Additional RC Drill Results From Tombstone Project

VANCOUVER - Aztec Minerals Corp. reported on assay results for an additional four holes, TR21-15 to 18, from its now completed 2021, Phase 2, 23-hole, 2,716 meter reverse circulation (RC) drill program on the Tombstone project which covers most of the historic Tombstone silver mining district in southeastern Arizona. The four holes were drilled on two fence patterns to infill between prior drill fences and to step out to the west from 2020 drilling reported previously in the north-central part of the Contention open pit. Every one of the four holes intersected near surface, oxidized gold-silver mineralization, and all four holes bottomed in mineralization.

Drill Highlights: Hole TR21-15 - 0.22 grams per tonne (gpt) gold and 18.3 gpt silver (0.49 gpt gold equivalent (AuEq)) over 42.7 meters (m); Hole TR21-16 - 0.81 gpt gold and 15.9 gpt silver (1.04 gpt AuEq) over 64.0 m, including 3.61 gpt gold and 51.6 gpt silver (4.34 gpt AuEq) over 13.7 m; Hole TR21-17 - 1.73 gpt gold and 56.2 gpt silver (2.53 gpt AuEq) over 64.0 m, including 6.46 gpt gold and 274 gpt silver (10.37 gpt AuEq) over 3.04 m, and 4.08 gpt gold and 59.4 gpt silver (4.93 gpt AuEq) over 10.7 m; and Hole TR21-18 - 0.76 gpt gold and 20.6 gpt silver (1.05 gpt AuEq) over 64 m, including 2.46 gpt gold and 37.0 gpt silver (2.99 gpt AuEq) over 9.1 m.

The drilled area is 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 measures at least 100 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 440 meters from the 2020 and current drilling. Holes TR21-01 to 23 have been completed and sampled and each hole intersected similar widespread alteration and mineralization. The total area drilled in 2021 spans 550 m long by over 150 m wide and to maximum depths of 175 m. Final results are pending.

The low sulfidation epithermal gold-silver mineralization observed to date is impressive, marked by hydrothermal breccias, quartz veining and silicification associated with quartz-feldspar porphyry dikes and moderate to strong potassic, argillic and advanced argillic alteration and hornfels within the host Bisbee sandstones and siltstones. Areas of intense hematite, goethite and manganese wad are extensive, associated with quartz-calcite veins and localized skarn alteration in limestones. Cerargyrite (silver chloride) is observed in fractures, often with fine-grained visible gold. Most silver and gold mineralized zones intersected in the 2020 and 2021 drill programs are proximal to and in the hanging-walls and footwalls of old underground mine workings. Aztec has completed the 2,716 m and 23-holes of the originally planned 2,900 meter, 20-hole Phase 2 reverse circulation (RC) drilling program at the Tombstone Property. The company has reported assays for the first 18 holes. Samples are being regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.