Tombstone Project Drilling Program Encounters High Grade Gold And Silver

VANCOUVER - Aztec Minerals Corp. has received assay results from the final three drill holes of its 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 three drill holes are part of a recently completed 7-hole program that was drilled in a fan-grid pattern over the length of the Contention zone target. Multiple underground mine workings were intersected in all the drill holes.

High grade gold and silver was encountered in TC23-02 within a zone of oxidized, altered siltstones/hornfels, sandstones/quartzites, Qfp dikes and hydrothermal breccias at depths between 13.7 m and 135.0 m. Drill hole TC23-02 intersected, at 86.9 m to 132.1 m, a broad, oxidized zone of 45.3 m averaging 1.69 gpt Au and 29.07 gpt Ag (2.04 gpt AuEq), including 6.63 gpt Au & 72.81 gpt Ag (7.49 gpt AuEq) over a 10.1 m width. Gold equivalence (AuEq) for the drill hole intercepts were calculated using an 80:1 silver:gold ratio. Drill holeTC23-02 was collared 50 m west as a step to the 2021 drillholes on the "M section line" on the western portion of the main Contention pit.

Drill Hole TC23-02 was initially drilled to a depth of 27 m, before difficult drilling conditions resulted in a temporary abandonment of the drill hole in mid-March. The drill hole was then re-entered in late April and was successfully extended to a total depth of 135 m. This hole crossed several workings related to the historic third and fourth mine levels, including backfilled stopes.

Hole TC23-06 was collared adjacent to the Grand Central shaft in the northern end of the Grand Central (South) pit. The vertical drill hole encountered from 29.6 m to 71.7 m an intersection of 42.1 m of 0.40 gpt Au and 30.79 gpt Ag (0.78 gpt AuEq) in an oxidized, high angle zone of altered siltstones/hornfels, sandstones/quartzites, mafic and Qfp dikes and hydrothermal breccias with multiple historic mine workings. It verifies the continuation and quality of the Contention zone mineralization between the Main (North) and Grand Central (South) pits.

Hole TC23-07 was collared in the northern portion of the Main pit adjacent to the east pit wall. The hole was drilled into the east pit wall and encountered from 6.1 m to 24.4 m an intersection of 18.3 m with 0.26 gpt Au and 7.43 gpt Ag (0.36 gpt AuEq) in oxidized, altered siltstones and sandstones and hydrothermal breccias with historic mine workings.

Drill holes TC23-02 and TC23-07 were designed to expand the known mineralization in the central and northern portions of the main Contention pit to the west, east and to depth. TC23-06 verified the continuation and quality of the Contention mineralization between the Main and Grand Central (South) pits.

The core drilling program was planned to be able to pass through the intricate levels of old mine workings and multiple faults and to reach, at a minimum, the water table just below the sixth level and the principal district host limestones at depth. TC23-01, 05, 06 and 07 were able to reach their target depths. The drilling to date has expanded the extent of the entire Contention zone's mineralization to the west, east and to depth and demonstrates the potential for the volume of oxidized Au-Ag mineralization to grow as it remains open.

The core drilling program intersected extensive gold and silver mineralization, see table below, extending the mineralized zone at depth west, east and below the Contention zone's open pits. The drill holes also intersected historic mine stope workings, 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 seven hole core drilling program. Samples and their collection are controlled by an industry standard conforming QAQC program including insertions of certified standards, blanks and sample duplicates. The samples were regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.

Core samples are sawn and are continuously collected over 5 foot (1.52m) sample intervals from all drill holes. The samples were analyzed for gold with a 30-gram sample size using the fire assay method FA430 followed by multi-element MA300, including silver. Over limits, when present, are analyzed by MA370 or FA530. All holes contain certified blanks, standards, and duplicates as part of the quality control program.