Arizona Metals (TSX:AMC) has reported new drilling data from its Kay Deposit in Arizona. The information derived from three additional drill holes reveals both the continuity of the mineral deposit and its potential for further expansion, especially toward the surface. Two of these new holes, labelled 116 and 114, were specifically aimed at gauging the deposit’s upward extension using a modified drilling rig. The drill holes managed to extend the mineralization by 65 meters and 55 meters upward, substantially enlarging the area of the deposit above previously drilled levels.
Marc Pais, CEO of Arizona Metals, commented in a press release: “These new drill results from the Kay Deposit continue to point to its expansion potential, in this case adding 65 m to the drilled vertical extent of the deposit, which has now been drilled over more than 900 m vertically. Our specially modified drill rig will continue to test these shallower portions of the deposit along the more than 350 m of strike length defined to date, while we also expand mineralization with the second rig targeting northern and southern extensions of the Kay Deposit.”
Looking ahead, Arizona Metals Corp. has outlined its immediate focus on the Western Target within the same property. The company will complete and submit an exploration plan of operations (EPO), a procedural step that will enable further infrastructure development like road and drill pad construction. This is aimed at testing several high-priority targets both at the Western Target and across the broader property. Concurrently, a property-wide sampling program of roughly 1,900 samples is underway, the assay results of which will be instrumental in refining the upcoming EPO and identifying other areas of high mineral value.
The company operates two drill rigs at the Kay Deposit, with a specific focus on both infill and expansion drilling. The estimated drilling is around 30,000 meters, targeted toward the zones outlined in their recent findings. The company aims to provide a comprehensive maiden mineral resource estimate (MRE) in due course. While the exact amount of required drilling for the MRE remains to be determined, the company will offer updates on the timing as the drilling continues throughout 2024.
As for the overall progress and financial standing of Arizona Metals Corp., the company has, to date, completed 93,000 meters of drilling on the Kay Exploration Project. Armed with a cash reserve of $43 million as of the end of June 2023, the company can finish the remaining 66,000 meters in its third-phase drilling program, which has a budget allocation of $27.7 million.
Highlights from the results are as follows:
- Hole KM-23-115 intersected 83.7 m at 3.6 g/t gold equivalent (AuEq), including 15.3 m at 6.3 g/t AuEq. This hole is in the core of the deposit, infilling a 50-m gap between holes KM-21-41 and KM-23-105, and demonstrating excellent continuity of grade and thickness in this region of the deposit (Figures 1 and 2).
- Hole KM-23-116 returned three separate mineralized intervals, including 21.9 m at 1.3% CuEq, which includes 1.4 m at 5.7% CuEq.
- Hole KM-23-114 intersected five separate mineralized intervals, including 22.1 m at 0.6% CuEq and 3.7 m at 1.2% CuEq.