- Insufficient critical mineral supplies could drive prices higher amid copper shortages according to recent Forbes report
- AZMCF’s Kay Mine Deposit has a historic resource estimate of “proven and probable reserves” of copper, gold, zinc, and silver according to a 1982 report by Exxon Minerals (1)
- During 2022, AZMCF received drill permits for Kay Mine Central and Western targets, completed approximately 33,000 meters of core drilling, and initiating drilling on targets outside the deposit
- Fully-funded to complete the remaining Kay Mine Phase 2 program of 8,600 meters (budget of USD$2.7 million), as well as 76,000 meters (budget of USD$24 million) planned for Phase 3 which will primarily test two large targets west of the Kay Mine Deposit
- Drilling at the large Western Target, located 1,200 meters west of the Kay Mine Deposit, scheduled to begin Q1 2023
Arizona Metals (TSX: AMC) (OTCQX: AZMCF), a mineral exploration company, started 2023 on a positive trajectory with plans to begin exploring outside its flagship Kay Mine copper-gold-zinc-silver asset located in Yavapai County, Arizona.
According to a recent report by Forbes, insufficient supplies of critical minerals could drive prices higher amid shortages (https://nnw.fm/F9OWq). Specifically, the price of copper per pound has risen amid supply disruptions and China’s “economic reawakening”, causing some analysts to predict moderate-to-outsize gains during 2023.
According to an unverified 1982 historic estimate conducted by Exxon Minerals, AZMCF’s Kay Mine project has a “proven and probable reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8 grams per ton gold, 3.03% zinc, and 55 grams per ton silver.” (1).
No resource categories were used for the estimate and none of the key assumptions, parameters, and methods were reported by Exxon. As defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, 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.
AZMCF owns 100% of the Kay Mine property, which totals 1,300 acres and is not subject to royalties. During 2022, AZMCF received drill permits for both the Central and Western targets, completing approximately 33,000 meters of core drilling and initiating drilling on targets outside the deposit. The company was fully funded to complete the remaining 8,600 meters for its Phase 2 program as of September 2022, and an additional 76,000 meters is planned for Phase 3. Both phases aim to test numerous parallel targets west of the deposit, with plans to test additional targets on its northern and southern extensions.
“We are pleased to report that towards the end of 2022 we did see a marked improvement in permitting timelines, and the Kay Mine Project is now fully-permitted to complete the Phase 3 drill program of 76,000 meters,” reads a recent letter sent to AZMCF shareholders (https://nnw.fm/85Jg2). “Looking forward, we will continue to focus on delivering value and driving long-term growth for our shareholders, alongside the Kay and Sugarloaf local communities.”
According to a 1983 report by Westworld Resources in 1983, AZMCF’s fully owned Sugarloaf Peak Property in La Paz County has a historical estimate of “100 million tons containing 1.5 million ounces (of) gold” at a grade of 0.5 grams per ton (2). The report is subject to similar verification constraints as the historical estimate conducted for the Kay Mine asset, and may require significant data compilation, re-drilling, and data verification before it can be upgraded to a current mineral resource.
Based in Toronto, Canada, Arizona Metals advances precious and base metal deposits in Arizona. The company leverages decades of industry experience to develop world-class exploration projects amid projected rising prices and supply shortages.
(1) The historic estimate at the Kay Mine Deposit 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.
(2) 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.
For more information, visit the company’s website at www.ArizonaMetalsCorp.com.
Full Disclosure: Arizona Metals Corp. is an InvestorBrandNetwork marketing client.
NOTE TO INVESTORS: The latest news and updates relating to AZMCF are available in the company’s newsroom at https://nnw.fm/AZMCF
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