Final Phase 2 RC Drill Results From Tombstone Project

VANCOUVER - Aztec Minerals Corp. reported assay results for the final five holes, TR21-19 to 23, 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 five holes were drilled on three fence patterns plus one additional hole to step out to the east, west, and north from the 2020 drill holes reported previously in the north and central parts of the Contention open pit. Two of the drill holes (TR21-21, 22) were twins of historic USMX drill holes TR-57 and TR-67, which along with one 2020 twin drill hole (TR20-18) verify the USMX drill data for use in a resource calculation.

Every one of the five holes intersected near surface, oxidized gold-silver mineralization, three holes crossed old tunnels where presumably most of the highest-grade ores were previously mined, and all five holes bottomed in high grade mineralization, indicating the main mineralized zones are still open to depth and laterally.

Drill Highlights:

• Hole TR21-19 - 0.78 grams per tonne (gpt) gold and 81.60 gpt silver (1.94 gpt gold equivalent (AuEq)) over 9.1 meters (m). The intercept starts with a 1.5 m wide tunnel and the final interval assayed 1.154 gpt AuEq after which the hole had to be terminated due to caving. This hole stepped out 60 m east from section M, and indicates that the mineralization in the drill holes TR-03 to TR-05 and TR-20 appears to be separate and distinct from the mineralized zone mined in the open pit, which also remains open to the east.

• Hole TR21-20 - 0.25 gpt gold and 15.20 gpt silver (0.46 gpt AuEq) over 47.3 m including 7.6 m of open mine workings. The drill hole was terminated in mineralization due to caving with the last sample assaying 1.283 gpt AuEq. This hole is a vertical step out 30 m to the west of section M and shows the mineralization is open to the west and at depth.

• Hole TR21-21 - 0.80 gpt gold and 15.05 gpt silver (1.01 gpt AuEq) over 18.3 m including 3.0 m of mine workings, another 4.7 m of mine workings lower down the hole and caving caused termination of this hole in mineralization grading 1.997 gpt AuEq. This hole was a step out 60 m north of TR20-09 in order to twin USMX drill hole TR-057, and it demonstrates the mineralization is open to the north, east, and at depth.

• Hole TR21-22 - 2.44 gpt gold and 66.56 gpt silver (3.39 gpt AuEq) over 65.5 m, including 16.80 gpt gold and 374.36 gpt silver (22.15 gpt AuEq) over 7.6 m. This hole ended in mineralization grading 1.045 gpt AuEq where it was terminated due to caving. TR21-22 is a 55 m step out east of drill holes TR21-17 and TR21-18 on section K. It is a twin of USMX hole TR-067, and shows the mineralization in the pit is open to the east and at depth.

• Hole TR21-23 - 0.56 gpt gold and 16.62 gpt silver (0.79 gpt AuEq) over 24.4 m. It is a step out to the west of holes (R21-01,02 on section O, and shows the mineralization is open to the west and at depth.

CEO, Simon Dyakowski, said, "Our 2021 Phase 2 RC drill program is now complete and these final results continue to show strong grades over broad widths, confirming and expanding the historic gold and silver mineralized zones both along strike and down dip. Holes 21-19 to 23 confirm the geological continuity between Aztec's 2020 and 2021 drill holes and the historic USMX drill holes, and the mineralization remains wide open in all directions. Our 2020 and 2021 drill programs targeted the near-surface mineralization around and below the Contention pit for a substantial bulk tonnage, epithermal gold-silver vein deposit with open pit, heap leach potential, and results to date have clearly confirmed this potential. As we have reported the final 2021 drill results, we will now consider a Phase 3 core drill program to continue extending the near surface, oxidized gold-silver mineralization to depths of 150-200 m, as well as some much deeper 500-750 m holes to test for "Taylor" CRD polymetallic massive sulfide mineralization underlying the near surface epithermal mineralization."