/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE
UNITED STATES/
TORONTO, June 3, 2024
/CNW/ - Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) (the
"Company" or "Arizona Metals") is pleased to announce that it will
be holding its Annual General Meeting (the "Meeting") of
shareholders on June 28, 2024 at
1:00 p.m. (Toronto time). The Meeting will be held by
live audio webcast in order to facilitate shareholder attendance
and participation. Details regarding how to attend and vote at the
Meeting will be included in the management information circular
being delivered to shareholders in connection with the Meeting and
filed on Arizona Metals' profile on SEDAR+ at
www.sedarplus.com.
The Company also announces today that the board of directors has
determined to defer the shareholder vote on the proposed spin-out
transactions which were previously announced by the Company on
January 22nd, 2024.
Arizona Metals had previously announced its intention to seek
shareholder approval for the creation and spin-off of two new
companies to shareholders: one of which would own the Company's
Sugarloaf Peak Gold Project, and the other which would own a
newly-created net smelter return royalty on the Company's Kay Mine
Project. However, with the recent appointment of Duncan Middlemiss as President and Chief
Executive Officer of the Company and Jacques Perron as Chair of the Board, the Board
has determined to defer the vote on the proposed spin-outs and
decide whether they fit with the strategic vision being developed
for the Company.
Duncan Middlemiss, President
and CEO of Arizona Metals comments: "As new management I believe we
need more time to fully evaluate the merits of the spin-out
proposals and therefore have chosen to defer the vote. I am very
pleased to be leading the company at this juncture, as the Kay Mine
Deposit continues to be further defined and expanded. Additionally,
I would like to acknowledge the team's accomplishments in advancing
the Kay Mine Project to date and especially Paul Reid and Marc
Pais for their foresight. The next phase of my mandate is to
define the plan on what will deliver long-term value for our
shareholders."
There are two exploration drills currently in operation on the
Kay Mine Property. One drill is focused on step-out and infill
targets on the Kay Mine Deposit, and the other is testing
exploration targets in the North Central area of the project. The
Company has completed 26,200 m of the
76,000-meter Phase 3 drill program; 30,000
m of this program have been earmarked for resource drilling
on the Kay deposit, 15,000 m of which
have been completed. Management is looking forward to updating
shareholders on exploration progress in the coming weeks.
About Arizona Metals Corp
Arizona Metals Corp owns 100% of the Kay Mine
Property in Yavapai County, which
is located on a combination patented and BLM claims totaling 1,665
acres that are not subject to any royalties, and 193 acres of
private land. A 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, 2.8 g/t gold, 3.03% zinc, and 55 g/t
silver." 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. None of the key
assumptions, parameters, and methods used to prepare the historic
estimate were reported, and no resource categories were used.
Significant data compilation, re-drilling and data verification may
be required by a Qualified Person before the historic estimate can
be verified and upgraded to be a current mineral resource. A
Qualified Person has not done sufficient work to classify it as a
current mineral resource, and Arizona Metals is not treating the
historic estimate as a current mineral resource.
The Kay Mine is a steeply dipping VMS deposit
that has been defined from a depth of 60
m to at least 900 m. 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 0.5 g/t
(Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of
Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld
Inc.)
The historic estimate at the Sugarloaf Peak
Property was reported by Westworld Resources in 1983. The historic
estimate has not been verified as a current mineral resource. None
of the key assumptions, parameters, and methods used to prepare the
historic estimate were reported, and no resource categories were
used. Significant data compilation, re-drilling and data
verification may be required by a Qualified Person before the
historic estimate can be verified and upgraded to a current mineral
resource. A Qualified Person has not done sufficient work to
classify it as a current mineral resource, and Arizona Metals is
not treating the historic estimate as a current mineral
resource.
The Qualified Person who reviewed and approved
the technical disclosure in this release is David Smith, CPG.
This press release contains statements that
constitute "forward-looking information" (collectively,
"forward-looking statements") within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that discusses predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases
such as "expects", or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "budget",
"scheduled", "forecasts", "estimates", "believes" or "intends" or
variations of such words and phrases or stating that certain
actions, events or results "may" or "could", "would", "might" or
"will" be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include,
without limitation, statements regarding the previously announced
proposed spin-out transactions, including the possibility of
the Company's shareholders voting in respect of the spin-out
transactions in the future, or not at all, the
development of a strategic plan for the Company's assets by
management and the board of the Company, and the success or outcome
of any such plan.. In making the forward- looking statements
contained in this press release, the Company has made certain
assumptions. Although the Company believes that the expectations
reflected in forward-looking statements are reasonable, it can give
no assurance that the expectations of any forward-looking
statements will prove to be correct. Known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to: availability of financing; delay or failure
to receive required permits or regulatory approvals; and general
business, economic, competitive, political and social
uncertainties. Accordingly, readers should not place undue reliance
on the forward-looking statements and information contained in this
press release. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions,
changes in factors affecting such forward- looking statements or
otherwise.
NEITHER THE TSX VENTURE EXCHANGE
(NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE
SOURCE Arizona Metals Corp.