Arizona Metals Unveils New Mineralized Zone at Kay Deposit Promising Expansion Beyond Known Boundaries
Arizona Metals Unveils New Mineralized Zone at Kay Deposit Promising Expansion Beyond Known Boundaries
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Arizona Metals has identified a new mineralized zone in its Kay deposit, a copper-gold project, just outside the known boundaries. This discovery was confirmed by drill hole KM-24-166, which revealed 50 meters of mineralization with 0.66% copper, 3.2 grams per tonne of gold, 5.15% zinc, and 30.5 grams per tonne of silver from a depth of 676.2 meters. As part of phase three drilling, the hole also showed 6.9 meters with 0.5% copper, 5.8 grams of gold, 11.14% zinc, and 92.7 grams of silver. This newly discovered area, called Kay2, is located about 100 meters north of previously drilled sections of the Kay deposit.
Arizona Metals has identified a new mineralized zone in its Kay deposit, a copper-gold project, just outside the known boundaries. This discovery was confirmed by drill hole KM-24-166, which revealed 50 meters of mineralization with 0.66% copper, 3.2 grams per tonne of gold, 5.15% zinc, and 30.5 grams per tonne of silver from a depth of 676.2 meters. As part of phase three drilling, the hole also showed 6.9 meters with 0.5% copper, 5.8 grams of gold, 11.14% zinc, and 92.7 grams of silver. This newly discovered area, called Kay2, is located about 100 meters north of previously drilled sections of the Kay deposit.
"We have very much looked forward to the expansion potential of the Kay project, and this drill hole shows that the upside at Kay is significant… We expect the newly discovered Kay2 zone to contribute to the upcoming mineral resource estimate for the Kay deposit."
- Duncan Middlemiss, Arizona Metals' president and CEO.
Historical Significance and Analyst Commentary
The Kay deposit sits on a historically mined site in Arizona, the leading copper-producing state in the U.S. BMO Capital Markets analyst Rene Cartier commented on Thursday that these results continue to highlight Kay's growth potential. BMO expects Arizona Metals to release its next resource estimate in the first half of 2025.
Shares of Arizona Metals rose 1.4% to C$1.47, giving the company a valuation of C$170.5 million, with shares trading within a 52-week range of C$1.40 to C$2.68. These findings at the 5.3-square-kilometer project, located about 70 kilometers north of Phoenix, were reported just as gold reached a record high of $2,790.10 per ounce amid soaring prices for the metal.
In addition to Kay2, notable findings include step-out hole KM-24-162, which extended mineralization 30 meters south with grades of 1.86% copper, 0.4 grams of gold, 1.36% zinc, and 22.6 grams of silver from a depth of 747.1 meters. Another key result was hole KM-24-160A, which intersected 3.7 meters at 0.05% copper, 0.2 grams of gold, 1.37% zinc, and 1.7 grams of silver from 559 meters, filling a 95-meter gap near the center of the deposit. So far, Arizona Metals has drilled 122,000 meters on the property, including the third phase of exploration at Kay.
In addition to Kay2, notable findings include step-out hole KM-24-162, which extended mineralization 30 meters south with grades of 1.86% copper, 0.4 grams of gold, 1.36% zinc, and 22.6 grams of silver from a depth of 747.1 meters. Another key result was hole KM-24-160A, which intersected 3.7 meters at 0.05% copper, 0.2 grams of gold, 1.37% zinc, and 1.7 grams of silver from 559 meters, filling a 95-meter gap near the center of the deposit. So far, Arizona Metals has drilled 122,000 meters on the property, including the third phase of exploration at Kay.
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