Arizona Metals hits wide intercepts of gold and copper at Kay project

The latest drill results from the Kay mine project in central Arizona demonstrate more intervals of gold and copper-rich sulphide mineralization, Arizona Metals (TSXV: AMC; US-OTC: AZMCF) reports.

Results from 17 drill holes released today included 100.9 metres grading 1.24% copper, 1.54 grams gold per tonne, 1.56% zinc, 25.8 grams silver per tonne and 0.14% lead (2.54% copper-equivalent/4.16 grams gold equivalent), starting from 784.3 metres. The drill hole—KM-22-57C—was a step-out hole and extended the wide hinge zone by about 30 metres to the north, where it remains open at depth.

Another drill hole, KM-62-B, returned 8.5 metres of 1.58% copper, 0.52 gram gold, 1.13% zinc, 22.6 grams silver and 0.28% lead (2.27% copper-equivalent/3.72 grams gold-equivalent) starting from 590.9 metres downhole.

Mapping at Arizona Metals Kay mine site was supervised by VMS expert and AMC Technical Advisor, Dr. Mark Hannington. Credit: Arizona Metals

The company notes that the deepest intercept in the deposit so far, in drill hole KM-22-63, suggests additional potential at depth. The drill hole cut a narrow interval of 0.9 metres grading 3.41% copper, 1.23 grams gold, 2.19% zinc, 47 grams silver, and 0.24% lead (4.79% copper-equivalent/7.85 grams gold-equivalent), starting from 982.2 metres.

Results from an additional eleven holes are pending.

The company has drilled about 56,000 metres at Kay, with each hole “solidifying our opinion that this is one of the very few large precious-metals rich VMS deposits not yet mined, and more importantly, is potentially much larger mineralized system that has yet to be explored,” CEO Marc Pais commented in a news release.

Arizona Metals is fully funded to complete the remaining 19,000 metres planned in its Phase 2 program and another 76,000 metres in an upcoming Phase 3 drill program. Phase 3 will test parallel targets heading west of Kay and the northern and southern extensions of the deposit.

A metallurgical review of the 100%-owned project completed in November 2020 concluded there is potential to produce payable copper and zinc concentrates with gold and silver credits.

The project is near Black Canyon City in Yavapai County, and about 69 km north of the city of Phoenix.

In addition to Kay, Arizona Metals owns the Sugarloaf Peak property in La Paz County. The 100%-owned Sugarloaf is a heap-leach, open-pit target with historic resources.

Over the last year, the junior has traded in a range of $3.05 and $6.98 per share and at presstime in Toronto was changing hands at $3.71 per share. The company has about 111.8 million common shares outstanding for a market cap of about $408.2 million.