Highlights included 28m grading 3.8% copper, 0.05 grams per tonne gold 0.3% zinc and 13g/t silver, which extended the high-grade mineralisation hit in Hole 27B by 165m down-plunge to a depth of 860m.

"Virtually all holes drilled to date at Kay have intersected semi-massive to massive sulphide mineralisation, with assays pending on 13 more holes, and three holes currently underway," said Arizona Metals CEO Marc Pais.

Arizona Metals has completed 41,600m of drilling at Kay and has another 33,000m planned for the phase two programme, as well as an additional 76,000m planned under a phase three programme.

The Kay mine is a steeply dipping volcanic massive sulphide 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 tonnes grading 2.2% copper, 2.8g/t gold, 3.03% zinc and 55g/t silver in 1982.

Shares in Arizona Metals are trading at C$5.94, valuing the company at $623 million.