High-Grade Gold-Silver Mineralized Zones At Tombstone Project

VANCOUVER - Aztec Minerals Corp. reported assay results for an additional five holes, TR21-06 to 10, from its 2021, Phase 2, 20-hole, 2,900 meter reverse circulation (RC) drill program on the Tombstone project covering most of the historic Tombstone silver mining district in southeastern Arizona.

The five holes were drilled on two fence patterns to infill between the two prior drill fans and to step out from the drill holes reported previously on July 7, 2021 in the north-central part of the Contention open pit. Every one of the five holes intersected near surface, oxidized gold-silver mineralization, and all five holes bottomed in mineralization.

Drill Highlights: Hole TR21-10 - 1.39 grams per tonne (gpt) gold and 56.40 gpt silver (2.20 gpt gold equivalent AuEq) over 96.04 meters (m), including 39.94 m grading 2.47 gpt Au and 28.9 gpt Ag (2.97 gpt AuEq), 19.82 m grading 0.96 gpt Au and 24.98 gpt Ag (1.31 gpt AuEq), and 10.67 m grading 0.837 gpt Au and 60.96 gpt Ag (1.71 gpt AuEq); Hole TR21-08 - 2.09 grams per tonne (gpt) gold and 47.1 gpt silver (2.76 gpt gold equivalent AuEq) over 39.64 meters (m), including 18.29 m grading 3.53 gpt gold and 58.4 gpt silver (4.37 gpt gold equivalent AuEq), which bottomed in mineralization grading 1.21 gpt AuEq when ground caving forced early termination of the hole; Hole TR21-06 - 0.22 gpt gold and 17.3 gpt silver (0.47 gpt AuEq) over 74.69 m, including 4.57 m grading 1.26 gpt Au and 18.6 gpt Ag (1.53 gpt AuEq); Hole TR21-07 - 0.49 gpt gold and 23.1 gpt silver (0.82 gpt AuEq) over 24.39 m, including 7.60 m grading 0.90 gpt Au and 41.6 gpt Ag (1.49 gpt AuEq); and Hole TR21-09 - 0.452 gpt gold and 16.9 gpt silver (0.694 gpt AuEq) over 25.91 m, including 6.1 m grading 1.049 gpt Au and 24.3 gpt Ag (1.397 gpt AuEq).

Gold equivalents are calculated using a 70:1 silver:gold ratio. Reported lengths are apparent widths, not true widths. The gold - silver mineralization zones are generally west dipping, associated with the quartz-feldspar porphyry dikes, and mineralization zones have approximate dips averaging 60 to 80 degrees to the west. Where the mineralization has leaked out from the steep dipping Contention fault structures along shallow dipping bedding planes in the Bisbee Formation siltstones, dips can be a shallow as 20 degrees. True widths for the apparent mineralization intersection widths of the five holes approximately range from 28 to 100% of the apparent widths, with the norm for the mineralized true widths being 55 to 100% of the apparent widths.

All 5 holes intersected extensive gold and silver mineralization, see assay intervals in the table below, extending the mineralized zones at depth and along strike, below and west of the Contention open pit. Two of the five holes also intersected old mine workings, likely dating back to the late 1800's, indicating that some of the highest-grade bonanza mineralization in the area drilled was previously mined.

The areas currently being drilled are on the west side of the Contention Pit, adjacent to the area drilled in 2020 near the centre of the pit (central drill pattern) and each measure at least 50 meters north to south along strike by up to 150 meters east-west, perpendicular to the west dip of the Contention mineralized structure, with gold-silver mineralization still open in all directions. The drilled area reported herein demonstrates mineralization over a combined length of 350 meters from the 2020 and current drilling. Holes TR21-11 to 16 have been completed and sampled and each hole intersected similar widespread alteration and mineralization spanning an area 430 m long by over 150 m wide. Results are pending.

CEO, Simon Dyakowski, said, "Our 2021 drill program continues to return strong grades over broad widths, confirming and expanding the historic gold and silver mineralized zones. Holes 21-6 to 10 confirm the geological continuity between the 2021 drill holes and 2020 and earlier historic drill holes. In addition to stepping out from prior drill holes, we plan to twin three historic drill holes so we can verify the old data for use in a future resource estimate."