Arizona Metals Corp owns 100% of the Kay Mine Property in Yavapai County, which is located on a combination of patented and BLM claims totaling 1,300 acres that are not subject to any royalties. An historic estimate by Exxon Minerals in 1982 reported a “proven and probable reserve of 6.4 million short tons at a grade of 2.2% copper, 2.8g/t gold, 3.03% zinc, and 55g/t silver”. The mineral reserve categories per the Exxon historical estimate are not consistent with current CIM definitions for proven and probable mineral reserves. The Kay Mine is a steeply dipping VMS deposit that has been defined from a depth of 150m to at least 900m. It is open for expansion on strike and at depth.
The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of “100 million tons containing 1.5 million ounces gold” at a grade of 0.5g/t (Dausinger, 1983, Westworld Resources). The historic estimates at the Kay Mine and the Sugarloaf Peak Property have not been verified as current mineral resources. None of the key assumptions, parameters, and methods used to prepare these historical estimates were reported, and no resource categories were used. A Qualified Person has not done sufficient work to classify them as current mineral resources, and Arizona Metals is not treating the historic estimates as current mineral resources. The Qualified Person who reviewed and approved the technical disclosure in this release is David Smith, P.Geo.Read less
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