Arizona Metals Corp. announced the outcome of its comprehensive property-wide rock grid sampling program as another step towards unlocking the full potential of the Kay Project in Arizona. A number of advanced processing techniques were applied to the new data in order to identify at least 4 new high-priority drill targets, all in areas previously untested by drilling.

Planning of these drill holes is now underway and will use a combination of the 11 drill pads permitted under the current Notice of Intent starting early in 2024 and also with new pads, once permitted, using the upcoming Exploration Plan of Operations (EPO). The Company will provide an update on timing of the expected EPO approval once the draft EPO has been submitted, (expected in January), and initial comments have been received from BLM (anticipated 1H'24). Arizona Metals has drilled a total of 99,000 meters on the Kay property.

The results of 16 holes are currently pending and will be released early in 2024. The Company is fully funded (with $40 million in cash as of September 30, 2023) to complete the remaining 60,000 m of the 76,000-meter Phase 3 drill program, which will include drill holes testing the four new priority targets described below. Metallurgical test work currently underway and completed to date was undertaken by SGS Canada Inc., with input by SRK Consulting (Canada) Inc., and includes an early-stage metallurgical evaluation program designed to test the amenability of Kay Deposit drill core samples to copper-zinc differential flotation.

Metallurgical test work currently in process includes Bond ball mill work index, mineralogical characterization, gravity concentration, gold deportment, and rougher and cleaner flotation. The program is intended to provide an understanding of the Kay Deposit metallurgy and will set the basis for preliminary flowsheet selection and further optimization work. The results of these tests are expected to be included in future engineering and economic studies on the Kay Project.

The Company plans to release updated results as the optimization work progresses during 2024. Results from the recently completed property-wide rock sample grid have identified four initial exploration targets, based on anomalous values of copper, zinc, and sodium/zinc alteration index. The copper concentration map reveals that anomalously high copper samples tend to be localized within felsic host rocks.

Two samples assayed percent-grade copper, including 5.5% Cu along the West Target sulfide horizon, and 2.7% Cu in the northeast portion of the property. This coincides with a strong trend of high copper and zinc samples, a strong chlorite-pyrite alteration assemblage, and drill results from hole KM-22-95 (2.7 m @ 0.5% CuEq). Target 1 may represent a folded continuation of the Kay Deposit horizon.

Additional surface rock sampling is underway on this target to refine drill-hole planning. This target can be reached from pads 4, 6, and 7; drilling is anticipated here during First Quarter 2024. The historic estimate at the Kay Mine was reported by Exxon Minerals in 1982.

(Fellows, M.L., 1982, Kay Mine massive sulphide deposit: Internal report prepared for Exxon Minerals Company). The Kay Mine historic estimate has not been verified as a current mineral resource. Sugarloaf is a heap-leach, open-hole planning.