Toronto, Ontario--(Newsfile Corp. - May 15, 2020) - Arizona Metals Corp. (TSXV: AMC) (the "Company" or "Arizona Metals") is pleased to announce that the exploration drill program at its Kay Mine Project in Arizona will resume on Thursday, May 21st, 2020.
The Phase 1 drill program at the Kay Mine Project was temporarily suspended on March 27th, 2020 as the result of a "stay-at-home" order issued by the State of Arizona in response to the Covid-19 pandemic.
On May 12th, 2020, the Governor of Arizona announced that the "stay-at-home" order will expire on Friday, May 15th, 2020. Arizona Metals Corp has contracted two drill rigs from Boart Longyear. The first drill will be mobilized from the drill facility in Glendale, Arizona, to the Kay Mine Project on May 21st, 2020, and the second on May 28th, 2020.
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 for employees at site.
Arizona Metals plans to complete the Phase 1 drill program of which approximately 3,000m remain. The addition of the second drill to site will allow for simultaneous drilling of the North and South Zone lenses, and an accelerated timeline to complete the Phase 1 program. Drill data will be used to design and plan an extended Phase 2 drill program.
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 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 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 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 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.
The Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, CPG.
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, the resumption of drilling, the effects of the COVID-19 pandemic on the business and operations of the Company and the completion of the Phase 1 drill program and design of the Phase 2 drill program. 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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For further information, please contact:
Marc Pais
President and CEO Arizona Metals Corp.
(416) 565-7689
[email protected]
www.arizonametalscorp.com
https://twitter.com/ArizonaCorp
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Arizona Metals Corp.
66 Wellington St. W Suite 4100
Toronto, ON, M5K 1B7
[email protected]