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Arizona Metals Corp. (TSXV:AMC, OTCQB:AZMCF) (the “Company” or “Arizona Metals”) is pleased to announce that due to strong investor demand, it has increased its previously announced non-brokered private placement (the “Offering”) (see news release dated January 4, 2021) from 5,263,158 shares of the Company at a price of $0.95 per share (the “Shares”) for gross proceeds of $5,000,000, to up to 10,526,319 shares for gross proceeds of up to $10,000,000.
Marc Pais, CEO of Arizona Metals comments, “We are very pleased with the strong support that we have received from both current and new investors. This is also a testament to the strategic value of our recently announced acquisition, which substantially expands our holdings of private land near our Kay Mine Project. The additional funding will also allow for significant expansion of the Phase 2 drilling program beyond the 11,000 meters planne
TORONTO (BUSINESS WIRE) Arizona Metals Corp. (TSXV:AMC, OTCQB:AZMCF) (the âCompanyâ or âArizona Metalsâ) announces that a recently completed review of structural and spectral alteration data from the highly successful Kay Mine Phase 1 drill program (which encountered massive sulphides in 19 of 20 holes) has further improved the understanding of the geological model of the Kay Deposit, and has identified a number of new high-priority drill targets.
Drill Mobilization for Kay Phase 2 Program
Arizona Metals has contracted Boart Longyear to mobilize the first drill to the Kay Mine project on January 4th, 2021. Drilling under the fully-funded Phase 2 program will consist of up to 11,000 m in 29 core drill holes. Drilling will start at the Kay Mine deposit to test for new VMS lenses in anticlinal hinge zones identified to the north and south of recent drilling, as well as the up-plunge and down-plunge extensions of known hinges (Figure 1).