Scotia report on Arizonahttps://scotia.bluematrix.com/docs/pdf/80b39bc7-4990-4534-baf8-89202c7faf06.pdf
Salient first paragraph:
Western Drilling Returns VMS-Bearing Interval; Follow-Up Exploration Underway OUR TAKE: Positive. Arizona Metals announced that the first hole drilled at the Western Target intersected 16m of stringer to sulphide mineralization, including visible copper sulphide (chalcopyrite) and zinc sulphide. (sphalerite). Assays remain pending. A new wedge hole (23-104A) intends to continue testing this new zone of mineralization and a second drill is being moved to pad W2 to continue testing the Western Target along strike to the north. AMC added that mineralization encountered is classic stringer mineralization typically seen at the margins of VMS deposits. Recent surface sampling in the area near the surface projection of drilled mineralization also provided further confirmation of broadly distributed mineralization on the Kay project with grades up to 8.6% Cu and 3.3% Cu. We view this announcement as a positive for AMC shares as early results point to the presence of VMS mineralization at the Western Target. We look forward to the forthcoming assay results and additional results from ongoing exploration at Kay and surrounding targets. We rate AMC shares SO with an C$8.00 price target. As of December 31, 2022, AMC had $51M in cash on hand to fund ongoing exploration