AZT:CC - Aztec Reconnaissance Sampling Program Further Expands High-Grade Gold & Silver Mineralization at the Tombstone Project in Arizona

(TheNewswire)

• Reconnaissance sampling over the Tombstone projectpatented claims returned +40% of samples with assays of above 1 gptAuEq

• High grade assays of 8.66gpt Au, 225 gpt Ag (11.47 gptAuEq) and .94 gpt Au, 268 gpt Ag (8.29 gpt AuEq) indicates further potential to extend the mineralized footprint beyondthe Contention pit zone

• The program has confirmed that Au-Ag mineralizationextends south of recently discovered the Westside Target Area

Vancouver, Canada – TheNewswire - July 16, 2024 - Aztec Minerals Corp. (AZT:TSX-V, OTCQB: AZZTF) (“ Aztec ” or the“ Company ”) announces that the assay resultsof the 2024 surface reconnaissance exploration program has discovered indications ofbroad gold-silver mineralization south of the Westside Target area andhas discovered several additional mineralized zones outside of theContention pit zone .

The field work verified specific, reported, keygeologic, and historical mine features and found what could bepotentially broad zones of alteration and mineralization forexploration west of the Contention Pit at the Tombstone project (whichcovers most of the historic Tombstone silver mining district insoutheastern Arizona).  Reconnaissance fieldwork has identifiedseveral, laterally broad zones of alteration associated with many ofthe samples taken in the recently reported pit sampling program(please see news releases dated : June 24, 2024 and July 2, 2024 ).

Reconnaissance SamplingHighlights:

• Selected surface sample highlights include:

  • 8.66 gpt Au, 225 gpt Ag (11.47 gptAuEq) ~120m west from No.3492, dump sample from a 1.0 m thick limestonelayer in outcropping Bisbee Formation siltstone with moderateargillization and strong Mn oxides, moderate Fe oxides. Roughly 100m above the area of the Last Chance/Arizona QueenCRD orebody (sample # 3501).

  • 4.94 gpt Au, 268.0 gpt Ag, (8.29 gptAuEq) from a composite grab of outcroppingBisbee Formation siltstone with moderate silicification andargillization and strong quartz veinlets. Thesample was taken ~100m above the area of the historic LastChance/Arizona Queen CRD orebody. (sample # 3502)

  • 3.79 gpt Au, 104.5 gpt Ag (5.10 gptAuEq) from a 2.0m chip channel of outcroppingBisbee Formation siltstone with moderate silicification andargillization and strong quartz veinlets. Thesample was taken ~100m above the area of the historic LastChance/Arizona Queen CRD orebody. (sample # 3492)

  • 1.33 gpt Au, 366 gpt Ag (5.91 gptAuEq) from the Westside No. 1 shaft, a selectsample of mineralized dump material, Bisbee Formation Hornfels withmoderate argillization, strong iron oxides, moderate quartz veinlets.From the Westside fissure historic orebody (sample # 3459)

  • 0.60 gpt Au, 360 gpt Ag, (5.10 gptAuEq) from a shaft on the Westside fissuresystem, a select sample of mineralized dump material, Bisbee FormationHornfels with moderate argillization, strong iron oxides, moderatequartz veinlets. (sample # 3460)

• The reconnaissance sampling had 41% of the samplesreturning AuEq assays of over 1 gpt AuEq

• The field work verified the surface locations of keyfeatures such as the mineralized and mined Boss dike, the Westsidefissure, and Westside No. 1 and No. 3 shafts

• The recently acquired knowledge ofthe mesothermal mineralization geological setting indicates a highpotential for further discovery of wide oxide Gold Silver alongstrike and down dip of prospective hosting rocks outcropping in theContention Pit areas (see Figure 1)

Figure 1: Tombstone 2024Reconnaissance Sampling

Click Image To View Full Size

Many of the high-grade gold-silver sample results arelocated immediately inside or adjacent to the Westside target area andindicate the strong potential to expand into multiple zones of broadAu-Ag oxide mineralization to the west.

The results of the Reconnaissance Sampling Program,illustrated in Table 1, supports the presence of broad, mesothermal,gold and silver oxidized mineralization and suggests the potential forfurther expansion of the mineralization footprint in the hostformations down dip and along strike, including the potentialextension westward of the historical Contention Pit

Table 1: Tombstone ReconnaissanceSelect Sampling Results*

*Note the Table 1 results are weighted averages, notcapped and may not be representative, only indicative. AuEq Calculatedusing an 80:1 gold-silver ratio

Figure 2: Sample 3492, 2 m chipchannel of Bisbee Fm siltstone with moderate to strong quartz veinletsand moderate silicification; 3.79 gpt Au, 104.5 gpt Ag (5.10 gptAuEq). Located 250 m west of the Contention pit

2024 Exploration Program:

The primary objectives of the 2024 surface explorationprogram were to continue to expand and define the shallow, openpit-table, oxidized gold/silver potential mineralization, and to alsodevelop targeting for the CRD mineralization historically demonstratedto be present at depth.

Aztec collected and analyzed (482) rock chip channeland reconnaissance samples for multi-elements including 422 mine-cutchip channel samples of 2 meters length each from the Contention pitwith accessible, visible coloration and/or alteration and 60 outcropand waste rock storage site reconnaissance composite and selectsamples over the rest of the project, including the Westside area, toexpand and enhance geochemical and geological knowledge throughout theTombstone project exploration targeting.

Aztec’s recent geological mapping at detailed scale(1:200) within the Contention pit and at reconnaissance scale(1:2,000) over the surrounding property has identified attractivemesothermal broad oxidized new mineralized zones. In the Contentionpit mapping, recent detailed lithological,structural and alteration mapping is proving crucial for definition ofthe extensions towards the Westside area .

Project data evaluation also continues to advanceincluding the 3D modeling of the historic mine workings, drilling andgeologic data. Modeling the geochemistry including trends ofAu-Ag mineralization will then resume using theunderstandings gained on the multi-element relationships with Au-Ag, reviewing the subsequent results to thegeophysical data and the SWIR-Terraspec data, and otherinvestigations.

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 core drill program was to continue testingthe shallow, bulk tonnage, heap leachable, mesothermal gold-silveroxide mineralization adjacent and below the previously minedContention pit by infill and step-out drilling.  Core drilling wasneeded in order to penetrate the multiple historic workings and toacquire critical geological data.  Future drilling is expected tofocus on strike and dip extensions of the shallow oxidemineralization, and move deeper to test for larger, deeper“Taylor-type” lead-zinc-silver CRD targets along and adjacent tothe Contention structure.

The Tombstone project is located 100 kilometers (km) southeast ofTucson, Arizona and covers much of the historic Tombstone silverdistrict.  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 1 .

The district geology consists of a mix of shallow-level, oxidizedAu-Ag and base metal deposits related to CRD and skarns hosted infolded and thrusted sediments, intrusive dikes and lode veins, and aswell the under explored, sulfide versions located below the watertable.

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 2 .

Although the historic silver mines at Tombstone were generally small,Aztec believes they could be related to much larger mesothermal andCRD mineralization below the old mines.  Since 2017, Aztec hascompleted 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 mineralization.

Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in2020, 2023 and 2024, and a 70:1 silver:gold ratio in 2021. Reported lengths areapparent widths, not true widths.  The Contention Au-Agmineralization zones are generally west dipping at around 60-80degrees, associated with the quartz-feldsparporphyry dikes.  However, these dikes also extend as sills in shallowangles out from the Contention fault along fold noses in the Bisbeeclastic sediments so the full range of mineralization dips vary from20 to 80 degrees.  True widths for the apparent mineralizationintersection widths of the drill holes approximately range from 50 to100% of the apparent widths, with the norm for the mineralized truewidths being 60 to 90% of the apparent widths. Please see summary newsreleases dated: July 5, 2023 , December 7, 2021 , and January 12, 2021 .

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 ounces of silver and 250,000 ounces ofgold from 1878-1939, in high grade, oxidized,silver-gold-lead-zinc-copper vein, breccia and CRD deposits, and smallopen 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 uses quality assurance-quality control aspart of its sampling-assaying-assessments in conjunction with itsexploration sampling programs.  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. Over limits, when present, are analyzed by MA370 orFA530.  All holes contain certified blanks, standards, and duplicatesas part of the quality 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 TSXV nor its Regulation Services Provider (asthat 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:

This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, completing ongoing and planned work, statements relating toadvancing the Tombstone Project, drill and sampling results includingadditional potential work and results therefrom, the Company’s plansfor its Tombstone Project, potential for further expansion of themineralization at the Tombstone Project, expected results andoutcomes, the technical, financial and business prospects of theCompany, its project and other matters . All statements in this news release, other thanstatements of historical facts, that address events or developmentsthat the Company expects to occur, are forward-looking statements.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsmay differ materially from those in the forward-looking statements.Such statements and information are based on numerous assumptionsregarding present and future business strategies and the environmentin which the Company will operate in the future, including the priceof metals, the ability to achieve its goals, that general business andeconomic conditions will not change in a material adverse manner, thatfinancing will be available if and when needed and on reasonableterms. Such forward-looking information reflectsthe Company’s views with respect to future events and is subject torisks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation ofexploration results, risks related to the inherent uncertainty ofexploration and cost estimates and the potential for unexpected costsand expenses, and those filed under theCompany’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materiallyfrom those in forward looking statements include, but are not limitedto, continued availability of capital and financing and generaleconomic, market or business conditions, adverse weather or climateconditions, failure to maintain or obtain all necessary governmentpermits, approvals and authorizations, failure to obtain or maintaincommunity acceptance (including First Nations), decrease in the priceof gold, silver and other metals, increase in costs, litigation, andfailure of counterparties to perform theircontractual obligations. The Company does notundertake to update forward?looking statements or forward?lookinginformation, except as required by law.

1 Greeley, Michael N., A Brief History andReview of Ore Grades and Production in the Tombstone Mining Districtwith Emphasis on the Contention Mine Area, June 1984

2 M3Engineering and Technology Corp., Hermosa Project N.I. 43-101F1Pre-Feasibility Study, January 2014

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