Arizona Metals Corp. announced that step-out drilling located 300 metres north and on strike of its Kay Mine Deposit has intersected a new zone of copper-gold VMS mineralization, at depths ranging from 150 to 600 metres vertically below surface. The new zone is open in all directions, with drilling currently underway to test for extensions and thickening of the mineralization encountered to date.

The Company is also pleased to report six additional holes from the Kay Mine Deposit, including three infill and three extensional holes. The Company is fully-funded (with $58 million in cash at Sept 30, 2022) to complete the remaining 8,500 meters planned for the Phase 2 program at Kay Mine Deposit (budgeted at $3.6 million), as well as an additional 76,000 meters in the Phase 3 program (budgeted at $32 million), which will be used to test the numerous parallel targets heading west of the Kay Mine Deposit, as well as possible northern and southern extensions. North Strike Extensional Drilling: Hole KM-22-93 intersected four separate intervals of VMS mineralization over a vertical extent of approximately 140 m (from 470 m to 610 m vertically below surface), including 4.5 m at a grade of 1.8% CuEq, 2.0 m grading 1.5% CuEq, 4.6 m grading 0.8% CuEq, and 1.2 m grading 2.7% CuEq.

This hole is approximately 300 m below hole KM-22-30, which intersected 3.0 m grading 1.1% CuEq, and 400 m below KM-22-33, which intersected 1.2 m grading 4.2% CuEq. Mineralization is open in all directions around these intercepts. This hole extends the strike of mineralization approximately 300 m from the northernmost Kay Mine Deposit drill intercept.

Kay Mine Deposit Drilling: KM-22-81B intersected 3.8 m grading 10.7% CuEq from 750 m. This is a step-out hole to the south, which extended mineralization about 50 m south of hole KM-21-52A along the southern edge of the Kay Mine Deposit. Drilling along strike of the Kay Mine Deposit has extended the mineralized horizon approximately 300 m to the north. KM-22-82: results from additional sampling returned 2.4 m @ 1.3% CuEq, extending mineralization approximately 75 m north of hole KM-20-03 in the North Zone of the Kay Mine Deposit.

KM-22-87 intersected 8.2 m @ 0.5% CuEq, including 0.6 m @ 1.8% CuEq and extended mineralization approximately 100 m north of hole KM-20-03 on the north edge of the Kay Mine Deposit. KM-22-88 hosted 0.9 m @ 2.7% CuEq, which demonstrates continuity of mineralization within the 100 m north step-out achieved by hole 87. KM-22-89 intersected 1.4 m @ 1.2% CuEq; this locates the Kay Mine Deposit mineralized horizon about 100 m north of hole 19, and demonstrates depth potential in this area at a vertical depth of approximately 390 m below surface.

Hole KM-22-93 intersected four separate intervals of VMS mineralization over a vertical extent of approximately 140 m (from 470 m to 610 m vertically below surface), including 4.5 m at a grade of 1.8% CuEq, 2.0 m grading 1.5% CuEq, 4.6 m grading 0.8% CuEq, and 1.2 m grading 2.7% CuEq. This hole is approximately 300 m below hole KM-21-30, which intersected 3.0 m grading 1.1% CuEq, and 400 m below KM-21-33, which intersected 1.2 m grading 4.2% CuEq. Mineralization is open in all directions around these intercepts.

This hole extends the strike of mineralization approximately 300 m from the northernmost Kay Mine Deposit drill intercept, and points to depth potential along the north strike extension. The Phase 3 drill program will test the numerous parallel targets heading west of the Kay Mine Deposit, as well as the possible northern and southern extensions. The road to the Central Target (located 300 m west of the Kay Mine Deposit) is complete, and drilling at the Central Target pads commenced during November 2022.

A total of six holes were drilled to the west from pad 7, but due to the westerly dip of the stratigraphy and the Central Target EM anomaly, these holes did not fully test the Central Target. Results from these six holes, along with updated structural mapping and ground-loop EM geophysics, will be used to refine the drill targeting from pads C1 and C2. The location of these pads will provide much better angles to intersect the core of the Central Target, while also testing for its extensions north and south along strike of the mafic-felsic contact that potentially hosts mineralization.

Permitting is complete for drill pads at the Western Target (W1 and W2, located ~1,000 m west of the Kay Mine Deposit), with road construction approximately half completed, and drilling anticipated to start in Q1Æ23.