Drilling hit mineralisation about 40m below the 1,500-foot level of underground exploration drifts. Highlights included an interval of 4.9m grading 2.16 grams per tonne gold, 24.9g/t silver, 2.39% copper, 0.31% lead and 3.27% zinc for 6.2% copper equivalent.

"The resumption of our phase 1 drill programme … has continued to confirm the historical results reported by previous operators. We have also encountered new mineralisation outside of the historical workings. To date, we have hit massive sulphide mineralisation in nine out of the first 10 holes reported," said CEO Marc Pais.

The massive sulphides consist of primary copper mineralisation in chalcopyrite, with smaller amounts of zinc in sphalerite.

The Kay mine is a steeply dipping VMS deposit which has been traced from a depth of 150m to at least 900m. Exxon Minerals determined proven and probable reserves of 6.4 million tons grading 2.2% copper, 2.8g/t gold, 3.03% zinc and 55g/t silver in 1982.

Shares in Arizona Metals are trading at C67c, valuing it at $43 million.