Tombstone Project Recently Completed Seven Hole Core Drill Program

VANCOUVER - Aztec Minerals Corp. reported on the recently completed 2023, 7-hole, core drill program on the Tombstone project which covers most of the historic Tombstone silver mining district in southeastern Arizona. Every one of the drill holes intersected near surface, oxidized gold-silver mineralization, and all the drill holes crossed multiple historic underground workings where presumably most of the highest-grade ores were previously mined, and all drill holes bottomed in alteration and mineralization, indicating the main mineralized zones are still open to depth and laterally. The drill holes were drilled on an azimuth 103 fence pattern cutting across the NNE trending Contention target zone mineralization with approximately 50 m spacings, with inclined fans varying from near vertical to the east at -60 degrees. The 2023 drill holes are step outs of 40 to 150 metres from the 2020-21 program, in various portions of the Contention pit target zone.

Section D: Hole TC23-06 - 0.400 gpt gold and 30.79 gpt silver (0.779 gpt gold AuEq) over 42.1 m. This vertical hole demonstrated continuity of the mineralization between the Main and Grand Central zones, and also showed that the Contention mineralization and Qfp dikes can widen rapidly in short distance vertically. Interval is composed of siliciously and argillically altered, fine-grained quartzites, hornfels cut by quartz-feldspar porphyry and mafic dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 5% oxidized pyrite sites. The drill hole interval exposed three mine workings.

Section J: Hole TC23-04 - 0.12 gpt gold and 19.14 gpt silver (0.36 gpt AuEq) over 35.0 m. The drill hole was oriented to azimuth 103, -60, and was designed to test the east pit wall where a large, well mineralized quartz-feldspar body with abundant mine workings is exposed. The drillhole was terminated by caving. Interval is composed of argillically and siliciously altered, fine-grained sandstones/quartzites, siltstones/hornfels cut by quartz-feldspar porphyry and mafic dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red color, and 1 to 5 % oxidized pyrite sites. Two underground workings were intercepted. Hole TC23-05 - 2.816 gpt gold and 176.64 gpt silver (5.024 gpt AuEq) over 36.0 m, including 6.448 gpt gold and 408.47 gpt silver (11.554 gpt AuEq) over 15.5 m. This high grade zone had an 1.52 m intercepts of 53.5 gpt Au and 1470.0 gpt Ag (71.875 gpt Au Eq) and 0.029 gpt Au and 1694 gpt Ag (21.2 gpt AuEq). The hole was drilled vertically to test down to the limestones and gain perspective of their orientation at depth, which it achieved. Interval is composed of argillically and siliciously altered, fine-grained sandstones/quartzites, siltstones/hornfels, and limestones cut by quartz-feldspar porphyry and mafic dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red color, and 1 to 5 % oxidized pyrite sites. Three underground workings were intercepted.

Section L: Hole TC23-03 - 0.466 gpt gold and 24.05 gpt silver (0.767 gpt AuEq) over 62.5 m, including 3.107 gpt gold and 161.2 gpt silver (5.122 gpt AuEq) over 4.56 m. The hole was oriented azimuth 103, -60, and was designed to test under the pit and east pit wall. Interval is composed of siliciously and argillically altered, fine-grained sandstones/quartzites, siltstones/hornfels cut by quartz-feldspar porphyry and mafic dikes, faults/fissures with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 4% oxidized pyrite sites. The drill hole interval exposed one mine working.

Section M: Hole TC23-02 - 1.685 gpt gold and 29.07 gpt silver (2.03 gpt gold AuEq) over 45.3 m, including 10.1 m grading 6.634 gpt gold and 72.81 gpt silver (7.494 AuEq). The hole was oriented azimuth 103, -60, and was designed to test for down dip extensions of mineralization under the west pit wall. Hole was ended by caving. Interval is composed of siliciously and argillically altered, fine-grained sandstones/quartzites, siltstones/hornfels cut by quartz-feldspar porphyry dikes, faults/fissures with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 4% oxidized pyrite sites. The drill hole interval exposed five mine workings, three with backfill.

Section N: Hole TC23-01 - 0.58 grams per tonne (gpt) gold and 72.19 gpt silver (1.63 gpt AuEq) over 125 m, including 1.52 m grading 22.4 gpt gold and 48.7 gpt silver (23.01 gpt AuEq), and a bonanza intercept of 1.52 m grading 0.115 gpt gold and 3477 gpt silver (43.578 gpt AuEq). The hole was vertical and designed to test the limestones at depth under the west side of the pit and also to twin TR21-08 which bottomed in mineralization grading 1.21 gpt AuEq when ground caving forced early termination of the hole. Interval is composed of siliciously and argillically altered, fine-grained sandstones/quartzites, siltstones/hornfels cut by quartz-feldspar porphyry dikes, faults/fissures with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 4% oxidized pyrite sites. The drill hole interval exposed two large mine workings.

Section P: Hole TC23-07 - 0.26 gpt gold and 7.43 gpt silver (0.36 gpt gold equivalent - AuEq) over 18.3 m. Drilled at 135 azimuth, -60. Targeting the expansion of mineralization into the east pit wall. Ground caving forced early termination of the hole. Interval is composed of argillically and siliciously altered, fine-grained sandstones, siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red color, and 1 to 3 % oxidized pyrite sites. The drill hole interval exposed four unmapped mine workings, some with backfill, adjacent to strong oxidation.

The following is a summary tabulation of all 2023 drill hole results

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 were 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.