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TORONTO, July 24,
2024 /CNW/ - Arizona Metals Corp. (TSX: AMC) (OTCQX:
AZMCF) (the "Company" or "Arizona Metals") is pleased to announce
the latest drill results from the Kay Mine Project ("Kay" or the
"Property") in Arizona. Seven new
drill holes at the Kay Mine Deposit (the "Kay Deposit") continue to
demonstrate the continuity and expansion potential of the deposit
and returned excellent grades in the deeper portions of the
deposit.
Highlights of the recent drilling include:
- Hole KM-24-94B intersected
65.2 m @ 4.0% CuEq, including
14.2 m @ 7.3% CuEq and 10.4 m @ 7.0% CuEq. This hole returned among the
highest gold assays to date on the project, 22.3 g/t Au
(751.9-753.5 m ), and among the
highest copper grades to date, 13.7% Cu (745.9-746.2 m). The hole also showed a northern
continuation of outstanding mineralization previously intersected
in hole KM-21-27B (97.1 m @ 3.3% CuEq).
- Hole KM-24-146A cut 61.1 m @ 1.4%
CuEq, including 4.6 m @ 9.4% CuEq.
Drilled deeper in the deposit, this hole added considerable
thickness and continuity in a 85-m gap between previous holes.
- Hole KM-24-146 returned 27.4 m @
2.5% CuEq, including 3.2 m @ 7.1%
CuEq. Placed along the deposit's deeper north edge, this hole
showed excellent thickness and grade in a 73-m gap between previous
holes.
Duncan Middlemiss, President
and CEO of Arizona Metals comments: "These new drill results
from the Kay Deposit point to its expansion potential and continue
to highlight the excellent thickness and grade. Our drilling
strategy will continue to focus on step-out and infill targets on
the Kay Deposit to complete the remaining approximately
12,000 m of our Kay deposit
resource-definition drill program. Upon completion of this phase of
drilling in Q4 the company will be in position to provide the Kay
Deposit mineral resource estimate which we expect in H1 of
2025."
With the completion of recent drill holes, Arizona Metals has
drilled a total of 113,000 meters on the Property. The Company is
well funded (with $26 million in cash as of Mar 31, 2024) to complete the remaining
46,000 m of the 76,000 m Phase 3 drill program. Drilling
continues on the North Central target, and results will be released
in coming weeks.
Kay Deposit Shallow Drilling
Three new holes in the shallow portions of the Kay deposit
extend mineralization to the south and demonstrate good infill
continuity in this area of the deposit. Together, the 17 drill
holes in the shallow portions of the deposit have extended
mineralization approximately 70 meters upward toward surface, along
a strike length of 365 meters.
KM-24-145
- 4.1 m @ 1.4 g/t AuEq.
- Drilled in the upper southern portion of the deposit, this hole
extended mineralization over 30 m to
the south.
KM-24-147
- 27.1 m @ 0.6% CuEq, including
1.7 m @ 1.5% CuEq, and 2.0 m @ 1.4% CuEq.
- This hole filled a gap in the upper portion of the deposit and
confirmed a thicker region of mineralization also intersected in
holes KM-21-44 (23.9 m @ 1.8% CuEq)
and KM-23-114 (22.1 m @ 0.6% CuEq and
other intercepts).
KM-24-148
- 8.5 m @ 3.4 g/t AuEq, including
3.1 m @ 5.5 g/t AuEq —or—
8.5 m @ 2.1% CuEq, including
3.1 m @ 3.4% CuEq.
- This hole confirmed good continuity of mineralization along the
southern edge of the deposit's upper portions.
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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 (%) (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.
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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."
The historic estimate at the Kay Deposit was reported by Exxon
Minerals in 1982. (Fellows, M.L., 1982, Kay Mine massive sulphide
deposit: Internal report prepared for Exxon Minerals Company)
*The Kay Mine 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 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, N.E., 1983, Phase 1 Drill Program and Evaluation of
Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld
Inc.)
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 Phoenix 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.
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, plans and anticipated costs with respect to the Phase 3
drill program, the potential existence and size of VMS deposits at
the Kay Mine Project, and the completion of the mineral resource
estimate in respect of 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
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1 SRK
Consulting (Canada) Inc., March 2022, Updated Metallurgical Review,
Kay Mine, Arizona. Report 3CA061.004
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www.arizonametalscorp.com
https://twitter.com/ArizonaCorp
SOURCE Arizona Metals Corp.