TORONTO, September 3, 2019 – Arizona Metals Corp. (TSX.V:AMC) (the “Company” or “Arizona Metals”) is pleased to announce that Maxwell Plate Modelling of data from a helicopter VTEM (Versatile Time-domain ElectroMagnetic) survey of the Kay Mine claims (completed in March 2019), has identified four new near-surface conductive bodies.
Marc Pais, President and CEO of Arizona Metals Corp. stated, “Detailed modelling of our recent helicopter VTEM survey has identified four conductive bodies, all starting at relatively shallow depths, and located less than 1.5km from the Kay Mine historical estimate reported by Exxon Minerals in 1982. We believe that these conductors provide excellent drill targets for additional VMS bodies located in previously untested areas.”
The conductive bodies (MX1, MX2, MX4, and MX5) are located within a 1.5km radius of the past-producing Kay Mine, which is associated with the conductor labelled MX3 (Figure 1). Of primary interest for future drill testing are MX2 (the “Central Conductor”) and MX1 (the “Western Conductor”). These two anomalies are prioritized for drilling as they have the greatest conductivity-thickness ranges, which are also consistent with semi-massive to massive sulphide bodies.
Figure 1. Plan view of Maxwell Plate conductive bodies identified at the Kay Mine, Arizona.
The Central Conductor is estimated to have dimensions of 400m long by 38m thick with a depth of at least 300m. The top depth of this conductor varies from 120m to 136m. This is a steeply dipping conductor that appears to follow a geological contact.
The Western Conductor is estimated to have dimensions of 300m long by 71m thick with a depth of at least 300m. The top depth of this conductor varies from 6m to 54m.
Arizona Metals Corp plans to initiate permitting of a test program consisting of three drill holes in the Central Conductor and six drill holes in the Western Conductor. The proposed hole angles and depths are displayed in Figure 2 below. Permitting of drill pads for the new conductors is targeted for Q4 2019, with drilling to commence during Q1 2020.
Figure 2. Newly identified Maxwell Plate conductive bodies with proposed drill holes.
The updated 3D model of the VTEM results, including the Maxwell Plate conductors, can be viewed here:
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, 2.8g/t gold, 3.03% zinc, and 55g/t silver”. The mineral reserve categories per the Exxon historical estimate are not consistent with current CIM definitions for proven and probable mineral reserves. The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 150m to at least 900m. 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 0.5g/t (Dausinger, 1983, Westworld Resources). The historic estimates at the Kay Mine and the Sugarloaf Peak Property have not been verified as current mineral resources. None of the key assumptions, parameters, and methods used to prepare these historical estimates were reported, and no resource categories were used. A Qualified Person has not done sufficient work to classify them as current mineral resources, and Arizona Metals is not treating the historic estimates as current mineral resources. The Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, P.Geo.
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 VTEM survey results, permitting and drilling; use of funds; and 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.
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President and CEO
Arizona Metals Corp.