AZT:CC - Aztec Identifies New Gold-Silver Exploration Target at Tombstone Project Arizona

(TheNewswire)

• Westside Area of Tombstone project identified as highpotential shallow gold-silver expansion target.

• Crew have mobilized and commenced 2024 explorationprogram at Tomsbtone project.

News Release -Vancouver, Canada – TheNewswire - April 22, 2024 - Aztec Minerals Corp. (AZT:TSX-V, OTCQB: AZZTF) (“ Aztec ” or the“ Company ”) announces that recent field work and review ofhistorical data at the Tombstone Project hasidentified the Westside area (see Figure 1 below) as a high potential target for shallowgold-silver mineralization, almost doubling the project’s potentialgold-silver oxide mineralization footprint nearto the historic Contention Pit.

In 2023, the Tombstone JV acquired the Westsidepatented claim ( see new release dated May 2,2023 ) which is longitudinally astride themajor Westside fissure stringer vein lode, a key geological featurewith multiple evidence of hosting high-grade gold silver oxidemineralization in the Tombstone Project.  Recent review of historicdata and on-site investigations by Aztec have confirmed that the Westside area waspreviously planned as an expansion of the Contention pit operations atthe time on the interruption of mine operations in 1982 .

Aztec’s recent exploratory work has confirmed severalmineralized structures crossing the Westside area. From the study ofhistoric reports, maps and sections, examination of historic workingsand drillhole logs, the individual mineralized structures are strongtargets, with indicative evidence of their intersections potentiallyhosting broad gold-silver mineralization at levels near the surface.

Figure 1- Tombstone Property –Westside Area and 1982 Planned Pit Expansion for Gold-Silver OxideShallow Mineralization

Click Image To View Full Size

Link to Figure1

A review of historical data has confirmed that theWestside anticline was mined along multiple, replaced sediment layersnear the axis to its crest in the sediments over all its 450+ mlength, noting that, at its intersection with the Arizona QueenFissure, the 120 m long Sulphuret stope, was mapped at over 60 m wideand 10-20 m thick.  The Sulphuret stope was reported (Butler, 1938)to have production averaging 70 opt silver and high-grade gold aswell.  Aztec’s drilling has confirmed that the gold-silvermineralization in the property extends beyond the limits of thehistoric mined stopes.

Most of the Westside area and its multiple targets haveyet to be explored.  The Westside -Sulphuret mine workings reached tothe 7 th and 8 th levels (210-250 m), and historic drillinghas significant CRD intercepts at 500 to 600 m depths.

The 1982 historic mine development plan (see Figure 2below) shows that the full width and depth of the shallow gold-silvermineralization was not included in the mine planning.  It is thoughtthat the Blue limestone layer and the sediments immediately above andbelow it, also shown in Figure 2, would have the best potential tohost oxidized gold-silver mineralization Tombstone was famous for, asit is the same sediment section of the lowest Bisbee formation.  TheWestside area open pit mine was not developed possibly as the timingfor halting mining is coincident with the collapse of silver and goldprices in the early 1980’s.

Figure 2. Westside 1982 Pit ExpansionPlan Section View

Click Image To View Full Size

Link to Figure 2

Current Exploration Program

Aztec also announces that crews have mobilized to siteand have commenced the 2024 Tombstone exploration program (see newsrelease dated April 17, 2024).  Company is currently developing drilltargets with multiple disciplines including the continuation of thesurface exploration program in the area of the Contention pit andsurroundings, advancing the detailed geological mapping, and furtherout with reconnaissance level geological mapping of l ithologies, Terraspec alterations and structures,multi-element rock geochemistry, and thin section petrology andalterations to review the hosting of the gold-silvermineralization . The data acquired will then beintegrated into the 3D model being constructed including the historic mine workings and geologic mapping of theprincipal portion of the Tombstone district. The 3D model is being geolocated to the current surface and geology,geochemistry and geophysics and will then be interpreted to strengthenboth shallow and deep drilling targeting. This will be usedin supporting the upcoming drilling programdesign

The ongoing exploration program is expected to addknowledge into the expansion potential of the bulk tonnage,gold-silver oxidized mineralization, and from that, continue drillingand mineralization footprint. The focus ofthis exploration program is to better define the three styles ofmineralization known to exist on the property and to identify toppriority targets for drilling.  The three types of knownmineralization at the Tombstone property are as follows:

• Silver-gold bearing, north-northeast striking felsicintrusive dikes hosting mesothermal stock-works and hydrothermalbreccias that cut the Cretaceous Bisbee Group and the underlyingPaleozoic carbonates, on which the historic Contention undergroundmine and later the 1980’s open pit heap leach mine was developed,which now is known to extend laterally and vertically beyond theContention pit

• High-grade, silver-gold quartz stringer vein lodesstriking northeast cutting the Cretaceous Bisbee Group clasticsediments and the Paleozoics, which are related to several of thehistoric mines in the Tombstone district

• Tombstone’s well known, high grade, oxidized,silver-gold rich base metal carbonate replacement deposits(“CRD”), which lie in the lowermost Bisbee Group and in theunderlying Paleozoic carbonates, have a geologic setting very similarto the world-class Hermosa Taylor base metal sulfide deposit ofSouth32, located 65 kilometers southwest of Tombstone. Strongstructural controls of the Tombstone CRD deposit locations relatedparallel to the crests of anticlines, usually with vertical(“reef”) stacking on multiple, favorable horizons

Positive indications for mineralization at Tombstoneinclude:

1. The Bisbee sediments exhibit widespread fracturing,silica-pyrites-sericite-clay alteration, quartz veinlets, stockworks,and hornfelsing and in the limestones jasperoids, dolomitization andskarn development

2. The Contention open pit mine is centered along a strongNNE fault structure with large, mineralized felsic dikes possiblyrelated to a deeper intrusion

3. The underground Contention mine mined the dikemineralization to over 300 m depth

4. Historic drilling by Newmont and Santa Fe to over 700 mdepth have intersected narrow to wide, high grade CRD mantos, evidencethat the Paleozoic limestones are prospective

5. The presence of several manganese-silver rich minessurround the Property are considered indicative of distalmineralization to CRD deposits worldwide

Tombstone Project Overview

Aztec holds a 75% interest in the Tombstone PropertyJoint Venture, which includes most of the original patented miningclaims in the main district as well as some recently acquiredproperties .

The main target of the 2023 coredrill program was to continue testing the shallow, bulk tonnage, heapleachable, mesothermal gold-silver oxide mineralization adjacent andbelow the previously mined Contention pit by infill and step-outdrilling.  Core drilling was deemed needed in order to penetrate themultiple historic workings and to acquire needed geological data. Future drilling is expected to focus on strike and dip extensions ofthe shallow oxide mineralization, and move deeper to test for larger,deeper “Taylor-type” CRD targets along and adjacent to theContention structure.

The Tombstone project is located 100 kilometers (km)southeast of Tucson, Arizona and covers much of the historic Tombstonesilver district.  Tombstone is renowned for its high grade, oxidized,silver-gold mesothermal stringer lode veins, hydrothermal breccias andmanto CRD orebodies that were mined in the late 1800’s and early1900’s. The historic silver production in the Tombstone districtfrom 1878 to 1939 was estimated at 32 million ounces and 250,000ounces of gold.

The district geology consists of a complicated mix ofshallow-level, oxidized Au-Ag and base metal deposits related to CRDand skarns hosted in folded and thrusted sediments, intrusive dikesand lode veins, and as well the under explored, sulfide versionslocated below the water table.

Host rocks to the mineralization are primarily theclastic sediments of the lowest portion of the Cretaceous BisbeeFormation. Between 50 and 300 meters (m) in depth, the Bisbee isunderlain by approximately two kms thick of the same Paleozoic carbonate formations that host the 110 MTHermosa-Taylor zinc-lead-silver deposit of South32 located 60 kmsouthwest of Tombstone.

Although the historic silver mines at Tombstone weregenerally small, Aztec believes they could be related to much largermesothermal and CRD orebodies below the old mines.  Since 2017, Aztechas completed geological mapping, geochemical sampling and geophysicalsurveying to identify the most prospective areas for Au-Agmineralization around and below the Contention open pit, and CRDzinc-lead-copper-silver-gold mineralization below the entire district.Aztec management views the district as highly prospective for thediscovery of mesothermal and CRD orebodies.

Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in2020 and 2023 and a 70:1 silver:gold ratio in2021. Reported lengths are apparent widths,not true widths.  The Contention Au-Ag mineralization zones aregenerally west dipping at around 60-80 degrees, associated with thequartz-feldspar porphyry dikes.  However, these dikes also extend assills in shallow angles out from the Contention fault along fold nosesin the Bisbee clastic sediments so the full range of mineralizationdips vary from 20 to 80 degrees. True widths for the apparentmineralization intersection widths of the drill holes approximatelyrange from 50 to 100% of the apparent widths, with the norm for themineralized true widths being 60 to 90% of the apparent widths. Pleasesee summary news releases dated: July 5, 2023 , December 7, 2021 , and January 12, 2021 .

*Grade-Thickness in meters-grams/tonne means the resultof multiplying a drill hole intercept length, measured in meters, bythe grade of the gold values in the intercept, the resulting compilednumber is measured in grams/tonne.  Grade thickness is not to beconstrued as gross metal value nor as a resource. The Tombstone property does not have a current, compliantresource estimation at this point.

Summary Tombstone ProjectHighlights

• Well located property on patented (33) and unpatented (42) claims (452.02hectares/1,116.94 acres), covers much of the historic Tombstone silvermining district, great infrastructure, local town, road access, fullservices, water, power

• Historic silver district produced 32 million oz silver from 1878-1939, in high grade,oxidized, silver-gold-lead-zinc-copper vein, breccia and CRD deposits,and small open pit heap leach production in late 1980’s

• Drilling by Aztec in 2020-23 has demonstrated that the Contention Pit targethas significant, shallow. oxidized Au-Ag bulk tonnage mineralizationwhich is open in all directions

• Multiple other prospectivetarget s in Cretaceous and Paleozoic rocksrelated to major NW and NNE trending structures hosting porphyriticintrusions crosscutting a possible caldera ring structure

The following are highlights of recent drillingintersections supporting the conceptual exploration model formineralized footprint growth.

• TR21-22: 2.44 gpt Au and 66.56 gpt Ag (3.39 gpt AuEq) over 65.5m (including 16.80 gpt Au and374.36 gpt Ag over 7.6m)

• TR21-03 - 5.71gpt Au and 40.54 gpt Ag (6.28 gpt AuEq) over 32.0m

• TC 23-01: 3,477gpt Ag over 1.52m from a zone of 733.9 gpt Ag over 7.6 m within 125 m of1.63 gpt AuEq

• TR21-10: 1.39 gpt Au and 56.40 gpt Ag (2.20 gpt AuEq) over 96.0m

• TR21-13: 1.8 gpt Au and 36.9 gpt Ag (2.33 gpt AuEq) over 70.1 m

• TR21-17: 1.73 gpt Au and 56.20 gpt Ag (2.53 gpt AuEq) over 64.0m

• TR21-08: 2.09 gpt Au and 47.1 gpt Ag (2.76 gpt AuEq) over 39.6m

• Hole TC23–02 – 1.69 gpt gold and 29.07 gptsilver (2.03 gpt gold AuEq)over 45.3 m, including 10.1 m grading 6.63 gpt gold and 72.81 gptsilver (7.49 AuEq)

• TC23-05 – 2.816 gpt gold and 176.64 gptsilver (5.02 gpt AuEq) over36.0 m, including 6.45 gpt gold and 408.47 gpt silver (11.554 gptAuEq) over 15.5 m

The company in conjunction with its explorationsampling programs uses quality assurance-quality control as part ofits sampling-assaying-assessments.  Samples and their collection arecontrolled by an industry standard conforming QAQC program includinginsertions of certified standards, blanks and sample duplicates.  Thesamples are being regularly shipped to and received by the BureauVeritas Minerals laboratory in Hermosillo, Mexico for geochemicalanalysis.

Core and RC drilling samples are continuously collectedover 5 foot (1.52m) sample intervals from all drill holes. The sampleswere analyzed for gold with a 30-gram sample size using the fire assaymethod FA430 followed by multi-element MA300, including silver. Overlimits, when present, are analyzed by MA370 or FA530.  All holescontain certified blanks, standards, and duplicates as part of thequality control program.

Allen David Heyl, B.Sc., CPG., VP Exploration of Aztec,is the Qualified Person under NI43-101, supervised the Tombstoneexploration programs.  Mr. Heyl has reviewed and approved thetechnical disclosures in this news release.

“Simon Dyakowski”

Simon Dyakowski , ChiefExecutive Officer

Aztec Minerals Corp.

About Aztec Minerals – Aztec is a mineral exploration company focused ontwo emerging discoveries in North America. The Cervantes project is anemerging porphyry gold-copper discovery in Sonora, Mexico. TheTombstone project is an emerging gold-silver discovery with high gradeCRD silver-lead-zinc potential in southern Arizona. Aztec’s sharestrade on the TSX-V stock exchange (symbol AZT) and on the OTCQB(symbol AZZTF).

Contact Information - For more information, pleasecontact:

Simon Dyakowski, President & CEO, Director

Tel: (604) 685-9770
Fax: (604) 685-9744
Email: info@aztecminerals.com

Website: www.aztecminerals.com

Neither the TSXV nor its Regulation Services Provider(as that term is defined in the policies of the TSXV) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.

Forward-Looking Statements:

Certain statements contained in thispress release may constitute forward-looking statements under Canadiansecurities legislation.  Generally, forward-looking information canbe identified by the use of forward-looking terminology such as“expects” or “it is expected”, or variations of such words andphrases or statements that certain actions, events or results“will” occur. Theseforward-looking statements are subject to a number of risks anduncertainties. Actual results may differ materially from resultscontemplated by the forward-looking statements. Factors that couldcause actual results to differ materially from those inforward-looking statements.  Accordingly, the actual events maydiffer materially from those projected in the forward-lookingstatements.  When relying on forward-looking statements to makedecisions, investors and others should carefully consider theforegoing factors and other uncertainties and should not place unduereliance on such forward-looking statements. The Company does notundertake to update any forward-looking statements, except as may berequired by applicable securities laws.

Copyright (c) 2024 TheNewswire - All rights reserved.