Arizona Gold Reports Drilling Results and Exploration Program Update

TORONTO, Feb. 09, 2021 - Arizona Gold Corp. (TSX: AZG, OTCQB: AGAUF) ("Arizona Gold" or the "Company") is pleased to provide a drilling and exploration program update at its 100% owned Copperstone gold project located in Arizona, United States.

Martin Kostuik, President of Arizona Gold, stated: "We are very pleased to announce the initial results of the completed Reverse Circulation ("RC") drilling program at surface. The surface RC drilling was largely focused on establishing continuity of the Footwall and Copperstone zone mineralization. We are again using the opportunity to continue with the 2018 discovery of the new Footwall zone. Drilling results to date clearly demonstrate the Footwall and Copperstone zones remain open and indicate further expansion of gold mineralized zones along strike and dip with future drilling. Using the same target identification methodologies as for our prior programs, we expected to achieve similar results and, so far, we have."

Martin Kostuik further stated "In December we started our underground core drilling and have added a second drill rig with assays currently pending. The underground core drilling is designed to expand resources by drilling for strike and down dip extensions including some portion of infill of previously drilled gold mineral domains, following up on what was a very successful 5,000 meter 2019 drilling program."

Drilling Program Highlights Include:

2020 Drilling Program
The surface RC drilling was recently completed, having drilled a total of 5,050 meters ("m"), and ranging from 200 to 400 m in depth. Two drill rigs were employed. The program was a continuation of the successful 2017 drilling program performed by the Company. Highlights of results from the Company's 2017 program that are mentioned in this release are as follows:

The drilling results confirm continuity of gold mineralization in the Footwall and Copperstone zones intersecting gold mineralization at expected gold grades and higher widths where anticipated while remaining open along strike and dip.

The following provides additional information for each of the drill holes reported above:

AZG-20S-02 is an angle hole collared in the Southern portion of the pit east wall, designed primarily to test the strike continuity of gold mineralization within the B zone of the Copperstone zone and test possible parallel Footwall zone extensions 150 m below. The hole extended the strike continuity, at its modelled depth location from the Copperstone zone ALW4 mineralized domain, by 30m to the southeast. The hole, from 256-259 m, intercepted 3.0 m at 2.29 g/t Au, including 1.5 m at 3.53 g/t Au. Anomalous gold grades were intercepted deeper in the hole, which may indicate additional gold mineralization at depth. The hole successfully demonstrates better continuity between the A and B zones than previously known; the area is under-drilled.

AZG-20S-04 is an angle hole collared in the Southwestern portion of the pit, drilled southwesterly to test the continuity of multiple mineralized domains in the Footwall zone. At 82.3-85.3 m, previously un-modelled gold mineralization was intercepted returning 3.0 m at 6.98 g/t Au; including 1.5m at 12.90 g/t Au. This intercept indicates 3.0 m of true thickness and 5.0 m of effective mining width. Further, this high grade intercept may prove to expand gold mineralization up to a high grade historic hole located about 47 m to the southwest. Other modelled domains were intersected higher in the hole, which successfully established strike continuity of gold mineralization.

AZG-20S-05 is an angle hole collared in the Southwestern portion of the pit, successfully tested the continuity of multiple mineralized domains in the Footwall zone. At 21.3-29.0 m, an intercept of 7.6 m at 4.98 g/t was obtained, including 3.0 m at 10.54 g/t; this intercept was about 6.0m away from strong mineralization in KER-17S-21, which intersected 1.5 m at 12.40 g/t Au. From 64-68.4 meters, 2.31 g/t Au was intersected, including 1.5 m at 4.90 g/t Au; the intercept is about 22.9 m up dip from a KER-17S-21 intercept. The Footwall zone FW05 domain was intercepted with numerous anomalous intervals about 30 m up dip from KER-17S-21. The Footwall zone FW02 domain was intersected about 37.5 m up dip from KER-17S-21, with anomalous intercepts. Cut-off grades, or better, near the top of hole successfully indicate a potential new gold domain in the Footwall zone.

AZG-20S-06 is an angle hole collared in the Southwestern portion of the pit, successfully tested the up-dip extension of multiple mineralized domains in the Footwall zone. From 25.9-27.4 m, a 1.5 m intercept of 6.93 g/t Au was obtained, located about 15.2 m away from KER-17S-21. The Footwall zone FW05 domain was successfully intersected about 3.0 m up dip from KER-17S-21, with 4.6 m at 3.04 g/t Au, including 1.5 m at 4.13 g/t. Au The Footwall zone FW02 domain was successfully intersected about 36.6 m up dip from KER-17S-21, with 4.6 m at 2.84 g/t Au. Cut-off grades, or better, near the top of hole successfully indicate a potential new gold domain in the Footwall zone.

AZG-20S-12 is a vertical hole drilled in the Southwest area of the pit, targeting Footwall zone mineralization. From 135.6-140.2 m a 4.6 m intercept with a grade of 3.56 g/t Au; including at 135.6-138.7 m with 4.27 g/t Au. The indicated true thickness is 3.8 m and the effective mining width is 6.7 m. The intercept is an effective strike extension of approximately 30 m to the southeast, extending the edge of this Inferred area of the Footwall zone marked by historic drill hole KER-17S-13.

AZG-20S-14 is an angle hole drilled southwesterly, successfully testing the continuity of gold mineralization in the Footwall zone in an up-dip direction. From 89.9-117.3 m, four each 1.5 m intercepts were drilled, with grades ranging from 1.10 to 2.60 g/t Au. These results demonstrate up dip continuity from KER-17S-11 of about 107 m. At 233.2-234.7 m, a 1.5 m intercept of 7.50 g/t Au was intersected and it displayed an indicated true thickness of 1.3 m and an effective mining width of 2.2 m. Also, at 242.3-243.8 m, a 1.5 m intercept of 3.24 g/t Au was returned. Each intercept effectively resulted in an up-dip extension of gold mineralization, from historic KER-17S-11, of approximately 61 m.

AZG-20S-17 is a vertical hole drilled in the Southwest area of the pit, confirming Footwall zone gold mineralization continuity. From 32-35.1 m, a 3 m intercept at 6.72 g/t Au was intersected; including a return, from 33.5-35.1 m, of 12.4 g/t Au. This is a 107 m up dip expansion from historic KER-17S-17 and 15.2 m up-dip and along strike from historic hole CS-210 which returned 5 m of 1.10 g/t Au. At 105.2-106.7 m, a 1.5 m intercept of 2.76 g/t Au was drilled. This is an approximately 61 m up-dip extension of mineralized shear from historic KER-17S-17. At 178.3-179.8 m, a 1.5 m intercept of 1.03 g/t Au was found, which is an approximately 30 m up-dip extension of gold mineralization from historic KER-17S-17.

AZG-20S-21 was drilled from the Southern portion of the East wall of the pit, angled to the east. It was drilled for the purpose of confirming the orebody in this B zone area of the Copperstone zone. Within 153.9-160 m, a 6.1 m intercept was drilled at 4.86 g/t Au; including from 157-158.5 m, returning 1.5 m at 13.40 g/t Au. The indicated true thickness is 4.5 m and the effective mining width is 7.9 m.

AZG-20S-22 was drilled from the East wall of the pit, angled to the west. It was drilled for the purpose of confirming the orebody in this A zone area of the Copperstone zone. The AUP1 domain of the Copperstone zone was successfully intercepted as modelled, returning 9.1 meters at 6.32 g/t Au from 85.3-94.5 m; including from 91.4-94.5 m returning 3.0 m at 13.52 g/t Au. The thickness of the gold mineralization is greater than surrounding holes and potentially expands the AUP1 domain of the Copperstone zone along strike to the northwest. The indicated true thickness is 8.4 m and the effective mining width is 14.7 m.

Table 1: RC Drilling Results

To view Figure 1 visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/5546cf31-8edb-454f-bcee-f35a46f754fe

To view Figure 2 visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/9d88120a-f913-47fa-9b97-5ffd15e40055

To view Figure 3 visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/63641cb2-0028-45f0-b628-3b84a343eb2d

To view Figure 4 visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/2ba5e90b-7724-4d6a-b039-1b336963d7b7

The underground drilling was initiated in November, with one drill. Beginning in January, a second drill was mobilized to the Copperstone underground workings in order to accelerate the current program. Assay results are pending.

The primary focus of the current drilling program is further extending the known boundaries and increasing the current resource in both the Copperstone zone and the underlying and parallel Footwall zone. The Footwall zone is located about 150 m to the southwest of the Copperstone zone which historically produced, via open pit mining and a whole ore leach gold processing plant, over 500,000 ounces of gold at an average grade of 3 g/t Au.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Michael R. Smith, SME Registered Member (Geology), who is a "Qualified Person" as defined by NI 43-101 for this project.

Quality Assurance and Quality Control Statement
Procedures have been implemented to assure Quality Assurance Quality Control (QAQC) of drill hole assaying being done at an ISO Accredited assay laboratory. Drill hole samples to be assayed are securely stored for shipment, with chain of custody documentation through delivery. Mineralized commercial reference standards or blank standards are inserted approximately every 20th sample in sequence and results are assessed to ascertain acceptable limits for analytical variance. Duplicate samples will also be taken as a further check in lab precision and accuracy. All results will be analyzed for consistency and corrective actions taken, if needed.

About Arizona Gold Corp.
Arizona Gold is an emerging American gold producer advancing the restart of production at its 100-per-cent-owned, fully permitted, past-producing Copperstone mine project, located in mining-friendly Arizona. The Copperstone mine project demonstrates significant upside exploration potential that has yet to be drilled within a 50 square-kilometre (12,258 acres) land package that includes past production of over 500,000 ounces of gold by way of an open-pit operation.

The company's current focus is on maximizing Copperstone's potential by defining and expanding current resources and further optimizing the mine's economics for purposes of the restart of gold production in 2021 as a result of the recent project funding transaction entered into with Star Royalties Ltd.

For further information please visit the Arizona Gold Corp. website (www.arizona-gold.com).

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Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking information under Canadian securities legislation including statements regarding drill results, potential mineralization, potential expansion and upgrade of mineral resources and current expectations on future exploration and development plans. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to: the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; reliance on third parties, exploration risk, failure to upgrade resources, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; the degree to which factors which would make a mineral deposit commercially viable are present, and the risks and hazards associated with underground operations and other risks involved in the mineral exploration and development industry. Risks and uncertainties about Arizona Gold's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Arizona Gold assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.