Second hole intersects 70.41 metres at 1.16 g/t gold; drilling continues beneath Red Hills

Vancouver, British Columbia, September 30, 2026 – TheNewswire - Arizona Gold & Silver Inc. (“Arizona” or the “Company”) (TSXV: AZS) (OTCQB: AZASF) is pleased to announce assay results from two new core holes at its Philadelphia Gold-Silver Project in Mohave County, Arizona (the “Philadelphia Project” or the “Project”).  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 down dip 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 (“m”) at 1.16 g/t 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% of drilled thickness.

Table 1: Summary of Significant Gold-Silver Intervals

Notes: Intervals are presented from higher-grade internal intervals to progressively broader mineralized envelopes. In calculating each interval, the sequence starts and ends at the applicable cutoff grade. True thickness is estimated at approximately 60% of drilled thickness. Minor differences may occur due to rounding. See the QA/QC statement below for additional information.

PC26-172 and PC26-173 were designed to test the down-dip 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 -48 degrees to test the down-dip 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 m intersection is spatially associated with a broad CSAMT 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 -54 degrees to test the down-dip 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 dataset rather than as a stand-alone indicator of the upflow zone.

PC26-174 has been completed, with assays pending (Figure 1). 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.

Click Image To View Full Size

Figure 1: Detailed Perry Zone Long Section Showing Results from PC26-172 and PC26-173 and Ongoing Drilling Along the Projected Northward Plunge Beneath Red Hills

QA/QC Protocols

Drill core samples were submitted to Skyline Assayers & Laboratories in Tucson, Arizona, which operates under ISO 9001:2015. Gold was analyzed by fire assay with an atomic absorption finish, with over-limit results re-analyzed by gravimetric methods. Silver and multi-element 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-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 Inc. 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-sulfidation epithermal gold-silver system along the approximately three-kilometre-long Arabian Fault corridor through drilling, geological mapping, geophysics and remote-sensing programs.

On behalf of the Board of Directors:

ARIZONA GOLD & SILVER INC.

Mike Stark, President and CEO, Director
Phone: (604) 833-4278 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2026 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s 2026 drilling program(s) on its properties, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the exploration properties are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s 2026 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

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