Arizona Metals drills 2.7% CuEq over 25 metres at Kay mine, Arizona

Arizona Metals Corp. [AMC-TSX; AZMCF-OTCQX] reported the latest drilling results from its Kay mine deposit in Arizona.

Hole KM-23-106 intersected 25.0 metres grading 2.7% copper equivalent (CuEq), including 3.2 metres at 6.3% CuEq. At 17 metres further downhole, this hole also intersected 49.2 metres at 2.4% CuEq (including 10.4 metres at 6.4% CuEq). At a further 10 m downhole, this hole also intersected 5.2 metres at 1.0% CuEq. This hole confirms the high-grade copper and gold mineralization previously encountered in hole KM-21-21A, located 30 metres above, which intersected 63 m grading 4.2 g/t AuEq. Moreover, it continues the mineralization 30 metres above hole KM-22-41, which intersected 96.7 metres grading 2.9% CuEq.

In addition to these promising results, drilling at the Western Target has been ongoing since February 2023. The first four holes, KM-23-104, branch hole KM-23-104A, KM-23-107, and KM-23-108 have been completed, and assays are currently pending. In order to continue testing the strike extent of the West Target, hole KM-23-109 is targeting an area approximately 150 meters south of KM-23-104. Hole KM-23-110 will target the area between holes KM-23-104 and KM-23-107, with the goal of testing beneath recently reported high-grade surface samples.

The drill rig at the Kay Mine Deposit is targeting extensions of the high-grade mineralization encountered in hole KM-23-103, which intersected 10.5 metres grading 6.2% CuEq. 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 metres. The company intends to drill test all areas open to expansion. Independent consulting firms have been engaged to model drill data as holes are completed and assays become available. Arizona Metals intends to complete drilling of all priority targets before finalizing a maiden resource estimate.

Marc Pais, CEO, commented: “The high-grade copper and gold drill results reported today 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 fifth and sixth holes at the Western Target has commenced, following up visual mineralization previously reported in holes 104 and 104A. Downhole electromagnetic surveying of the 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.”

With the completion of recent drill holes, Arizona Metals has drilled a total of 83,400 metres on the Kay property, and successfully completed its Phase 2 drill program of 75,000 meters. The company is fully-funded (with $49 million in cash as of March 31, 2023) to complete the remaining 75,000 metres of the 76,000-metre Phase 3 program (budgeted at $31.5 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.

The company currently has 11 drill pads permitted. Recently completed structural mapping and soil sampling programs have identified a number of new prospective targets not previously located by geophysics. The company is currently mapping a number of new drill pads to test these targets and will be applying to the BLM for an Exploration Plan of Operations.

West Target surface sampling: Recent surface mapping and sampling on the West target has extended the mineralized horizon that was drilled in holes 104 and 104A and previously sampled at surface, where it returned 8.6% copper. Nine new surface samples all returned percent-grade Cu, up to 4.9% Cu, and averaging 2.9% Cu. These samples also contained anomalous gold, up to 0.5 g/t Au. The surface strike length of mineralization exposed at surface in this area is now approximately 800 metres. These results will be used to refine drill targeting on the West Target.

Western Target surface outcrop sampling returned 4.89% copper, 0.41 PP< Au and 117 ppm zinc as well as other copper assays of 1.43% CU, 2.16$ Cu, 3.20% Cu, 4.24% Cu, 1.62% Cu, 3.91% Cu, 1.77% Cu and 3.20% Cu.

Arizona Metals owns 100% of the Kay Mine Project, 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 Kay Mine Deposit is a steeply dipping VMS deposit that has been defined from a depth of 60 metres to at least 900 metres. It is open for expansion on strike and at depth.