Arizona Metals Update on Sugarloaf Peak Project in La Paz County

Arizona Metals Corp announced drill results of the final three drill holes of the 1,748 m Phase 1 drill program at its Sugarloaf Peak Project in La Paz County in
Arizona Metals Update on Sugarloaf Peak Project in La Paz County
Arizona MetalsArizona Metals

Arizona Metals Corp announced drill results of the final three drill holes of the 1,748 m Phase 1 drill program at its Sugarloaf Peak Project in La Paz County in Arizona. A total of four holes were drilled primarily to provide core for metallurgical testing, to test geophysical targets at depth, and also to provide infill data towards incorporation into an NI 43-101 resource estimate.

Drill hole SP-20-02 intersected 119.8 m of 0.34 g/t gold from surface, including 21.6 m of 0.44 g/t gold, and 34.8 m of 0.41 g/t gold.

Drill hole SP-20-03 was extended to a depth of 547 m to test a geophysical anomaly starting at a depth of approximately 270 m. This hole encountered low grade mineralization from 11.3 m to 178 m (166.7 m of 0.12 g/t gold), but did not encounter significant mineralization at depth.

Drill hole SP-20-04 intersected 122.4 m of 0.31 g/t gold from a depth of 3.1 m, including 18.7 m of 0.43 g/t gold and 17.9 m of 0.47 g/t gold. This interval was a part of larger mineralized halo, starting at a depth of 3.1 m and extending to 396.5 m, for a total of 393.5 m of 0.22 g/t gold.

As previously reported, drill hole SP-20-01 intersected 137 m of 0.53 g/t gold from surface, including, 99 m of 0.62 g/t gold, and 30 m of 0.90 g/t gold. From 179.7 m to the end of the hole at 218.5 m, the same hole also intersected 38.8 m of 0.32 g/t gold. The hole ended in anomalous gold, and intersected gold mineralization approximately 45 m below holes drilled by previous operators in 1990 (Cominco) and 2011 (Choice Gold).

Detailed hydrothermal alteration analyses have been completed on all four holes, and representative samples will undergo metallurgical testing at Kappes Cassiday’s facilities in Reno, Nevada. Results of the metallurgical testing are expected in 1Q’21.

Marc Pais, CEO, commented “As expected, drill holes SLP-20-01, -02, and -04, intersected grades and widths of mineralization similar to those reported in the historic estimate. We will incorporate the upcoming metallurgical test results into the design of a drill program for expansion of the near-surface oxide material. Holes SLP-20-03 and -04 were extended to depths of 457 m and 549 m, respectively, in order to test geophysical anomalies at depth. While these holes did not intersect significant high-grade gold mineralization at depth, both encountered widespread faulting and shearing, with alteration typical of greenstone hosted quartz-carbonate systems. Hole SLP-20-04 intersected a 394 m interval of low-grade gold mineralization from surface, which we believe demonstrates that the surface oxide mineralization is the surface expression of a potentially much larger system at depth.”

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