Business
Arizona Metals Announces Initiation of Central Target Drilling and Warrant Exercises Increase Working Capital to $65 Million
TORONTO / Apr 26, 2022 / Business Wire / Arizona Metals Corp. (TSX.V:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that it has re
About this update from Arizona Metals Corp
[{"type":"text","content":"TORONTO / Apr 26, 2022 / Business Wire / Arizona Metals Corp. (TSX.V:AMC, OTCQX:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that it has received permit approval from the Bureau of Land Management (“BLM”) for a drill pad, located approximately 200 m west of the Kay Mine deposit (pad 7 in Figure 1 below). This new pad will allow for testing of the Central Target (Figure 2), which was previously defined based on coincident structural, geochemical, and geophysical anomalies (Figure 3). The Company has planned an initial program at the Central Target of up to 20 holes totaling 11,000 m. Drilling on the first hole is currently underway. The Company has also submitted applications to the BLM for additional drill pads located west of the Central Target (pads C1 and C2 in Figure 1), which will allow for drill testing of the Central Target from the west side, while also allowing for drilling of additional coincident anomalies located between the Central and Western Targets. Arizona Metals is also pleased to report that 4,909,999 common share purchase warrants, issued on April 22nd, 2021 with an exercise price of $3.00, were exercised prior to their April 22nd, 2022 expiry, with the result that the Company now has 111,372,104 common shares issued and outstanding. The exercise generated gross proceeds of $14,729,997, resulting in an increase of AMC’s working capital position to $65 million. Marc Pais, CEO, commented “We are very pleased to announce that pad 7 was successfully permitted and the first hole of the initial 11,000 m Central Target program is already underway. These first 20 holes planned will all target areas previously untested by drilling, but that have many of the same characteristics we see at the Kay Mine deposit. This also marks the initiation of the larger, fully-funded Phase 3 program, which will total at least 76,000 m and cover the western extent of the Kay Mine Project. Two drill rigs continue to turn at the Kay Deposit, with concurrent goals of discovery and resource definition. We would also like to thank our shareholders for their continued support; the warrant exercises completed last week have increased the treasury to $65 million, and placed the Company on very strong footing to undertake the first detailed exploration of the Central and Western Targets in the known history of the property....