Arizona Metals Corp reports that select grab samples from the Kay Mine Historic Test-Mining Stockpile return grades of up to 12.3g/t gold and 18.6% copper
TSX VENTURE: AMC
TORONTO, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Arizona Metals Corp. (TSX.V:AMC) (the “Company” or “Arizona Metals”), formerly Ring the Bell Capital Corp. (TSX.C:RTB.P) is pleased to announce the results of a sampling program completed on June 21, 2019 at its Kay Mine Property in Arizona. A total of 21 samples were taken, consisting of 20 grab samples from a historic test-mining stockpile near Shaft 1, and one grab sample from a historic test-mining stockpile near Shaft 3. Shaft 1 reached a depth of 450m, and test mining was completed from 1949 to 1956. Arizona Metals believes the samples below originated from either the 150m, or the 300m level, where the majority of test mining was performed. However, Arizona Metals cautions that as the locations of the samples are not known, and the samples were grab samples, these results may not necessarily be indicative of any remaining mineralization on the project.
All samples were assayed at ALS Global’s certified laboratory in Reno, Nevada, using a combination of 48 element four-acid ICP-MS and fire assay methods. Results are displayed in Table 1 below.
Of particular note was sample KM-6 which returned grades of 18.6% copper, 4.3g/t gold, 5.3% zinc, 1.3% lead, and 87g/t silver.
Sample KM-16 also returned notable grades of 12.5% copper, 3.5g/t gold, 6.5% zinc, 0.6% lead, and 33 g/t silver.
Arizona Metals is scheduled to commence a Phase 1 drill program of 5,000m at the Kay Mine Property beginning in H2 2019. The purpose of the drill program will be to confirm data produced by previous operators, in particular that of Exxon Minerals, which from 1972 to 1980 explored the Kay Mine workings from underground on 11 levels to a depth of 450m, and also completed 7,000m of surface drilling in the immediate vicinity of the workings.
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, 2.8g/t gold, 3.03% zinc, and 55g/t silver”. The mineral reserve categories per the Exxon historical estimate are not consistent with current CIM definitions for proven and probable mineral reserves. The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 150m to at least 900m. 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 0.5g/t (Dausinger, 1983, Westworld Resources). The historic estimates at the Kay Mine and the Sugarloaf Peak Property have not been verified as current mineral resources. None of the key assumptions, parameters, and methods used to prepare these historical estimates were reported, and no resource categories were used. A Qualified Person has not done sufficient work to classify them as current mineral resources, and Arizona Metals is not treating the historic estimates as current mineral resources. The Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, P.Geo.
For further information, please contact:
Chief Executive Officer
Arizona Metals Corp.