Drilling Confirms Continuity And Expansion Potential At Kay Deposit

TORONTO - Arizona Metals Corp. reported on the Kay Deposit in Arizona. Three new drill holes demonstrate the continuity and expansion potential of the deposit, particularly in extending mineralization toward surface. Hole KM-23-115 intersected 83.7 m at 3.6 g/t gold equivalent (AuEq), including 15.3 m at 6.3 g/t AuEq. This hole is in the core of the deposit, infilling a 50-m gap between holes KM-21-41 and KM-23-105, and demonstrating excellent continuity of grade and thickness in this region of the deposit. Hole KM-23-116 returned three separate mineralized intervals, including 21.9 m at 1.3% CuEq, which includes 1.4 m at 5.7% CuEq. Hole KM-23-114 intersected five separate mineralized intervals, including 22.1 m at 0.6% CuEq and 3.7 m at 1.2% CuEq.

Holes 116 and 114 are the result of recent efforts at the Kay Deposit to expand the deposit towards surface with shallow drilling, using a modified drill rig. These two holes extended mineralization 65 m and 55 m upward, respectively, significantly expanding the deposit toward the surface above the previously shallowest drilling.

Marc Pais, CEO, commented, "These new drill results from the Kay Deposit continue to point to its expansion potential, in this case adding 65 m to the drilled vertical extent of the deposit, which has now been drilled over more than 900 m vertically. Our specially modified drill rig will continue to test these shallower portions of the deposit along the more than 350 m of strike length defined to date, while we also expand mineralization with the second rig targeting northern and southern extensions of the Kay Deposit."

The next steps regarding the Western Target will be to complete and submit the exploration plan of operations (EPO). This will allow the Company to further develop roads and drill pads to test several high-priority targets at the Western Target and throughout the property. A recent property-wide sampling program consisting of approximately 1,900 samples is currently out for assay and will help in refining the EPO and targeting other high-value areas.

The Company currently has two drill rigs at the Kay Deposit focused on infill and expansion drilling estimated to be approximately 30,000 metres. The Company intends to announce the most robust maiden mineral resource estimate (MRE) possible, with the exact amount of drilling required to be determined based on continuing success in expanding the boundaries of the Kay Deposit. The Company plans to update the market with timing of the MRE as drilling progresses during 2024. With the completion of recent drill holes, Arizona Metals has drilled a total of 93,000 meters on the Kay Exploration Project.