Mr. Mike Stark reports

ARIZONA GOLD & SILVER REPORTS UP TO 99% GOLD RECOVERY FROM AGITATION LEACH AND 84% GOLD RECOVERY FROM HEAP LEACH CYANIDE PROCESSING OF BULK SAMPLE FROM THE PHILADELPHIA PROJECT, ARIZONA

Arizona Gold & Silver Inc. has recovered gold from both agitation-leach and heap-leach cyanidation tests completed at Kappes Cassidy & Associates (KCA) on a bulk sample from the Philadelphia gold-silver project located in Mohave county, Arizona. Results are summarized below with details following.

Summary of results:

• Gold recovery of 91 per cent to 99 per cent was achieved by agitation-leach cyanidation on modest grind sizes of 0.40 to 0.136 millimetre (40 to 110 mesh);
• Over 50 per cent of total gold recovered in first 10 days of column leaching;
• Gold recovery of 84 per cent was achieved by heap leach on bulk material crushed to minus 6.3 millimetres using HPGR (high-pressure grinding rolls) over a 177-day leach cycle, with regression analysis suggesting 86-per-cent recovery over 360 days;
• Agglomeration and compaction test work demonstrated heap-leach material crushed to minus 6.3 millimetres was amenable to stacking heights of 10 to over 30 metres with two to four kilograms per tonne of cement added to the agglomeration process;
• Silver recovery of 49 per cent to 72 per cent was achieved by agitation-leach cyanidation on grind sizes of 0.40 to 0.136 millimetre (40 to 110 mesh) while silver recovery from bulk material under heap leach was 37 per cent;
• Gold recovery using HPGR crushing for heap leach exceeded recovery using conventional third stage crushing by 12 per cent while silver recovery using HPGR crushing exceeded conventional crushing by only 3 per cent;
• The results demonstrate the attraction of treating higher-grade material by agitation cyanide leach, where higher silver grades accompany higher gold grades in the deposit, and treating the lower-grade material by heap leach processes using HPGR crushing.

Bulk sampling and head grade

A bulk sample of 415.5 kilograms was collected from a fresh bench cut at the current surface operation on the property and trucked to the Kappes Cassiday & Associates by company personnel under strict chain-of-custody protocols. The target head grade, based on previous channel sampling of the bench cut, was 1.0 to 1.2 grams per tonne gold. The results of multiple head assay analyses on the bulk sample returned gold grades of 1.929 to 1.988 grams per tonne and silver grades of 2.82 to 3.34 grams per tonne. The higher grades in the bulk sample over those in the original channel samples is typical for the property, where larger samples generally return higher grades due to the presence of fine to wire-size particle gold.

Agitation leach test results

Bottle-roll tests were performed for a 120-hour leach period on material ground to P80 feed sizes of 0.136 millimetre to 1.2 millimetres. Gold extractions were up to 99 per cent depending upon particle size under leach, with lower extractions attendant to coarser particle sizes and high extractions attendant to finer particle sizes. Cyanide and lime consumption were low at 0.08 to 0.21 kilogram tonne and 0.5 kilogram per tonne, respectively.

Column leach test results

Tests were performed on four splits from the bulk sample. Two splits were crushed to minus 12.5 millimetres and minus 6.3 millimetres using conventional jaw and cone crushing equipment, and two splits were crushed to minus 12.5 millimetres and minus 6.3 millimetres using HPGR crushing equipment. Prior laboratory tests and industry operational experience indicated HPGR crushing could generate higher gold extractions than conventional crushing by generating microfractures and finer particles that would allow cyanide access to gold sites that conventional crushing could not achieve. Higher gold recoveries up to 84 per cent were achieved with minus-1/2-inch (minus-6.3-millimetre) HPGR crushing and with finer particle sizes, as with agitation leach. This is a relationship that has been demonstrated by all previous metallurgical testing on samples from the property. The application of HPGR crushing results in an average of 12 per cent higher gold extraction over conventional crushing, regardless of target crush size. As with conventional crushing, finer crushing generates higher gold extractions. Reagent consumption was higher in column tests than in agitation leach tests, due to the longer leach times involved. Cement addition was nominally two kilograms per tonne for all columns. Lime addition was one kilogram per tonne in all columns and cyanide addition was 2.2 to 2.34 kilograms per tonne. KCA indicated that actual reagent consumption during heap-leach operation would be only 25 per cent to 33 per cent of laboratory column test consumption.

Quality assurance/quality control protocols

The metallurgical test program was designed and supervised by Eugenio Iassillo, Ing, of Process Engineering LLC out of Tucson, Ariz., in conjunction with management from Kappes Cassiday & Associates (KCA). The bulk samples were taken by management of Arizona Gold & Silver Inc. and transported by management directly to the KCA laboratory in Reno, Nev. KCA has its own internal analytical laboratory, Florin Analytical Services, part of the KCA group, which operates as an independent commercial analytical lab, providing high-quality, reliable assays for continuous solution analyses and head and tail assays of feed and product material.

Qualified person

Gregory Hahn, vice-chairman of Arizona Gold & Silver and a certified professional geologist (No. 7122), is a qualified person under National Instrument 43-101 and has prepared and approved the technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Gold & Silver 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.

We seek Safe Harbor.