TORONTO, Oct. 12, 2026 (GLOBE NEWSWIRE) -- Arizona Eagle Mining Corp. (TSXV: AZEM; OTCQB: AZEMF) (the “Company” or “Arizona Eagle”) is pleased to announce that Kevin Reid, CEO and President of Arizona Eagle Mining Corp., will be presenting at the Precious Metals & Critical Minerals Virtual Investor Conference on Tuesday, October 13th, 2026 at 11am EST.
The conference will be a live, interactive online event where investors are invited to ask questions in real-time. If attendees are unable to join the event live on the day of the conference, an archived webcast will also be made available after the event. Learn more about the event, including registration and event updates at www.virtualinvestorconferences.com.
News Release, September 29, 2026: Arizona Eagle Mining Corp. Announces the Commencement of Engineering Studies to Reopen the McCabe Mine for Underground Drilling
News Release, September 15, 2026: Arizona Eagle Mining Corp. Announces Sampling Results on Recently Acquired Silver Mine Claims
News Release, August 25, 2026: Arizona Eagle Mining Corp. Announces Discovery of Zinc-Silver VMS Mineralization Northeast of McCabe Mine in Drill Intersections
News Release, August 17, 2026: Arizona Eagle Mining Corp. Completes Acquisition of Three Past-Producing High-Grade Silver Mines to Consolidate the Eagle Silver Project
About Virtual Investor Conferences® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
About Arizona Eagle Mining Corp.
Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle’s principal asset is the Eagle Project, a 4,169-acre property comprising patented and unpatented claims located near the town of Prescott Valley in Yavapai County, Arizona. The Eagle Project is centered on the past-producing McCabe Mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle’s primary focus will be on the exploration and development of the Eagle Project, it will continue to own its legacy land portfolio in the Thompson Nickel Belt of northern Manitoba.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Any statements that are not statements of historical fact may be deemed to be forward-looking statements, which are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects” and similar expressions. More particularly and without limitation, this news release contains forward-looking statements concerning: the adoption of the Omnibus Plan; the grant, vesting, exercise, settlement and payment of the Awards; the number of Common Shares reserved for issuance under the Omnibus Plan and the Option Plan; the entering into of the Consulting Agreement and the anticipated benefits thereof; and the receipt of all necessary approvals, including the acceptance of the TSXV and the approval of the shareholders of the Company.
Forward-looking statements are inherently uncertain, and actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including: expectations and assumptions concerning the timely receipt of all required regulatory and shareholder approvals; the ability of the Company to obtain TSXV acceptance and shareholder approval of the Omnibus Plan and the Awards granted thereunder on the proposed terms or at all; and the ability of the Company to retain and incentivize its directors, officers, employees and consultants. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement. Except as expressly required by applicable securities law, the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
ARIZONA EAGLE MINING METALS EXPLORATION AND DEVELOPMENT
ARIZONA EAGLE MINING CORP. ANNOUNCES COMMENCEMENT OF ENGINEERING STUDIES TO REOPEN MCCABE MINE FOR UNDERGROUND DRILLING
Toronto, Ontario – September 29, 2026 – Arizona Eagle Mining Corp. (TSXV: AZEM; OTCQB: AZEMF) (the “Company” or “Arizona Eagle”) is pleased to announce that it has engaged Hancon Mining Division USA Corp. (“Hancon”), pursuant to a pre-construction engineering agreement dated September 29, 2026 (the “Engineering Agreement”), to complete engineering design work for the reopening of the pastproducing McCabe Mine to support underground drilling. The Engineering Agreement covers the initial engineering and assessment phase of the program only, and the balance of the work required to reopen the mine will be the subject of a separate agreement, as described below.
As announced on August 25, 2026, the Company completed its Phase 1 surface drill program (the “Phase 1 Drill Program”) at the Eagle Project, which extended the mineralized strike beyond the area covered by the Historical Estimate (as defined below) and intersected zinc-silver mineralization to the northeast of the McCabe Mine. Upon completion of the Phase 1 Drill Program, management began an investigation in order to understand the most efficient method to get back underground, in order to reduce the drilling cost, and to improve the targeting of the known gold and silver zones. It has been determined that accessing the underground by the ventilation raise is expected to be the most cost-effective means, with an indicative budget of approximately US$3.7 million, subject to the results of the initial engineering work described below. The Company expects to be funded to complete this work.
Re-establishing the underground access will allow the Company to benefit from the substantial infrastructure already in place (which management estimates would cost approximately US$40 million, and two years of work, to replace). The AZEM team interviewed multiple leading mining contractors to perform the work, and as a result of this review, Hancon Mining was determined to be the preferred partner for the re-establishment of underground access and drilling. Once access is available, the Company expects to be able to drill approximately 5% of the metres required to reach the same target from surface. The cost per metre drilled is also budgeted to be significantly lower by drilling from underground. The Company believes that the drilling economics of the decision to go back underground are compelling.
This work is being advanced in parallel with the Company’s ongoing surface exploration and target generation. As announced on August 25, 2026 and September 15, 2026, the Company has commissioned a detailed SkyTEM airborne geophysical survey, which is expected to assist in delineating mineralization types and refining targets for a Phase 2 drill program, and is compiling the results of that survey together with the results of the Phase 1 Drill Program and of the surface sampling programs completed on the Eagle Silver Zone and the Esmeralda Gold Zone. The targets generated from that work are expected to inform the underground drill program to be undertaken once access to the workings has been re-established.
The McCabe Mine has a historical estimate of approximately 880,000 ounces of gold at 11.7 grams per tonne (“g/t”) and 5 million ounces of silver at 69 g/t (the “Historical Estimate”)1 and was last in production
1The Historical Estimate is a historical estimate for the purposes of National Instrument 43-101 -Standards of Disclosure for Mineral Projects. It is not current, is not being treated by the Company as current mineral resources or current mineral reserves, and should not be relied upon. A Qualified Person has not done sufficient work to classify the
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during the 1980s. The McCabe Mine was accessed until 1993 from the 14-foot-diameter Sooner Shaft, which is concrete-lined and reaches a depth of 1,620 feet (approximately 500 metres). There are also at least five kilometres of underground drifts. Underground drilling has the potential to significantly reduce costs relative to drilling the same targets from surface, while also shortening the timeline to define a resource and test new targets of mineralization.
Under the Engineering Agreement, Hancon will complete the initial engineering and assessment work required to define the balance of the program including:
• An onsite survey and the collection and testing of core samples of the concrete in the Sooner Shaft and the ventilation raise in order to confirm their condition;
• Dewatering and pump testing of the shaft to a depth of approximately 300 feet in order to confirm water handling and discharge rates; and
• Detailed engineering design and procurement planning for the Alimak raise-climber system that would be used to access, rehabilitate and dewater the balance of the underground workings.
This work is expected to commence on or about October 14, 2026. The total cost of the work under the Engineering Agreement is a maximum of US$391,344, inclusive of the Margin described under “Engineering Agreement and Share Consideration” below.
Following a comprehensive data review, site visit and desktop studies, Hancon has provided the Company with an indicative budget proposal of approximately US$3.7 million (payable in cash and shares as described below) for the work to be completed under the Engineering Agreement, as well as the balance of the program. This will include:
• The full dewatering of the mine;
• The rehabilitation of the ventilation raise;
• Installation and operation of the Alimak system that will allow initial movement of people and equipment into the working areas;
• Establishment of a timber manway and equipment chute compartments within the shaft to allow continued people and equipment access once the Alimak system has been removed; and
• The development of underground access to the 830-foot level in order to bring the mine to drillready status at that depth.
This is anticipated to occur over approximately eight months and a Phase 1 underground drill program is targeted for the third quarter of 2027 on completion of that work.
Kevin Reid, Chief Executive Officer of Arizona Eagle, commented:
“We are extremely pleased to partner with Hancon Mining to reopen the McCabe Mine for underground drilling and exploration. Hancon is one of North America’s premier underground mining contractors and has built and operated many mines similar to McCabe for some of the world’s largest mining companies.
Getting underground at McCabe will allow us to drastically increase our drilling output while also reducing costs. Getting the drills underground and right up to the known historic mineralization can result in an up to95% reduction in metres required, as compared to drilling the same targets from surface. It can also materially improve targeting. This is made possible by taking advantage of the extensive underground
Historical Estimate as current mineral resources or current mineral reserves. See “Cautionary Note Regarding the Historical Estimate” in this news release for the source, date, relevance, reliability, known assumptions and parameters, category comparison and required verification work.
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infrastructure put in place by previous operators. We estimate the replacement installation cost of the ventilation raise and the Sooner Shaft at the McCabe Mine to be at least US$40 million.
We are fully funded to re-access the underground workings and begin a Phase 1 underground drill program.”
The indicative budget proposal is preliminary and remains subject to the results of the initial engineering work to be completed under the Engineering Agreement. The scope, budget and timing of the balance of the program will be confirmed on completion of that engineering work. The balance of the program is not covered by the Engineering Agreement and will be the subject of a separate agreement, which the Company expects to enter into following completion of the initial engineering work, subject to the approval of the Company’s board of directors, and to announce in a subsequent news release. There can be no assurance that the Company will enter into that agreement or that the final cost of the balance of the program will not differ materially from the indicative budget proposal.
Show more of the filing
Engineering Agreement and Share Consideration
Under the Engineering Agreement, Hancon will be reimbursed in cash for the actual cost of the engineering design work, without markup, to a maximum of US$326,120. Hancon’s profit on that work will be a further 20% of those verified costs, being up to US$65,224 (the “Margin”). The Company intends to satisfy the Margin in common shares of the Company (the “Common Shares”) in order to preserve cash for the exploration and development of the Eagle Project, and may elect to pay all or any part of the Margin in cash.
No Common Shares will be issued in satisfaction of the Margin until the engineering design work has been completed and the related costs verified in accordance with the Engineering Agreement. Pursuant to the Engineering Agreement, the Margin will be converted into Canadian dollars at the Bank of Canada daily exchange rate and divided by the deemed price per Common Share to determine the number of Common Shares to be issued. The deemed price will be the greater of the 30-day volume-weighted average trading price of the Common Shares and the Discounted Market Price (as defined in the policies of the TSX Venture Exchange (the “TSXV”)) at that time. The Common Shares are expected to be issued upon completion of the engineering design work under the Engineering Agreement, in the first quarter of 2027.
Hancon is at arm’s length to the Company. Issuance of the Common Shares is subject to the acceptance of the TSXV and to a statutory hold period of four months and one day from the date of issuance.
Shaft and Vent Raise
In August 2026, the Company accessed the Sooner Shaft and, in early September, reopened it for the first time since 1993. The purpose of the work was to collect water samples from the shaft, which is currently flooded, in order to confirm that it is of suitable quality for discharge and pump testing. The work also allowed a preliminary examination of the shaft concrete and steel, which appear to be in very good condition. A camera was lowered down the shaft, encountered the water table at 140 feet and reached the shaft bottom at a depth of 1,620 feet (500 metres) without encountering any obstructions.
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Figure 1. Sooner Shaft (14-foot diameter) reopened in September for water sampling and surveying by drone camera.
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Figure 2. Shaft concrete and rebar appear, on preliminary inspection, to be in excellent condition with little evidence of corrosion or erosion. The Company intends to take core samples of the shaft concrete to better define the condition and allow for refined rehabilitation estimates.
In early September, the Company also located and reopened the McCabe Mine ventilation raise, approximately 1,300 feet (400 metres) south of the Sooner Shaft. The raise was reopened, water was
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sampled, and a camera was lowered to a depth of 430 feet. The concrete appears to be in excellent condition, and no obstructions were encountered when lowering the camera probe.
On September 16, 2026, the Company hosted a site visit for Hancon’s team of highly experienced engineers, who inspected both the Sooner Shaft and the ventilation raise at the McCabe Mine.
Figure 3. Kevin Reid, CEO (right) examining the recently reopened vent raise (located approximately 400 metres from the Sooner Shaft).
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Mine Dewatering
The Company has been in contact with the Arizona Department of Environmental Quality and has identified a number of locations that would allow for discharge pumping (dewatering of the shaft and mine) without any additional permitting requirements. Water testing has been completed and confirmed that the water quality is suitable for discharge and pump testing.
About Hancon Mining
Hancon Mining is a full-service underground mining contractor operating across Canada and the United States. Built by miners and driven by experience, Hancon specializes in mine and ramp development, underground construction, long-hole production drilling, Alimak raise mining, rehabilitation, and specialized underground services.
Hancon’s current North American portfolio includes projects across Ontario and Idaho, supporting leading mining companies including Pan American Silver, Alamos Gold, Agnico Eagle, Discovery Silver, and Americas Gold and Silver.
With a growing North American workforce, Hancon remains focused on safe execution, strong partnerships, and treating every project as if its name is on the mine.
Eagle Project Overview
Arizona Eagle holds a 100% interest in the Eagle Project located in Yavapai County, Arizona. The Eagle Project is anchored by the past-producing gold and silver McCabe Mine, situated on 348 acres of private land. Stan West Mining historically invested more than US$35 million (approximately C$110 million in today’s dollars) to drill and develop the mine. In 1984, Stan West Mining published the Historical Estimate of approximately 880,000 ounces of gold grading 11.7 g/t and 5 million ounces of silver grading 69 g/t, defined to a maximum depth of approximately 440 metres and open in all directions. See “Cautionary Note Regarding the Historical Estimate” below.
Over the past two years, Arizona Eagle has expanded its total land position to 4,169 acres through staking and acquisitions surrounding the McCabe Mine, including the acquisition of three high-grade pastproducing silver mines that consolidate the Eagle Silver Zone. During this time, the Company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM surveys and ground-based induced polarization surveys that identified multiple parallel mineralized structures not historically drill-tested.
Cautionary Note Regarding the Historical Estimate
The Historical Estimate is a historical estimate for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Its source is Knight, D.C., 1984, Stan West Mining Corp.McCabe-Iron King Belt project summary and financial information for shareholders, reporting a 1983 calculation by Derry, Michener, Booth & Wahl; there is no technical report on the Historical Estimate. Using the original terminology, it reported “Total Reserves” of 2,593,682 tons grading 0.34 ounces per ton (“opt”) (11.7 g/t) gold and 2.0 opt (69 g/t) silver, containing 877,617 ounces of gold and 5,119,169 ounces of silver, in categories described as “Proven”, “Probable – Drifting”, “Probable – Drilling”, “Possible” and “Geologically Inferred”, the last of which accounted for approximately 700,000 of the contained gold ounces. It was prepared at an assumed gold price of US$360 per ounce and covered approximately 750 to 800 metres of strike to a maximum depth of approximately 440 metres; other key assumptions, parameters and methods, including cut-off grades, are not known to the Company. The historical categories are not the mineral resource and mineral reserve categories set out in NI 43-101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves (the “CIM Definition Standards”). “Geologically Inferred” is most closely comparable to an Inferred Mineral Resource and “Possible” to an Indicated to Inferred level of confidence, while the “Proven” and “Probable” categories, which are not supported by any pre-feasibility or feasibility
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study, are more comparable to Measured and Indicated Mineral Resources than to mineral reserves under the CIM Definition Standards. The categories were also aggregated into a single “Total Reserves” figure, which would not be permitted for a current estimate.
The Company considers the Historical Estimate relevant because it covers the McCabe deposit, the principal past-producing mine on the Eagle Project, and reflects a substantial body of historical drilling and underground development. Because the Historical Estimate predates NI 43-101 and the CIM Definition Standards, is not supported by a technical report and has not been verified by a Qualified Person, the Company regards it as an indication of the historical work completed at McCabe rather than as a measure of the quantity or grade of mineralization, and it should not be relied upon. Historical production at the McCabe Mine was at grades materially below those reported in the Historical Estimate. The Company is also aware of more recent historical estimates prepared for the McCabe deposit in 1989 and 1993, each of which was limited to material near the then-existing underground workings, was substantially smaller in scope than the Historical Estimate, and is likewise not compliant with the CIM Definition Standards or NI 43-101. Verifying or upgrading the Historical Estimate as current mineral resources or current mineral reserves would require significant work including but not limited to compilation and validation of the historical drilling, sampling and assay data, additional drilling, re-sampling and re-assaying under modern quality assurance and quality control protocols, geological and grade modelling and the establishment of cut-off grades and other economic parameters, with no certainty of success. A Qualified Person has not done sufficient work to classify the Historical Estimate or those more recent estimates as current mineral resources or current mineral reserves, the Company is not treating any of them as current mineral resources or current mineral reserves, the Historical Estimate is not being and may not be used in any economic analysis, and investors are cautioned not to rely on it.
About Arizona Eagle Mining Corp.
Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle’s principal asset is the Eagle Project, a 4,169-acre property comprising patented and unpatented claims located near the town of Prescott Valley in Yavapai County, Arizona. The Eagle Project is centered on the past-producing McCabe Mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle’s primary focus will be on the exploration and development of the Eagle Project, it will continue to own its legacy land portfolio in the Thompson Nickel Belt of northern Manitoba.
The scientific and technical information contained in this news release has been reviewed and approved by Clyde Smith, PhD, Vice-President, Exploration of the Company, who is a Qualified Person as defined under NI 43-101. Mr. Smith has also reviewed and approved the disclosure in this news release regarding the Historical Estimate; he has not, however, performed the work necessary to verify or upgrade the Historical Estimate as current mineral resources or current mineral reserves.
For Further Information
For further information on Arizona Eagle, please contact:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forwardlooking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements, including statements concerning the engineering design work to be completed by Hancon under the Engineering Agreement and its expected cost and timing, the indicative budget
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proposal provided by Hancon and the scope, cost and timing of the balance of the program, the Company’s expectation that access by way of the ventilation raise will be the most cost-effective method of reestablishing underground access, the Company’s estimate of the cost and time required to replace the existing underground infrastructure, the expected reduction in metres and cost per metre of drilling from underground relative to drilling from surface, the sufficiency of the Company’s funding for the program, theCompany’s entry into a separate agreement with Hancon in respect of that work, the reopening of theMcCabe Mine and the timing of a Phase 1 underground drill program, the anticipated benefits of underground drilling relative to drilling from surface, the issuance of Common Shares in satisfaction of theMargin and the receipt of TSXV acceptance, and the Company’s exploration and development plans for the Eagle Project. Statements concerning the Historical Estimate may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that would be encountered if the Eagle Project were developed. Forward-looking statements are inherently uncertain, and actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning theCompany’s ability to execute on its planned programs at the Eagle Project, the timely receipt of all required regulatory approvals, including the approval of the TSXV, the Historical Estimate and historical information prepared by prior operators of the Eagle Project, commodity price fluctuations, the availability of financing on acceptable terms, environmental and permitting risks, and risks inherent in mineral exploration and development. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement.Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Toronto, Ontario – September 15th, 2026 – Arizona Eagle Mining Corp. (TSXV: AZEM, OTCQB: AZEMF) (the “Company” or “Arizona Eagle”) is pleased to announce results of a recent surface sampling program designed to test the strike length of three past-producing silver mines (the “Eagle Silver Zone”), recently acquired by Arizona Eagle, which are located approximately one kilometre northeast of the past-producing McCabe Mine, which has a historical estimate of approximately 880,000 ounces of gold at 11.7 grams per tonne (“g/t”) gold and 5 million ounces of silver at 69 g/t silver (the “Historical Estimate”).1
Highlighted silver sample grades (Figure 1) include 467 g/t, 455 g/t, 340 g/t, 271 g/t, 182 g/t, 172 g/t, and 136 g/t. These samples are located in an area covering approximately 500 metres of strike between the past-producing Arizona National and Silver Belt mines, which reached maximum depths of only approximately 150 metres (near the oxide-sulphide transition zone) before ceasing production in 1931. The Company is not aware of any exploration work having been conducted on the Eagle Silver Zone property since closure.
Surface sampling was also conducted approximately 500 metres southwest of the McCabe Mine to test surface mineralization observed near the shafts of the past-producing Little Kicker and California mines (the “Esmeralda Gold Zone”). Highlighted outcrop gold grades (Figure 2) included 8.5 g/t, 2.5 g/t, and 1.1 g/t. Complete results for all samples collected in the Eagle Silver Zone and the Esmeralda Gold Zone are set out in Table 1 below.
These sample results demonstrate the potential for mineralization in veins parallel to the past-producing Silver Belt and Arizona National mines, and the possibility to extend the mineralization both to the northeast and southwest of the historical workings.
Kevin Reid, Chief Executive Officer of Arizona Eagle, commented:
“In August of this year, Arizona Eagle completed the strategic acquisition of three past-producing high-grade silver mines, consolidating the Eagle Silver Project located within close proximity of the gold and silver McCabe Mine. These mines served as major sources of silver production in Arizona until the 1930s and have been privately held and dormant for almost 100 years. Mining operations at that time were limited to relatively shallow oxidized depths, with the deepest shaft reaching only150 metres, allowing for the opportunity for further discoveries at depth. Surface sampling announced today on the Eagle Silver Zone has returned silver grades of up to 467 g/t in a zone of mineralization parallel to the past-producing Silver Belt and Arizona National mines, demonstrating the potential for the discovery of new mineralized veins on these properties, as well as extension of historic mineralization.
1The Historical Estimate is a historical estimate for the purposes of NI 43-101 (as defined below), is not current, is not being treated by the Company as current mineral resources or current mineral reserves, and should not be relied upon. A Qualified Person has not done sufficient work to classify the Historical Estimate as current mineral resources or current mineral reserves. See “Cautionary Note Regarding the Historical Estimate” in this news release for the source, date, relevance, reliability, known assumptions and parameters, category comparison and required verification work.
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“Applying the same strategy we are employing at the McCabe gold-silver deposit, there is the opportunity to revive these mines through the application of modern exploration methods and systematic drilling, with exploration potential in one of Arizona’s most prolific historic gold-silver districts. We are now compiling these sample results with the Phase 1 drill program results and have also commissioned a detailed SkyTem airborne geophysical survey, expected to begin this quarter.”
Eagle Silver Zone Sample Descriptions
Mineralization within the Eagle Silver Zone appears to be preferentially hosted along steeply dipping shear zones cutting volcanic and volcaniclastic rocks. Shearing is expressed by strong schistosity, clay-sericite alteration, quartz veining, and friable and brecciated rock. Mineralized samples from the Eagle Silver Zone are characterized by dense, dark-grey to black oxide minerals interpreted to represent oxidation products of zinc- and lead-bearing sulphides, accompanied by abundant red-orange iron oxides and minor pyrite. Mineralization is hosted primarily within strongly clay- and sericite-altered schist, forming as massive gossanous zones, concordant bands, and coatings developed along foliation planes. Mineralization is generally quartz-poor, although quartz veining and brecciation containing quartz-vein clasts were observed and sampled in the area.
Esmeralda Gold Zone Sample Descriptions
Mineralization within the Esmeralda Gold Zone is hosted by shear zones and fault-fill veins cutting Proterozoic volcanic rocks and younger felsic intrusive rocks. Samples comprise vuggy, silicified and gossanous vein material containing predominantly oxide mineralization with minor remnant sulphides. Oxide minerals include dark manganese-bearing material, red-orange-yellow iron oxides and minor copper oxides. Vein-wall rocks are strongly schistose, variably silicified, and affected by sericite alteration and ironoxide development. Sulphides occur primarily as fine blebs and fracture fillings and include pyrite, marcasite and lesser chalcopyrite.
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Figure 1. Eagle Silver Zone surface sampling results.
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Figure 2. Esmeralda Gold Zone surface sampling results.
Figure 3. Long section showing drill targets at the Eagle Gold Zone (3 km of strike), with the Eagle Silver Zone extending to the northeast (1.5 km of strike).
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Sample
Northing
Easting
Silver (ppm)
Gold (ppm)
S26-001
3,815,492
380,400
0.02
0.01
S26-002
3,815,563
380,471
0.07
0.01
S26-003
3,815,488
380,253
0.02
0.01
S26-004
3,815,552
380,285
0.04
0.01
S26-005
3,815,682
380,750
3.90
8.52
S26-006
3,815,721
380,757
0.03
0.01
S26-007
3,815,483
381,217
0.09
0.01
S26-008
3,815,483
381,222
0.77
0.02
S26-009
3,815,486
381,218
0.07
0.01
S26-010
3,815,764
381,102
0.05
0.01
S26-011
3,815,719
381,050
0.12
0.01
S26-012
3,815,594
380,861
0.07
0.01
S26-013
3,815,538
380,795
0.33
0.01
S26-014
3,815,538
380,797
2.57
0.04
S26-015
3,815,538
380,798
1.91
0.01
S26-016
3,815,538
380,800
2.01
0.02
S26-017
3,815,336
380,508
23.80
1.08
S26-018
3,815,341
380,511
0.62
0.01
S26-019
3,815,370
380,562
9.07
0.49
S26-020
3,815,245
380,302
38.80
2.54
S26-021
3,815,300
380,947
1.67
0.01
S26-022
3,815,401
381,288
0.21
0.01
S26-023
3,816,388
382,329
0.02
0.01
S26-024
3,816,540
382,668
1.25
0.01
S26-025
3,816,543
382,666
0.05
0.01
S26-026
3,816,939
382,990
0.04
0.01
S26-028
3,816,803
382,925
49.80
0.29
S26-027
3,816,802
382,923
0.51
0.03
S26-029
3,816,907
383,091
0.16
0.01
S26-030
3,816,909
383,093
0.22
0.01
S26-031
3,816,732
383,104
1.27
0.01
S26-032
3,816,612
382,822
0.99
0.01
S26-033
3,816,715
382,826
4.87
0.02
S26-034
3,816,994
382,998
0.13
0.01
S26-035
3,817,945
383,237
8.73
0.01
S26-036
3,817,880
383,162
340.00
0.02
S26-037
3,817,845
383,106
1.55
0.01
S26-038
3,817,840
383,129
455.00
0.03
S26-039
3,817,830
383,090
4.69
0.01
S26-040
3,817,832
383,086
1.69
0.01
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Sample
Northing
Easting
Silver (ppm)
Gold (ppm)
S26-041
3,817,799
383,056
182.00
0.02
S26-042
3,817,779
383,029
136.00
0.01
S26-043
3,817,755
382,998
49.90
0.01
S26-044
3,817,707
382,884
172.00
0.08
S26-045
3,817,145
383,109
41.70
0.03
S26-046
3,817,381
383,314
14.75
0.04
S26-047
3,817,413
383,481
0.28
0.01
S26-048
3,817,682
383,648
467.00
0.27
S26-049
3,817,688
383,592
271.00
0.02
S26-050
3,817,811
383,938
2.40
0.01
S26-051
3,815,492
380,400
0.75
0.01
S26-052
3,815,764
381,102
124.00
3.31
S26-053
3,815,245
380,302
0.96
0.01
S26-054
3,816,909
383,093
1.06
0.01
S26-055
3,817,832
383,086
0.41
0.01
Table 1. Eagle Silver Zone and Esmeralda Gold Zone surface sampling results (all coordinates in datum WGS84 UTM Zone 12; 1 ppm is equivalent to 1 g/t)
Eagle Project Overview
Arizona Eagle holds a 100% interest in the Eagle Project located in Yavapai County, Arizona. The Eagle Project is anchored by the past-producing gold and silver McCabe Mine, situated on 348 acres of private land. Stan West Mining historically invested more than US$35 million (approximately C$110 million in today’s dollars) to drill and develop the mine. In 1984, Stan West Mining published the Historical Estimate of approximately 880,000 ounces of gold grading 11.7 g/t and 5 million ounces of silver grading 69 g/t2, defined to a maximum depth of approximately 440 metres and open in all directions. See “Cautionary Note Regarding the Historical Estimate” below.
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Over the past two years, Arizona Eagle has expanded its total land position to 4,169 acres through staking and acquisitions surrounding the McCabe Mine, including the acquisition of three high-grade pastproducing silver mines that consolidate the Eagle Silver Zone. During this time, the Company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM surveys and ground-based induced polarization surveys that identified multiple parallel mineralized structures not historically drill-tested.
Cautionary Note Regarding the Historical Estimate
The Historical Estimate is a historical estimate for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Its source is Knight, D.C., 1984, Stan West Mining Corp.McCabe-Iron King Belt project summary and financial information for shareholders, reporting a 1983 calculation by Derry, Michener, Booth & Wahl; there is no technical report on the Historical Estimate. Using the original terminology, it reported “Total Reserves” of 2,593,682 tons grading 0.34 ounces per ton (“opt”) (11.7 g/t) gold and 2.0 opt (69 g/t) silver, containing 877,617 ounces of gold and 5,119,169 ounces of silver, in categories described as “Proven”, “Probable – Drifting”, “Probable – Drilling”, “Possible” and “Geologically
2The Historical Estimate is a historical estimate for the purposes of NI 43-101. It is not current, is not being treated by the Company as current mineral resources or current mineral reserves, and should not be relied upon. A Qualified Person has not done sufficient work to classify the Historical Estimate as current mineral resources or current mineral reserves. See “Cautionary Note Regarding the Historical Estimate” in this news release for the source, date, relevance, reliability, known assumptions and parameters, category comparison and required verification work.
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Inferred”, the last of which accounted for approximately 700,000 of the contained gold ounces. It was prepared at an assumed gold price of US$360 per ounce and covered approximately 750 to 800 metres of strike to a maximum depth of approximately 440 metres; other key assumptions, parameters and methods, including cut-off grades, are not known to the Company. The historical categories are not the mineral resource and mineral reserve categories set out in NI 43-101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves (the “CIM Definition Standards”). “Geologically Inferred” is most closely comparable to an Inferred Mineral Resource and “Possible” to an Indicated to Inferred level of confidence, while the “Proven” and “Probable” categories, which are not supported by any pre-feasibility or feasibility study, are more comparable to Measured and Indicated Mineral Resources than to mineral reserves under the CIM Definition Standards. The categories were also aggregated into a single “Total Reserves” figure, which would not be permitted for a current estimate.
The Company considers the Historical Estimate relevant because it covers the McCabe deposit, the principal past-producing mine on the Eagle Project, and reflects a substantial body of historical drilling and underground development. Because the Historical Estimate predates NI 43-101 and the CIM Definition Standards, is not supported by a technical report and has not been verified by a Qualified Person, the Company regards it as an indication of the historical work completed at McCabe rather than as a measure of the quantity or grade of mineralization, and it should not be relied upon. Historical production at the McCabe Mine was at grades materially below those reported in the Historical Estimate. The Company is also aware of more recent historical estimates prepared for the McCabe deposit in 1989 and 1993, each of which was limited to material near the then-existing underground workings, was substantially smaller in scope than the Historical Estimate, and is likewise not compliant with the CIM Definition Standards or NI 43-101. Verifying or upgrading the Historical Estimate as current mineral resources or current mineral reserves would require significant work including but not limited to compilation and validation of the historical drilling, sampling and assay data, additional drilling, re-sampling and re-assaying under modern quality assurance and quality control protocols, geological and grade modelling and the establishment of cut-off grades and other economic parameters, with no certainty of success. A Qualified Person has not done sufficient work to classify the Historical Estimate or those more recent estimates as current mineral resources or current mineral reserves, the Company is not treating any of them as current mineral resources or current mineral reserves, the Historical Estimate is not being and may not be used in any economic analysis, and investors are cautioned not to rely on it.
Phase 1 Drill Program
In the first quarter of 2026, the Company initiated a Phase 1 drill program of seven holes (the “Phase 1 Drill Program”). The Phase 1 Drill Program was designed in part to explore the lateral and vertical continuity of the McCabe veins in and around the area covered by the Historical Estimate. Results of the first two holes were announced on May 6, 2026, and results of the remaining five holes were announced on August 25, 2026.
Sampling Procedures
All of Arizona Eagle’s surface sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol that includes the collection of field duplicate samples at a rate of one duplicate for every ten surface samples. Samples were securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Tucson, Arizona. Sample pulps were sent to ALS’s labs in Vancouver, Canada for analysis.
Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME- ICP61a). Over-limit samples for Au, Ag, Cu, and Zn were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62, and Zn-OG62, respectively.
ALS Laboratories is independent of the Company, and its Vancouver facility is ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’s internal and Arizona Eagle’s external blind quality control samples were acceptable for the samples analyzed. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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About Arizona Eagle Mining Corp.
Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle’s principal asset is the Eagle Project, a 4,169-acre property comprised of patented and unpatented claims located near the town of Prescott Valley in Yavapai County, Arizona. The Eagle Project is centered on the past-producing McCabe Mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle’s primary focus will be on the exploration and development of the Eagle Project, it will continue to own its legacy land portfolio in the Thompson Nickel Belt of northern Manitoba.
The scientific and technical information contained in this news release has been reviewed and approved by Clyde Smith, PhD, Vice-President, Exploration of the Company, who is a Qualified Person as defined under NI 43-101. Mr. Smith supervised the surface sampling program and verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for QA/QC in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process. Mr. Smith has also reviewed and approved the disclosure in this news release regarding the Historical Estimate; he has not, however, performed the work necessary to verify or upgrade the Historical Estimate as current mineral resources or current mineral reserves.
For Further Information
For further information on Arizona Eagle, please contact:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forwardlooking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements, including statements concerning the Company's exploration activities at theEagle Project, the interpretation of the surface sampling results reported in this news release, the plannedSkyTem airborne geophysical survey and its expected timing, the Company’s plans for a future drill program, and the potential to define additional mineralization at the Eagle Silver Zone and the EsmeraldaGold Zone and in and beyond the area covered by the Historical Estimate. Statements concerning theHistorical Estimate may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that would be encountered if the Eagle Project were developed.Forward-looking statements are inherently uncertain, and actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company’s ability to execute on its planned exploration programs at the Eagle Project, the timely receipt of all required regulatory approvals, including the approval of the TSXV, the Historical Estimate and historical information prepared by prior operators of the Eagle Project, commodity price fluctuations, the availability of financing on acceptable terms, environmental and permitting risks, and risks inherent in mineral exploration and development. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forwardlooking statements, as such information, although considered reasonable by management of the Company
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at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
ARIZONA EAGLE MINING METALS EXPLORATION AND DEVELOPMENT
ARIZONA EAGLE MINING CORP. ANNOUNCES DISCOVERY OF ZINC-SILVER VMS MINERALIZATION NORTHEAST OF MCCABE MINE IN DRILL INTERSECTIONS
Toronto, Ontario – August 25th, 2026 – Arizona Eagle Mining Corp. (TSXV: AZEM, OTCQB: AZEMF) (the “Company” or “Arizona Eagle”) is pleased to announce results from the final five holes of its Phase 1 drill program (the “Phase 1 Drill Program”) on the highly prospective Eagle Project, located in the historic McCabe gold-silver mining district in Arizona. The Phase 1 Drill Program’s objective was to target multiple northeasterly-striking, steeply-dipping sulphide-bearing quartz veins that may extend beyond the area covered by the historical resource estimate of approximately 880,000 ounces of gold at 11.7 g/t at McCabe (the “Historical Estimate”).
These initial drill holes targeted the potential to the northeast, outside the area covered by the Historical Estimate, and intersected high-grade gold mineralization that remains open along strike, extending the mineralized strike by about 50 metres beyond the approximate 750 metre strike length covered by the Historical Estimate.
Drill holes Eagle-26-05 and Eagle-26-06, located approximately 200 metres and 250 metres northeast, respectively, of the McCabe Mine, both intersected high-grade zinc-silver VMS type mineralization. These intervals are on strike with three past-producing silver mines, recently acquired by Arizona Eagle, which are located approximately one kilometre northeast of the McCabe Mine. The zinc-silver VMS intervals appear to have many similarities to the past-producing Iron King Mine 1, located approximately four kilometres on strike to the northeast of the McCabe Mine. Historic records at the Iron King Mine reported production from 1903 to 1969 of 5.7 million tons at a grade of 2.6 g/t gold, 98 g/t silver, 4.9% zinc, 1.8% lead, and 0.1% copper. The Iron King Mine was mined to depths below 1,000m, whereas the vertical depths of the VMS intervals reported in this release are at only approximately 150 metres.
Kevin Reid, Chief Executive Officer of Arizona Eagle, commented:
“The recently concluded Phase 1 drill program has validated our belief that high-grade gold and silver mineralization remains open beyond the area covered by the Historical Estimate. With the system open along strike and our drilling now stepping out toward our recently acquired EagleSilver Project, we are excited about the district-scale exploration potential we are unlocking. Our second hole successfully tested the northeast extension beyond an interpreted fault offset where historic mining and underground exploration stopped. This shows the potential to define additional mineralization northeast of the area covered by the Historical Estimate. Holes five and six have intersected zinc-silver VMS type mineralization, which appears to be similar to that of the pastproducing Iron King Mine, located four kilometers to the north. Initial drilling and sampling have identified a number of exploration targets on the Eagle Project in various types of mineralization.We are now compiling these results and have also commissioned a detailed SkyTem airborne
1The Iron King Mine is not part of the Eagle Project and the Company has no interest in it. Historical production figures for the Iron King Mine are taken from historical records and have not been verified by the Company’s Qualified Person. Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Eagle Project.
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geophysical survey to help delineate mineralization types and refine targets for a Phase 2 drill program.”
HoleID
From (m)
To (m)
Length* (m)
Au (g/t)
Ag (g/t)
Cu (ppm)
Zn (%)
Pb (%)
Eagle-26-01
355.7
356.9
1.2
2.73
3.28
-
-
-
Eagle-26-01
410.9
412.4
1.5
2.23
6.03
-
-
-
Eagle-26-01
442.6
443.5
0.9
5.09
16.35
-
-
-
Eagle-26-01
446.8
447.6
0.8
1.86
1.50
-
-
-
Eagle-26-02
402.6
406.8
4.2
5.73
5.90
-
-
-
including
404.2
406.8
2.6
8.05
7.73
-
-
-
and including
406.0
406.8
0.8
11.35
11.15
-
-
-
Eagle-26-02a
375.5
377.2
1.7
1.16
7.38
-
-
-
Eagle-26-02a
379.6
382.4
2.8
0.54
5.99
-
-
-
Eagle-26-03
397.1
398.7
1.6
0.95
4.90
237
0.7
0.05
Eagle-26-04
384.4
388.3
3.9
0.52
4.34
162
0.6
0.08
Eagle-26-05
206.7
218.5
11.8
0.17
9.17
130
1.7
0.25
including
206.7
208.2
1.5
0.38
14.45
118
2.4
0.48
including
211.5
213.7
2.2
0.66
36.30
379
6.9
0.97
240.8
242.3
1.5
0.26
7.09
73
1.3
0.27
Eagle-26-06
223.1
224.0
0.9
0.79
8.15
236
17.1
0.01
including
223.4
224.0
0.6
1.17
12.05
345
25.5
0.01
274.9
275.5
0.6
0.46
9.22
361
3.0
0.03
327.5
328.7
1.2
0.18
5.76
174
2.9
0.06
Table 1. Phase 1 Drilling assay intercepts (*more drilling is required to confirm true widths)
Drill Hole Descriptions:
EAGLE-26-03, EAGLE-26-04, EAGLE-26-05 and EAGLE-26-06 were designed to test the northeastern extension of the McCabe-Sooner mineralized system beyond the limits of the historical underground workings. Holes EAGLE-26-03 and EAGLE-26-04 intersected a sulphide-rich shear zone from approximately 390 to 400 m and 380 to 388 m downhole (vertical depths of approximately 150 metres), respectively, approximately along strike from the historically mined mineralization. The shear zone interval is characterized by blebby and banded arsenopyrite, pyrite, sphalerite, galena and tetrahedrite, accompanied by subordinate ductilely deformed quartz veining.
Stepping out further northeast, holes EAGLE-26-05 and EAGLE-26-06 intersected mineralization at shallower downhole depths (from 205-220 m and from 222-225 m downhole, respectively) and relatively off-strike from mineralization encountered in EAGLE-26-03 and EAGLE-26-04, suggesting post-mineral fault displacement, a bend or jog in the principal structure, or a separate mineralized structure. Additionally, the mineralization character changes from pyrite-arsenopyrite dominant to a more sphalerite-galena rich sulfide assemblage. The sulfides occur as semi-massive to matrix-fill within quartz-carbonate breccia veins. Cross-cutting relationships indicate that several generations of veining and deformation are present within the mineralized zone.
The mineralized shear zone cuts the Proterozoic Spud Mountain Volcanics, an assemblage of andesitic to basaltic flows and volcaniclastic rocks ranging from agglomerate and volcanic breccia to lapilli tuff and feldspar-crystal tuff. The sequence has been metamorphosed to lower greenschist facies and displays variable foliation development, although primary volcanic textures are well preserved.
Page 3
Figure 1. VMS mineralization in drill hole Eagle-26-05, located 200 m NE of the McCabe Mine, and 800m SW of three recently acquired past-producing silver mines (the Silver Parcels).
Figure 2. VMS mineralization in drill hole Eagle-26-06, located 200 m NE of the McCabe Mine, and 800m SW of three recently acquired past-producing silver mines (the Silver Parcels).
EAGLE-26-07 tested the southwestern extension of the mineralized structure near smaller-scale historical workings, including the Little Kicker shaft, where quartz-sulfide mineralization is exposed at surface. Although the target horizon was not intersected, drilling encountered gold mineralization typical of the McCabe system. The hole intersected two separate mineralized zones. The upper zone (from 122-130 m downhole) comprises an oxidized gossanous fault and shear zone developed along the contact between Cretaceous tonalite and Proterozoic metavolcanic rocks. A second, deeper zone (from 337-342 m
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downhole) comprises shear bands, veinlets, and fracture-fill sulphides, primarily pyrite and pyrrhotite, within strongly sericite-altered tonalite.
Figure 3. Plan map displaying Eagle Project patented and BLM claims totaling 4,169 acres.
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Figure 4. Plan view of Phase 1 drill holes numbers one through six
Page 6
Figure 5. Cross section displaying holes 5 and 6, which intersected zinc-silver VMS type mineralization at a vertical depth of approximately 150 metres.
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Figure 6. Long section showing drill targets at Eagle Gold Zone (3 km of strike), with Eagle Silver Zone extending to NE (1.5 km of strike)
Figure 7. Plan map displaying drill hole Eagle-26-07 located approximately 600 metres southwest of the McCabe Mine. Although the target horizon was not intersected, drilling encountered gold mineralization typical of the McCabe system.
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Eagle Project Overview
Arizona Eagle holds a 100% interest in the Eagle Project located in Yavapai County, Arizona. The Eagle Project is anchored by the past-producing gold and silver McCabe Mine, situated on 348 acres of private land. Stan West Mining historically invested more than US$35 million (approximately C$110 million in today’s dollars) to drill and develop the mine. In 1984, Stan West Mining published a historic estimate of
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approximately 880,000 ounces of gold grading 11.7 g/t and 5 million ounces of silver grading 69 g/t (the Historical Estimate) 2, defined to a maximum depth of approximately 440 metres. and open in all directions. See “Cautionary Note Regarding the Historical Estimate” below.
Over the past two years, Arizona Eagle has expanded its total land position to 4,169 acres through staking and acquisitions surrounding the McCabe Mine, including a pending acquisition that will consolidate the Eagle Silver Project. During this time, the Company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM surveys and ground-based induced polarization surveys that identified multiple parallel mineralized structures not historically drill-tested.
Cautionary Note Regarding the Historical Estimate.
The Historical Estimate is a historical estimate for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Its source is Knight, D.C., 1984, Stan West Mining Corp.McCabe-Iron King Belt project summary and financial information for shareholders, reporting a 1983 calculation by Derry, Michener, Booth & Wahl, there is no technical report on the Historical Estimate. Using the original terminology, it reported “Total Reserves” of 2,593,682 tons grading 0.34 ounces per ton (“opt”) (11.7 g/t) gold and 2.0 opt (69 g/t) silver, containing 877,617 ounces of gold and 5,119,169 ounces of silver, in categories described as “Proven”, “Probable – Drifting”, “Probable – Drilling”, “Possible” and “Geologically Inferred”, the last of which accounted for approximately 700,000 of the contained gold ounces. It was prepared at an assumed gold price of US$360 per ounce and covered approximately 750 to 800 metres of strike to a maximum depth of approximately 440 metres; other key assumptions, parameters and methods, including cut-off grades, are not known to the Company. The historical categories are not the mineral resource and mineral reserve categories set out in NI 43-101 and the CIM Definition Standards on Mineral Resources and Mineral Reserves (the “CIM Definition Standards”). “Geologically Inferred” is most closely comparable to an Inferred Mineral Resource and “Possible” to an Indicated to Inferred level of confidence, while the “Proven” and “Probable” categories, which are not supported by any pre-feasibility or feasibility study, are more comparable to Measured and Indicated Mineral Resources than to mineral reserves under the CIM Definition Standards. The categories were also aggregated into a single “Total Reserves” figure, which would not be permitted for a current estimate.
The Company considers the Historical Estimate relevant because it covers the McCabe deposit, the principal past-producing mine on the Eagle Project, and reflects a substantial body of historical drilling and underground development. Because the Historical Estimate predates NI 43-101 and the CIM Definition Standards, is not supported by a technical report and has not been verified by a Qualified Person, the Company regards it as an indication of the historical work completed at McCabe rather than as a measure of the quantity or grade of mineralization, and it should not be relied upon. Historical production at the McCabe Mine was at grades materially below those reported in the Historical Estimate. The Company is also aware of more recent historical estimates prepared for the McCabe deposit in 1989 and 1993, each of which was limited to material near the then-existing underground workings, was substantially smaller in scope than the Historical Estimate, and is likewise not compliant with the CIM Definition Standards or NI 43-101. Verifying or upgrading the Historical Estimate as current mineral resources would require significant work including but not limited to compilation and validation of the historical drilling, sampling and assay data, additional drilling, re-sampling and re-assaying under modern quality assurance and quality control protocols, geological and grade modelling and the establishment of cut-off grades and other economic parameters, with no certainty of success. A Qualified Person has not done sufficient work to classify the Historical Estimate or those more recent estimates as current mineral resources or current mineral reserves, the Company is not treating any of them as current mineral resources or current mineral reserves,
2The Historical Estimate is a historical estimate for the purposes of NI 43-101. It is not current, is not being treated by the Company as current mineral resources or current mineral reserves, and should not be relied upon. A Qualified Person has not done sufficient work to classify the Historical Estimate as current mineral resources or current mineral reserves. See “Cautionary Note Regarding the Historical Estimate” in this news release for the source, date, relevance, reliability, known assumptions and parameters, category comparison and required verification work.
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the Historical Estimate is not being and may not be used in any economic analysis, and investors are cautioned not to rely on it.
Phase 1 Drill Program
In the first quarter of 2026, the Company initiated Phase 1 drill program of 7 holes. The drill program was designed in part to explore the lateral and vertical continuity of the McCabe veins in and around the historic resource. Results of the first 2 holes were announced on May 6th, 2026, with the remaining 5 holes released above.
Phase 2 Drill Program
The Company recently completed a sampling program on the newly acquired Silver Parcels, with results pending. A SkyTem geophysical survey is also planned to test for structural continuity between the McCabe Mine and the three past-producing silver mines, on strike to the northeast. Results of the sampling and geophysics will be used to define expansion targets on strike, as well as guide resource definition drilling at the McCabe Mine.
HoleID
Easting
Northing
Elevation (m)
Depth (m)
Dip
Azimuth
Branch Depth (m)
Eagle-26-01
381779
3815951
1560
537
-72
297°
-
Eagle-26-02
381779
3815951
1560
468
-65
327°
-
Eagle-26-02a
381779
3815951
1560
442
-61.8
331°
296
Eagle-26-03
381866
3816051
1561
582
-67
305°
-
Eagle-26-04
381866
3816051
1561
640
-66.5
321°
-
Eagle-26-05
381866
3816051
1561
406
-60
332°
-
Eagle-26-06
381866
3816051
1561
396
-58
353°
-
Eagle-26-07
380674
3815336
1618
413
-69
306°
-
Table 2. Drill hole collar locations (all coordinates in datum WGS84 UTM Zone 12)
Sampling Procedures
All of Arizona Eagle’s drill sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials and blanks at regular intervals. Logging and sampling were completed at Arizona Eagle’s core handling facilities located near Dewey-Humboldt, Arizona. Drill core was diamond sawn on site and half drill-core samples were securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Tucson, Arizona. Sample pulps were sent to ALS’s labs in Vancouver, Canada for analysis.
Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME- ICP61a). Over-limit samples for Au, Ag, Cu, and Zn were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62, and Zn-OG62, respectively.
ALS Laboratories is independent of the Company. and its Vancouver facility is ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and Arizona Eagle’s external blind quality control samples were acceptable for the samples analyzed. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
Page 10
About Arizona Eagle Mining Corp.
Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle’s principal asset is the Eagle Project, a 4,169-acre property comprised of patented and unpatented claims located near the town of Prescott Valley in Yavapai County, Arizona. The Eagle Project is centered on the past-producing McCabe Mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle’s primary focus will be on the exploration and development of the Eagle Project, it will continue to own Core Nickel's land portfolio in the Thompson Nickel Belt of northern Manitoba.
The scientific and technical information contained in this news release has been reviewed and approved by Clyde Smith, PhD, Vice-President, Exploration of the Company, who is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Smith supervised the drill program and verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process. Mr. Smith has also reviewed and approved the disclosure in this news release regarding the Historical Estimate; he has not, however, performed the work necessary to verify or upgrade the Historical Estimate as current mineral resources or current mineral reserves.
For Further Information
For further information on Arizona Eagle, please contact:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forwardlooking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements, including statements concerning the Company's exploration activities and thePhase 1 Drill Program at the Eagle Project, the expected timing and receipt of assay results, the mobilization of additional drill rigs, the potential to define additional mineralization in and beyond the area covered by the Historical Estimate, and the pending acquisition to consolidate the Eagle Silver Project. Statements concerning the Historical Estimate may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that would be encountered if the Eagle Project were developed. Forward-looking statements are inherently uncertain, and actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company’s ability to complete theEagle Silver Project acquisition on the proposed terms or at all (including the completion of satisfactory due diligence, the timely receipt of all required regulatory approvals, including the approval of the TSXV, and the Company’s ability to obtain clear title to the underlying mineral claims), the Company’s ability to execute on the Phase 1 Drill Program at the Eagle Project, the Historical Estimate and historical information prepared by prior operators of the Eagle Project, commodity price fluctuations, the availability of financing on acceptable terms, environmental and permitting risks, and risks inherent in mineral exploration and development. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by
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management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement.Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
ARIZONA EAGLE MINING CORP. COMPLETES ACQUISITION OF THREE PAST-PRODUCING HIGH- GRADE SILVER MINES TO CONSOLIDATE EAGLE SILVER PROJECT
Toronto, Ontario – August 17, 2026 – Arizona Eagle Mining Corp. (TSXV: AZEM)(OTCQB:AZEMF) (the “Company” or “Arizona Eagle”) is pleased to announce that it has completed the acquisition of 62 acres of patented land that host three past-producing high-grade silver mines: the Arizona National Mine, the Lookout Mine and the Silver Belt Mine (the “Silver Parcels”). These five parcels are located on strike with, and approximately one kilometre northeast of, the Company’s McCabe gold-silver deposit. The acquisition included an operating water well with extraction rights.
Kevin Reid, Chief Executive Officer of Arizona Eagle, commented:
“We are pleased to close the strategic acquisition of three past-producing high-grade silver mines, consolidating the Eagle Silver Project, located within close proximity of the gold and silver McCabeMine. These high-grade silver mines served as major sources of silver production in Arizona until the 1930s. Mining operations at that time were limited to relatively shallow oxidized depths, with the deepest shaft reaching only 150 metres, allowing for the opportunity for further discoveries at depth. These mines have been privately held by multiple parties and dormant for almost 100 years.Surface sampling on the Eagle Silver property has returned grades up to 344 g/t silver, with sampling of the Arizona National Mine waste pile returning grades of up to 861 g/t silver and 15.6 g/t gold. An additional sampling program was recently completed on the newly acquired claims.
Applying the same strategy we are employing at the McCabe gold-silver deposit, we see the opportunity to revive these mines through the application of modern exploration methods and systematic drilling, and we firmly believe that the Eagle Project offers exceptional discovery potential in one of Arizona’s most prolific historic gold-silver districts. These acquisitions extend the structural corridor of mineralization northeast of McCabe by 50%, from 3km to 4.5km and will also increase our patented land ownership by 18%, from 348 to 410 acres. Our Phase 1 drill program, focused on the McCabe Mine structure but outside the historic resource estimate, has been completed with results of the final two holes pending. We look forward to delivering results as we advance these highly prospective projects.”
Previously reported surface sampling on these claims by Arizona Eagle has returned silver grades including 344 g/t, 255 g/t, 234 g/t, as well as 2.4 g/t gold. Recent testing of the tailings dumps in the first quarter of 2026 adjacent to the Arizona National Mine shaft included a sample that returned a grade of 861 g/t silver, 2.9% zinc, 1.7% lead, and 0.2 g/t gold. A second sample returned 518 g/t silver with 1.3% zinc. A third sample returned 15.6 g/t gold, 297 g/t silver and 1.5% zinc (see Table 1 below for waste pile samples).
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Figure 1. Eagle Silver Zone displaying Arizona National, Lookout, and Silver Belt Mines
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Figure 2. Select surface sampling results completed by Arizona Eagle on Eagle Silver Project
Figure 3. Long section showing drill targets at Eagle Gold Zone (3km of strike), with Eagle Silver Zone extending to NE (1.5 km of strike)
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Arizona National Mine
The Arizona National Mine is comprised of three shafts and seven levels to a depth of 500 feet (150 metres). The deposit was mined intermittently between 1915 and 1931 and reported shipments of silver-lead ore and concentrates (Anderson, 19581).
Figure 4. Long section of the Arizona National Mine showing 7 levels to 500 feet deep
Sampling conducted in February 2026 of the Arizona National Mine waste pile undertaken by the Company returned numerous samples of high-grade silver, gold and zinc (see Table 1 below). An additional sampling program was completed on the parcels in July 2026, with results pending.
Sample
Silver (g/t)
Gold (g/t)
Lead (%)
Zinc (%)
SS01
0.05
<0.005
0.00054
0.0015
SS02
207
0.138
0.133
0.326
SS03
861
0.156
1.67
2.88
SS04
2.71
0.017
0.0143
0.0237
SS05
518
0.052
0.65
1.26
SS06
3.14
0.005
0.00401
0.0083
SS07
5.97
0.008
0.0081
0.0099
SS08
32.3
0.036
0.359
1.07
SS09
297
15.55
1.48
0.337
SS10
11.4
0.03
0.0222
0.0309
SS11
1.17
0.018
0.00502
0.0114
SS12
26.7
0.006
0.01265
1.955
SS13
0.44
<0.005
0.0012
0.006
SS14
0.35
<0.005
0.0011
0.012
SS15
51.4
0.067
0.132
0.565
SS16
0.19
<0.005
0.00074
0.0058
SS17
67.3
0.018
0.125
0.303
Table 1: Arizona National Mine Waste Pile Sample Results
1Anderson, C.A. and Creasey, S.C. 1958. Geology and Ore Deposits of the Jerome Area, Yavapai County, Arizona. Arizona Geological Survey Professional Paper 308. United States Department of the Interior
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Lookout Mine
This Lookout Mine is located on the Silver Belt vein, about 1,000 feet (304 metres) southwest of the Arizona National Mine. The mine was last in operation from 1948-1949 and production was reported to consist chiefly of galena (lead sulphide), sphalerite (zinc sulphide) and gold (Anderson, 19581).
Silver Belt Mine
The Silver Belt Mine was discovered in the 1880s and was mined until the 1930s. The mine includes four shafts and at least four underground levels. This deposit was mined to a depth of only 250 feet (80 metres), with grades reported up to 20 ounces per ton silver (600 g/t), with 3% lead, 4% zinc and minor gold (Anderson, 19581).
Figure 5. Long section of Silver Belt Mine, which ended production in 1949.
Figure 6. 1890 photograph of the Silver Belt Mine which operated until the 1930s.
Eagle Project Overview
Arizona Eagle holds a 100% interest in the Eagle Project, located in Yavapai County, Arizona. The Eagle Project is anchored by the past-producing gold and silver McCabe Mine, situated on 410 acres of private land. Stan West Mining historically invested more than US$35 million (approximately C$110 million in today’s dollars) to drill and develop the mine. In 1984, Stan West Mining published a historic estimate of
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approximately 878,000 ounces of gold grading 11.7 g/t and 5 million ounces of silver grading 69 g/t,2 defined to a maximum depth of approximately 440 metres and open in all directions.
Over the past two years, Arizona Eagle has expanded its total land position to 4,231 acres through staking and acquisitions surrounding the McCabe Mine. During this time, the Company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM surveys and groundbased induced polarization surveys that identified multiple parallel mineralized structures that have not been historically drill tested.
Phase 1 Drill Program
In the first quarter of 2026, the Company initiated Phase 1 drill program of 7 holes. The drill program was designed in part to explore the lateral and vertical continuity of the McCabe veins in and around the historic resource. Results of the first 2 holes were announced on May 6th, 2026, with the remaining 5 holes to be released in the third quarter of 2026.
Phase 2 Drill Program
The Company recently completed a sampling program on the newly acquired Silver Parcels, with results pending. A SkyTem geophysical survey is also planned to test for structural continuity between the McCabe Mine and the three past-producing silver mines, on strike to the northeast. Results of the sampling and geophysics will be used to define expansion targets on strike, as well as guide resource definition drilling at the McCabe Mine.
About Arizona Eagle Mining Corp.
Arizona Eagle is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties. Arizona Eagle’s principal asset is the Eagle Project, a 4,169-acre property comprised of patented and unpatented claims located near the town of Prescott Valley in Yavapai County, Arizona. The Eagle Project is centred on the past-producing McCabe Mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle’s primary focus will be on the exploration and development of the Eagle Project, it will continue to own Core Nickel's land portfolio in the Thompson Nickel Belt of northern Manitoba.
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The scientific and technical information contained in this news release has been reviewed and approved by Clyde Smith, PhD, Vice-President, Exploration of the Company, who is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
For Further Information
For further information on Arizona Eagle, please contact:
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without
2The historical estimate for the McCabe Deposit is unclassified and predates, and is non-compliant with, current NI 43-101 standards; it is based on a 1984 “Total Reserve Estimate” by Stan West Mining. The Company’s Qualified Person has not done significant work to classify the historic estimate as current mineral resources or current mineral reserves. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resource can be verified and upgraded to be compliant with current NI 43-101 standards.
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limitation, this news release contains forward-looking statements, including statements concerning the proposed acquisition of the Silver Parcels and the expected closing thereof, the consolidation of the Eagle Silver Project, theCompany's exploration activities and drill program at the Eagle Project, the expected timing and receipt of assay results, the mobilization of additional drill rigs, and the potential expansion of the historic estimate. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company’s ability to complete the acquisition of the Silver Parcels on the proposed terms or at all, including the completion of satisfactory due diligence, the timely receipt of all required regulatory approvals, including the approval of the TSXV, the Company’s ability to obtain clear title to the Silver Parcels, the ability of the Company to execute on the proposed exploration program at the Eagle Project, commodity price fluctuations, the availability of financing on acceptable terms, environmental and permitting risks, and risks inherent in mineral exploration and development. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
