Arizona Metals Corp. announced the latest drill results from the Kay Mine Project ("Kay" or the "Property") in Arizona. Eleven new drill holes at the Kay Mine Deposit (the "Kay Deposit") continue to demonstrate the continuity and expansion potential of the deposit. Three holes on the southern edge of the deposit have encountered zones of high-grade copper-rich (holes KM-24-143 and KM-24-139) and gold-rich (hole KM-24-137) mineralization that are open for expansion. Highlights of the recent drilling include: Hole KM-24-143 intersected 20.1 m at 3.4% copper equivalent (CuEq), including 3.2 m at 14.9% CuEq, from a vertical depth of 590 m. This hole is on the southern edge of the deposit and showed excellent continuity in the 90-m gap between holes KM-21-35 (5.5 m at 2.3% CuEq) and KM-22-79 (7.9 m at 4% CuEq). Mineralization in this area is open for expansion to the south. Hole KM-24-139 returned 38.0 m at 1.4% CuEq, including 4.4 m at 7.1% CuEq, from a vertical depth of 450 m. This hole filled in a 70-100 meter gap among previous drill holes in this area, including KM-21-50 (53.1 m at 1.5% CuEq) and KM-20-10B (27.6 m at 2.0% CuEq). Hole KM-24-137 intersected 7.9 m at 1.4 g/t AuEq, including 0.5 m at 8.0 g/t AuEq. from a vertical depth of 360 m. This hole extended mineralization 55 m south of hole KM-20-14 (39.9 m at 2.5% CuEq) in the central portion of the deposit. Mineralization is open to the south in this area. With the completion of recent drill holes, Arizona Metals has drilled a total of 106,000 meters on the Property. The Company is fully funded (with $31 million in cash as of Dec 31, 2023) to complete the remaining 53,000 m of the 76,000 m Phase 3 drill program. Kay Deposit Shallow Drilling: The drill holes released today extend mineralization in the shallow portions of the Kay deposit approximately 70 meters upward toward surface, along a strike length of 335 meters. KM-24-131: 1.7 m at 0.9 g/t AuEq. Among the shallowest holes at Kay, KM-23-131 added mineralization 70 m above the previous drilling between the North and South Zones. KM-24-134: 1.5 m at 0.6% CuEq. Extends mineralization about 50 m upward above hole KM-20-03A (4.6 m at 4.8% CuEq). KM-24-136 1.1 m at 1.6% CuEq. Extends mineralization about 50 m upward above hole KM-20-03A. KM-24-138 7.9 m at 2.4 g/t AuEq. Hole KM-24-138 showed that mineralization continues southward from the Company's earliest Kay drill holes, including KM-20-06 (13.5 m at 2.0% CuEq). KM-24-140 5.9 m at 0.7% CuEq. Among the shallowest drill holes at Kay, KM-24-140 extended mineralization 80 m above hole KM-20-03 (2.7 m at 4.2% CuEq), to within 70 m of surface.
KM-24-141 3.7 m at 0.5% CuEq. This hole extended mineralization 40 m toward surface above hole KM-22-82 (2.4 m at 1.3% CuEq) along the northern edge of the Kay deposit. KM-24-142 2.1 m at 0.5% CuEq This hole verified continuous mineralization in the 80-meter gap between holes KM-24-141 and KM-20-03 in the shallow portions of the Kay north zone. The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 76%. (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 93% for copper, 92% for zinc, 90% for lead, 72% silver, and 70% for gold. The following equation was used to calculate copper equivalence: CuEq = Copper (%) (93% rec.) + (Gold (g/t) x 0.61)(72% rec.) + (Silver (g/t) x 0.0079)(72% rec.) + (Zinc (%) x 0.3844)(93% rec.) +(Lead (%) x 0.2203)(93% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (g/t)(72% rec.) + (Copper (%) x 1.638)(93% rec.) + (Silver (g/t) x 0.01291)(72% rec.) + (Zinc (%) x 0.6299)(93% rec.) +(Lead (%) x 0.3609)(93% 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.