Arizona Metals (TSX: AMC) (OTCQX: AZMCF) has two projects, Kay Mine and Sugarloaf Peak, which are both located in prolific mining districts and have substantial historic resources that the company is aiming to bring current and expand upon. “Kay Mine is the flagship project in Yavapai County, covering 1,300 acres on a combination of patented and Bureau of Land Management (‘BLM’) claims. The project is 100% owned by Arizona Metals, not subject to any royalties, and is surrounded by 60 past-producing underground VMS (Volcanogenic Massive Sulphide) copper-gold-zinc-silver mines. VMS deposits are known to be rich in metals and often found in clusters… Arizona Metal’s Kay Mine Deposit is unique in that it is a gold-rich VMS deposit; there are very few of these left in the world that are not currently in production or owned by major producers,” a recent article explains. “In a Phase 1 drill program, Arizona Metals spent CA$25 million drilling 72,000 meters across 2-1/2 years to better understand the Kay Mine deposit. The drilling returned a spate of positive data…. The exploration work has shown Kay Mine to be a steeply dipping VMS deposit defined from a depth of 60 meters to at least 900 meters. Mineralization remains open for expansion on strike and at depth. Particularly compelling is the fact that drilling to date has only explored about 3% of the prospective mineral horizon. That is about to change, as Arizona Metals has now received permit approval from the Arizona BLM for two new drill pads, located approximately 1,200 meters west of the Kay Mine deposit.”
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About Arizona Metals Corp.
Arizona Metals Corp owns 100% of the Kay Mine Property in Yavapai County, which is located on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any royalties. An 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% copper, 2.8 g/t gold, 3.03% zinc, and 55 g/t silver.” The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on strike and at depth. The company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of “100 million tons containing 1.5 million ounces gold” at a grade of 0.5 g/t (Dausinger, 1983, Westworld Resources).The historic estimate at the Sugarloaf Peak Property was reported by Westworld Resources in 1983. The historic estimates for the Kay Mine and Sugarloaf Peak properties have not been verified as current mineral resources. None of the key assumptions, parameters and methods used to prepare the historic estimates were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a “qualified person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) before the historic estimates can be verified and upgraded to current mineral resources. A qualified person has not done sufficient work to classify these as current mineral resources, and Arizona Metals is not treating the historic estimates as current mineral resources.
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