TORONTO--(BUSINESS WIRE)--Arizona Metals Corp. (TSX.V:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that it has been added to the MVIS Global Junior Gold Miners Index (“GDXJ”) pursuant to the GDXJ’s Q4 rebalance which was announced on December 10th, 2021. Arizona Metals will be included at a weighting of 0.42% of the Index, with implementation expected by December 17, 2021.
Arizona Metals is also pleased to report that 4,650,000 common share purchase warrants, issued on May 29th, 2020 with an exercise price of $0.85, were fully exercised prior to their November 29th, 2021 expiry, with the result that the Company now has 104,899,644 common shares issued and outstanding. The exercise generated gross proceeds of $3.95 million, resulting in an increase of AMC’s working capital position to $57 million.
Marc Pais, CEO, commented “Inclusion in the GDXJ Index is a significant milestone in the Company’s continued growth, and recognition of increases in both share price and liquidity. Recent warrant exercises, along with completion of a financing in November, have increased the Company’s working capital position to $57 million. The Phase 2 program is underway with 3 rigs turning, and approximately 35,000 metres of a 75,000 metre program completed to date. The Company currently has 18 drill holes pending assay and release. The Phase 3 program is fully-funded, with a projected drill program of at least 76,000 metres expected to start in early 2022.”
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. 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” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) 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, 1983, Westworld Resources).
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.
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