VANCOUVER - Arizona Metals Corp. [AMC-TSXV] on Monday announced the latest drilling results from its 100%-owned Kay Mine Volcanogenic Massive Sulphide (VMS) copper-gold project in Arizona.
Highlights include 25 metres of grade 2.7% copper equivalent, 49.2 metres at 2.4% CuEq, and 5.2 metres of CuEq. The company has also completed the first four holes at the Western Target area and assays are pending.
The company said it plans to complete all priority targets before finalizing a maiden resource estimate.
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 along strike and at depth.
"The high-grade copper and gold 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,'' said Arizona Metals CEO Marc Pais.
On June 23, 2023, Arizona Metals shares closed at $3.05 and are currently trading in a 52-week range of $5.13 and $2.99.
Arizona Metals is a well funded exploration company with 100% ownership in two projects in Arizona.
The Kay Mine is Arizona Metals' flagship asset. It is located in an area where mining activity dates back before 1900. Previous operators include Exxon Minerals which held the property from 1972-74.
As reported by Exxon Minerals in 1982, the property contains a historic resource of 5.8 million tons, grading 2.8 g/t gold, 2.2% copper, 3.03% zinc, 55 g/t silver. The bulk of the historic estimate defined by Exxon lies at a depth of 150 metres to 450 metres.
Arizona's Sugarloaf Peak Gold project is a near-surface open pit target located on 4,400 acres of BLM claims in La Paz County, Arizona, about 8.0 kilometres from the town of Quartzsite. It contains a historic resource of 1.5 million ounces grading 0.5 g/t gold to a depth of 70 metres
The historic estimates for the Kay Mine and Sugarloaf Peak Projects predate and are unclassified and not compliant with NI 43-101 guidelines. Significant data compilation, re-drilling, re-sampling and data verification by a qualified person may be required in order to bring those estimates into line with current NI 43-101 standards of disclosure so that the estimates can be classified as a bonafide resource.
With the completion of recent drill holes, Arizona Metals has drilled a total of 83,400 metres at the Kay property, and successfully completed its Phase 2 program of 75,000 metres. 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.