Arizona Metals (TSX: AMC) (OTCQX: AZMCF) is a mineral exploration company focused on advancing precious and base metal deposits in the state of Arizona. The company’s flagship copper-gold-zinc-silver asset is the Kay Mine Project, located in Yavapai County, and Arizona Metals also owns the Sugarloaf Peak gold project in La Paz County. “The company in October 2022 received permit approval from the Bureau of Land Management (‘BLM’) for two new drill pads, located approximately 1,200 meters west of the Kay Mine Deposit. These new pads will allow for testing of the company’s Western Target, while also allowing for drilling of additional coincident anomalies located between the Central and Western Targets,” reads a recent article. “The company is fully funded, with $60 million in cash as of June 30, 2022, to complete the remaining 18,000 meters planned for the Phase 2 program at Kay, as well as an additional 76,000 meters in the Phase 3 program (budgeted at $27 million), which will be used to test the numerous parallel targets heading west of the Kay Deposit, as well as the northern and southern extensions of the Kay 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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