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Arizona Metals Corp. Announces Completion of Warrant Repricing
TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Arizona Metals Corp. (TSXV: AMC) (the “Company” or “AMC”), would like to announce that, further to its press release
About this update from Arizona Metals Corp
[{"type":"text","content":" TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Arizona Metals Corp. (TSXV: AMC) (the “Company” or “AMC”), would like to announce that, further to its press release dated November 18, 2019, it has completed the repricing of 6,117,999 of the Company’s outstanding warrants expiring on August 1, 2022 (each, a “Warrant”) from an exercise price of $0.60 per Warrant to an exercise price of $0.50 per Warrant (the “Warrant Repricing”). The Warrant Repricing is effective as of February 24, 2020. For additional information about the Warrant Repricing, please see the Company’s press release dated November 18, 2019. About Arizona Metals Corp. 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 historic estimate at the Kay Mine was reported by Exxon Minerals in 1982. 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 be compliant with current NI 43-101 standards. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and AMC 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 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 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 a...