

4.66

7.64

12.12

3.92

6.43

10.21

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

1.85

3.04

4.82

233

including

393.3

395.8

2.4

9.57

2.83

2.72

40.9

0.28

12.73

20.87

33.12

11.36

18.63

29.56

KM-21-19

377.8

378.3

0.5

3.39

5.59

6.83

128.0

0.63

10.58

17.34

27.52

8.81

14.44

22.92

337

KM-21-20

442.7

443.6

0.9

2.56

0.52

3.52

18.5

0.14

4.40

7.22

11.45

3.98

6.52

10.34

362

KM-21-20

456.0

458.1

2.1

1.49

0.35

0.14

6.0

0.04

1.81

2.97

4.71

1.63

2.66

4.23

370

KM-21-21

452.6

495.5

42.8

0.80

0.78

1.52

15.1

0.15

2.01

3.29

5.22

1.73

2.83

4.49

362

including

488.7

493.5

4.8

0.26

2.50

6.13

27.6

0.54

4.48

7.34

11.65

3.74

6.13

9.73

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

2.25

3.68

5.85

362

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

2.57

4.21

6.67

366

including

465.0

481.9

16.9

0.52

2.45

4.05

80.9

0.99

4.43

7.26

11.53

3.62

5.94

9.42

KM-21-23

394.4

401.4

7.0

0.36

0.93

1.94

13.5

1.17

2.05

3.35

5.32

1.73

2.84

4.51

313

KM-21-23

438.6

459.2

20.6

0.17

1.18

1.93

27.8

0.37

1.94

3.17

5.03

1.58

2.59

4.11

336

KM-21-24

501.2

592.1

90.8

0.45

1.33

3.42

44.6

0.41

3.02

4.95

7.86

2.53

4.15

6.59

470

including

501.2

521.7

20.4

1.34

1.70

6.35

113.1

0.66

5.86

9.60

15.24

4.99

8.18

12.99

including

520.9

521.7

0.8

1.75

16.50

9.55

574.0

1.22

20.31

33.29

52.82

15.57

25.52

40.50

including

575.9

592.1

16.2

0.16

2.50

6.00

44.4

0.79

4.51

7.40

11.74

3.75

6.14

9.74

including

588.7

590.4

1.7

0.47

9.98

23.70

18.2

0.13

15.84

25.96

41.20

13.21

21.65

34.36

KM-21-25

662.6

741.3

78.6

1.41

2.33

2.79

43.4

0.35

4.33

7.10

11.26

3.61

5.92

9.40

638

including

663.2

672.7

9.4

8.06

1.84

1.31

92.3

0.15

10.45

17.13

27.18

9.30

15.24

24.19

including

693.0

703.9

11.0

0.68

6.28

10.40

99.7

1.17

9.56

15.66

24.86

7.79

12.77

20.27

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

2.71

4.43

7.04

624

including

655.5

662.8

7.3

3.66

2.09

1.85

30.2

0.21

5.93

9.73

15.44

5.17

8.47

13.44

including

710.8

716.9

6.1

2.72

7.95

3.73

37.4

0.31

9.37

15.36

24.38

7.52

12.33

19.56

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

1.70

2.79

4.42

610

KM-21-25B

655.6

659.9

4.3

0.93

0.91

0.91

25.3

0.19

2.07

3.40

5.40

1.75

2.88

4.56

615

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

2.20

3.61

5.72

620

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

2.01

3.29

5.23

628

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

1.93

3.16

5.01

631

KM-21-26

506.7

582.8

76.0

0.79

1.61

4.23

32.7

0.54

3.78

6.19

9.83

3.21

5.27

8.36

480

including

511.1

526.1

14.9

0.73

1.78

9.68

43.3

0.77

6.05

9.92

15.74

5.26

8.63

13.69

including

573.8

582.8

9.0

4.02

6.06

3.32

18.2

0.19

9.18

15.04

23.87

7.64

12.52

19.87

KM-21-27

706.8

738.2

31.4

1.58

0.16

0.69

9.0

0.06

2.03

3.33

5.28

1.85

3.03

4.80

700

KM-21-27

764.4

777.4

13.0

2.85

0.48

0.17

8.5

0.02

3.29

5.39

8.55

2.97

4.87

7.73

775

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

2.15

3.52

5.59

678

including

666.3

687.0

20.7

3.21

1.39

1.26

19.4

0.20

4.74

7.77

12.33

4.18

6.84

10.86

including

706.4

724.6

18.3

0.69

2.69

4.70

92.2

1.21

5.13

8.41

13.35

4.22

6.91

10.97

including

752.9

763.8

11.0

0.07

1.07

4.68

95.3

0.98

3.49

5.73

9.09

2.92

4.78

7.59

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

3.31

5.42

8.61

660

including

702.0

723.0

21.0

0.87

4.56

9.03

81.5

1.10

8.01

13.13

20.83

6.63

10.87

17.25

including

723.0

738.2

15.2

4.97

0.36

0.42

18.7

0.05

5.51

9.03

14.33

5.04

8.26

13.11

KM-21-28

640.7

694.9

54.3

1.87

2.85

5.03

29.4

0.70

5.93

9.72

15.43

5.04

8.26

13.12

584

including

660.2

671.6

11.4

0.54

4.29

9.30

32.2

1.17

7.24

11.87

18.84

6.04

9.89

15.70

including

681.1

689.0

7.9

4.39

9.47

10.34

93.1

2.41

15.42

25.27

40.10

12.80

20.98

33.29

including

690.4

692.6

2.2

16.06

0.82

0.06

55.8

0.01

17.02

27.90

44.28

15.62

25.61

40.64

KM-21-29

393.0

393.8

0.8

0.43

1.54

4.92

9.0

0.21

3.38

5.54

8.79

2.89

4.74

7.53

235

KM-21-30

264.9

267.9

3.0

1.18

0.02

0.01

1.5

0.00

1.21

1.98

3.15

1.12

1.83

2.91

240

KM-21-32

316.4

320.0

3.7

1.84

1.29

2.47

38.5

0.30

3.95

6.47

10.27

3.41

5.60

8.88

185

KM-21-32

342.9

345.9

3.0

0.67

0.52

2.70

13.0

0.15

2.16

3.54

5.62

1.90

3.12

4.95

190

KM-21-32

358.9

368.4

9.4

0.60

1.47

1.99

45.7

0.35

2.70

4.42

7.01

2.22

3.63

5.76

195

KM-21-33

171.3

172.5

1.2

3.79

0.45

0.21

63.0

0.17

4.69

7.68

12.19

4.19

6.86

10.89

150

KM-21-34

299.3

303.9

4.6

0.29

1.69

0.94

46.3

0.26

2.12

3.47

5.50

1.65

2.70

4.29

205

KM-21-34

309.7

310.9

1.2

2.27

0.56

1.55

19.9

0.08

3.38

5.54

8.80

3.03

4.96

7.87

210

KM-21-35

609.6

615.1

5.5

0.92

1.26

1.71

57.7

0.02

2.80

4.60

7.29

2.33

3.82

6.06

550

including

609.6

613.0

3.4

1.39

1.69

1.98

54.0

0.01

3.61

5.92

9.40

3.03

4.96

7.87

KM-21-38

406.5

407.8

1.4

0.60

1.08

9.41

4.0

0.25

4.96

8.13

12.90

4.42

7.24

11.49

345

KM-21-38

467.4

476.1

8.7

0.09

1.73

3.87

61.1

1.22

3.38

5.55

8.80

2.78

4.56

7.23

370

including

470.0

475.2

5.2

0.12

2.44

5.68

87.5

1.79

4.88

8.01

12.71

4.02

6.59

10.46

KM-21-40

589.8

613.8

24.0

4.98

0.61

0.98

23.4

0.45

6.01

9.86

15.65

5.46

8.95

14.21

550

including

589.8

597.9

8.1

7.63

0.43

0.39

27.1

0.17

8.30

13.60

21.58

7.61

12.47

19.78

KM-21-40

627.9

680.8

52.9

0.47

2.91

3.40

35.7

0.40

3.93

6.44

10.22

3.17

5.20

8.25

590

including

641.1

648.3

7.2

1.15

7.66

8.27

88.5

0.92

9.90

16.23

25.76

7.95

13.03

20.68

including

670.3

674.1

3.8

1.53

10.89

9.47

24.6

0.61

12.15

19.91

31.59

9.69

15.88

25.19

KM-21-41

462.6

559.3

96.7

1.04

1.54

2.66

40.8

0.35

3.41

5.59

8.86

2.87

4.71

7.47

420

including

503.2

514.2

11.0

0.99

5.34

8.17

106.3

1.63

8.59

14.08

22.35

7.02

11.51

18.26

including

546.7

558.1

11.4

5.86

5.83

3.24

185.4

0.04

12.14

19.90

31.58

10.15

16.64

26.40

including

553.1

556.9

3.8

7.11

9.55

5.70

505.8

0.09

19.16

31.41

49.84

15.62

25.59

40.62

KM-21-42

803.5

810.3

6.9

0.05

1.60

1.58

64.3

0.35

2.22

3.64

5.78

1.73

2.83

4.49

800

KM-21-42

835.5

839.7

4.3

0.63

2.46

2.15

21.7

0.21

3.18

5.20

8.26

2.56

4.20

6.67

816

KM-21-42

853.7

854.7

0.9

0.11

1.63

2.88

28.0

0.40

2.52

4.13

6.55

2.05

3.37

5.34

846

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

2.58

4.22

6.70

781

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

6.43

10.54

16.72

802

including

807.0

808.9

2.0

10.72

0.87

0.11

61.8

0.00

11.79

19.32

30.66

10.74

17.60

27.93

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

1.34

2.20

3.49

848

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

3.74

6.13

9.72

790

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

2.99

4.90

7.77

810

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

1.49

2.45

3.88

828

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

3.93

6.44

10.23

850

including

849.2

854.7

5.5

14.57

0.66

0.16

37.5

0.03

15.34

25.14

39.89

14.11

23.12

36.70

including

863.8

869.4

5.6

2.29

1.17

0.59

13.1

0.25

3.39

5.55

8.81

2.96

4.85

7.70

including

874.8

877.4

2.6

2.83

0.26

0.03

7.2

0.01

3.06

5.02

7.96

2.80

4.59

7.28

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

1.40

2.30

3.65

855

KM-21-43

583.7

607.1

23.4

0.39

0.25

3.68

3.1

0.02

1.98

3.25

5.15

1.79

2.93

4.65

586

including

598.9

599.8

0.9

0.50

0.18

11.30

3.0

0.03

4.99

8.17

12.97

4.56

7.48

11.87

KM-21-43

616.0

633.1

17.1

1.81

0.17

0.14

8.2

0.03

2.04

3.34

5.31

1.86

3.05

4.84

616

including

631.2

633.1

1.8

6.30

0.61

0.09

25.0

0.01

6.91

11.32

17.97

6.30

10.32

16.38

KM-21-44

353.4

377.3

23.9

0.34

0.97

2.52

18.3

0.33

2.12

3.47

5.50

1.79

2.93

4.65

185

including

354.0

356.6

2.6

0.23

2.14

7.97

38.9

0.68

5.06

8.29

13.15

4.30

7.05

11.19

KM-21-45

459.6

463.0

3.4

0.32

0.62

6.63

82.3

0.87

4.10

6.71

10.65

3.55

5.82

9.24

459

including

461.2

462.1

0.9

0.15

1.23

16.90

182.0

2.50

9.39

15.38

24.41

8.17

13.39

21.26

KM-21-46

350.4

362.9

12.4

0.66

2.61

3.69

40.6

0.39

4.08

6.69

10.61

3.34

5.48

8.70

157

including

350.4

353.3

2.8

0.77

5.19

6.83

107.0

0.72

7.58

12.42

19.70

6.11

10.01

15.88

KM-21-47

433.9

435.9

2.0

0.16

1.88

9.28

138.7

2.17

6.46

10.58

16.79

5.46

8.95

14.20

432

KM-21-48

605.2

610.7

5.5

3.54

0.45

0.19

12.7

0.05

4.00

6.55

10.40

3.63

5.95

9.45

606

KM-21-48

630.3

634.6

4.3

1.11

0.34

0.69

12.7

0.11

1.71

2.80

4.45

1.52

2.49

3.95

631

KM-21-48

685.5

696.8

11.3

0.98

0.05

0.06

4.2

0.02

1.07

1.75

2.77

0.98

1.60

2.54

686

KM-21-48

715.1

718.4

3.4

2.08

0.04

0.03

4.3

0.01

2.15

3.52

5.59

1.98

3.25

5.16

716

KM-21-48

723.0

724.5

1.5

1.54

0.07

0.06

4.0

0.02

1.64

2.68

4.26

1.51

2.47

3.92

724

KM-21-48

735.5

743.6

8.1

0.34

0.60

1.52

9.2

0.07

1.38

2.26

3.59

1.18

1.93

3.06

737

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

2.05

3.35

5.32

538

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

2.01

3.29

5.22

688

including

687.9

688.8

0.9

0.15

1.53

5.35

5.0

0.01

3.18

5.21

8.27

2.71

4.45

7.06

including

694.9

696.0

1.1

8.36

0.80

0.10

40.0

0.03

9.21

15.10

23.96

8.39

13.75

21.81

KM-21-50

489.5

501.9

12.3

0.98

2.30

6.36

111.9

1.24

5.99

9.81

15.57

5.02

8.24

13.07

481

including

489.5

493.0

3.4

2.64

3.59

9.49

207.7

1.65

10.49

17.20

27.30

8.86

14.52

23.05

KM-21-50

509.0

562.1

53.1

0.44

0.84

1.28

35.8

0.27

1.79

2.93

4.65

1.48

2.42

3.84

501

including

538.1

545.6

7.5

0.28

1.94

2.62

112.8

0.82

3.55

5.81

9.23

2.82

4.63

7.34

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

2.93

4.80

7.62

including

864.7

865.6

0.9

8.70

0.09

0.09

16.0

0.10

8.93

14.64

23.24

8.27

13.55

21.51

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

0.99

1.61

2.56

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

1.49

2.45

3.89

including

898.2

899.3

1.1

6.56

0.11

0.10

15.0

0.04

6.79

11.13

17.67

6.28

10.29

16.32

KM-21-52

751.5

758.2

6.7

1.18

0.66

0.98

18.2

0.14

2.14

3.50

5.56

1.86

3.05

4.84

743

KM-21-52

787.5

789.6

2.1

0.04

1.27

1.68

28.5

0.22

1.73

2.84

4.50

1.38

2.25

3.58

777

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

1.58

2.58

4.10

750

including

763.7

764.9

1.2

0.38

3.01

8.69

132.0

1.68

6.97

11.43

18.13

5.80

9.50

15.08

including

771.8

774.5

2.7

1.39

2.46

4.59

116.4

1.82

5.98

9.81

15.56

5.00

8.19

12.99

including

781.5

787.6

6.1

0.31

2.63

1.64

119.5

0.65

3.64

5.97

9.47

2.81

4.60

7.30

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

1.73

2.83

4.50

789

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

2.66

4.35

6.91

805

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

0.93

1.52

2.42

817

including

837.0

841.6

4.6

0.03

2.16

1.34

69.0

0.79

2.59

4.24

6.73

1.98

3.24

5.14

KM-21-55

302.7

308.5

5.8

0.66

0.44

0.53

15.8

0.10

1.28

2.10

3.33

1.10

1.80

2.86

153

KM-21-56

434.6

435.9

1.2

1.53

0.39

0.13

19.0

0.01

1.97

3.23

5.12

1.75

2.86

4.54

403

KM-21-56

499.1

501.5

2.4

1.53

0.18

7.15

6.4

0.02

4.45

7.29

11.57

4.07

6.68

10.59

456

including

499.1

500.2

1.1

1.97

0.31

14.55

7.0

0.02

7.81

12.81

20.33

7.16

11.73

18.61

KM-21-56

524.0

525.0

1.1

0.97

0.12

0.07

5.0

0.03

1.12

1.83

2.91

1.01

1.66

2.64

480

KM-21-56

558.2

563.6

5.3

0.82

0.99

3.09

27.0

0.06

2.84

4.65

7.38

2.44

4.00

6.35

490

KM-21-56

577.0

578.2

1.2

0.02

1.66

0.47

5.0

0.02

1.26

2.06

3.27

0.92

1.52

2.41

500

KM-21-57

776.5

784.3

7.8

0.26

2.30

2.59

57.9

0.68

3.27

5.36

8.51

2.61

4.28

6.79

including

777.8

778.8

0.9

0.25

6.62

11.45

105.0

3.33

10.26

16.81

26.68

8.37

13.72

21.77

KM-21-57

819.9

835.5

15.5

1.29

2.17

2.58

90.9

0.27

4.39

7.19

11.41

3.61

5.92

9.40

780

including

824.0

827.5

3.5

3.69

4.67

3.81

228.5

0.29

9.88

16.19

25.69

8.13

13.33

21.15

KM-21-57

852.5

853.6

1.1

0.30

3.10

2.33

92.0

0.57

3.94

6.46

10.25

3.06

5.02

7.97

820

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

3.00

4.92

7.81

719

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

3.71

6.08

9.65

745

including

762.3

783.3

21.0

0.42

6.78

9.49

67.9

0.49

8.84

14.50

23.00

7.12

11.67

18.52

KM-22-57B

736.7

862.0

125.3

2.40

0.90

1.29

18.7

0.13

3.62

5.93

9.42

3.20

5.25

8.33

728

including

739.7

741.6

1.8

9.42

2.37

0.32

8.5

0.03

11.06

18.12

28.76

9.93

16.28

25.84

including

798.3

805.6

7.3

6.35

0.81

3.76

19.5

0.14

8.47

13.89

22.04

7.72

12.65

20.08

KM-22-60

554.7

648.0

93.3

1.36

5.65

3.25

32.6

0.34

6.39

10.47

16.62

5.08

8.32

13.21

557

including

591.6

597.7

6.1

0.58

5.62

12.00

56.3

1.40

9.37

15.37

24.38

7.78

12.75

20.24

including

627.0

644.5

17.5

5.22

25.37

4.71

100.6

0.59

23.44

38.42

60.98

18.05

29.59

46.95

including

634.3

635.5

1.2

5.63

273.00

0.18

715.0

0.28

177.99

291.74

462.98

126.03

206.57

327.82

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 ProcessIQ2, 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 (%) (93% 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.

Table 3. Results of Phase 1 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
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%
KM-20-01

275.8

281.5

5.6

0.57

0.48

1.20

11.6

0.18

1.70

1.61

4.51

including

275.8

276.5

0.6

0.50

1.22

5.04

32.0

0.73

4.23

4.01

11.22

including

279.8

281.5

1.6

1.21

0.98

1.49

22.6

0.23

3.10

2.94

8.22

KM-20-02

297.8

300.8

3.0

0.77

0.20

0.04

1.4

0.01

1.01

0.96

2.69

KM-20-03

256.3

259.1

2.7

3.40

1.01

0.65

69.6

0.09

5.41

5.13

14.35

including

256.3

257.3

0.9

7.42

1.79

1.11

56.0

0.17

10.32

9.78

27.37

KM-20-03

292.2

292.6

0.5

2.43

0.19

0.15

2.0

0.04

2.72

2.57

7.20

KM-20-03

295.4

295.8

0.5

1.35

0.80

0.91

6.0

0.06

2.61

2.47

6.92

KM-20-03A

252.4

256.9

4.6

3.70

2.55

0.27

35.6

0.03

6.85

6.49

18.15

including

252.4

253.1

0.8

9.74

6.34

0.40

164.0

0.11

18.19

17.24

48.23

KM-20-05

266.6

269.0

2.4

6.47

1.94

0.57

43.3

0.14

9.19

8.71

24.37

including

266.6

267.8

1.2

10.60

2.21

1.05

50.0

0.26

13.89

13.16

36.83

KM-20-06

267.9

281.5

13.5

1.02

0.85

1.23

45.6

0.30

2.92

2.77

7.75

including

267.9

268.4

0.5

1.54

2.20

6.10

31.0

0.81

6.73

6.38

17.85

including

276.6

281.5

4.9

1.86

0.87

1.96

92.1

0.42

4.54

4.30

12.04

including

280.0

281.0

1.1

3.22

1.03

0.64

340.0

0.04

7.82

7.41

20.74

KM-20-09

588.1

588.4

0.3

0.91

1.74

1.86

15.0

0.40

3.72

3.52

9.86

KM-20-09

613.4

614.1

0.7

0.90

1.81

1.04

10.0

0.08

3.32

3.15

8.81

KM-20-09

614.6

614.9

0.3

2.64

0.36

0.98

19.0

0.10

3.60

3.41

9.54

KM-20-09

632.8

638.9

6.1

0.12

4.18

8.02

41.7

0.82

8.23

7.80

21.83

including

633.6

637.9

4.4

0.15

5.46

9.06

33.1

0.50

9.81

9.29

26.00

including

636.9

637.9

1.1

0.17

9.77

14.65

68.0

0.78

16.92

16.03

44.86

KM-20-10

563.6

568.5

4.9

2.39

2.16

3.27

24.9

0.31

6.24

5.92

16.55

including

563.6

566.6

3.0

3.66

2.42

3.16

28.2

0.32

7.78

7.38

20.64

including

567.2

568.5

1.2

0.33

2.52

5.10

28.4

0.43

5.33

5.05

14.12

KM-20-10

574.2

574.9

0.6

0.12

4.33

11.30

113.0

0.16

10.09

9.56

26.75

KM-20-10

577.7

579.3

1.6

0.03

0.70

4.38

45.9

0.68

3.09

2.93

8.20

KM-20-10

582.3

583.1

0.8

0.03

0.42

2.90

51.0

1.07

2.42

2.29

6.40

KM-20-10A

521.2

522.5

1.3

2.13

1.27

7.46

51.1

0.91

7.07

6.70

18.75

KM-20-10A

527.9

538.6

10.7

1.32

1.66

2.58

27.2

0.30

4.40

4.17

11.66

including

527.9

529.4

1.5

6.69

0.92

1.62

30.2

0.07

8.59

8.14

22.77

including

532.2

535.3

3.1

0.72

1.75

2.99

34.3

0.42

4.17

3.95

11.07

including

537.2

538.6

1.4

0.16

7.29

9.06

79.2

0.60

12.24

11.60

32.44

KM-20-10B

503.0

530.7

27.6

0.87

0.97

1.76

21.3

0.32

2.87

2.72

7.61

including

503.0

509.6

6.6

1.78

1.55

2.55

29.8

0.37

4.79

4.54

12.70

including

513.9

518.3

4.4

1.08

1.89

4.05

47.4

0.68

5.29

5.01

14.02

including

527.2

530.7

3.5

1.91

2.32

3.93

52.9

0.99

6.68

6.33

17.72

KM-20-10C

523.9

530.7

6.8

0.58

3.32

5.84

102.0

1.15

7.65

7.25

20.28

including

523.9

528.2

4.3

0.88

4.89

7.61

125.2

1.45

10.60

10.05

28.11

including

525.6

526.4

0.8

0.52

16.65

21.40

214.0

2.76

29.15

27.62

77.29

KM-20-11

554.1

556.9

2.7

4.14

2.83

3.56

70.0

0.28

9.23

8.75

24.48

KM-20-12

371.9

376.7

4.9

3.99

0.37

0.62

12.4

0.07

4.76

4.51

12.61

including

371.9

373.7

1.9

8.49

0.67

1.53

28.0

0.16

10.10

9.57

26.77

KM-20-12

379.5

405.4

25.9

0.73

0.08

0.08

2.3

0.01

0.87

0.82

2.30

KM-20-13

443.6

486.8

43.1

1.68

1.26

1.67

23.3

0.24

3.94

3.73

10.45

including

444.4

459.6

15.2

3.42

1.80

2.36

38.5

0.39

6.71

6.36

17.80

including

444.4

447.1

2.7

1.02

3.74

10.64

55.0

1.88

10.14

9.61

26.89

including

451.4

455.8

4.4

8.41

1.18

0.16

65.3

0.02

10.34

9.80

27.42

KM-20-14

421.7

461.6

39.9

1.47

1.00

1.67

18.4

0.19

3.40

3.22

9.00

including

426.3

429.8

3.5

9.56

1.28

0.95

30.0

0.07

11.58

10.98

30.71

including

457.2

460.7

3.5

0.36

2.58

8.33

26.3

0.38

6.61

6.26

17.52

KM-20-14A

404.6

409.0

4.4

1.67

1.48

2.50

79.2

0.41

5.07

4.80

13.44

including

404.6

406.4

1.7

4.08

2.46

5.02

173.6

0.53

10.41

9.87

27.61

KM-20-14A

421.0

443.5

22.5

0.86

0.72

1.51

15.9

0.18

2.41

2.28

6.38

including

421.0

421.8

0.8

9.81

2.91

1.69

45.0

0.19

14.01

13.28

37.15

including

421.0

425.0

4.1

3.23

1.14

1.30

21.4

0.14

5.17

4.90

13.71

KM-20-15

506.8

510.1

3.3

0.05

0.33

3.73

192.0

1.75

4.24

4.02

11.25

KM-20-16

480.4

518.8

38.4

0.85

0.81

2.24

24.3

0.25

2.87

2.72

7.61

including

480.4

492.9

12.5

1.63

1.98

4.23

48.5

0.50

5.95

5.64

15.78

including

480.4

483.4

3.0

2.40

4.74

7.49

77.9

0.91

11.29

10.70

29.93

including

489.8

492.9

3.0

3.61

2.59

6.90

100.7

0.92

10.22

9.68

27.10

Table 4. Locations of Phase 1 and 2 Program drill holes completed at Kay Mine, Arizona

Hole ID Phase Drill
Pad
Zone Collar East
WGS84
Collar
North
WGS84
Collar Elev
m
Collar
Az
Collar
Dip
Total
Depth
m
Distance
Drilled
Below
Wedge m
KM-20-01

1

Pad 1 North

392684

3769388

643

78

-48

335

335

KM-20-02

1

Pad 1 North

392684

3769388

643

75

-50

304

304

KM-20-03

1

Pad 1 North

392684

3769388

643

72

-43.3

366

366

KM-20-03A

1

Pad 1 North

392684

3769388

643

72

-43.3

321

177

KM-20-04

1

Pad 1 North

392684

3769388

643

65.1

-47.5

354

354

KM-20-05

1

Pad 1 North

392684

3769388

643

73.3

-47.2

349

349

KM-20-06

1

Pad 1 North

392684

3769388

643

81.3

-48.3

317

317

KM-20-07

1

Pad 1 North

392684

3769388

643

85.6

-47.6

308

308

KM-20-08

1

Pad 2 South

392638

3769266

653

91.1

-77.1

36

36

KM-20-09

1

Pad 2 South

392638

3769266

653

92.1

-77

671

671

KM-20-10

1

Pad 2 South

392638

3769266

653

96.3

-72.2

645

645

KM-20-10A

1

Pad 2 South

392638

3769266

653

96.3

-72.2

600

297

KM-20-10B

1

Pad 2 South

392638

3769266

653

96.3

-72.2

555

258

KM-20-10C

1

Pad 2 South

392638

3769266

653

96.3

-72.2

560

277

KM-20-11

1

Pad 3 North

392552

3769328

638

57.3

-67.5

653

653

KM-20-12

1

Pad 1 North

392684

3769388

643

95.7

-70.8

583

583

KM-20-13

1

Pad 1 South

392684

3769388

643

124

-66.5

524

524

KM-20-14

1

Pad 1 South

392684

3769388

643

133.6

-66

550

550

KM-20-14A

1

Pad 1 South

392684

3769388

643

133.6

-66

549

263

KM-20-15

1

Pad 2 South

392638

3769266

653

106.7

-66.8

572

572

KM-20-16

1

Pad 2 South

392638

3769266

653

91.5

-68.9

581

581

KM-21-17

2

Pad 2 South

392638

3769266

653

90.5

-59.5

892

892

KM-21-18

2

Pad 2 South

392638

3769266

653

89.8

-55

518

518

KM-21-18A

2

Pad 2 South

392638

3769266

653

89.8

-55

472

236

KM-21-19

2

Pad 1 North

392684

3769388

643

59.3

-69.5

482

482

KM-21-20

2

Pad 2 North

392638

3769266

653

53.7

-67.3

553

553

KM-21-21

2

Pad 1 South

392684

3769388

643

126

-70

561

561

KM-21-21A

2

Pad 1 South

392684

3769388

643

126

-70

556

315

KM-21-22

2

Pad 3 Grav

392552

3769328

638

33

-63

725

725

KM-21-22A

2

Pad 3 Grav

392552

3769328

638

33

-63

694

419

KM-21-23

2

Pad 1 South

392684

3769388

643

114.2

-66.3

528

528

KM-21-24

2

Pad 1 South

392684

3769388

643

119

-75.1

623

623

KM-21-25

2

Pad 3 South

392552

3769328

638

80

-77.4

775

775

KM-21-25A

2

Pad 3 South

392552

3769328

638

80

-77.4

746

263

KM-21-25B

2

Pad 3 South

392552

3769328

638

80

-77.4

738

404

KM-21-26

2

Pad 1 South

392684

3769388

643

118.2

-79.3

616

616

KM-21-27

2

Pad 1 South

392684

3769388

643

90.4

-86.7

859

859

KM-21-27A

2

Pad 1 South

392684

3769388

643

90.4

-86.7

817

391

KM-21-27B

2

Pad 1 South

392684

3769388

643

90.4

-86.7

823

427

KM-21-28

2

Pad 3 South

392552

3769328

638

86.7

-70.5

774

774

KM-21-29

2

Pad 1 South

392684

3769388

643

108.5

-54

489

489

KM-21-30

2

Pad 4 Far North

392733

3769870

630

71.4

-53

539

539

KM-21-31

2

Pad 2 South

392638

3769266

653

115

-62

618

618

KM-21-32

2

Pad 1 South

392684

3769388

643

115

-45.6

496

496

KM-21-33

2

Pad 4 Far North

392733

3769870

630

106.5

-53

458

458

KM-21-34

2

Pad 1 North

392684

3769388

643

81

-59

430

430

KM-21-35

2

Pad 2 South

392638

3769266

653

102.5

-78.5

716

716

KM-21-36

2

Pad 4 Far North

392733

3769870

630

132

-50

350

350

KM-21-37

2

Pad 4 Far North

392733

3769870

630

20

-75

490

490

KM-21-38

2

Pad 1 N&S

392684

3769388

643

109.2

-71.8

554

554

KM-21-39

2

Pad 4 Far North

392733

3769870

630

355

-71

427

427

KM-21-40

2

Pad 2 South

392638

3769266

653

72.5

-80.4

742

742

KM-21-41

2

Pad 1 N&S

392684

3769388

643

112

-77

610

610

KM-21-42

2

Pad 3 South

392552

3769328

638

72.5

-86

958

958

KM-21-42A

2

Pad 3 South

392552

3769328

638

72.5

-86

929

334

KM-21-42B

2

Pad 3 South

392552

3769328

638

72.5

-86

888

309

KM-21-42C

2

Pad 3 South

392552

3769328

638

72.5

-86

953

389

KM-21-43

2

Pad 1 N&S

392684

3769388

643

103.5

-83.8

686

686

KM-21-44

2

Pad 1 South

392684

3769388

643

124

-42.8

431

431

KM-21-45

2

Pad 2 South

392638

3769266

653

102

-63.4

522

522

KM-21-46

2

Pad 1 South

392684

3769388

643

123.5

-45

412

412

KM-21-47

2

Pad 2 South

392638

3769266

653

97.6

-59.8

511

511

KM-21-48

2

Pad 1 South

392684

3769388

643

99

-86.5

784

784

KM-21-48A

2

Pad 1 South

392684

3769388

643

99

-86.5

740

435

KM-21-49

2

Pad 2 South

392638

3769266

653

73.3

-71

326

326

KM-21-50

2

Pad 2 South

392638

3769266

653

71.3

-74.3

636

636

KM-21-51

2

Pad 3 South

392552

3769328

638

20

-80.5

1017

1017

KM-21-51A

2

Pad 3 South

392552

3769328

638

20

-80.5

1013

611

KM-21-51B

2

Pad 3 South

392552

3769328

638

20

-80.5

986

635

KM-21-52

2

Pad 2 South

392638

3769266

653

65.2

-86.8

849

849

KM-21-52A

2

Pad 2 South

392638

3769266

653

65.2

-86.8

906

602

KM-21-53

2

Pad 1 South

392684

3769388

643

133.4

-45

582

582

KM-21-54

2

Pad 1 South

392684

3769388

643

127.5

-45

523

523

KM-21-55

2

Pad 1 South

392684

3769388

643

113

-45

479

479

KM-21-56

2

Pad 1 South

392684

3769388

643

106.7

-81

685

685

KM-21-57

2

Pad 2 South

392638

3769266

653

28

-85.2

1002

1002

KM-21-57A

2

Pad 2 South

392638

3769266

653

28

-85.2

857

308

KM-22-57B

2

Pad 2 South

392638

3769266

653

28

-85.2

887

354

KM-21-58

2

Pad 1 South

392684

3769388

643

106

-82.8

759

759

KM-21-58A

2

Pad 1 South

392684

3769388

643

106

-82.8

680

315

KM-21-58B

2

Pad 1 South

392684

3769388

643

106

-82.8

708

403

KM-21-59

2

Pad 3 South

392552

3769328

638

70

-89

3729

KM-22-59A

2

Pad 3 South

392552

3769328

638

70

-89

3234

2000

KM-22-60

2

Pad 1 South

392684

3769388

643

105

-82.8

2330

Covid-19 Monitoring and Mitigation Procedures

The Company’s drill contractor, Boart Longyear, has instituted Covid-19 monitoring procedures for all drill crew members, including daily temperature and symptom checks. Arizona Metals Corp will be provided with daily health tracking updates for the drill crews and has also instituted its own social distancing policies and provided a guidance manual for employees at site.

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.” (Fellows, M.L., 1982, Kay Mine massive sulfide deposit: Internal report prepared for Exxon Minerals Company, November 1982, 29 p.) The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. 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” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) 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, 1983, Westworld Resources).

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.

Qualified Person and Quality Assurance/Quality Control

All of Arizona Metals’ drill sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials and blanks at regular intervals. Logging and sampling were completed at Arizona Metals’ core handling facilities located in Anthem and Black Canyon City, Arizona. Drill core was diamond sawn on site and half drill-core samples were securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Tucson, Arizona. Sample pulps were sent to ALS’s labs in Vancouver, Canada, for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61a). Over-limit samples for Au, Ag, Cu, and Zn were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62, and Zn-OG62, respectively.

ALS Laboratories is independent of Arizona Metals Corp. and its Vancouver facility is ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and Arizona Metals’ external blind quality control samples were acceptable for the samples analyzed. Arizona Metals is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG, a qualified person as defined in National Instrument43-101-Standards of Disclosure for Mineral Projects. Mr. Smith supervised the preparation of the scientific and technical information that forms the basis for this news release and has reviewed and approved the disclosure herein. Mr. Smith is the Vice-President, Exploration of the Company. Mr. Smith supervised the drill program and verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

Contacts:

For further information:
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
mpais@arizonametalscorp.com
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp

Disclaimer

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 drill results and future drilling and assays, the resumption of drilling and the effects of the COVID-19 pandemic on the business and operations of the Company. 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


1 SRK Consulting (Canada) Inc., March 2022, Updated Metallurgical Review, Kay Mine, Arizona. Report 3CA061.004

2 SRK Consulting (Canada) Inc., March 2022, Updated Metallurgical Review, Kay Mine, Arizona. Report 3CA061.004


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