CEO.CA Chairman's Briefing

(TheNewswire)

Vancouver, Canada – TheNewswire - January 28, 2025 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) (“Aztec” or the “Company”) announces the intersection of Bonanza-grade silver results from step out drilling in the Southern Extension target of the Tombstone Property in Southeastern Arizona.

Highlights Include:

• Bonanza grade Silver Intersection of 7,269 gpt AgEq (233.7 opt AgEq – 3,669 gpt Ag, 44.7 gpt Au) over 1.52 m, within a zone of 569 gpt AgEq (18.3 opt AgEq – 290 gpt Ag, 3.48 gpt Au) over 25.8 m, is the highest silver grade encountered in drilling to-date by Aztec at the Tombstone Project 

• The intercept was in TR24-16 in the South Extension of the Contention pit and intersected multiple zones of oxide Ag-Au mineralization including 106.4m of 147.9 gpt AgEq (1.85 gpt AuEq – 0.90 gpt Au and 76.2 gpt Ag) 

• The TR24-16 bonanza intercept is located along the general Contention Pit trend 439 m SSW from the prior bonanza intercept in TC23-01 (3,477 gpt silver and 0.12 gpt gold (3,485.1 gpt AgEq) over 1.52 m 

• The deep oxidation, alteration and mineralization of TR24-16 supports the concept that the large AMT anomaly further down may be mineralized 

• The 2024 RC drilling program has concluded, and the oxide Ag-Au mineralization remains open on all sides 

Contention South Extension and Westside Area Drilling Results:

• TR24-16 in the South Extension Area intersected 106.4m of 147.9 gpt AgEq (76.23 gpt Ag and 0.896 gpt Au) including a bonanza 1.5m intercept of 7,269 gpt AgEq (3,669 gpt Ag and 44.7 gpt Au) within a zone of 569 gpt AgEq (18.3 opt AgEq) over 25.8 m, then 22.9m of 8.61 gpt AgEq (0.029 gpt Au and 6.29 gpt Ag, and then 12.2m of 8.38 gpt AgEq (0.029 gpt Au and 6.29 gpt Ag) 

• TR24-17 in the South Extension Area intersected 22.9m at72.86 gpt AgEq (32.98 gpt Ag and 0.499 gpt Au), 25.9m at 17.66 gpt AgEq (13.62 gpt Ag and 0.051 gpt Au) and finished the drill hole in 13.7m at 24.72 gpt AgEq (16.23 gpt Ag and 0.106 gpt Au) 

• TR24-15 in the Westside Area’s Tribute mine intersected 12.2m at 15.39 gpt AgEq (11.52 gpt Ag and 0.048 gpt Au) and then 25.9m at 31.82 gpt AgEq (19.48 gpt Ag and 0.154 gpt Au)  

The successful drilling of TR24-16 and TR24-17 in the Southern Extension of the Contention pit has confirmed the geologic model for that portion of the Contention pit and has upgraded it as a priority for future exploration.  The southern end of the Contention system has yet to be defined.  The importance of the Qfp dike bodies acting as conduits for the hydrothermal breccias and quartz veinlets was affirmed again.  The Qfp dike bodies appear to have variations in thickness and mineralization plunging to the West.  Of importance as well was discovering the strong oxidation and mineralization in TR24-16 continued to the drill hole’s end at 265.3 m (229.7 m vertical) well under the eastern edge of the pit. The key limestone marker beds of the project were not intercepted in TR24-16 east of the Contention fault system and this suggests at least 70 m of down drop on the east side of the Contention fault system.  The deep oxidation, alteration and mineralization of TR24-16 to its end supports the concept that the large AMT anomaly further down may be mineralized.

The drilling of TR24-24 and TR24-15 continued to demonstrate that the Westside Area has oxide precious metal mineralization distributed widely within it.  It is a large area mostly under cover and it is primarily Lower Bisbee formation Cretaceous sediments overlying the thick Paleozoic carbonates with complex structure.  These sediments host the extensive CRD deposits of the Hermosa and Bisbee districts and the exploration continues to provide indications of CRD mineralization at depth.

Aztec Minerals’ CEO Simon Dyakowski stated, “The bonanza grade silver intersection drilled in TR24-16 demonstrates the continued discovery of high-grade precious metal mineralization that the historic Tombstone Silver District is famous for.  This spectacular intersection of 7,269 gpt Silver Equivalent over 1.5m is situated nearly 450m south of our previous highest grade silver drill intersection of TC23-01 which was 3,485 gpt Silver Equivalent over the same width.  The impressive width of the intercepted strong mineralization zone south of the primary Contention zone, in combination with the depth of oxidation, as well as its situation above the deep CRD target identified by geophysics, add a significant and exciting new dynamic to the project’s overall potential.”

Figure 1: Detail Contention Pit and South Extension

Click Image To View Full Size

Detailed Drillhole Summary Highlights (see Table 1 & 2 below):

• Hole TR24-14 – 13.02 gpt Ag and 0.149 gpt Au (24.97 gpt AgEq) over 7.6 m.  The hole was oriented azimuth 80, -60, and was designed to test for mineralization in the southern side of the Westside anticline and the Boss Qfp dike. The interval is composed of siliciously and argillically altered, lower Bisbee group fine-grained sandstones/quartzites, siltstones/hornfels cut by hydrothermal breccias and faults/fissures with quartz veining.  Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 10% oxidized pyrite sites. 

• Hole TR24-15 - 11.52 gpt Ag and 0.048 gpt Au (15.39 gpt AgEq) over 12.2m, and 19.48 gpt Ag and 0.154 gpt Au (31.82 gpt AgEq). The hole was oriented azimuth 0, -90, and was designed to test for down section extensions of mineralization in the overturned Ingersol anticline at the Tribute mine. The Ingersol mine is astride the same anticline 300 m to the northwest. The interval is composed of siliciously and argillically altered, lower Bisbee group fine-grained sandstones/quartzites, siltstones/hornfels and limestones cut by Qfp dike, hydrothermal breccias and faults/fissures with quartz veining.  Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 10% oxidized pyrite sites.   

• Hole TR24-16 - 76.23 gpt Ag and 0.896 gpt Au (147.9 gpt AgEq) over 106.4m, 6.293 gpt Ag and 22.9m of 0.29 gpt Au (8.61 gpt AgEq), and 12.2m of 6.29 gpt Ag and 0.029 gpt Au 8.38 gpt AgEq).It is anorthwesterly 100 m step out from TC23-06.  The hole was designed to test across the majority of the Contention system from the West.  The drillhole was very successful intersecting strong mineralization - 106.4 m of 147.9 gpt AgEq(with a bonanza intercept of 1.5m intercept of 7,269 gpt AgEq (3,669 gpt Ag and 44.7 gpt Au) within a zone of 569 gpt AgEq (18.3 opt AgEq) over 25.8 m), and is strongly oxidized and mineralized to its end. It crossed several Qfp dikes, hydrothermal breccias, and the Contention fault system.  It is likely that the sediments have been down dropped significantly on the east side of the Contention fault system, perhaps by over 70 meters, as the marker limestones were not encountered yet. The strong mineralization and alteration supports the idea that the AMT anomaly at further depth (600 m vertically) is mineralized.  The interval is composed of siliciously and argillically altered, lower Bisbee group fine-grained sandstones/quartzites, siltstones/hornfels cut by quartz-feldspar porphyry dikes, hydrothermal breccias and faults/fissures with quartz veining.  Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 10% oxidized pyrite sites.  

• Hole TR24-17 - 32.98 gpt Ag and 0.499 gpt Au (72.86 gpt AgEq) over 22.9m with dilution from 1.5m of mine workings, 13.62 gpt Ag and 0.051 gpt Au (17.66 AgEq), and 16.23 gpt Ag and 0.106 gpt Au (24.72 gpt AgEq) over 13.7m ending the drill hole in mineralization. The hole was designed to test the western side of the Contention system. The drillhole intersected a series of mineralization zones and leaves the mineralization open to the East, West and on strike. The interval is composed of siliciously and argillically altered, lower Bisbee group fine-grained sandstones/quartzites, siltstones/hornfels cut by quartz-feldspar porphyry dikes, hydrothermal breccias and faults/fissures with quartz veining.  Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 10% oxidized pyrite sites.  

View Southern Extension Drill Sections here:

Link to section view hole TR 24-16

Link to section view hole TR 24-17

View Westside Area Drill Sections here:

Link to section view hole TR24-14

Link to section view hole TR 24-15

Figure 2: Tombstone 2024 RC Drilling Plan Completed to Date

Click Image To View Full Size

Ten of the RC holes in the program were drilled as part of a “fan grid pattern” being drilled in the Contention area since 2020.  The subsequent RC drill holes were to test for extensions on the western and eastern borders and underneath of the north-trending main Contention target zone which hosts the historic underground and open pit Contention mine.  The drill program continued to identify pervasively oxidized and hematite-rich, silicified hydrothermal breccias composed of quartz feldspar porphyry dike and Bisbee Group clastic sedimentary fragments, typical of the material mined historically at the Contention Mine.

Additional mineralization types continued to be outlined by the current drilling including: manganese replacements in limestone beds and skarns, quartz veinlets, sulfide relicts as disseminations, silicification of altered hornfels, quartz feldspar porphyries and hydrothermal breccias.  For the program, TR24-16 is the deepest hole drilled, has an inclination of -60 degrees and was drilled to a depth of 265.3 m (229.7 m vertical) remaining in mineralized and oxidized rocks the majority of its length.

The drilling results showed that the Contention area mineralization is still open to the west and to depth and the mineralized volume is expanding.

2024 RC Drilling Program

The drilling program targeted shallow zones, associated with recently completed surface exploration and 3D geological modelling, prospective for wide oxide gold-silver mineralization.  The drilling program has completed 17 RC drill holes (3,129.2m) testing both Contention area step out targets and Westside Area first pass targets (see Figures 1, 2 below), with results from all 17 holes now announced.  Visual observations of the drilled sample materials and initial assay results continue to validate the potential bulk mineable oxide gold-silver geological setting as outlined in Aztec’s geological exploration model.

The primary objectives of the drilling program were to: Expand the known mineralization horizontally to the west, north and south, and down dip beyond the holes drilled by Aztec in 2020-23 at the Contention Pit with step outs to enlarge the shallow, broad, bulk tonnage gold-silver mineralization discovered there; and also, to explore with first pass drilling new targets identified in the Westside area.

Table 1: Contention South Extension Drill Results Currently Reported:

Table 2 – Westside Target First Pass Drill Results Previously Reported (including TR24-14 & TR24-15 currently reported):

Table 3 – Contention Zone Drill Results Previously Reported:

Table 4 – Drillhole Coordinates

The main target of the 2024 RC drill program was to test for shallow, bulk tonnage, heap leachable, mesothermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit.  The drilling program tested the Contention target zone and included Aztec’s first drilling in the Westside target zone which is comprised of several demonstrated mineralization focusing structures – anticlines, quartz stringer fissure lodes, and quartz feldspar porphyry dikes.

Future drilling is expected to focus on extensions of the shallow oxide mineralization already tested, as well as larger, deeper “Taylor-type” CRD targets along and adjacent to the Contention structures.

Aztec Minerals will be participating in the following upcoming events and conferences:

February 21-23, 2025: CEM Whistler Capital Event – Whistler, BC

Registration Link: https://cem.ca/conference/whistler-capital-event-2025/

February 27-28, 2025: Pre-PDAC 2025 Mining Showcase – Toronto, ON

Registration Link: https://redcloudfs.com/prepdac2025/

Tombstone Project Overview

Aztec holds a 77.7% interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the main district as well as some recently acquired properties.

The main target of the 2024 drill program is to continue testing the shallow, bulk tonnage, potentially heap leachable, mesothermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit by step-out drilling.  Future drilling is expected to focus on strike and dip extensions of the shallow oxide mineralization, and move deeper to test for larger, deeper “Taylor-type” lead-zinc-silver CRD targets along and adjacent to the Contention structure.

The Tombstone project is located 100 kilometers (km) southeast of Tucson, Arizona and covers much of the historic Tombstone silver district.  Tombstone is renowned for its high grade, oxidized, silver-gold mesothermal stringer lode veins, hydrothermal breccias and manto CRD orebodies that were mined in the late 1800’s and early 1900’s.  The historic silver production in the Tombstone district from 1878 to 1939 was estimated at 32 million ounces and 250,000 ounces of gold1.

The district geology consists of a mix of shallow-level, oxidized Au-Ag and base metal deposits related to CRD and skarns hosted in folded and thrusted sediments, intrusive dikes, and lode veins, and as well the under explored, sulfide versions located below the water table.

Host rocks to the mineralization are primarily the clastic sediments of the lowest portion of the Cretaceous Bisbee Formation.  Between 50 and 300 meters (m) in depth, the Bisbee is underlain by approximately two kms thick of the same Paleozoic carbonate formations that host the 110 MT Hermosa-Taylor zinc-lead-silver deposit of South32 located 60 km southwest of Tombstone2.

Aztec believes that the historic silver mines at Tombstone could be related to a much larger mesothermal system with CRD mineralization below the old mines.  Since 2017, Aztec has completed geological mapping, geochemical sampling and geophysical surveying to identify the most prospective areas for Au-Ag mineralization around and below the Contention open pit, and CRD zinc-lead-copper-silver-gold mineralization below the entire district.  Aztec management views the district as highly prospective for the discovery of mesothermal and CRD mineralization.

Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in 2020, 2023 and 2024, and a 70:1 silver:gold ratio in 2021.  Reported lengths are apparent widths, not true widths.  The Contention Au-Ag mineralization zones are generally west dipping at around 60-80 degrees, associated with the quartz-feldspar porphyry dikes and hydrothermal breccias.  However, these dikes also extend as sills in shallow angles out from the Contention fault along fold noses in the Bisbee clastic sediments so the full range of mineralization dips vary from 20 to 80 degrees.  True widths for the apparent mineralization intersection widths of the drill holes approximately range from 50 to 100% of the apparent widths, with the norm for the mineralized true widths being 60 to 90% of the apparent widths. Please see summary news releases dated: July 5, 2023, December 7, 2021, and January 12, 2021. Assumed economic cutoffs for reporting of 0.1 gpt Au and 8 gpt Ag for defining the reported intervals.

Summary Tombstone Project Highlights

• Well located property on patented (33) and unpatented (42) claims (452.02 hectares/1,116.94 acres), covers much of the historic Tombstone silver mining district, great infrastructure, local town, road access, full services, water, power 

• Historic silver district produced 32 million ounces of silver and 250,000 ounces of gold from 1878-1939, in high grade, oxidized, silver-gold-lead-zinc-copper vein, breccia and CRD deposits, and small open pit heap leach production in late 1980’s 

• Drilling by Aztec in 2020-23 has demonstrated that the Contention Pit target has significant, shallow. oxidized Au-Ag bulk tonnage mineralization which is open in all directions 

• Multiple other prospective targets in Cretaceous and Paleozoic rocks related to major NW and NNE trending structures hosting porphyritic intrusions crosscutting a possible caldera ring structure 

The following are highlights of recent drilling intersections supporting the conceptual exploration model for mineralized footprint growth.

• TR21-22: 2.44 gpt Au and 66.56 gpt Ag (3.39 gpt AuEq)over 65.5m (including 16.80 gpt Au and 374.36 gpt Ag over 7.6m)  

• TR21-03 - 5.71 gpt Au and 40.54 gpt Ag (6.28 gpt AuEq) over 32.0m 

• TC 23-01: 3,477 gpt Ag over 1.52m from a zone of 733.9 gpt Ag over 7.6 m within 125 m of 1.63 gpt AuEq  

• TR21-10: 1.39 gpt Au and 56.40 gpt Ag (2.20 gpt AuEq) over 96.0m  

• TR21-13: 1.8 gpt Au and 36.9 gpt Ag (2.33 gpt AuEq) over 70.1 m 

• TR21-17: 1.73 gpt Au and 56.20 gpt Ag (2.53 gpt AuEq) over 64.0m  

• TR21-08: 2.09 gpt Au and 47.1 gpt Ag (2.76 gpt AuEq) over 39.6m  

• Hole TC23–02 – 1.69 gpt gold and 29.07 gpt silver (2.03 gpt gold AuEq) over 45.3 m, including 10.1 m grading 6.63 gpt gold and 72.81 gpt silver (7.49 AuEq) 

• TC23-05 – 2.816 gpt gold and 176.64 gpt silver (5.02 gpt AuEq) over 36.0 m, including 6.45 gpt gold and 408.47 gpt silver (11.554 gpt AuEq) over 15.5 m 

• TR24-10 – 0.672 gpt gold and 27.64 gpt silver (81.36 gpt AgEq) over 88.2 m, including 4.23 gpt Au and 136.17 gpt Ag (5.93 gpt AuEq) over 9.1m. 

The company uses quality assurance-quality control as part of its sampling-assaying-assessments in conjunction with its exploration sampling programs.  Samples and their collection are controlled by an industry standard conforming QAQC program including insertions of certified standards, blanks and sample duplicates.  The samples are being regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.

Core and RC drilling samples 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.  

*Aztec has not verified these historic drill results and is not relying on them.  Aztec has in its possession the historic drill logs, maps and reports but does not have any information on the quality assurance or quality control measures taken in connection with these historical exploration results.

Allen David Heyl, B.Sc., CPG., VP Exploration of Aztec, is the Qualified Person under NI43-101, supervised the Tombstone exploration programs.  Mr. Heyl has reviewed and approved the technical disclosures in this news release.

“Simon Dyakowski”

Simon Dyakowski, Chief Executive Officer

Aztec Minerals Corp.

About Aztec Minerals – Aztec is a mineral exploration company focused on two emerging discoveries in North America. The Cervantes project is an emerging porphyry gold-copper discovery in Sonora, Mexico. The Tombstone project is an emerging gold-silver discovery with high grade CRD silver-lead-zinc potential in southern Arizona. Aztec’s shares trade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).

Contact Information - For more information, please contact:

Simon Dyakowski, President & CEO, Director

Tel: (604) 685-9770
Fax: (604) 685-9744
Email:  info@aztecminerals.com

Website: www.aztecminerals.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements:

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work, statements relating to advancing the Tombstone Project, drill and sampling results including additional potential work and results therefrom, the Company’s plans for its Tombstone Project, potential for further expansion of the mineralization at the Tombstone Project, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of gold, silver and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

1 Greeley, Michael N., A Brief History and Review of Ore Grades and Production in the Tombstone Mining District with Emphasis on the Contention Mine Area, June 1984

2 M3 Engineering and Technology Corp., Hermosa Project N.I. 43-101F1 Pre-Feasibility Study, January 2014

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