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TORONTO, May 16, 2024
/CNW/ - Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) (the
"Company" or "Arizona Metals") is delighted to
announce key changes in its leadership team to steer the Company
into its next phase of growth. To facilitate the progression of
Arizona Metals, Marc Pais (CEO) and
Paul Reid (Executive Chair) made the
decision to initiate an extensive search process for an experienced
mine development leadership team.
Appointment of New President and CEO: The Company
proudly appoints Duncan Middlemiss
as President and CEO, effective immediately, succeeding
Marc Pais. With a rich background in
mine development and corporate leadership, Duncan brings invaluable
experience from his tenure at Kirkland Lake Gold, St. Andrew
Goldfields, and most recently, as CEO at Wesdome Gold Mines.
New Chair of the Board: Jacques Perron will
immediately assume the role of Chair of the Board, succeeding
Paul Reid. Jacques is a seasoned
leader in mine development execution and strategic vision, having
played pivotal roles at St. Andrew Goldfields, Thompson Creek
Metals, and Pretivm Resources.
Transition Rationale: To continue to advance Arizona
Metals, Marc Pais and Paul Reid initiated the search for seasoned
leadership and advised the Board that should qualified and
exceptional candidates be identified through the process, they
would not seek re-election to the Board. A thorough search was led
by the Compensation, Corporate Governance and Nominating Committee
of the board of directors, comprised entirely of independent
directors. As a result of the incredibly successful process, both
Marc and Paul have resigned from the Board with immediate effect
and will not seek re-election to the Board at the upcoming Annual
and Special Meeting of Shareholders. Both Jacques and Duncan have
joined the Board effective immediately.
Statements from Outgoing Leadership: Paul Reid,
out-going Executive Chair, expressed confidence in the incoming
leadership, stating, "Marc and I are immensely proud of the team's
accomplishments in advancing the Kay Mine Project to date. As we
transition towards mine development, we believe the extensive
expertise brought by Duncan and Jacques will lead Arizona Metals
into its next successful chapter."
Vision of the New Leadership: Both Duncan Middlemiss
and Jacques Perron bring a wealth of
technical proficiency and leadership acumen to Arizona Metals.
Duncan expressed enthusiasm about the opportunity, stating,
"Advancing the Kay Mine Deposit in mining-friendly Arizona is a tremendous opportunity." Jacques
added, "I look forward to collaborating with Duncan and the Board
to drive the Kay Project forward."
Upcoming AGM: Duncan and Jacques will stand for
election to the Board at the upcoming AGM on June 28th. Meanwhile, Marc Pais will continue to support the
transition as a consultant for an interim period, ensuring a
seamless continuation of growth and value for shareholders.
Arizona Metals Corp. looks ahead to a promising future under its
new leadership, dedicated to realizing the full potential of the
Kay Mine Project and delivering value to its stakeholders.
About Arizona Metals
Corp
Arizona Metals Corp owns 100% of the Kay Mine Project 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, 2.8 g/t
gold, 3.03% zinc, and 55 g/t silver." The
historic estimate at the Kay Deposit was reported by Exxon Minerals
in 1982. (Fellows, M.L., 1982, Kay Mine massive sulphide deposit:
Internal report prepared for Exxon Minerals Company)
*The Kay Mine historic estimate has not been verified as a
current mineral resource. None of the key assumptions, parameters,
and methods used to prepare the historic estimate were reported,
and no resource categories were used. Significant data compilation,
re-drilling and data verification may be required by a Qualified
Person before the historic estimate can be verified and upgraded to
be a current mineral resource. A Qualified Person has not done
sufficient work to classify it as a current mineral resource, and
Arizona Metals is not treating the historic estimate as a current
mineral resource.
The Kay Mine is a steeply dipping VMS deposit that has been
defined from a depth of 60 m to at
least 900 m. It is open for expansion
on strike and at depth.
The Company
also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located
on 4,400 acres of BLM claims.
Sugarloaf is a heap-leach, open-pit
target and has a historic estimate of "100
million tons containing 1.5 million ounces gold" at a grade of 0.5
g/t (Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of
Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld
Inc.)
The historic estimate at the Sugarloaf Peak Property was
reported by Westworld Resources in 1983. The historic estimate has
not been verified as a current mineral resource. None of the key
assumptions, parameters, and methods used to prepare the historic
estimate were reported, and no resource categories were used.
Significant data compilation, re-drilling and data verification may
be required by a Qualified Person before the historic estimate can
be verified and upgraded to a current mineral resource. A Qualified
Person has not done sufficient work to classify it as a current
mineral resource, and Arizona Metals is not treating the historic
estimate as a current mineral resource.
Qualified Person and Quality
Assurance/Quality Control
All of Arizona Metals' 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 Metals' core handling facilities
located in Phoenix and
Black Canyon City, 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 Arizona Metals Corp. 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 Metals' external blind quality control samples
were acceptable for the samples analyzed. Arizona Metals 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.
The qualified person who reviewed and approved the technical
disclosure in this release is David
Smith, CPG, a qualified person as defined in National
Instrument43-101–Standards of Disclosure for Mineral Projects. Mr.
Smith supervised the preparation of the scientific and technical
information that forms the basis for this news release and has
reviewed and approved the disclosure herein. Mr. Smith is the
Vice-President, Exploration of the Company. 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.
Disclaimer
This press release contains statements that constitute
"forward-looking information" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation, All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking statements. Forward-looking statements contained in
this press release include, without limitation, statements
regarding nomination of directors for election at a meeting of
shareholders of the Company, and the potential existence and size
of VMS deposits at the Kay Mine Project. In making the forward-
looking statements contained in this press release, the Company has
made certain assumptions. Although the Company believes that the
expectations reflected in forward-looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. Known and
unknown risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: availability of financing;
delay or failure to receive required permits or regulatory
approvals; and general business, economic, competitive, political
and social uncertainties. Accordingly, readers should not place
undue reliance on the forward-looking statements and information
contained in this press release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward- looking
statements or otherwise.
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(NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE
SOURCE Arizona Metals Corp.