Arizona Metals Corp’s Kay Mine Drilling Intersects 68.4 m at 6.7 g/t AuEq; 84.4 m at 5.3 g/t AuEq; and 72.5 m at 2.5% CuEq

Mar 23rd, 2022 5:00 EST

TORONTO–(BUSINESS WIRE)–Arizona Metals Corp. (TSX.V:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce the results of six recently completed drill holes at its Kay Mine project in Yavapai, County Arizona. An additional 20 holes are pending, with three drill rigs turning 24 hours per day.

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.

Hole 51B showed the deepest mineralization assayed to date, at a vertical depth of 900 meters. Drilling is currently underway to test for depth extensions to at least 1,100 meters, while also testing for lateral extensions of the thick hinge zone. The twenty holes pending all encountered semi-massive or massive sulphide mineralization, and those intersections are guiding the drilling currently underway.

We have drilled approximately 45,000 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. To that end, we recently completed a property-wide ground-loop electromagnetic survey, which will serve to refine and improve the resolution of the Central and Western targets, located approximately 300 meters and 1,000 meters west of Kay, respectively. Drill pad and road permitting is currently underway for these targets, with a detailed update expected in the next few weeks.

Drilling Highlights

  • Hole KM-21-58 intersected 68.4 m at a grade of 6.7 g/t AuEq, including higher-grade intervals of 7.3 m grading 10.1 g/t AuEq and 10.5 m grading 21.1 g/t AuEq, from a depth of 614 m. This hole is in the central portion of the deposit, and demonstrates excellent continuity of mineralization between holes 26, 28, 25A, and 40.
  • Hole KM-21-58A intersected 72.5 m at a grade of 2.5% CuEq, including higher grade intervals of 7.6 m grading 3.0% CuEq, 11.0 m grading 4.3% CuEq, and 8.3 m grading 4.2% CuEq, from a depth of 569 m. This hole is in the central portion of the deposit, and demonstrates continuity and extension of mineralization between holes 26, 28, 25A, and 40.
  • Hole KM-21-58B intersected 84.4 m at a grade of 5.3 g/t AuEq, including higher grade intervals of 11.3 m grading 10.3 g/t AuEq, and 17.4 m grading 11.2 g/t AuEq, from a depth of 597 m. This hole is in the central portion of the deposit, and demonstrates continuity of mineralization between holes 26, 28, 25A, and 40.
  • Hole KM-21-51B intersected 9.8 m at a grade of 2.8% CuEq, including a higher grade interval of 0.9 m grading 8.0% CuEq, from a depth of 861m. At 10.6 m farther down-hole, this hole also intersected 9.8 m grading 1.4% Cu, including 1.1 meters grading 6.1% CuEq. This is the deepest hole assayed to date, extending mineralization about 35 m north and 12 m downdip from hole 42C.
  • Hole KM21-57 intersected 7.8 m grading 3.9 g/t AuEq, including a higher grade interval of 0.9 m at a grade of 12.7 g/t AuEq, from a depth of 820 m. Thirty-five meters farther downhole, this hole intersected 15.5 m at a grade of 3.3% CuEq including a higher grade interval of 3.5 m grading 7.5% CuEq. This hole shows excellent continuity of high-grade mineralization between holes 27A and 42A.

Kay Mine Phase 2 Drill Program Update

With the assayed holes released today, the Company has completed a total of 45,000 meters at the Kay Mine since inception of drilling. The Company is fully-funded to complete the remaining 30,000 meters planned for the Phase 2 program, as well as an additional 76,000 meters in the upcoming Phase 3 program.

Table 1. Results of Phase 2 Drill Program at Kay Mine, Yavapai County, Arizona announced in this news release.

Analyzed Grade Analyzed Metal Equivalent Metal Equivalent (including assumed recoveries)

Hole ID

From m

To m

Length m

Cu %

Au g/t

Zn %

Ag g/t

Pb %

Cu eq %

Au eq g/t

Zn eq%

Cu eq %

Au eq g/t

Zn eq%

KM-21-51B

860.5

870.2

9.8

3.00

0.13

0.10

6.5

0.05

3.18

5.21

8.27

2.82

4.63

7.35

including

864.7

865.6

0.9

8.70

0.09

0.09

16.0

0.10

8.93

14.64

23.24

7.99

13.09

20.78

KM-21-51B

881.5

884.2

2.7

0.52

0.22

0.62

28.3

0.14

1.15

1.88

2.98

0.92

1.51

2.40

KM-21-51B

893.7

903.4

9.8

1.51

0.10

0.06

4.4

0.01

1.63

2.67

4.24

1.44

2.36

3.74

including

898.2

899.3

1.1

6.56

0.11

0.10

15.0

0.04

6.79

11.13

17.67

6.06

9.93

15.75

KM-21-56

434.6

435.9

1.2

1.53

0.39

0.13

19.0

0.01

1.97

3.23

5.12

1.66

2.72

4.31

KM-21-56

499.1

501.5

2.4

1.53

0.18

7.15

6.4

0.02

4.45

7.29

11.57

3.96

6.48

10.29

including

499.1

500.2

1.1

1.97

0.31

14.55

7.0

0.02

7.81

12.81

20.33

6.96

11.41

18.10

KM-21-56

524.0

525.0

1.1

0.97

0.12

0.07

5.0

0.03

1.12

1.83

2.91

0.97

1.59

2.53

KM-21-56

558.2

563.6

5.3

0.82

0.99

3.09

27.0

0.06

2.84

4.65

7.38

2.31

3.78

6.00

KM-21-56

577.0

578.2

1.2

0.02

1.66

0.47

5.0

0.02

1.26

2.06

3.27

0.81

1.34

2.12

KM-21-57

776.5

784.3

7.8

0.26

2.30

2.59

57.9

0.68

3.27

5.36

8.51

2.39

3.91

6.21

including

777.8

778.8

0.9

0.25

6.62

11.45

105.0

3.33

10.26

16.81

26.68

7.77

12.73

20.21

KM-21-57

819.9

835.5

15.5

1.29

2.17

2.58

90.9

0.27

4.39

7.19

11.41

3.33

5.47

8.67

including

824.0

827.5

3.5

3.69

4.67

3.81

228.5

0.29

9.88

16.19

25.69

7.49

12.28

19.48

KM-21-57

852.5

853.6

1.1

0.30

3.10

2.33

92.0

0.57

3.94

6.46

10.25

2.76

4.52

7.18

KM-21-57A

728.6

735.5

6.9

2.49

1.04

0.57

6.6

0.02

3.40

5.57

8.84

2.85

4.68

7.42

KM-21-57A

759.6

821.4

61.9

1.08

2.60

3.73

32.0

0.50

4.46

7.31

11.60

3.46

5.67

9.00

including

762.3

783.3

21.0

0.42

6.78

9.49

67.9

0.49

8.84

14.50

23.00

6.56

10.75

17.06

KM-21-58

577.0

586.4

9.4

0.43

1.28

2.48

41.3

0.47

2.59

4.25

6.74

2.00

3.28

5.20

KM-21-58

614.2

682.6

68.4

1.30

3.42

3.85

47.2

0.50

5.35

8.78

13.93

4.08

6.69

10.61

including

640.7

648.0

7.3

0.79

4.34

10.20

51.9

0.56

7.90

12.94

20.54

6.19

10.14

16.10

including

668.1

678.6

10.5

5.30

12.19

6.67

194.7

1.88

17.26

28.30

44.90

12.84

21.05

33.40

including

668.1

669.6

1.5

2.55

43.20

7.76

856.0

0.80

38.86

63.69

101.08

25.03

41.02

65.10

KM-21-58A

569.4

641.8

72.5

1.12

1.00

2.84

18.1

0.33

3.03

4.97

7.89

2.50

4.10

6.51

including

584.3

591.9

7.6

0.29

1.19

6.23

4.4

0.40

3.53

5.79

9.19

2.95

4.84

7.68

including

602.3

613.3

11.0

4.02

0.11

1.38

12.6

0.40

4.80

7.88

12.50

4.27

7.01

11.12

including

630.3

630.9

0.7

1.14

6.35

11.20

356.0

0.65

12.28

20.13

31.95

9.05

14.83

23.53

including

633.5

641.8

8.3

1.53

2.33

5.12

26.5

0.36

5.20

8.53

13.53

4.19

6.87

10.91

KM-21-58A

665.5

676.0

10.5

0.12

2.90

3.88

167.5

1.92

5.13

8.41

13.34

3.69

6.04

9.59

including

672.5

676.0

3.5

0.12

6.89

6.40

332.0

3.81

10.26

16.82

26.70

7.19

11.78

18.69

including

673.6

674.5

0.9

0.28

19.65

12.65

844.0

10.20

26.07

42.74

67.82

17.86

29.27

46.45

KM-21-58B

543.2

627.6

84.4

1.05

2.38

3.44

23.8

0.55

4.13

6.77

10.75

3.23

5.29

8.39

including

571.2

582.5

11.3

0.51

5.27

9.96

35.4

1.52

8.18

13.40

21.27

6.31

10.34

16.41

including

605.3

622.7

17.4

3.20

6.19

4.18

40.9

0.22

8.96

14.69

23.31

6.83

11.20

17.78

including

609.6

612.0

2.4

1.45

17.73

7.97

82.5

0.44

16.08

26.35

41.81

11.03

18.07

28.68

The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 80%. (2) Assumptions used in USD for the copper and gold Metal Equivalent calculations were metal prices of $4.63/lb Copper, $1937/oz Gold, $25/oz Silver, $1.78/lb Zinc, and $1.02/lb Pb. Assumed metal recoveries (rec.), based on a preliminary review of historic data by SRK and ProcessIQ1, were 90% for each of copper, zinc, and lead, and 60% for each of gold and silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) (90% rec.) + (Gold (g/t) x 0.61)(60% rec.) + (Silver (g/t) x 0.0079)(60% rec.) + (Zinc (%) x 0.3844)(90% rec.) +(Lead (%) x 0.2203)(90% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (g/t)(60% rec.) + (Copper (%) x 1.638)(90% rec.) + (Silver (g/t) x 0.01291)(60% rec.) + (Zinc (%) x 0.6299)(90% rec.) +(Lead (%) x 0.3609)(90% rec.). Analyzed Metal Equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.

Table 2. Full results of Phase 2 Drill Program at Kay Mine, Yavapai County, Arizona.

Analyzed Grade Analyzed Metal Equivalent Metal Equivalent (including assumed recoveries)

Hole ID

From m

To m

Length m

Cu %

Au g/t

Zn %

Ag g/t

Pb %

Cu eq %

Au eq g/t

Zn eq%

Cu eq %

Au eq g/t

Zn eq%

KM-21-17

429.5

449.9

20.4

1.81

1.10

1.20

21.2

0.17

3.14

5.15

8.18

2.58

4.22

6.70

including

429.5

434.0

4.6

4.61

1.73

1.91

29.1

0.24

6.68

10.96

17.39

5.63

9.23

14.64

including

432.7

434.0

1.4

0.52

6.81

8.29

40.0

1.10

8.41

13.79

21.89

6.23

10.22

16.21

KM-21-17

504.4

505.4

0.9

1.19

4.73

0.05

9.0

0.00

4.17

6.83

10.84

2.86

4.69

7.45

KM-21-18

404.3

429.8

25.5

0.35

0.86

1.71

15.8

0.23

1.71

2.80

4.44

1.34

2.20

3.49

including

408.6

410.6

2.0

0.50

2.22

7.25

64.4

0.82

5.33

8.74

13.87

4.24

6.95

11.03

including

424.9

427.3

2.4

1.60

2.59

3.16

18.0

0.52

4.66

7.64

12.12

3.68

6.02

9.56

KM-21-18A

391.4

423.8

32.5

1.09

0.62

1.25

17.7

0.15

2.13

3.48

5.53

1.76

2.88

4.57

including

393.3

395.8

2.4

9.57

2.83

2.72

40.9

0.28

12.73

20.87

33.12

10.84

17.78

28.21

KM-21-19

377.8

378.3

0.5

3.39

5.59

6.83

128.0

0.63

10.58

17.34

27.52

8.19

13.43

21.32

KM-21-20

442.7

443.6

0.9

2.56

0.52

3.52

18.5

0.14

4.40

7.22

11.45

3.82

6.26

9.94

KM-21-20

456.0

458.1

2.1

1.49

0.35

0.14

6.0

0.04

1.81

2.97

4.71

1.55

2.54

4.04

KM-21-21

452.6

495.5

42.8

0.80

0.78

1.52

15.1

0.15

2.01

3.29

5.22

1.63

2.67

4.24

including

488.7

493.5

4.8

0.26

2.50

6.13

27.6

0.54

4.48

7.34

11.65

3.51

5.75

9.12

KM-21-21A

422.0

431.4

9.4

1.17

0.57

2.25

8.6

0.36

2.53

4.15

6.58

2.15

3.53

5.60

KM-21-21A

439.1

502.1

63.0

0.45

1.28

3.14

58.8

0.77

3.08

5.04

8.00

2.39

3.92

6.23

including

465.0

481.9

16.9

0.52

2.45

4.05

80.9

0.99

4.43

7.26

11.53

3.35

5.49

8.71

KM-21-23

394.4

401.4

7.0

0.36

0.93

1.94

13.5

1.17

2.05

3.35

5.32

1.64

2.69

4.26

KM-21-23

438.6

459.2

20.6

0.17

1.18

1.93

27.8

0.37

1.94

3.17

5.03

1.46

2.39

3.80

KM-21-24

501.2

592.1

90.8

0.45

1.33

3.42

44.6

0.41

3.02

4.95

7.86

2.37

3.88

6.16

including

501.2

521.7

20.4

1.34

1.70

6.35

113.1

0.66

5.86

9.60

15.24

4.69

7.69

12.20

including

520.9

521.7

0.8

1.75

16.50

9.55

574.0

1.22

20.31

33.29

52.82

13.89

22.77

36.13

including

575.9

592.1

16.2

0.16

2.50

6.00

44.4

0.79

4.51

7.40

11.74

3.50

5.74

9.11

including

588.7

590.4

1.7

0.47

9.98

23.70

18.2

0.13

15.84

25.96

41.20

12.39

20.30

32.22

KM-21-25

662.6

741.3

78.6

1.41

2.33

2.79

43.4

0.35

4.33

7.10

11.26

3.37

5.52

8.76

including

663.2

672.7

9.4

8.06

1.84

1.31

92.3

0.15

10.45

17.13

27.18

8.85

14.50

23.01

including

693.0

703.9

11.0

0.68

6.28

10.40

99.7

1.17

9.56

15.66

24.86

7.21

11.82

18.77

KM-21-25A

654.7

719.9

65.2

1.04

1.94

2.15

18.9

0.18

3.25

5.32

8.44

2.52

4.13

6.56

including

655.5

662.8

7.3

3.66

2.09

1.85

30.2

0.21

5.93

9.73

15.44

4.89

8.01

12.71

including

710.8

716.9

6.1

2.72

7.95

3.73

37.4

0.31

9.37

15.36

24.38

6.89

11.29

17.92

KM-21-25B

647.2

648.9

1.7

0.13

0.58

2.41

62.1

0.64

2.04

3.35

5.31

1.58

2.60

4.12

KM-21-25B

655.6

659.9

4.3

0.93

0.91

0.91

25.3

0.19

2.07

3.40

5.40

1.64

2.69

4.27

KM-21-25B

666.0

667.8

1.8

0.60

0.72

2.98

33.5

0.43

2.55

4.18

6.63

2.08

3.41

5.42

KM-21-25B

673.3

674.7

1.4

0.08

2.10

2.39

23.0

0.33

2.53

4.15

6.58

1.84

3.01

4.78

KM-21-25B

681.2

682.6

1.4

0.09

1.54

2.98

11.0

0.35

2.34

3.83

6.08

1.80

2.95

4.67

KM-21-26

506.7

582.8

76.0

0.79

1.61

4.23

32.7

0.54

3.78

6.19

9.83

3.03

4.96

7.88

including

511.1

526.1

14.9

0.73

1.78

9.68

43.3

0.77

6.05

9.92

15.74

5.02

8.23

13.05

including

573.8

582.8

9.0

4.02

6.06

3.32

18.2

0.19

9.18

15.04

23.87

7.11

11.65

18.49

KM-21-27

706.8

738.2

31.4

1.58

0.16

0.69

9.0

0.06

2.03

3.33

5.28

1.77

2.91

4.62

KM-21-27

764.4

777.4

13.0

2.85

0.48

0.17

8.5

0.02

3.29

5.39

8.55

2.85

4.67

7.41

KM-21-27A

666.3

769.4

103.1

0.79

1.06

1.90

35.8

0.42

2.54

4.17

6.62

2.01

3.30

5.23

including

666.3

687.0

20.7

3.21

1.39

1.26

19.4

0.20

4.74

7.77

12.33

3.97

6.50

10.32

including

706.4

724.6

18.3

0.69

2.69

4.70

92.2

1.21

5.13

8.41

13.35

3.91

6.41

10.17

including

752.9

763.8

11.0

0.07

1.07

4.68

95.3

0.98

3.49

5.73

9.09

2.72

4.46

7.08

KM-21-27B

665.8

762.9

97.1

1.31

1.62

3.21

31.7

0.40

3.88

6.35

10.08

3.12

5.11

8.11

including

702.0

723.0

21.0

0.87

4.56

9.03

81.5

1.10

8.01

13.13

20.83

6.18

10.13

16.08

including

723.0

738.2

15.2

4.97

0.36

0.42

18.7

0.05

5.51

9.03

14.33

4.85

7.95

12.61

KM-21-28

640.7

694.9

54.3

1.87

2.85

5.03

29.4

0.70

5.93

9.72

15.43

4.75

7.78

12.34

including

660.2

671.6

11.4

0.54

4.29

9.30

32.2

1.17

7.24

11.87

18.84

5.66

9.27

14.71

including

681.1

689.0

7.9

4.39

9.47

10.34

93.1

2.41

15.42

25.27

40.10

11.92

19.54

31.00

including

690.4

692.6

2.2

16.06

0.82

0.06

55.8

0.01

17.02

27.90

44.28

15.04

24.65

39.12

KM-21-29

393.0

393.8

0.8

0.43

1.54

4.92

9.0

0.21

3.38

5.54

8.79

2.74

4.49

7.13

KM-21-30

264.9

267.9

3.0

1.18

0.02

0.01

1.5

0.00

1.21

1.98

3.15

1.08

1.77

2.81

KM-21-32

316.4

320.0

3.7

1.84

1.29

2.47

38.5

0.30

3.95

6.47

10.27

3.22

5.29

8.39

KM-21-32

342.9

345.9

3.0

0.67

0.52

2.70

13.0

0.15

2.16

3.54

5.62

1.82

2.98

4.73

KM-21-32

358.9

368.4

9.4

0.60

1.47

1.99

45.7

0.35

2.70

4.42

7.01

2.05

3.36

5.33

KM-21-33

171.3

172.5

1.2

3.79

0.45

0.21

63.0

0.17

4.69

7.68

12.19

3.99

6.53

10.37

KM-21-34

299.3

303.9

4.6

0.29

1.69

0.94

46.3

0.26

2.12

3.47

5.50

1.48

2.43

3.86

KM-21-34

309.7

310.9

1.2

2.27

0.56

1.55

19.9

0.08

3.38

5.54

8.80

2.89

4.74

7.53

KM-21-35

609.6

615.1

5.5

0.92

1.26

1.71

57.7

0.02

2.80

4.60

7.29

2.16

3.53

5.61

including

609.6

613.0

3.4

1.39

1.69

1.98

54.0

0.01

3.61

5.92

9.40

2.81

4.61

7.32

KM-21-38

406.5

407.8

1.4

0.60

1.08

9.41

4.0

0.25

4.96

8.13

12.90

4.26

6.98

11.07

KM-21-38

467.4

476.1

8.7

0.09

1.73

3.87

61.1

1.22

3.38

5.55

8.80

2.58

4.24

6.72

including

470.0

475.2

5.2

0.12

2.44

5.68

87.5

1.79

4.88

8.01

12.71

3.74

6.13

9.73

KM-21-40

589.8

613.8

24.0

4.98

0.61

0.98

23.4

0.45

6.01

9.86

15.65

5.25

8.60

13.64

including

589.8

597.9

8.1

7.63

0.43

0.39

27.1

0.17

8.30

13.60

21.58

7.32

12.00

19.05

KM-21-40

627.9

680.8

52.9

0.47

2.91

3.40

35.7

0.40

3.93

6.44

10.22

2.92

4.78

7.59

including

641.1

648.3

7.2

1.15

7.66

8.27

88.5

0.92

9.90

16.23

25.76

7.30

11.97

18.99

including

670.3

674.1

3.8

1.53

10.89

9.47

24.6

0.61

12.15

19.91

31.59

8.88

14.55

23.10

KM-21-41

462.6

559.3

96.7

1.04

1.54

2.66

40.8

0.35

3.41

5.59

8.86

2.69

4.41

6.99

including

503.2

514.2

11.0

0.99

5.34

8.17

106.3

1.63

8.59

14.08

22.35

6.50

10.65

16.91

including

546.7

558.1

11.4

5.86

5.83

3.24

185.4

0.04

12.14

19.90

31.58

9.42

15.44

24.49

including

553.1

556.9

3.8

7.11

9.55

5.70

505.8

0.09

19.16

31.41

49.84

14.29

23.43

37.18

KM-21-42

803.5

810.3

6.9

0.05

1.60

1.58

64.3

0.35

2.22

3.64

5.78

1.55

2.55

4.04

KM-21-42

835.5

839.7

4.3

0.63

2.46

2.15

21.7

0.21

3.18

5.20

8.26

2.36

3.86

6.13

KM-21-42

853.7

854.7

0.9

0.11

1.63

2.88

28.0

0.40

2.52

4.13

6.55

1.90

3.12

4.95

KM-21-42A

786.7

787.6

0.9

0.03

3.61

2.18

17.0

0.70

3.36

5.51

8.74

2.32

3.81

6.04

KM-21-42A

805.4

811.1

5.6

6.17

0.92

0.18

39.5

0.01

7.12

11.68

18.53

6.15

10.08

15.99

including

807.0

808.9

2.0

10.72

0.87

0.11

61.8

0.00

11.79

19.32

30.66

10.30

16.89

26.80

KM-21-42A

840.9

877.2

36.3

0.55

0.62

1.35

10.7

0.13

1.56

2.56

4.06

1.27

2.08

3.30

KM-21-42B

808.0

811.2

3.2

0.29

2.06

5.77

63.0

0.94

4.47

7.33

11.63

3.50

5.73

9.10

KM-21-42B

816.9

819.9

3.0

2.31

0.66

1.23

16.0

0.15

3.35

5.49

8.71

2.85

4.68

7.42

KM-21-42B

835.5

840.8

5.3

0.02

0.73

2.93

13.5

0.24

1.75

2.87

4.56

1.41

2.31

3.67

KM-21-42C

849.2

877.4

28.2

3.81

0.47

0.29

12.5

0.09

4.32

7.08

11.24

3.77

6.19

9.82

including

849.2

854.7

5.5

14.57

0.66

0.16

37.5

0.03

15.34

25.14

39.89

13.59

22.28

35.36

including

863.8

869.4

5.6

2.29

1.17

0.59

13.1

0.25

3.39

5.55

8.81

2.80

4.59

7.29

including

874.8

877.4

2.6

2.83

0.26

0.03

7.2

0.01

3.06

5.02

7.96

2.69

4.41

7.00

KM-21-42C

886.1

889.1

3.0

0.87

0.88

0.50

5.2

0.05

1.65

2.71

4.30

1.31

2.15

3.42

KM-21-43

583.7

607.1

23.4

0.39

0.25

3.68

3.1

0.02

1.98

3.25

5.15

1.73

2.84

4.50

including

598.9

599.8

0.9

0.50

0.18

11.30

3.0

0.03

4.99

8.17

12.97

4.45

7.29

11.57

KM-21-43

616.0

633.1

17.1

1.81

0.17

0.14

8.2

0.03

2.04

3.34

5.31

1.79

2.93

4.65

including

631.2

633.1

1.8

6.30

0.61

0.09

25.0

0.01

6.91

11.32

17.97

6.05

9.91

15.73

KM-21-44

353.4

377.3

23.9

0.34

0.97

2.52

18.3

0.33

2.12

3.47

5.50

1.68

2.76

4.38

including

354.0

356.6

2.6

0.23

2.14

7.97

38.9

0.68

5.06

8.29

13.15

4.07

6.67

10.58

KM-21-45

459.6

463.0

3.4

0.32

0.62

6.63

82.3

0.87

4.10

6.71

10.65

3.38

5.53

8.78

including

461.2

462.1

0.9

0.15

1.23

16.90

182.0

2.50

9.39

15.38

24.41

7.79

12.77

20.26

KM-21-46

350.4

362.9

12.4

0.66

2.61

3.69

40.6

0.39

4.08

6.69

10.61

3.10

5.08

8.06

including

350.4

353.3

2.8

0.77

5.19

6.83

107.0

0.72

7.58

12.42

19.70

5.61

9.20

14.60

KM-21-47

433.9

435.9

2.0

0.16

1.88

9.28

138.7

2.17

6.46

10.58

16.79

5.14

8.42

13.36

KM-21-48

605.2

610.7

5.5

3.54

0.45

0.19

12.7

0.05

4.00

6.55

10.40

3.49

5.71

9.07

KM-21-48

630.3

634.6

4.3

1.11

0.34

0.69

12.7

0.11

1.71

2.80

4.45

1.45

2.37

3.77

KM-21-48

685.5

696.8

11.3

0.98

0.05

0.06

4.2

0.02

1.07

1.75

2.77

0.94

1.54

2.45

KM-21-48

715.1

718.4

3.4

2.08

0.04

0.03

4.3

0.01

2.15

3.52

5.59

1.92

3.14

4.98

KM-21-48

723.0

724.5

1.5

1.54

0.07

0.06

4.0

0.02

1.64

2.68

4.26

1.45

2.38

3.78

KM-21-48

735.5

743.6

8.1

0.34

0.60

1.52

9.2

0.07

1.38

2.26

3.59

1.11

1.82

2.89

The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 80%. (2) Assumptions used in USD for the copper and gold Metal Equivalent calculations were metal prices of $4.63/lb Copper, $1937/oz Gold, $25/oz Silver, $1.78/lb Zinc, and $1.02/lb Pb. Assumed metal recoveries (rec.), based on a preliminary review of historic data by SRK and ProcessIQ2, were 90% for each of copper, zinc, and lead, and 60% for each of gold and silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) (90% rec.) + (Gold (g/t) x 0.61)(60% rec.) + (Silver (g/t) x 0.0079)(60% rec.) + (Zinc (%) x 0.3844)(90% rec.) +(Lead (%) x 0.2203)(90% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (g/t)(60% rec.) + (Copper (%) x 1.638)(90% rec.) + (Silver (g/t) x 0.01291)(60% rec.) + (Zinc (%) x 0.6299)(90% rec.) +(Lead (%) x 0.3609)(90% rec.). Analyzed Metal Equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.

Table 2 Continued. Full results of Phase 2 Drill Program at Kay Mine, Yavapai County, Arizona. The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 80%.

Analyzed Grade Analyzed Metal Equivalent Metal Equivalent (including assumed recoveries)

Hole ID

From m

To m

Length m

Cu %

Au g/t

Zn %

Ag g/t

Pb %

Cu eq %

Au eq g/t

Zn eq%

Cu eq %

Au eq g/t

Zn eq%

KM-21-48A

538.0

539.5

1.5

0.31

1.17

2.79

29.0

0.52

2.44

4.01

6.36

1.92

3.14

4.99

KM-21-48A

687.9

696.9

9.0

1.64

0.36

0.79

7.9

0.01

2.23

3.66

5.80

1.92

3.15

5.00

including

687.9

688.8

0.9

0.15

1.53

5.35

5.0

0.01

3.18

5.21

8.27

2.57

4.21

6.68

including

694.9

696.0

1.1

8.36

0.80

0.10

40.0

0.03

9.21

15.10

23.96

8.05

13.19

20.93

KM-21-50

489.5

501.9

12.3

0.98

2.30

6.36

111.9

1.24

5.99

9.81

15.57

4.70

7.70

12.22

including

489.5

493.0

3.4

2.64

3.59

9.49

207.7

1.65

10.49

17.20

27.30

8.29

13.59

21.57

KM-21-50

509.0

562.1

53.1

0.44

0.84

1.28

35.8

0.27

1.79

2.93

4.65

1.37

2.24

3.56

including

538.1

545.6

7.5

0.28

1.94

2.62

112.8

0.82

3.55

5.81

9.23

2.57

4.21

6.68

KM-21-51B

860.5

870.2

9.8

3.00

0.13

0.10

6.5

0.05

3.18

5.21

8.27

2.82

4.63

7.35

including

864.7

865.6

0.9

8.70

0.09

0.09

16.0

0.10

8.93

14.64

23.24

7.99

13.09

20.78

KM-21-51B

881.5

884.2

2.7

0.52

0.22

0.62

28.3

0.14

1.15

1.88

2.98

0.92

1.51

2.40

KM-21-51B

893.7

903.4

9.8

1.51

0.10

0.06

4.4

0.01

1.63

2.67

4.24

1.44

2.36

3.74

including

898.2

899.3

1.1

6.56

0.11

0.10

15.0

0.04

6.79

11.13

17.67

6.06

9.93

15.75

KM-21-52

751.5

758.2

6.7

1.18

0.66

0.98

18.2

0.14

2.14

3.50

5.56

1.76

2.88

4.58

KM-21-52

787.5

789.6

2.1

0.04

1.27

1.68

28.5

0.22

1.73

2.84

4.50

1.26

2.06

3.27

KM-21-52A

763.7

793.1

29.4

0.25

1.12

1.36

51.6

0.47

1.97

3.22

5.11

1.44

2.36

3.75

including

763.7

764.9

1.2

0.38

3.01

8.69

132.0

1.68

6.97

11.43

18.13

5.41

8.87

14.07

including

771.8

774.5

2.7

1.39

2.46

4.59

116.4

1.82

5.98

9.81

15.56

4.66

7.63

12.12

including

781.5

787.6

6.1

0.31

2.63

1.64

119.5

0.65

3.64

5.97

9.47

2.51

4.12

6.53

KM-21-52A

801.3

802.5

1.2

0.42

0.90

1.29

82.0

0.17

2.15

3.52

5.59

1.57

2.58

4.09

KM-21-52A

818.8

820.2

1.4

0.39

1.62

1.29

188.0

0.36

3.45

5.65

8.96

2.36

3.86

6.13

KM-21-52A

831.2

852.4

21.2

0.05

0.91

0.80

27.2

0.29

1.19

1.95

3.10

0.84

1.38

2.19

including

837.0

841.6

4.6

0.03

2.16

1.34

69.0

0.79

2.59

4.24

6.73

1.77

2.90

4.60

KM-21-55

302.7

308.5

5.8

0.66

0.44

0.53

15.8

0.10

1.28

2.10

3.33

1.03

1.70

2.69

KM-21-56

434.6

435.9

1.2

1.53

0.39

0.13

19.0

0.01

1.97

3.23

5.12

1.66

2.72

4.31

KM-21-56

499.1

501.5

2.4

1.53

0.18

7.15

6.4

0.02

4.45

7.29

11.57

3.96

6.48

10.29

including

499.1

500.2

1.1

1.97

0.31

14.55

7.0

0.02

7.81

12.81

20.33

6.96

11.41

18.10

KM-21-56

524.0

525.0

1.1

0.97

0.12

0.07

5.0

0.03

1.12

1.83

2.91

0.97

1.59

2.53

KM-21-56

558.2

563.6

5.3

0.82

0.99

3.09

27.0

0.06

2.84

4.65

7.38

2.31

3.78

6.00

KM-21-56

577.0

578.2

1.2

0.02

1.66

0.47

5.0

0.02

1.26

2.06

3.27

0.81

1.34

2.12

KM-21-57

776.5

784.3

7.8

0.26

2.30

2.59

57.9

0.68

3.27

5.36

8.51

2.39

3.91

6.21

including

777.8

778.8

0.9

0.25

6.62

11.45

105.0

3.33

10.26

16.81

26.68

7.77

12.73

20.21

KM-21-57

819.9

835.5

15.5

1.29

2.17

2.58

90.9

0.27

4.39

7.19

11.41

3.33

5.47

8.67

including

824.0

827.5

3.5

3.69

4.67

3.81

228.5

0.29

9.88

16.19

25.69

7.49

12.28

19.48

KM-21-57

852.5

853.6

1.1

0.30

3.10

2.33

92.0

0.57

3.94

6.46

10.25

2.76

4.52

7.18

KM-21-57A

728.6

735.5

6.9

2.49

1.04

0.57

6.6

0.02

3.40

5.57

8.84

2.85

4.68

7.42

KM-21-57A

759.6

821.4

61.9

1.08

2.60

3.73

32.0

0.50

4.46

7.31

11.60

3.46

5.67

9.00

including

762.3

783.3

21.0

0.42

6.78

9.49

67.9

0.49

8.84

14.50

23.00

6.56

10.75

17.06

KM-21-58

577.0

586.4

9.4

0.43

1.28

2.48

41.3

0.47

2.59

4.25

6.74

2.00

3.28

5.20

KM-21-58

614.2

682.6

68.4

1.30

3.42

3.85

47.2

0.50

5.35

8.78

13.93

4.08

6.69

10.61

including

640.7

648.0

7.3

0.79

4.34

10.20

51.9

0.56

7.90

12.94

20.54

6.19

10.14

16.10

including

668.1

678.6

10.5

5.30

12.19

6.67

194.7

1.88

17.26

28.30

44.90

12.84

21.05

33.40

including

668.1

669.6

1.5

2.55

43.20

7.76

856.0

0.80

38.86

63.69

101.08

25.03

41.02

65.10

KM-21-58A

569.4

641.8

72.5

1.12

1.00

2.84

18.1

0.33

3.03

4.97

7.89

2.50

4.10

6.51

including

584.3

591.9

7.6

0.29

1.19

6.23

4.4

0.40

3.53

5.79

9.19

2.95

4.84

7.68

including

602.3

613.3

11.0

4.02

0.11

1.38

12.6

0.40

4.80

7.88

12.50

4.27

7.01

11.12

including

630.3

630.9

0.7

1.14

6.35

11.20

356.0

0.65

12.28

20.13

31.95

9.05

14.83

23.53

including

633.5

641.8

8.3

1.53

2.33

5.12

26.5

0.36

5.20

8.53

13.53

4.19

6.87

10.91

KM-21-58A

665.5

676.0

10.5

0.12

2.90

3.88

167.5

1.92

5.13

8.41

13.34

3.69

6.04

9.59

including

672.5

676.0

3.5

0.12

6.89

6.40

332.0

3.81

10.26

16.82

26.70

7.19

11.78

18.69

including

673.6

674.5

0.9

0.28

19.65

12.65

844.0

10.20

26.07

42.74

67.82

17.86

29.27

46.45

KM-21-58B

543.2

627.6

84.4

1.05

2.38

3.44

23.8

0.55

4.13

6.77

10.75

3.23

5.29

8.39

including

571.2

582.5

11.3

0.51

5.27

9.96

35.4

1.52

8.18

13.40

21.27

6.31

10.34

16.41

including

605.3

622.7

17.4

3.20

6.19

4.18

40.9

0.22

8.96

14.69

23.31

6.83

11.20

17.78

including

609.6

612.0

2.4

1.45

17.73

7.97

82.5

0.44

16.08

26.35

41.81

11.03

18.07

28.68

The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 80%. (2) Assumptions used in USD for the copper and gold Metal Equivalent calculations were metal prices of $4.63/lb Copper, $1937/oz Gold, $25/oz Silver, $1.78/lb Zinc, and $1.02/lb Pb. Assumed metal recoveries (rec.), based on a preliminary review of historic data by SRK and ProcessIQ3, were 90% for each of copper, zinc, and lead, and 60% for each of gold and silver. The following equation was used to calculate copper equivalence: CuEq = Copper (%) (90% rec.) + (Gold (g/t) x 0.61)(60% rec.) + (Silver (g/t) x 0.0079)(60% rec.) + (Zinc (%) x 0.3844)(90% rec.) +(Lead (%) x 0.2203)(90% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (g/t)(60% rec.) + (Copper (%) x 1.638)(90% rec.) + (Silver (g/t) x 0.01291)(60% rec.) + (Zinc (%) x 0.6299)(90% rec.) +(Lead (%) x 0.3609)(90% rec.). Analyzed Metal Equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.

Table 3. Results of Phase 1 Drill Program at Kay Mine, Yavapai County, Arizona. The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 80%.

Arizona Metals Kay Mine Drill Intercepts Analyzed Grade

Hole ID

From m

To m

Length m

Cu %

Au g/t

Zn %

Ag g/t

Pb %

Vertical
Depth Below
Surface m

KM-20-01

275.8

281.5

5.6

0.57

0.48

1.20

11.6

0.18

156

including

275.8

276.5

0.6

0.50

1.22

5.04

32.0

0.73

including

279.8

281.5

1.6

1.21

0.98

1.49

22.6

0.23

KM-20-02

297.8

300.8

3.0

0.77

0.20

0.04

1.4

0.01

172

KM-20-03

256.3

259.1

2.7

3.40

1.01

0.65

69.6

0.09

120

including

256.3

257.3

0.9

7.42

1.79

1.11

56.0

0.17

KM-20-03

292.2

292.6

0.5

2.43

0.19

0.15

2.0

0.04

152

KM-20-03

295.4

295.8

0.5

1.35

0.80

0.91

6.0

0.06

154

KM-20-03A

252.4

256.9

4.6

3.70

2.55

0.27

35.6

0.03

122

including

252.4

253.1

0.8

9.74

6.34

0.40

164.0

0.11

KM-20-05

266.6

269.0

2.4

6.47

1.94

0.57

43.3

0.14

150

including

266.6

267.8

1.2

10.60

2.21

1.05

50.0

0.26

KM-20-06

267.9

281.5

13.5

1.02

0.85

1.23

45.6

0.30

158

including

267.9

268.4

0.5

1.54

2.20

6.10

31.0

0.81

including

276.6

281.5

4.9

1.86

0.87

1.96

92.1

0.42

including

280.0

281.0

1.1

3.22

1.03

0.64

340.0

0.04

KM-20-09

588.1

588.4

0.3

0.91

1.74

1.86

15.0

0.40

588

KM-20-09

613.4

614.1

0.7

0.90

1.81

1.04

10.0

0.08

612

KM-20-09

614.6

614.9

0.3

2.64

0.36

0.98

19.0

0.10

613

KM-20-09

632.8

638.9

6.1

0.12

4.18

8.02

41.7

0.82

575

including

633.6

637.9

4.4

0.15

5.46

9.06

33.1

0.50

including

636.9

637.9

1.1

0.17

9.77

14.65

68.0

0.78

KM-20-10

563.6

568.5

4.9

2.39

2.16

3.27

24.9

0.31

490

including

563.6

566.6

3.0

3.66

2.42

3.16

28.2

0.32

including

567.2

568.5

1.2

0.33

2.52

5.10

28.4

0.43

KM-20-10

574.2

574.9

0.6

0.12

4.33

11.30

113.0

0.16

498

KM-20-10

577.7

579.3

1.6

0.03

0.70

4.38

45.9

0.68

500

KM-20-10

582.3

583.1

0.8

0.03

0.42

2.90

51.0

1.07

502

KM-20-10A

521.2

522.5

1.3

2.13

1.27

7.46

51.1

0.91

437

KM-20-10A

527.9

538.6

10.7

1.32

1.66

2.58

27.2

0.30

442

including

527.9

529.4

1.5

6.69

0.92

1.62

30.2

0.07

including

532.2

535.3

3.1

0.72

1.75

2.99

34.3

0.42

including

537.2

538.6

1.4

0.16

7.29

9.06

79.2

0.60

KM-20-10B

503.0

530.7

27.6

0.87

0.97

1.76

21.3

0.32

423

including

503.0

509.6

6.6

1.78

1.55

2.55

29.8

0.37

including

513.9

518.3

4.4

1.08

1.89

4.05

47.4

0.68

including

527.2

530.7

3.5

1.91

2.32

3.93

52.9

0.99

KM-20-10C

523.9

530.7

6.8

0.58

3.32

5.84

102.0

1.15

422

including

523.9

528.2

4.3

0.88

4.89

7.61

125.2

1.45

including

525.6

526.4

0.8

0.52

16.65

21.40

214.0

2.76

KM-20-11

554.1

556.9

2.7

4.14

2.83

3.56

70.0

0.28

490

KM-20-12

371.9

376.7

4.9

3.99

0.37

0.62

12.4

0.07

318

including

371.9

373.7

1.9

8.49

0.67

1.53

28.0

0.16

KM-20-12

379.5

405.4

25.9

0.73

0.08

0.08

2.3

0.01

326

KM-20-13

443.6

486.8

43.1

1.68

1.26

1.67

23.3

0.24

341

including

444.4

459.6

15.2

3.42

1.80

2.36

38.5

0.39

including

444.4

447.1

2.7

1.02

3.74

10.64

55.0

1.88

including

451.4

455.8

4.4

8.41

1.18

0.16

65.3

0.02

KM-20-14

421.7

461.6

39.9

1.47

1.00

1.67

18.4

0.19

314

including

426.3

429.8

3.5

9.56

1.28

0.95

30.0

0.07

including

457.2

460.7

3.5

0.36

2.58

8.33

26.3

0.38

KM-20-14A

404.6

409.0

4.4

1.67

1.48

2.50

79.2

0.41

303

including

404.6

406.4

1.7

4.08

2.46

5.02

173.6

0.53

KM-20-14A

421.0

443.5

22.5

0.86

0.72

1.51

15.9

0.18

312

including

421.0

421.8

0.8

9.81

2.91

1.69

45.0

0.19

including

421.0

425.0

4.1

3.23

1.14

1.30

21.4

0.14

KM-20-15

506.8

510.1

3.3

0.05

0.33

3.73

192.0

1.75

402

KM-20-16

480.4

518.8

38.4

0.85

0.81

2.24

24.3

0.25

385

including

480.4

492.9

12.5

1.63

1.98

4.23

48.5

0.50

including

480.4

483.4

3.0

2.40

4.74

7.49

77.9

0.91

including

489.8

492.9

3.0

3.61

2.59

6.90

100.7

0.92

Table 4. Locations of Phase 1 and 2 Program drill holes completed at Kay Mine, Arizona

Hole ID

Phase

Drill
Pad

Zone

Collar East
WGS84

Collar North
WGS84

Collar Elev
m

Collar Az

Collar Dip

Total Depth
m

Distance Drilled
Below Wedge
m

KM-20-01

1

Pad 1 North

392684

3769388

643

78

-48

335

335

KM-20-02

1

Pad 1 North

392684

3769388

643

75

-50

304

304

KM-20-03

1

Pad 1 North

392684

3769388

643

72

-43.3

366

366

KM-20-03A

1

Pad 1 North

392684

3769388

643

72

-43.3

321

177

KM-20-04

1

Pad 1 North

392684

3769388

643

65.1

-47.5

354

354

KM-20-05

1

Pad 1 North

392684

3769388

643

73.3

-47.2

349

349

KM-20-06

1

Pad 1 North

392684

3769388

643

81.3

-48.3

317

317

KM-20-07

1

Pad 1 North

392684

3769388

643

85.6

-47.6

308

308

KM-20-08

1

Pad 2 South

392638

3769266

653

91.1

-77.1

36

36

KM-20-09

1

Pad 2 South

392638

3769266

653

92.1

-77

671

671

KM-20-10

1

Pad 2 South

392638

3769266

653

96.3

-72.2

645

645

KM-20-10A

1

Pad 2 South

392638

3769266

653

96.3

-72.2

600

297

KM-20-10B

1

Pad 2 South

392638

3769266

653

96.3

-72.2

555

258

KM-20-10C

1

Pad 2 South

392638

3769266

653

96.3

-72.2

560

277

KM-20-11

1

Pad 3 North

392552

3769328

638

57.3

-67.5

653

653

KM-20-12

1

Pad 1 North

392684

3769388

643

95.7

-70.8

583

583

KM-20-13

1

Pad 1 South

392684

3769388

643

124

-66.5

524

524

KM-20-14

1

Pad 1 South

392684

3769388

643

133.6

-66

550

550

KM-20-14A

1

Pad 1 South

392684

3769388

643

133.6

-66

549

263

KM-20-15

1

Pad 2 South

392638

3769266

653

106.7

-66.8

572

572

KM-20-16

1

Pad 2 South

392638

3769266

653

91.5

-68.9

581

581

KM-21-17

2

Pad 2 South

392638

3769266

653

90.5

-59.5

892

892

KM-21-18

2

Pad 2 South

392638

3769266

653

89.8

-55

518

518

KM-21-18A

2

Pad 2 South

392638

3769266

653

89.8

-55

472

236

KM-21-19

2

Pad 1 North

392684

3769388

643

59.3

-69.5

482

482

KM-21-20

2

Pad 2 North

392638

3769266

653

53.7

-67.3

553

553

KM-21-21

2

Pad 1 South

392684

3769388

643

126

-70

561

561

KM-21-21A

2

Pad 1 South

392684

3769388

643

126

-70

556

315

KM-21-22

2

Pad 3 Grav

392552

3769328

638

33

-63

725

725

KM-21-22A

2

Pad 3 Grav

392552

3769328

638

33

-63

694

419

KM-21-23

2

Pad 1 South

392684

3769388

643

114.2

-66.3

528

528

KM-21-24

2

Pad 1 South

392684

3769388

643

119

-75.1

623

623

KM-21-25

2

Pad 3 South

392552

3769328

638

80

-77.4

775

775

KM-21-25A

2

Pad 3 South

392552

3769328

638

80

-77.4

746

263

KM-21-25B

2

Pad 3 South

392552

3769328

638

80

-77.4

738

404

KM-21-26

2

Pad 1 South

392684

3769388

643

118.2

-79.3

616

616

KM-21-27

2

Pad 1 South

392684

3769388

643

90.4

-86.7

859

859

KM-21-27A

2

Pad 1 South

392684

3769388

643

90.4

-86.7

817

391

KM-21-27B

2

Pad 1 South

392684

3769388

643

90.4

-86.7

823

427

KM-21-28

2

Pad 3 South

392552

3769328

638

86.7

-70.5

774

774

KM-21-29

2

Pad 1 South

392684

3769388

643

108.5

-54

489

489

KM-21-30

2

Pad 4 Far North

392733

3769870

630

71.4

-53

539

539

KM-21-31

2

Pad 2 South

392638

3769266

653

115

-62

618

618

KM-21-32

2

Pad 1 South

392684

3769388

643

115

-45.6

496

496

KM-21-33

2

Pad 4 Far North

392733

3769870

630

106.5

-53

458

458

KM-21-34

2

Pad 1 North

392684

3769388

643

81

-59

430

430

KM-21-35

2

Pad 2 South

392638

3769266

653

102.5

-78.5

716

716

KM-21-36

2

Pad 4 Far North

392733

3769870

630

132

-50

350

350

KM-21-37

2

Pad 4 Far North

392733

3769870

630

20

-75

490

490

KM-21-38

2

Pad 1 N&S

392684

3769388

643

109.2

-71.8

554

554

KM-21-39

2

Pad 4 Far North

392733

3769870

630

355

-71

427

427

KM-21-40

2

Pad 2 South

392638

3769266

653

72.5

-80.4

742

742

KM-21-41

2

Pad 1 N&S

392684

3769388

643

112

-77

610

610

KM-21-42

2

Pad 3 South

392552

3769328

638

72.5

-86

958

958

KM-21-42A

2

Pad 3 South

392552

3769328

638

72.5

-86

929

334

KM-21-42B

2

Pad 3 South

392552

3769328

638

72.5

-86

888

309

KM-21-42C

2

Pad 3 South

392552

3769328

638

72.5

-86

953

389

KM-21-43

2

Pad 1 N&S

392684

3769388

643

103.5

-83.8

686

686

KM-21-44

2

Pad 1 South

392684

3769388

643

124

-42.8

431

431

KM-21-45

2

Pad 2 South

392638

3769266

653

102

-63.4

522

522

KM-21-46

2

Pad 1 South

392684

3769388

643

123.5

-45

412

412

KM-21-47

2

Pad 2 South

392638

3769266

653

97.6

-59.8

511

511

KM-21-48

2

Pad 1 South

392684

3769388

643

99

-86.5

784

784

KM-21-48A

2

Pad 1 South

392684

3769388

643

99

-86.5

740

435

KM-21-49

2

Pad 2 South

392638

3769266

653

73.3

-71

326

326

KM-21-50

2

Pad 2 South

392638

3769266

653

71.3

-74.3

636

636

KM-21-51

2

Pad 3 South

392552

3769328

638

20

-80.5

1017

1017

KM-21-51A

2

Pad 3 South

392552

3769328

638

20

-80.5

1013

611

KM-21-51B

2

Pad 3 South

392552

3769328

638

20

-80.5

986

635

KM-21-52

2

Pad 2 South

392638

3769266

653

65.2

-86.8

849

849

KM-21-52A

2

Pad 2 South

392638

3769266

653

65.2

-86.8

906

602

KM-21-53

2

Pad 1 South

392684

3769388

643

133.4

-45

582

582

KM-21-54

2

Pad 1 South

392684

3769388

643

127.5

-45

523

523

KM-21-55

2

Pad 1 South

392684

3769388

643

113

-45

479

479

KM-21-56

2

Pad 1 South

392684

3769388

643

106.7

-81

685

685

KM-21-57

2

Pad 2 South

392638

3769266

653

28

-85.2

1002

1002

KM-21-57A

2

Pad 2 South

392638

3769266

653

28

-85.2

857

308

KM-22-57B

2

Pad 2 South

392638

3769266

653

28

-85.2

887

354

KM-21-58

2

Pad 1 South

392684

3769388

643

106

-82.8

759

759

KM-21-58A

2

Pad 1 South

392684

3769388

643

106

-82.8

680

315

KM-21-58B

2

Pad 1 South

392684

3769388

643

106

-82.8

708

403

Covid-19 Monitoring and Mitigation Procedures

The Company’s drill contractor, Boart Longyear, has instituted Covid-19 monitoring procedures for all drill crew members, including daily temperature and symptom checks. Arizona Metals Corp will be provided with daily health tracking updates for the drill crews and has also instituted its own social distancing policies and provided a guidance manual for employees at site.

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.

Qualified Person and Quality Assurance/Quality Control

All of Arizona Metals’ drill sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials and blanks at regular intervals. Logging and sampling were completed at Arizona Metals’ core handling facilities located in Anthem and Black Canyon City, Arizona. Drill core was diamond sawn on site and half drill-core samples were securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Tucson, Arizona. Sample pulps were sent to ALS’s labs in Vancouver, Canada, for analysis.

Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61a). Over-limit samples for Au, Ag, Cu, and Zn were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62, and Zn-OG62, respectively.

ALS Laboratories is independent of Arizona Metals Corp. and its Vancouver facility is ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and Arizona Metals’ external blind quality control samples were acceptable for the samples analyzed. Arizona Metals is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The qualified person who reviewed and approved the technical disclosure in this release is David Smith, CPG, a qualified person as defined in National Instrument43-101–Standards of Disclosure for Mineral Projects. Mr. Smith supervised the preparation of the scientific and technical information that forms the basis for this news release and has reviewed and approved the disclosure herein. Mr. Smith is the Vice-President, Exploration of the Company. Mr. Smith supervised the drill program and verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

Disclaimer

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding drill results and future drilling and assays, the resumption of drilling and the effects of the COVID-19 pandemic on the business and operations of the Company. In making the forward- looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward- looking statements or otherwise.

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Not for distribution to US newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

_______________________________________
1 SRK Consulting (Canada) Inc., November 2020, Metallurgical Review, Kay Mine, Arizona. Report 5CS017.000
2 SRK Consulting (Canada) Inc., November 2020, Metallurgical Review, Kay Mine, Arizona. Report 5CS017.000
3 SRK Consulting (Canada) Inc., November 2020, Metallurgical Review, Kay Mine, Arizona. Report 5CS017.000

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