- Arizona Metals commenced Phase 3 expansion drill program at its flagship copper-gold-zinc-silver Kay Mine Project; only 3% of the prospectively mineralized horizon has been drill tested and this Phase of drilling will focus on making new discoveries
- Surrounded by high-grade historic past-producing VMS mines, Kay Mine also boasts potential for scale; the mine was practically abandoned for 40 years until Arizona Metals acquired it in 2019
- With $58 million in cash, company appears well funded to execute on its plans to spend $32 million on the Kay Mine Phase 3 exploration program over the next 12 to 18 months
Arizona Metals (TSX: AMC) (OTCQX: AZMCF), a mineral exploration company focused on advancing precious and base metal deposits, has commenced its Phase 3 expansion drill program in the flagship Kay Mine Project (https://ibn.fm/jXf2I). The company operates two wholly owned projects in Arizona, the state known as the largest U.S. copper producer. The current focus is its flagship Kay Mine Project, a copper-gold-zinc-silver asset located in Yavapai County on a combination of private land and BLM claims. Around 99% of Arizona Metals’ budget goes towards this high-grade volcanogenic massive sulfide (“VMS”) deposit located an hour north of Phoenix, in the heart of Arizona Copper Country.
The company also operates another asset – the Sugarloaf Peak gold project in La Paz County, a heap leach open pit mine located 2 hours from Phoenix. Although the secondary asset is not the focus at the moment, the company sees potential in this mine but expects to spin it out into a new company in a better gold environment.
Arizona Metals prides itself on having unique features that distinguish the company in the market. First quality being the Kay Mine Project’s grade and width. Next, it’s the mine’s polymetallic nature which at these grades and widths gives the potential for significant metal output with a low footprint. This also implies lower capital costs and operating costs. Finally, it’s the scale. “What we see as the real potential is the scale. We have high grades, large widths now you want tonnes. We think Kay Mine alone has great tonnage potential. On our property, we have 16 targets outside of the Kay Mine, but all within a 1.5km radius, that have never been drill tested. That testing is going to start in November”, said Marc Pais, Arizona Metals’ president and CEO, at the recent Precious Metals Summit Zurich 2022, the premier Swiss independent investment conference focused on explorers, developers and emerging producers of gold, silver and platinum group metals (https://ibn.fm/lR69H).
Although most of the gold and copper-rich VMS deposits were mined out in the last 100 years, the company claims that Kay Mine is different. “Kay Mine is unique in the fact that it was basically abandoned for 40 years until 2019 when we acquired it. During that time, no work was done, but in the last two years, we’ve drilled 72,000 meters at the Kay Mine deposits and spent about $30 million”, continued Pais as he described the company’s competitive features. “We plan to spend at least $32 million on that program over the next 12 to 18 months and we are very well funded to do that work with just under $60 million in cash. On completion of this upcoming exploration program, we should still have $30 million left. Importantly for investors, we can aggressively drill this without going back to the market. Investors are not going to see more dilution”, he concluded. Phase 3 expansion drill program started this month and will be focused on looking for new discoveries in Central and Western Targets.
For more information, visit the company’s website at www.ArizonaMetalsCorp.com.
Full Disclosure: Arizona Metals Corp. is an Investor Brand Network marketing client.
NOTE TO INVESTORS: The latest news and updates relating to AZMCF are available in the company’s newsroom at https://ibn.fm/AZMCF
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