New Discovery Hole On The Kay Deposit

TORONTO - Arizona Metals Corp. has drilled a discovery hole in a new lens of mineralization in the Kay deposit on the Kay Mine Project in Arizona. The drill hole, KM-24-166, returned 50.0 m grading 6.65 g/t AuEq, including 6.9 m @ 12.69 g/t AuEq, outside the north edge of previously known mineralization.

The new zone of mineralization, the Kay Zone, is located approximately 100 m north of previously drilled mineralization in the Kay deposit. Drill hole KM-24-166 stepped north 110 m from the nearest hole, KM-24-94B, moderately deep in the deposit. Mineralization consists of semi-massive to massive sulfide  similar to the extensive drilled intercepts throughout the Kay deposit. Additional drilling suggests that this is a new lens in the larger and expanding Kay deposit system: drill hole KM-24-170 intercepted 13.7 m of semi-massive sulfide approximately 50 m below hole 166 (assays pending). Additional holes are currently in progress to explore the horizontal and vertical dimensions of the Kay Zone.

Duncan Middlemiss, President and CEO, said, "We have long anticipated the expansion potential of the Kay Project, and this drill hole shows that the upside at Kay is substantial. We currently have three drills on the Kay Project and have devoted two of them to the Kay Zone to test its extent. We expect the newly discovered Kay Zone to contribute to the upcoming mineral resource estimate for the Kay deposit."

Two other drill holes in the Kay deposit returned notable intervals. Stepout hole KM-24-162 intersected 1.5 m @ 4.16 g/t AuEq and 5.5 m @ 1.65 g/t AuEq, which extended mineralization 30 m to the south. KM-24-160A cut 3.7 m @ 1.03 g/t AuEq in a 95-m gap near the center of the deposit.

Two holes in the North Central target intersected both the Kay horizon and Pad 10 horizon. KM-24-161 intersected the Kay mineralization horizon over 3.2 m grading 0.43% CuEq. Both this and drill hole KM-24-163 displayed anomalous trace elements where expected in the Pad 10 horizon. With the completion of recent drill holes, Arizona Metals has drilled a total of 122,000 meters on the Property. The Company is well funded, with $20.6 million in cash as of June 30, 2024.