Arizona Gold Corp. Drills 49 g/t Gold and Provides Drilling Update

Giulio Bonifacio, CEO of Arizona Gold, stated: "We are pleased to announce additional drill results from the current underground core drilling program, which continues to demonstrate continuity and extension of several mineralized domains as previously defined. The drilling has shown grades and thicknesses comparable or better to the current resource model with additional assay results pending. Reverse circulation in-fill drilling will commence in May with close-spaced in-fill drilling of stopes which will lead to final stope mine design."

Drilling Highlights Include:

Drill Hole AZG-21-P3C-06C

• 10.8 m at 8.2 g/t Au, including 0.7 m at 49.1 g/t Au
  

Drill Hole AZG 21-P3A-02C

• 2.3 m at 10.6 g/t Au, including 0.8 m at 19.0 g/t Au
  

2021 Drilling Program

The underground core hole drilling is completed, having successfully tested the continuity of mineralization in various previously defined mineral domains and previously planned stopes. The core drilling was done in the C and D Zones. In-fill drilling has commenced with assay results pending. Preliminary indications confirm mineralization as previously modelled while demonstrating continuity and extension of currently defined mineralized domains. Reverse circulation in-fill drilling of the stopes is expected to commence in May with close-spaced drilling which will provide detailed information for purposes of stope mining design.

The following provides additional information for each of the drill holes reported and summarized in Table 1:

AZG-21-33-31 is an up angle exploration hole drilled southeasterly and collared in station 33 in the C zone. It intersected the CLW01 mineralized domain as expected.

AZG-21-P3A-02C is a down angle hole drilled easterly and collared in station P3A in the C zone, for purposes of initial design purposes. It successfully intersected the block modelled location of the stope mineralization.

AZG-21-P3C-06C is a down angle hole drilled easterly and collared in station P3C in the C zone, for purposes of initial design purposes. It successfully intersected the block modelled location of the stope mineralization.

Table 1: Underground Core Drilling

(1) Au grades herein are reported as uncapped values.
(2) Estimated perpendicular distance between footwall and hanging wall of the mineralized interval.

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 as a result of the recent project funding transaction with Star Royalties Ltd. totalling US$18 million.

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

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.

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