11:13 AM EST, 01/04/2024 (MT Newswires) -- National Bank of Canada on Thursday noted Arizona Metals Corp.(AZMCF) 's outcome of its property-wide rock grid sampling program and identified four new high-priority drill targets at the Kay project in Arizona.
According to the bank, Arizona Metals'(AZMCF) wider property area remains prospective and the company has a healthy balance sheet to carry out drilling and other activities.
But Arizona Metals(AZMCF) does not expect to accelerate the pace of drilling across all targets until road and drill pad access is permitted through the exploration plan of operations, which is expected in the second half or later.
A maiden resource on the Kay deposit is also not expected to be finalized until priority areas have been drilled, the bank said.
National Bank gave Arizona Metals(AZMCF) an outperform rating with a $7.00 price target.
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