Mr. Mike Stark reports

ARIZONA GOLD & SILVER INTERSECTS 7.04 METRES AT 4.24 G/T GOLD WITHIN 43.59 METRES AT 1.48 G/T GOLD BENEATH RED HILLS AT PHILADELPHIA

Arizona Gold & Silver Inc. has released assay results from two new core holes at its Philadelphia gold-silver project in Mohave county, Arizona. PC26-172 and PC26-173 intersected broad zones of gold mineralization in the Perry zone. As expected, higher-grade intervals fall within these lower-grade intercepts. The results extend the mineralized system downdip and provide geological and geochemical information that point to continued drilling to depth and to the north of the two holes.

Highlights:

• PC26-172 intersected 70.41 metres at 1.16 grams per tonne gold and 5.6 g/t silver, including a separate higher-grade interval of 2.87 m at 4.92 g/t gold and 5.8 g/t silver.
• PC26-173 intersected 43.59 m at 1.48 g/t gold and 7.2 g/t silver, including 21.88 m at 2.52 g/t gold and 10.8 g/t silver, 13.14 m at 3.51 g/t gold and 14.3 g/t silver and 7.04 m at 4.24 g/t gold and 15.2 g/t silver.
• PC26-174 was drilled directly below PC26-173, while PC26-175 is being drilled approximately 60 m north of PC26-173.
• Assay intervals for PC26-172 and PC26-173 are summarized in Table 1. Intervals are reported as drilled lengths. True thickness is estimated at approximately 60 per cent of drilled thickness.

PC26-172 and PC26-173 were designed to test the downdip and strike continuity of mineralization below the Perry zone. Both were drilled at shallow angles and both lifted and deviated with cumulative directional changes of up to nine degrees. The company is incorporating the surveyed hole paths, geology, grade distribution and Ag/Au ratios into its model before finalizing subsequent drill orientations. This systematic approach has refined the projected position of the north-plunging, upflow or feeder to the Perry zone.

Dr. Lex Lambeck, senior vice-president of exploration, commented: "Drilling beneath Red Hills continues to intersect broad zones of gold mineralization with higher-grade intervals. We are using each hole to better understand the geometry and continuity of those higher-grade zones while also evaluating the broader mineralized envelope. It is still early in the exploration program, and we see potential for both a higher-grade underground scenario and a larger-scale open-pit scenario. Further drilling will help us assess both possibilities."

Drill results

PC26-172

PC26-172 was drilled beneath PC25-157 at an azimuth of 340 degrees and an inclination of minus-48 degrees to test the downdip continuation of the Perry zone beneath Red Hills. The hole intersected 70.41 m at 1.16 g/t gold and 5.6 g/t silver, including two separate higher-grade intervals: 2.87 m at 4.92 g/t gold and 5.8 g/t silver, and 10.21 m at 3.27 g/t gold and 19.3 g/t silver.

Gold mineralization is hosted by green, quartz-rich hydrothermal breccias interpreted to form part of the broader Perry zone mineralized envelope. The 70.41-metre intersection is spatially associated with a broad CSAMT (controlled-source audio-frequency magnetotelluric) anomaly beneath Red Hills and may partly account for the geophysical response. Across the broad reported interval, the Ag/Au ratio is approximately 4.8:1. Most individual mineralized samples have Ag/Au ratios between 4.2:1 and 14.6:1, with two samples near 2:1. When considered with the lower gold tenor, structural position and hydrothermal breccia textures, the ratios support an interpretation that PC26-172 passed south of or along the margin of the gold-rich core of the north-plunging upflow zone.

PC26-173

PC26-173 was drilled beneath PC25-156 at an azimuth of 335 degrees and an inclination of minus-54 degrees to test the downdip and strike continuation of the Perry zone beneath Red Hills. The hole intersected 43.59 m at 1.48 g/t gold and 7.2 g/t silver, including 21.88 m at 2.52 g/t gold and 10.8 g/t silver, which includes 13.14 m at 3.51 g/t gold and 14.3 g/t silver and 7.04 m at 4.24 g/t gold and 15.2 g/t silver.

Mineralization is hosted by green, quartz-rich hydrothermal breccias interpreted to form part of the broader Perry zone mineralized envelope. The gold-dominant internal interval and the spatial relationship between PC26-172 and PC26-173 have helped refine the projected position of the north-plunging upflow zone.

Systematic drilling beneath Red Hills

The company is advancing drilling in measured stages. Surveyed hole geometry, lithology, alteration, vein and breccia textures, grade-thickness distribution, and Ag/Au ratios are evaluated together after each hole and incorporated into the geological model. The Ag/Au ratio is used as one vector within this broader data set rather than as a stand-alone indicator of the upflow zone.

PC26-174 has been completed, with assays pending. PC26-175 is in progress farther north and is testing the revised projection of the higher-grade upflow zone. The program will continue to evaluate the relationship between the Perry zone, the broad mineralized envelope and the CSAMT anomaly beneath Red Hills.

Quality assurance/quality control protocols

Drill core samples were submitted to Skyline Assayers & Laboratories in Tucson, Ariz., which operates under ISO 9001:2015. Gold was analyzed by fire assay with an atomic absorption finish, with overlimit results reanalyzed by gravimetric methods. Silver and multielement analyses were completed using ICP-MS methods. The company's QA/QC program includes the regular insertion of certified reference materials and blanks, and the results were reviewed before publication.

Qualified person

Dr. Lex Lambeck, CPG (AIPG CPG No. 11734), senior vice-president of exploration for Arizona Gold & Silver, is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Dr. Lambeck has reviewed the drill core and assay data and has approved the scientific and technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Gold & Silver is an exploration company focused on advancing its flagship Philadelphia gold-silver project in Mohave county, Arizona, and its Silverton gold project in Nevada. At Philadelphia, the company is evaluating the district-scale potential of a low-sulphidation epithermal gold-silver system along the approximately three-kilometre-long Arabian fault corridor through drilling, geological mapping, geophysics and remote-sensing programs.

We seek Safe Harbor.