Definitions For New Drilling Targets At The Tombstone Project

VANCOUVER - Aztec Minerals Corp. reported on the gold-silver exploration program at Tombstone Project, in southeastern Arizona. The Company has reviewed the previous drilling and surface exploration results, and now is developing, with multi-disciplinary methods and studies, the definitions for new drilling targets to continue the expansion of the project's gold-silver oxide mineralization footprint near to the historic Contention Pit. From that, the goal of the 2024 exploration program is to continue with drilling to expand the large, shallow, gold silver oxide mineralized system and make it amenable for future resource delineation.

CEO, Simon Dyakowski, said, "Our initial 2024 surface exploration program on the Tombstone project has the potential to create significant value for shareholders, by expanding the target area for shallow oxide gold-silver mineralization adjacent and below the Contention open pit. The broad intersections of high-grade oxide gold and silver from recent drilling support the concept of defining a potentially large mineralized system. The first phase of exploration in 2024 is expected to generate high-priority expansion drill targets to grow the mineralized zone with a goal of defining a larger geological model for future resource estimation.”

Aztec's previous drilling and studies has resulted in the discovery of shallow, broad intersections of oxidized gold and silver mineralization in areas adjacent to those previously explored or developed historically, the historical data providing for the initial 3D modelling of what is potentially indicative of new mineralized zones easily accessible with shallow drilling in the immediate vicinity of the Contention Pit. The wide, shallow gold-silver mineralization defined by Aztec's drilling, together with all surface data collected since 2018 supports a preliminary concept of expanding the mineralized footprint to the west of the existing historical open pit. The exploration data collected to-date indicates that previous historical open pit heap leaching operations did not advance their plans to develop attractive, wide, shallow gold-silver mineralization hosted in major structural zones in the Bisbee Group sediments west of the Contention Pit.

The low sulfidation mesothermal gold-silver mineralization observed to date is impressive, marked by hydrothermal breccias, quartz stockworking, and stringer lode veins associated with quartz-feldspar porphyry dikes with silicification and argillic alteration. Oxidized carbonate replacement bodies and quartz stringer lode veins with silicification and argillic alteration are present in the Bisbee formation sediments. Hornfels and skarn are present within the host sediments of sandstones, siltstones and limestones. Areas of intense hematite, goethite and manganese wad are widespread, associated with better Au and Ag values. Cerargyrite (silver chloride) is observed in fractures, as often is fine-grained, visible gold. Most Au-Ag mineralized zones intersected in the drilling programs are proximal to the historic, extensive underground mine workings or the historic, shallow open pit walls.

The recent 2023, 7-hole, core drill program on the Tombstone project was successful in expanding mineralization laterally and to depth, reached the water table and the highest of the Paleozoic sediments, and connected the main and southern mineralization. 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 gold and silver were previously mined, indicating the main mineralized zones are still open to depth and laterally.

The Company will be developing the targets with multiple disciplines including continuing the surface exploration program in the area of the Contention pit with advancing the detailed geological mapping, and further out with reconnaissance level geological mapping of lithologies, Terraspec alterations and structures, multi-element rock geochemistry, and thin section petrology and alterations to review the hosting of the gold-silver mineralization. The data acquired will then be integrated into the 3D model being constructed, supporting the upcoming drilling program design.

The 3D model of the project area is of the historic mine workings and geology of the principal portion of the Tombstone district and consists of the digitization of the historic maps and sections of the underground workings, stopes, drill holes and geology. The model is being geolocated to the current surface and geology and geochemistry and will then be interpreted to strengthen both shallow and deep targeting.