Arizona Metals Reports Intersects From The Kay Mine Drilling

TORONTO – Arizona Metals Corp. reported that all four recently completed holes at its Kay Mine project in Yavapai County, Arizona, intersected massive sulphide mineralization, including 15.2 m of 6.7% CuEq in hole KM-20-13 and 6.8 m of 7.3 g/t AuEq in hole KM-20-10C.

In the South Zone, hole KM-20-13 intersected a broad interval of 43.1 m at a grade of 3.9% CuEq, including 15.2 m grading 6.7% CuEq, located at a vertical depth of 341 m. Branch hole KM-20-10B, located 50 m below KM-20-13, intersected 27.6 m grading 2.9% CuEq, including 3.5 m at a grade of 6.7% CuEq, 4.4 m of 5.3% CuEq, and 6.6 m at 4.8% CuEq. Branch hole KM-20-10C intersected an interval of 6.8 m at a grade of 7.3 g/t AuEq, including 4.3 m grading 10.1 g/t AuEq, as well as 0.8 m of 27.6 g/t AuEq. This hole is located at the edge of the southern boundary of the historic estimate by Exxon Mineral (1982), in a newly-defined gold-zinc-rich lens. It is located approximately 150 m up-dip from hole KM-20-09, which in March 2020 intersected 6.1 m at a grade of 7.8 g/t AuEq (including 4.4 m at 9.3 g/t AuEq as well as 1.1 m grading 16.0 g/t AuEq).

In the North Zone, hole KM-20-12 intersected an interval of 4.9 m at a grade of 4.8% CuEq, including 1.9 m grading 10.1% CuEq, from a vertical depth of 318 m. Approximately 5.8 m farther downhole from this massive sulphide intersection, hole KM-20-12 also intersected 25.9 m at a grade of 0.9% CuEq. Holes KM-20-14 and KM-20-15 have been completed and submitted to ALS Laboratories of Tucson for assaying. Holes KM-20-14A and KM-20-16 have been completed and are being sampled for submittal to ALS Laboratories.

Marc Pais, CEO, said, “Of the 20 holes drilled at the Kay Mine to date, 18 have intersected massive sulphide mineralization. Because previous operators reported significantly better widths and grades in the fold hinges, the initial focus of the Kay Mine Phase 1 drilling in both the North and South Zones has been to locate the fold hinges of the mineralized lenses. We have successfully done that, as shown by the thick intercept in hole KM-20-13 in the South Zone of 43.1 m grading 3.9% CuEq, including 15.2 m grading 6.7% CuEq.

In hole KM-20-12 in the North Zone, we encountered a broad intersection (25.9 m) of lower-grade mineralization (0.87% CuEq) just below 4.9 m of higher grade (4.8% CuEq) massive sulphide mineralization. We see this as an indication that we could be approaching a fold hinge in the North Zone as well.

Earlier this week we started a downhole electromagnetic testing program, in order to better define new targets for extension of the hinges. The geophysical results will be used in conjunction with today’s results, and the four holes currently at the lab, to plan new holes.

Now that we have located a hinge of significant thickness in the South Zone, we will begin planning a Phase 2 drill program to further define that hinge up- and down-plunge. Branch hole KM-20-10C has extended the gold-rich zinc lens, located outside of Exxon’s historic estimate, by 150 m up-dip from hole KM-20-09, which intersected similar grades and width. We see excellent potential to extend this zone both up-dip and down-dip, and also further to the south. Hole KM-20-15 is located 30 m south of KM-20-10C and was drilled to test the strike extension of the gold-rich zinc lens. This hole is currently at the lab being assayed.”

On July 6th, 2020, Arizona Metals commenced a Phase 1 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, Nevada, to undergo bottle-roll and column testing of gold recoveries by leaching of oxide material. Samples will also be sent to ALS Minerals in Reno, Nevada for gold assay, multi-element testing, and spectral analysis to determine trace-element levels and hydrothermal alteration variations.

The Phase 1 program, comprised of four drill holes, has been completed. The program was originally planned to total 1,300 m but was increased to 1,700 m. Two cored drill holes were extended to depths of approximately 550 m each 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. The holes are currently being logged and will be submitted to the lab for assay during the month of August.