Sugarloaf Peak

Historic Resource

Westworld Oil & Gas Corporation held the project from 1981-1983 and conducted the first exploration for gold on the project. Work included geologic mapping, collection of rock and soil samples, and reverse circulation drilling. Drilling, conducted in 1983, included 764 m (2,505 feet) in 10 holes to maximum depth of 78 m (255 feet). Several holes bottomed in mineralization.

Westworld's work resulted in finding "widespread disseminated gold mineralzation" in a broad surface anomaly 600-1,200 m wide and 2,100 m long (2,000-4,000 feet wide and 7,000 feet long), with drilling suggesting a non-43-101-compliant, conceptual potential resource of "about 100 million tons containing 1.5 million ounces gold and 25 million ounces silver" (Dausinger, 1983). This historical resource estimate is not compliant with NI 43-101 standards, is conceptual in nature, and has not been verified as a current mineral resource.

• Gold mineralization consists of sheeted veins/veinlets and stockworks of quartz pyrite and argillic hosted rocks
• Prominent magnetic low that underlies the gold mineralization continues 3km to the west under alluvial cover, where it coincides with the western portion of the IP chargeability anomaly
• Potential for alkaline porphyry copper gold deposits in the west, north and south east

* The historical conceptual resource opinions at the Sugarloaf Peak Project were reported by Westworld Oil & Gas Corporation in 1983 (Dausinger, N.E., 1983, Phase I Drill Program and Evaluation of Gold-Silver Potential, Sugarloaf Peak Project, Quartzsite, Arizona: Report for Westworld) and 1987 Dausinger, N.E., 1987, Sugarloaf Peak Project, La Paz County, Arizona: Report for Westworld), respectively. The historic conceptual resource opinions have not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic conceptual resource opinions can be verified and upgraded in accordance with current NI 43-101 standards. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and Arizona Metals is not treating the historical conceptual resource opinions as a current mineral resource.