Arizona Metals Corp's Kay Mine Drilling Intersects 39.0 m at 4.2 g/t AuEq (incl. 7.2 m at 6.0 g/t AuEq and 9.8m at 6.1 g/t AuEq) and 7.9 m at 4.0% CuEq
marketscreener.com
10/12/2022 | 10:07am EDT
TORONTO - Arizona Metals Corp. (TSXV:AMC, OTCQX:AZMCF) (the 'Company' or 'Arizona Metals') is pleased to announce the results of seven recently completed drill holes at its Kay Mine project in Yavapai, County Arizona.
Drilling Highlights
Hole KM-21-74 intersected 39.0 m at a grade of 4.2 g/t AuEq, from a depth of 649 m downhole, including higher-grade intervals of 7.2 m grading 6.0 g/t AuEq and 9.8 m grading 6.1 g/t AuEq. This hole demonstrates excellent continuity of mineralization in the 80 m gap between holes 25 (78.6 m grading 5.9 g/t AuEq) and 25B.
KM-21-79 intersected 7.9 m grading 4.0% CuEq from 682 m. This is a step-out hole to the south, which extended mineralization about 60 m south of hole KM-21-25B along the southern edge of the deposit. Mineralization is open to the south in this area.
Marc Pais, CEO, commented 'Drilling at the Kay Mine Project continues to intersect very large widths and high grades of massive sulphide mineralization. The holes released today demonstrate excellent continuity of mineralization in all directions, while also showing that mineralization is substantially thicker than suggested by our original modelling. Drilling has extended mineralization well into both the hanging-wall and foot-wall envelopes, which gives the potential to define a significant tonnage of mineralization. The large widths and high grades being encountered at Kay are extremely rare in the context of VMS deposits either in production or being explored globally.
We have drilled approximately 70,000 meters at Kay to date, with each hole solidifying our opinion that this is one of the very few large precious-metals rich VMS deposits not yet mined, and more importantly, is potentially part of a much larger mineralized system that has yet to be explored.
Road construction is well underway to reach drill locations that will test the Central Target, located 300 m west of the Kay Mine Deposit. Drilling at pads C1 and C2 is expected to commence in November 2022, and will comprise part of the planned 76,000 metre Phase 3 program. Permitting is also in progress for pads W1 and W2 to test the Western Target, also part of the Phase 3 program.
The Company is fast approaching an inflection point in our drilling strategy. Over the last two years we have focused on expanding the Kay Mine Deposit, which covers only 320 m of strike. This represents only 3% of the 11,000 m of prospectively mineralized geological contact horizon defined by extensive surface mapping, soil geochemistry, airborne and ground electromagnetic surveys, and gravity surveys. Completion of the Central Target drill road and pads, with drilling anticipated to commence in November, will mark a shift in focus from expanding Kay, to also aggressively drill-testing our claims to the west to discover new VMS deposits. The Phase 3 program will entail 76,000 m of drilling at an anticipated cost of $27 million. Work will continue at the Kay Mine Deposit to define a resource, in conjunction with associated hydrological, rock geochemistry, metallurgical, and specific gravity studies, but we anticipate that over the next 18 months approximately 90% of our budget will go towards exploration south, north, and west of the Kay Mine Deposit.
Kay Mine Phase 2 Drill Program Update
With the assayed holes released today, the Company has completed a total of 70,000 meters at the Kay Mine since inception of drilling. The Company is fully-funded to complete the remaining 19,000 meters planned for the Phase 2 program with the priority focus areas for upcoming drilling (shown in Figure 1 above) as well as an additional 76,000 meters in the upcoming Phase 3 program (Figures 3 and 4 below).
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.' (Fellows, M.L., 1982, Kay Mine massive sulfide deposit: Internal report prepared for Exxon Minerals Company, November 1982, 29 p.) 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. 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, 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 estimate can be verified and upgraded to be 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 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 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, re-drilling 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.
Contact:
Marc Pais
President & CEO
T: 416.565.7689
E: mpais@arizonametalscorp.com |
