Arizona Metals’ First Drill Hole at the Western Target Intersects a Broad Interval of 63 Metres of Sulphide-Bearing Core, Including 16 Metres of VMS Mineralization

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Arizona Metals Corp. (TSX:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that the first hole (KM-23-104) drilled at the Western Target of the Kay Mine Project intersected 16 metres of stringer to semi-massive sulphide mineralization, including visible copper sulphide (chalcopyrite) and zinc sulphide (sphalerite). The VMS mineralization occurs within a broader interval of syn-mineral quartz-carbonate veining accompanied by sulphide minerals (pyrite, pyrrhotite, sphalerite, chalcopyrite, and arsenopyrite) and anomalous zinc and copper readings from onsite portable XRF. This hole ended in sulphide-bearing core but was stopped at 888 metres downhole due to separated drill rods. Hole 104 has been submitted for assay and results are pending. A new branch hole, KM-23-104A, has been wedged up-hole in order to continue testing this new zone of mineralization (Fig. 2).

The Company believes that KM-23-104 intersected mineralization on the limb of an anticline along the prospective felsic host-rock horizon identified on the project. A drill rig is being moved to pad W2 to test for mineralization along strike to the north of this prospective stratigraphic horizon (Fig. 1). A hole here, KM-23-107, will commence shortly.

Marc Pais, CEO, commented “Intersecting such a broad interval of VMS mineralization in our very first hole at the Western Target is extremely gratifying, and is another step towards confirming our thesis that mineralization extends on our claims well beyond the footprint of the Kay Mine Deposit. We have observed mineralization and alteration in this first hole that is similar to what we see in proximity to massive sulphide mineralization at the Kay Mine Deposit. With this first successful hole to guide our targeting, we are moving a second drill to the Western Target to accelerate our testing of the new mineralized zone.”

Mark Hannington, Technical Advisor, commented The assemblage of chlorite-pyrite-pyrrhotite-sphalerite encountered in the first hole at the Western Target is classic stringer mineralization typically seen at the margins of VMS deposits. Due to deformation, stringer mineralization is usually strongly transposed into the cleavage, so any associated massive sulfides may be along strike or even detached from the stringers (parallel to the axial plane of the folds).  This is very similar to the deformed stringer mineralization in a number of large VMS deposits.”

Table 1. Summary drill logs of mineralized intervals in hole KM-23-104

Recent surface sampling also returned up to 8.6% Cu in oxidized outcrop samples near the surface projection of the drilled mineralization (Figures 2 and 3). Another surface sample contained 3.3% Cu along the prospective stratigraphic horizon approximately 700 m north of drill pad W1. These samples are further confirmation of broadly distributed mineralization on the Kay project.

Arizona Metals is fully-funded (with $53 million in cash at Dec 31, 2022) to complete the remaining 2,900 meters planned for the Phase 2 program at Kay Mine Deposit (budgeted at $1.2 million) as well as an additional 76,000 meters in the Phase 3 program (budgeted at $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. Plan view of Kay project exploration targets, drill intercepts, and drill infrastructure. Hole KM-23-104, intersected a broad interval of 63 metres of sulphide-bearing core, Including 16 metres of VMS mineralization. The true width of mineralization in this area is yet to be determined.

Figure 2. Plan view displaying intercepts of VMS mineralization intersected by hole KM-23-104 on the Western Target. The true width of mineralization in this area is yet to be determined. Also shown is the proposed trace of wedge hole KM-23-104A (underway) and hole KM-23-107 from W2 pad, which shall commence shortly to test for the northern extension of the new mineralized zone.

Figure 3. Cross section of Western Target at the Kay Mine Project showing drill hole KM-23-104 which intersected 16 metres of stringer to semi-massive sulphide mineralization, including visible sphalerite and chalcopyrite mineralization. The true width of mineralization in this area is yet to be determined. Also shown is the proposed trace of wedge hole KM-23-104A, currently underway from pad W1.

Figure 4. Core from hole KM-23-104 at the Western Target, displaying stringer to semi-massive sulfide mineralization hosted in a quartz crystal-rich volcaniclastic and breccia, with sulphide mineralization including pyrite, pyrrhotite, sphalerite, and chalcopyrite. 

Figure 5. Core from hole KM-23-104 (at 2,829’ downhole) at the Western Target, displaying stringer to semi-massive sulfide mineralization including stringers of sphalerite and flecks of chalcopyrite.

View complete Tables 2, 3, and 4.

About Arizona Metals Corp

Arizona Metals Corp owns 100% of the Kay Mine Project 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 Deposit 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 Deposit 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.

For further information, please contact:

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, completion of the Phase 2 drill program, commencement and anticipated costs of the Phase 3 drill program, and the potential existence and size of VMS deposits at the Kay Mine Project. 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


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