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Arizona Metals Announces Proposed Spin-Out of Sugarloaf Peak Gold Project and Kay Royalties to Create Two New Companies
Arizona Metals Announces Proposed Spin-Out of Sugarloaf Peak Gold Project and Kay Royalties to Cr...
About this update from Arizona Metals Corp
[{"type":"text","content":"\n \n \n \n Arizona Metals Announces Proposed Spin-Out of Sugarloaf Peak Gold Project and Kay Royalties to Create Two New Companies\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /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\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Jan. 22, 2024\n \n \n /CNW/ - Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) (\"\"Arizona Metals\" or the \"Company\") is pleased to announce that it intends to create two new companies through the spin-out of the Sugarloaf Peak Gold Project (\"\n \n Sugarloaf\")\n \n and two newly-created royalties on its Kay Mine Project.\n \n \n \n \n \n \n \n \n \n The first company, expected to be named \"Sugarloaf Gold Corp.\", will be transferred shares of the Company's wholly-owned subsidiary, which holds Arizona Metals' Sugarloaf Peak Gold Project. Sugarloaf has a historic estimate of 1,500,000 ounces of gold (defined in 1982). The deposit is open for expansion in all directions and recent metallurgical testing has demonstrated the potential for excellent recoveries in both oxide and sulphide mineralization.\n \n \n The second company, expected to be named \"Arizona Royalties Corp.\", will hold a newly-created 2% net smelter royalty (\"NSR\") on any potential future mineral production at Arizona Metals' Kay Mine Deposit, as well as a newly-created 2% NSR royalty on all future potential mineral production from any new deposits discovered through Arizona Metals' ongoing exploration activities at the Kay Mine Project (collectively the \"\n \n Royalties\n \n \").\n \n \n \n Paul Reid\n \n , Executive Chairman, comments: \"\n \n The creation of these new companies will provide Arizona Metals' shareholders an opportunity to be part of two new and exciting ventures. The Sugarloaf Peak Gold Project is a bulk-tonnage, open-pit target that has an historic estimate containing 1.5 million ounces of g...