Arizona Metals Intercepts Gold-Zinc-Rich Sulphide Mineralization at its Kay

Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce the first drill assay results from the Western Target at its Kay Mine Project in Arizona.

Drill hole KM-23-113 intersected 3.0 m grading 3.0 g/t Au, 1.3% Zn, and 17 g/t Ag (3.2 g/t AuEq, after recoveries), including 0.9 m at 9.2 g/t Au, 3.4% Zn, and 45 g/t Ag (9.4 g/t AuEq, after recoveries). This drill hole represents the northernmost intercept of a consistent mineralized horizon encountered over a strike length of 735 m on the Western Target (Figure 1). This horizon was intersected in all eight Western Target drill holes. The mineralized horizon exhibits sulphide minerals (pyrite, pyrrhotite, sphalerite, and chalcopyrite) and broad zones of highly anomalous gold, copper, and zinc, accompanied by sodium depletion, a key indicator of hydrothermal activity in volcanogenic massive sulphide (VMS) systems. The drill intercept in KM-23-113 lies at a depth of 620 metres below surface outcrop assays showing multiple percent copper, running over 385 m of strike length along the mineralized horizon (Figure 1, 2). Mineralization appears to be strengthening to the north, where surface exposures of coherent rhyolite indicate a volcanic center and possible locations of massive sulphide mineralization.

Marc Pais, CEO, commented,“We are very encouraged by these preliminary results on the Western Target, indicating an extensive mineralized horizon that shows strong improvement to the north, in agreement with surface assays in this area. An Exploration Plan of Operations is currently being prepared, which will allow us to build additional drill pads to test northward extensions of the Western Target mineralized horizon.”

“In only the first eight holes in the Western Target, we have hit wide zones that include stringer to semi-massive sulphide mineralization, over widths that are indicative of a system with the potential to be similar or even larger than what we see at the Kay Mine Deposit. Even more importantly, we have encountered high-grade, gold-rich sulphide mineralization, very similar to what we see in some of the best zones of the Kay Mine Deposit. The focus of upcoming drilling will be to vector further north, towards what surface sampling indicates is possibly closer to the heat source of the system, where we might expect to find greater widths as well as increasing copper content in mineralization.”

Assays are pending from the eighth hole in the Western Target, KM-23-118. This hole intersected the Western Target mineralized horizon, which returned highly anomalous values in onsite portable XRF readings. One additional hole, drilled from pad W1 east toward the Central Target, encountered no significant assays.

With the completion of recent drill holes, Arizona Metals has drilled a total of 93,000 meters on the Kay property. The Company is fully funded (with $43 million in cash as of June 30, 2023) to complete the remaining 66,000 m of the 76,000-meter Phase 3 drill program (budgeted at $27.7 million).

Figure 1. Plan map of the Western Target showing drill intersections and surface assays of the Western Target mineralized horizon over a strike length of approximately 735 m. (CNW Group/Arizona Metals Corp.)

Figure 2. Cross section looking northeast showing mineralization in drill hole KM-23-113.

Table 1. Results of Phase 3 Drill Program at the Kay Mine 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 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 to date of Phase 2 and 3 Drill Program at the Kay Mine Deposit, Yavapai County, Arizona.
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