A Toronto-based mineral exploration company just announced the discovery of a new gold-rich zone of open-ended mineralization at the Kay Mine, in an area previously untested by historic drilling or exploration. According to the release, all seven recently completed holes at the Kay Mine project in Yavapai County, Arizona, intersected massive sulphide mineralization. Shares of Arizona Metals Corp. (TSX-V:AMC) absolutely ripped on the news.
Arizona Metals is a gold and copper exploration company, with headquarters in Toronto, Canada. The company is currently drilling at its 100% owned Kay Mine VMS Project, located in Yavapai County, Arizona, with the goal of defining additional high-grade copper-gold-zinc-silver mineralization. The company also owns 100% of the Sugarloaf Peak Gold Project, located in La Paz County, Arizona, which hosts an open-pit gold-oxide deposit.
The level of optimism we saw following the announcement was a breath of fresh air on a day that the overall broader markets and crypto alike are getting punished. Shares of this small cap reached a session high of $4.50/share (+30.06%) as traders were quick to snatch up shares.
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