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TORONTO, Dec. 14,
2023 /CNW/ - Arizona Metals Corp. (TSX: AMC) (OTCQX:
AZMCF) (the "Company" or "Arizona Metals") is pleased to announce
that it has completed the acquisition of 100% of a private land
parcel totaling 46.4 acres (the "Property"), located 950 metres
northeast of its Kay Mine Deposit. The Property was acquired from
an arm's length California-based
public company (the "Vendor"). The Property includes the surface,
mineral, and water rights, among other rights and benefits.
Transaction Details
The Company made total payments of US$2,500,000 to the Vendor as consideration for a
100% interest in the Property. The terms of the Purchase Agreement
included a due diligence period which ended in November, 2023. The
Company has sufficient financial resources to acquire this
additional private land while also meeting its current exploration
objectives, with $40 million in the
treasury as of September 30,
2023.
Marc Pais, CEO of Arizona
Metals comments, "The acquisition of the Property is another
significant de-risking step in moving the Kay Mine Deposit closer
to a production decision. Including the 71 acres of patented land
that host our Kay Mine Deposit, this acquisition will increase our
total holdings of private and patented land to 224 acres. The
Property is contiguous with and adjacent to the 107 acres of
patented land (including water rights and wells) acquired in
January 2021. The additional flat
land we are acquiring increases the private land suitable for
future mine infrastructure by more than 40% and is in-line with our
vision of a minimally-disruptive operation.
We believe that our Kay Mine Project has the potential to
become one of Arizona's newest and
highest-grade copper-gold-zinc-silver mines, with the main deposit
and potential for all infrastructure to be located on private land.
This would allow for a small footprint while also providing
high-paying jobs to the local community of Black Canyon City. The Kay Mine Project
already has the benefit of being only an hour north of Phoenix, with excellent access to
infrastructure, including rail, roads, water, and power. The
acquisition announced today will provide the potential for an
expanded operation, increased flexibility in mine design, and
accelerated permitting timelines."
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, 2.8
g/t gold, 3.03% zinc, and 55 g/t silver."
The historic estimate at the Kay Mine was reported by Exxon
Minerals in 1982. (Fellows, M.L., 1982, Kay Mine massive sulphide
deposit: Internal report prepared for Exxon Minerals Company)
*The Kay Mine 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 60 m to at
least 900 m. 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 0.5 g/t
(Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of
Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld
Inc.)
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, statements
regarding the acquisition of the Property, including completion of
due diligence and the satisfaction of the Company's payment
obligations under the Purchase Agreement, and the completion of the
Offering. 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.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS
REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Arizona Metals Corp.