Vancouver, British Columbia, May 23, 2024 – TheNewswire – Arizona Gold & Silver Inc. (TSXV: AZS)  (OTCQB:AZASF) is pleased to announce 90% to +99% gold extractions from agitation cyanide leach tests on two bulk samples from the Philadelphia Gold-Silver Property, Arizona. The results demonstrate the ready amenability of the feed material for cyanide gold extraction.  

Initial agitation leach tests were performed by McClelland Laboratories in Sparks, Nevada on two bulk samples of material. The objective was to assess the amenability of the material to conventional milling and cyanidation leaching. The leach tests demonstrated gold recoveries of 90.6% to greater than 99.3% for all milled feed sizes. Leach kinetics were faster at the finer feed sizes and ultimate gold recoveries were greatest at the finer feed sizes. Cyanide and lime consumption was low in all tests. Lime addition averaged 1 kilogram per tonne.  Cyanide consumption averaged less than 0.1 kilogram per tonne.

Mr. Greg Hahn, VP Exploration commented, “These excellent results demonstrate the ready amenability of the feed material to milling/cyanidation treatment at different feed sizes, and the potential for heap leaching. They represent an important milestone for the Project.”

Agitation Leach Test Results

A total of four agitation leach (bottle roll) tests each were conducted from the two bulk samples at feed sizes ranging from 80% passing -425 microns, -212 microns, -150 microns, and -106 microns. The milling tests on these samples were performed at a cyanide concentration of 1.0 gram per liter for a leach cycle of 120 hours. Additionally, samples at -1.7mm feed size were performed at varying cyanide concentrations for a 72-hour leach cycle to assess the sensitivity of gold extraction to cyanide strength for consideration of heap leach test work.

Agitation leach tests on -1.7mm for a 72-hour cycle demonstrated gold recoveries of 72.7% to 73.6% at a cyanide strength of 1.0 gram per liter. These tests provide an indication of potential ultimate gold leach extractions under heap leach conditions.  Gold recoveries were lower at lower cyanide solution strength providing guidance that column leach tests be performed at a cyanide strength of 1.0 grams per liter.  Column tests on both bulk samples are currently under leach at feed sizes of 80% -6.3mm (-1/4 inch) and larger to quantify the amenability of the material to heap leaching. As of the date of this press release the columns have been under leach for +92 days and demonstrate a nearly linear recovery curve, with the -6.3mm (-1/4 inch) charge leaching faster than the -9.5mm (-3/8 inch) charge which is leaching faster than the -12.5mm (-1/2 inch) charge.  All test work to date indicates that gold recoveries and rates of extraction are sensitive to feed size, with gold recoveries increasing with decreasing feed/grind size.

These columns tests will continue until at least 120-days leach cycle or until gold extraction decrease materially.

Qualified Person

Gregory Hahn, VP-Exploration and a Certified Professional Geologist (#7122) is a Qualified Person under National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Gold & Silver Inc. is a leading exploration company focused on uncovering precious metal resources in Arizona and Nevada. With a commitment to sustainable practices and innovative exploration techniques, the company aims to drive value for stakeholders while prioritizing environmental stewardship. The flagship asset is the Philadelphia gold-silver property where the Company is drilling off an epithermal gold-silver system ahead of an initial resource calculation.  

On behalf of the Board of Directors:

ARIZONA GOLD & SILVER INC.

Mike Stark, President and CEO, Director

Phone: (604) 833-4278

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2024 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's 2024 drilling program(s) on its properties, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the exploration properties are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2024 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.