By Robb M. Stewart
Arizona Metals' shares popped Monday, eating into recent weakness after the company issued assay results from exploration work on its Kay project in Arizona.
In morning trading, the shares were 5.4% higher at C$1.37, narrowing the fall over the last 12 months to 23%.
Arizona Metals President and Chief Executive Duncan Middlemiss said the Kay deposit continues to demonstrate high-grade zones and the project's Kay2 zone shows good continuity. He said the company expects mineralization in these and other Kay2 zone drill holes to add tonnage to the forthcoming mineral resource estimate for the Kay deposit, planned for the first half of the year.
The latest assay results come from three drill holes in the Kay2 Zone and one hole from the West target at Kay.
An historic estimate of the Kay project 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 grams a ton gold, 3.03% zinc, and 55 grams a ton silver.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 03, 2025 10:11 ET (15:11 GMT)
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