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Arizona Metals Corp
Symbol AMC
Shares Issued 64,045,925
Close 2020-07-14 C$ 0.70
Market Cap C$ 44,832,148
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Arizona Metals drills 10.7 m of 4.4% CuEq at Kay

2020-07-15 07:30 ET - News Release

Mr. Marc Pais reports

ARIZONA METALS CORP ANNOUNCES SOUTH ZONE BRANCH HOLE KM-20-10A INTERSECTS 10.7 M OF 4.4% CUEQ, AND NORTH ZONE HOLE KM-20-11 INTERSECTS 2.7 M OF 9.2% CUEQ

Drilling at both the North and South zones of Arizona Metals Corp.'s Kay mine project, located near Black Canyon City, Ariz., has intersected massive sulphide mineralization in two recently completed drill holes. Branch hole KM-20-10A intersected an interval of 10.7 metres at a grade of 4.4 per cent copper equivalent, including 1.5 m at a grade of 8.6 per cent CuEq, 3.1 m at a grade of 4.2 per cent CuEq, and 1.4 m at a grade of 12.2 per cent CuEq, from a vertical depth of 442 m.

In the North zone, hole KM-20-11 intersected an interval of 2.7 m at a grade of 9.2 per cent CuEq, from a vertical depth of 490 m.

Holes KM-20-10B, KM-20-10C, KM-20-12 and KM-20-13 have been completed and submitted to ALS Laboratories of Tucson, Ariz., for assaying. Holes KM-20-14 and KM-20-15 in the South zone are currently under way.

Kay mine downhole electromagnetic survey

Arizona Metals has engaged Zonge International of Tucson, Ariz., to complete a downhole electromagnetic survey of at least six Kay mine drill holes, including KM-20-10C, KM-20-11, KM-20-12, KM-20-13, KM-20-10-14 and KM-20-15. This geophysical survey is intended to identify the extensions of underground massive sulphide mineralization and is expected to commence on the completion of hole KM-20-15 (currently under way). The combined results of the drill hole assays and the downhole surveys will be used to design a phase 2 drill program at the Kay mine.

COVID-19 monitoring and mitigation procedures

The company's drill contractor, Boart Longyear, has instituted COVID-19 monitoring procedures for all drill crew members, including daily temperature and symptom checks. Arizona Metals will be provided with daily health tracking updates for the drill crews and has also instituted its own social distancing policies and provided a guidance manual for employees at site.

Summary of North zone drill results (for detail, see April 15, 2020, press release)

Holes KM-20-01 through KM-20-06 all intersected massive sulphide mineralization. Hole KM-20-07 did not intersect significant mineralization and is believed to have passed between the North and South zones. Arizona Metals' drilling tested a vertical extent of approximately 50 m in the North zone, to a vertical depth between 120 and 170 m. Historic underground exploration by Exxon Minerals reported mineralization at depths in the North zone of up to 300 m below recent drilling by Arizona Metals.

Highlights of the first eight holes in the North zone include:

  • KM-20-03: 2.7 m grading 5.41 per cent CuEq (including 0.9 m of 10.32 per cent CuEq), from a depth of 120 m;
  • KM-20-03A: 4.6 m grading 6.85 per cent CuEq (including 0.8 m of 18.19 per cent CuEq) from a depth of 122 m;
  • KM-20-05: 2.4 m grading 9.19 per cent CuEq (including 1.2 m of 13.89 per cent CuEq) from a depth of 150 m;
  • KM-20-06: 13.5 m grading 2.92 per cent CuEq (including 4.9 m of 4.54 per cent CuEq) from a depth of 158 m;
  • KM-20-11: 2.7 m grading 9.23 per cent CuEq from a depth of 490 m.

               RESULTS OF INITIAL DRILL PROGRAM AT KAY MINE NORTH ZONE, YAVAPAI COUNTY, ARIZONA

                 From      To    Vertical depth   Length     CuEq       Au       Ag       Cu       Pb       Zn
Hole ID             m       m   below surface m        m (1)    % (2)  g/t      g/t        %        %        %

KM-20-01        275.8   281.5               156      5.6     1.70     0.48     11.6     0.57     0.18     1.20
including       275.8   276.5                        0.6     4.23     1.22     32.0     0.50     0.73     5.04
and             279.8   281.5                        1.6     3.10     0.98     22.6     1.21     0.23     1.49
KM-20-02        297.8   300.8               172      3.0     1.01     0.20      1.4     0.77     0.01     0.04
KM-20-03        256.3   259.1               120      2.7     5.41     1.01     69.6     3.40     0.09     0.65
including       256.3   257.3                        0.9    10.32     1.79     56.0     7.42     0.17     1.11
KM-20-03        292.2   292.6               152      0.5     2.72     0.19      2.0     2.43     0.04     0.15
KM-20-03        295.8   296.3               154      0.5     2.61     0.80      6.0     1.35     0.06     0.91
KM-20-03A       252.4   256.9               122      4.6     6.85     2.55     35.6     3.70     0.03     0.27
including       252.4   253.1                        0.8    18.19     6.34    164.0     9.74     0.11     0.40
KM-20-05        266.6   269.0               150      2.4     9.19     1.94     43.3     6.47     0.14     0.57
including       266.6   267.8                        1.2    13.89     2.21     50.0    10.60     0.26     1.05
KM-20-06        267.9   281.5               158     13.5     2.92     0.85     45.6     1.02     0.30     1.23
including       267.9   268.4                        0.5     6.73     2.20     31.0     1.54     0.81     6.10
and             276.6   281.5                        4.9     4.54     0.87     92.1     1.86     0.42     1.96
and             280.0   281.0                        1.1     7.82     1.03    340.0     3.22     0.04     0.64
KM-20-11        554.1   556.9               490      2.7     9.23     2.83     70.0     4.14     0.28     3.56

(1) True widths of the reported mineral intervals have not been determined; additional drilling is required.

(2) Assumptions used in U.S. dollars for the copper equivalent calculation were metal prices of $2.28/lb copper, 
    $1,650/oz gold, $15/oz silver, 86 cents/lb zinc, 77 cents/lb Pb and recovery is assumed to be 100 per cent 
    as no metallurgical test data are available. The following equation was used to calculate copper equivalence: 
    CuEq is equal to copper (per cent) plus (gold (g/t) multiplied by 1.06) plus (silver (g/t) multiplied by 
    0.0096) plus (zinc (per cent) multiplied by 0.3772) plus (lead (per cent) multiplied by 0.3377).

Summary of South zone drill results (for detail, see April 28, 2020, press release)

Prior to the temporary suspension of the phase 1 drill program due to the COVID-19 pandemic, a single hole was drilled into the South zone and intersected gold-zinc massive sulphide mineralization at a vertical depth of 575 m, with the following highlighted interval:

  • KM-20-09: 6.1 m grading 7.8 g/t AuEq, including 4.4 m grading 9.3 g/t AuEq, and also including 1.1 m grading 16.0 g/t AuEq (see "Results of initial drill program at Kay mine north zone, Yavapai county, Arizona" table).
  • KM-20-10A: 10.7 m grading 4.4 per cent CuEq, including 1.5 m grading 8.6 per cent CuEq, 3.1 m grading 4.2 per cent CuEq, and 1.4 m grading 12.2 per cent CuEq.

                   RESULTS OF INITIAL DRILL PROGRAM AT KAY MINE SOUTH ZONE, YAVAPAI COUNTY, ARIZONA

               From      To     Vertical depth   Length     CuEq     AuEq       Au       Ag       Cu       Pb       Zn
Hole ID           m       m    below surface m        m (1)    % (2)  g/t (3)  g/t      g/t        %        %        %

KM-20-09      588.1   588.4                         0.3              3.52     1.74     15.0     0.91     0.40     1.86
KM-20-09      613.4   614.1                         0.7              3.15     1.81     10.0     0.90     0.08     1.04
KM-20-09      614.6   614.9                         0.3              3.41     0.36     19.0     2.64     0.10     0.98
KM-20-09      632.8   638.9                575      6.1              7.80     4.18     41.7     0.12     0.82     8.02
including     633.6   637.9                         4.4              9.29     5.46     33.1     0.15     0.50     9.06
and           636.9   637.9                         1.1             16.03     9.77     68.0     0.17     0.78    14.65
KM-20-10      563.6   568.5                490      4.9     6.24              2.16     24.9     2.39     0.31     3.27
including     563.6   566.6                         3.0     7.78              2.42     28.2     3.66     0.32     3.16
and           567.2   568.5                         1.2     5.33              2.52     28.4     0.33     0.43     5.10
KM-20-10      574.2   574.9              498.0      0.6    10.09              4.33    113.0     0.12     0.16    11.30
KM-20-10      577.7   579.3              500.0      1.6     3.09              0.70     45.9     0.03     0.68     4.38
KM-20-10      582.3   583.1              502.0      0.8     2.42              0.42     51.0     0.03     1.07     2.90
KM-20-10A     521.2   522.5                437      1.3      7.1              1.27     51.1     2.13     0.91     7.46
KM-20-10A     527.9   538.6                442     10.7      4.4              1.66     27.2     1.32     0.30     2.58
including     527.9   529.4                         1.5      8.6              0.92     30.2     6.69     0.07     1.62
and           532.2   535.3                         3.1      4.2              1.75     34.3     0.72     0.42     2.99
and           537.2   538.6                         1.4     12.2              7.29     79.2     0.16     0.60     9.06

(1) True widths of the reported mineral intervals have not been determined; additional drilling is required.

(2) Assumptions used in U.S. dollars for the gold equivalent calculations were metal prices of $2.28/lb copper,
    $1,650/oz gold, $15/oz silver, 86 cents/lb zinc, 77 cents/lb Pb and recovery is assumed to be 100 per cent 
    as no metallurgical test data are available. The following equation was used to calculate gold equivalence: 
    AuEq is equal to gold (g/t) plus (copper (per cent) multiplied by 94.72) plus (silver (g/t) multiplied by 
    0.009) plus (zinc (per cent) multiplied by 35.73) plus (lead (per cent) multiplied by 31.99).

(3) Assumptions used in U.S. dollars for the copper equivalent calculations were metal prices of $2.28/lb copper, 
    $1,650/oz gold, $16/oz silver, 86 cents/lb zinc, 77 cents/lb Pb and recovery is assumed to be 100 per cent as no 
    metallurgical test data are available. The following equation was used to calculate copper equivalence: CuEq is 
    equal to copper (per cent) plus (gold (g/t) multiplied by 1.06) plus (silver (g/t) multiplied by 0.0096) plus (zinc
    (per cent) multiplied by 0.3772) plus (lead (per cent) multiplied by 0.3377).

Sugarloaf Peak project update

On July 6, 2020, Arizona Metals commenced a 1,300 m drill program at its Sugarloaf Peak project in La Paz county, Arizona. Drill core from this program will be sent to Kappes Cassiday and Associates of Reno, Nev., to undergo bottle roll and column testing of gold recoveries by leaching of oxide material.

Two cored drill holes will also be extended to a depth of 500 m to test a large geophysical target that the company believes has the potential to host a higher grade feeder zone, that could be the source of the disseminated oxide mineralization identified by previous operators.

About Arizona Metals Corp.

Arizona Metals owns 100 per cent of the Kay mine property in Yavapai county, which is located on a combination of patented and BLM claims totalling 1,300 acres that are not subject to any royalties. A 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 per cent copper, 2.8 g/t gold, 3.03 per cent zinc and 55 g/t silver." The historic estimate at the Kay mine was reported by Exxon Minerals in 1982. The historic estimate has not been verified as a current mineral resource.

(1) 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, redrilling 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.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG.

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, Ariz. Drill core was diamond sawn on site and half drill-core samples were securely transported to ALS Laboratories' sample preparation facility in Tucson, Ariz. 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). Overlimit samples for Ag, Cu and Zn were determined by ore-grade analyses 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's 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.

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