06:26 AM EDT, 10/31/2024 (MT Newswires) -- Arizona Metals ( AZMCF ) on Thursday said it has drilled a discovery hole in a new zone of mineralization in the Kay deposit on the Kay mine project in Arizona.

The drill hole returned 50 meters grading 6.65 grams per tonne (g/t) gold equivalent, including 6.9 meters at 12.69 g/t gold equivalent, outside the north edge of previously known mineralization.

The new zone of mineralization, the Kay2 Zone, is located about 100 meters north of previously drilled mineralization in the Kay deposit. Additional holes are in progress to explore the horizontal and vertical dimensions of the Kay2 Zone.

Two other drill holes in the Kay deposit returned 1.5 meters at 4.16 g/t gold equivalent and 5.5 meters at 1.65 g/t gold equivalent, extending mineralization 30 meters to the south; and 3.7 meters at 1.03 g/t gold equivalent.

Two holes in the North Central target intersected the Kay mineralization horizon over 3.2 meters grading 0.43% copper equivalent.

The company said it is well funded with $20.6 million in cash as of June 30.