Ongoing Drilling Program At The Tombstone Project

VANCOUVER - Aztec Minerals Corp. reported on the first drill hole of its ongoing 2023 core drilling program at the Tombstone project in the historic Tombstone silver mining district in southeastern Arizona. Aztec holds a 75% interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the district as well as some recently acquired properties.

The first hole is part of a 10 hole program that is being drilled in a fan-grid pattern over the length of the Contention open pit. Bonanza grade silver was encountered in oxidized, altered silty limestones and Qfp dike at 126.5 m - 128 m with 3,477 gpt silver and 0.115 gpt gold (3485.1 gpt AgEq) over 1.52 m, within a zone of 7.65 m with 733.92 gpt silver and 0.524 gpt gold (770.6 gpt AgEq) from 125 - 132.6 m.

Hole TC23-01 also returned a broad intersection of 0.58 grams per tonne (gpt) gold and 72.19 gpt silver (1.63 gpt gold equivalent (AuEq) using an 80:1 silver:gold ratio) over 125.0 meters. Higher grade gold intervals were also intersected in the drill hole with 22.4 gpt gold and 48.7 gpt silver (23.01 gpt AuEq) in oxidized, altered Qfp dike over 1.52 m at 61m - 62.5 m.

Drill hole TC23-01 tested mineralization to depth initially found in TR21-08 prior to its collapse in 2021. It was designed to go through the old mine workings and to reach, at a minimum, the water table just below the sixth level and the principal district host limestones at depth. The drilling has expanded the extent of mineralization to depth and demonstrates the potential for the volume of oxidized Au-Ag mineralization to grow as it remains open.

CEO Simon Dyakowski, said, "Initial results from our first core drilling program at the Tombstone Project have successfully intersected Bonanza silver grades, +100 oz silver, near the water table. This result represents the highest grade of silver encountered in Aztec's drilling at Tombstone to-date, and the broader zone of oxide gold-silver mineralization continues to expand the open-pit heap leach potential of the project. We await the receipt of assays from additional drill holes as our 2023 core drilling program continues at the Contention pit target of the project."

Drill hole TC23-01 intersected extensive gold and silver mineralization, extending the mineralized zone at depth west and below the Contention open pit. The drill hole also intersected old mine stope workings (15.9 m in total), likely dating back to the late 1800's and high-grade zones as well, indicating that the highest-grade bonanza mineralization in the area drilled was only partially mined out.

Aztec has now completed the first five holes of the planned ten drill hole program. The drill program has been decreased to total, at minimum, 1,000 meters of core drilling at the Tombstone Property. The company has reported assays for the first hole. Samples and their collection are controlled by an industry standard conforming QAQC program including insertions of certified standards, blanks and sample duplicates. The samples are being regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.