09:17 AM EDT, 04/26/2022 (MT Newswires) -- Arizona Metals Corp.(AZMCF) said Tuesday that it has obtained a permit approval from the Bureau of Land Management for a drill pad, located about 200 meters west of the Kay Mine deposit.
The company's shares fell 2.3% in Canada yesterday.
The new pad will allow for testing of the Central Target, which was previously defined based on coincident structural, geochemical, and geophysical anomalies, the company said.
Arizona Metals (AZMCF) has planned an initial program at the Central Target of up to 20 holes totaling 11,000 meters. Drilling on the first hole is currently underway. Arizona Metals(AZMCF) has also submitted applications to the BLM for additional drill pads located west of the Central Target.
Also, the company reported the purchase of about 4.9 million common share purchase warrants at an exercise price of $3. The company now has about 111.4 million common shares issued and outstanding. The exercise generated proceeds of nearly about $14.7 million, resulting in an increase of the company's working capital position to $65 million.
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