Aztec Drilling Expands Oxide Gold-Silver Zone Step Outs at Tombstone; intersecting 2.31 gpt Au and 43.23 gpt Ag over 27.4 m within 66.9 m of 1.05 gpt Au and 23.21 gpt Ag
PO Box 55 T: 604-685-9770
Suite 1030 – 505 Burrard Street www.aztecminerals.com
Vancouver, BC V7X 1M5
Aztec Drilling Expands Oxide Gold-Silver Zone Step Outs at
Tombstone; intersecting 2.31 gpt Au and 43.23 gpt Ag over 27.4 m
within 66.9 m of 1.05 gpt Au and 23.21 gpt Ag
• Step-Out Drilling Continues to Expand the Contention zone of Oxide Au/Ag
Mineralization
• These drill holes expand the northern portion of the Contention target to the
west and depth, with multiple mineralized zones
• Drill holes TR26 15-19 have encountered multiple mineralized zones expanding
the northern Contention target area including intersections of 121.9 m averaging
0.29 gpt Au and 11.3 gpt Ag (0.50 gpt AuEq), 53.2 m of 0.78 gpt Au and 31.94
gpt Ag (1.36 gpt AuEq) and of 66.9 m averaging 1.05 gpt Au and 23.21 gpt Ag
(1.47 gpt AuEq)
• 70 RC holes including 5 pre-collars and 8 core holes have now been drilled in the
2025-2026 drill program with 9 drill holes pending final analysis as the drilling
campaign continues
Vancouver, British Columbia – May 14, 2026 - Aztec Minerals Corp. (AZT: TSX -V, OTCQB: AZZTF) (“Aztec” or the
“Company”) announces the results from 5 drill holes from its reverse circulation (“RC”) portion of the 2025 -2026
drilling program at the Tombstone Property in Southeastern Arizona. Step out drilling expanding to the west and
north Contention target area of the property has discovered additional strong, wide, shallow oxide gold -silver
intersections. The Contention mineralized zone has been further extended to the west and to depth. The 17,000m
2025-2026 drilling program has now completed 70 RC and 8 core drill holes.
Highlights from the RC drilling reported for the Contention target include:
• Hole TR26-17 encountered multiple zones of oxide mineralization in the lower Bisbee sediments including
121.9 m averaging 0.29 gpt Au and 11.3 gpt Ag (0.5 gpt AuEq) from 82.3 m, including 12.2 m averaging
1.02 gpt Au and 14.54 gpt Ag (1.28 gpt AuEq), it TD ’d in mineralization. TR26-17 demonstrated the
continuity of mineralization in the northern end of the Contention target and expanded the potential to
depth
• Hole TR26-18 was drilled as a high angle fan to TR25-26 and found oxidized Au-Ag mineralization over most
of its length. From surface to 53.2 m intercepted 0.77 gpt Au and 31.94 gpt Ag (1.3 6 gpt AuEq), including
18.2 m of 1.91 gpt Au and 79.07 gpt Ag (3.3 5 gpt AuEq). Subsequent intercepts were at 79.0 m depth a
length of 21.3 m of 0.13 gpt Au and 4.41 gpt Ag (0.21 gpt AuEq), and at 111.0 m depth an intercept of 53.2
m length of 0.08 gpt Au and 6.25 gpt Ag (0.2 gpt AuEq).
• Hole TR26-19 crossed multiple zones of oxide mineralization, including 66.9 m averaging 1.05 gpt Au and
23.21 gpt Ag (1.47 gpt AuEq) 13.7 m from surface, including 27.4 m averaging 2.31 gpt Au and 43.23 gpt
Ag (3.10 gpt AuEq), it TD’d in mineralization. TR26-19 was a fan to TR25-16 and has demonstrated the
continuity of mineralization down dip in the northern end of the Contention target and expanded the
potential to depth.
All of the five RC drillholes reported herein intersected Au-Ag mineralization and have joined and expanded portions
of the Contention target area to the west and to depth. The intercepts show broad continuity of mineralization .
All reported intersection lengths are apparent widths of mineralization, not true widths, which can range at the
property from 30% to 100% of apparent widths.
Aztec Minerals CEO Simon Dyakowski commented: “The results from TR26-15 through TR26-19 are another step in
what we believe is a significant expansion of the Tombstone project. These multiple thick, near-surface high-grade
intercepts continue to extend the Contention zone to the west and to depth, with several holes ending in
mineralization. What was historically considered as a modest open pit appears to be the upper portion of a much
larger oxide gold-silver system that remains open in multiple directio ns. With nine RC holes pending and our first -
pass drilling underway across the Westside, Hard -up and Southwest targets — including the Ingersoll and
Independence areas more than a kilometre from the historic pit — each new round of results adds to the case tha t
the project's ultimate scale will look very different from the historic footprint.”
FIGURE 1. PLAN MAP SHOWING DRILL HOLE COLLARS FROM THE 2025 -2026 DRILL CAMPAIGN AT THE TOMBSTONE PROPERTY ,
SOUTHEASTERN ARIZONA .
Core Drilling Update
The core drilling portion of the program in 2026 continues with drilling ongoing with 8 attempted core holes in the
program and one in progress . TC26-05 is currently targeting the northern CRD target after a downhole EM survey
of TC25-03 was completed last month. Eight core holes (TC25 -01, 02, 03, 04 and TC26 -01, 02, 03, 04) have been
attempted and a ninth (TC26-05) is currently being advanced ( 650m) testing the northern CRD target. Core hole
TC26-02 is the deepest in the program to date, drilled to 862m.
The core drilling program was designed to test the deep targets of the Project comprising the targeting of the large,
southern and southwestern NSAMT targets and the historic T-8 drillhole CRD intercept, with some metallurgical core
sample collection as well.
A synopsis for the core drilling follows:
• Drill hole TC25-01 targeted the southern AMT target by drilling from west to easterly across the Contention
system and reached 373.4m . It was stopped due to difficult ground conditions in fractured and faulted
Bisbee Formation rock after a 182.9m pre-collar was completed. No significant zones of mineralization were
encountered in this hole.
• Drill hole TC25 -02 targeted the southern AMT target from west to southeasterly across the Contention
system and reached 348.4m. This drill hole also encountered difficult drilling conditions in the fractured
and faulted Bisbee Formation after the 273.6m RC pre-collar and no significant mineralization was found
by the core drilling.
• Drill hole TC25 -03 targeted the historic T -8 CRD intercept in the northern portion of the Project. A high
angle drill hole first had pre -collar of 182.9m that intercepted two zones of oxide mineralization and
penetrated a historic mine working within 0.5m – 1.0m of estimated depth. The drill hole reached a depth
690.9m, and it was in the stable Paleozoic carbonates from 228.6m depth onwards. Oxidation stopped by
320.1m. Three moderate to minor intensity zones of CRD mineralization were found at 382.6 -388.7m,
411.6-416.1m, and 545.7-551.8m. This later depth is equivalent to that of the T-8 CRD mineralization. This
entire zone is associated with notable argillic and occasional silicic alterations to 594.5m depth. It is
considered that significant CRD mineralization should be nearby due the strong presence of argillic
alteration. Final geochemical analytical results for this drill hole are pending.
• Drill hole TC25-04 targeted the southern NSAMT target by drilling from above at a high angle after a 91.4m
pre-collar was made in the Lower Bisbee Formation sediments. While the drilling was difficult , steady
advances were made and the drill hole reached a depth of 831.5m before being lost to caving. The NSAMT
target was estimated prior to drilling to start at 503.0m depth while the potential NSAMT anomaly
retrograde skarn zone was found lower in depth 579.3m. TC25-04 encountered mild to moderate strength
retrograde exoskarns in the hornfels of the lower Cretaceous basal Bisbee siliciclastic sediments at 579.3 m
depth and it continued for the rest of the drillhole. The skarns are typified by epidote and chlorite with
associated hematite staining. The sk arns are accompanied by several silicified hydrothermal breccia dikes
with occasional Qfp clasts and with evidence of potential “B -type” porphyry veinlets over that thickness.
The hydrothermal breccia (Hbx) dikes with occasional Qfp clasts within them were intercepted from 354.3m
to 728.7m. It was notable that the oxidation was considerably deeper than found elsewhere in the Project.
Sulfides start to appear at 643m and oxides end at 838.4m. The contact with underlying Paleozoic
carbonates is also considerably deeper compared to the north CRD target area, finding the Naco Limestone
at 778.9m. It is interpreted that the retrograde skarns and Hbx dikes are the origin of the AMT anomaly but
there should be a source porphyry intrusive not too far away, perhaps <500m. Final geochemical analytical
results for this drill hole are pending.
• Drillhole TC26-01 targeted the western, downdip extension of the Contention/Grand Central system but
was stopped due to difficult ground conditions for drilling and the drill moved to next pre -collar just being
finished. The drillhole had a depth of 53.6m with only minor mineralization.
• Drillhole TC26-02 targeted the southern NSAMT target by drilling towards the east for a depth of 861.7m.
The ground rock was the Lower Bisbee Formation until 705.8m when the Paleozoic carbonates were
intersected. As the contact is at about 200 meters higher than in TC25 -04, the interpretation is that this
reflects the Contention fault system dropping its eastern side. The NSAMT anomaly targeted is probably a
response to the retrograde skarn found starting at 332.2m depth. Traces of galena were found at 771.3m,
as well as a Hbx dike at 414.6m , noting that t he oxidation ended at 478.6m. It is interpreted that the
retrograde skarns and Hbx dikes are the origin of the AMT anomaly but there could be a source porphyry
intrusive in c lose proximity , perhaps <500m. Final geochemical analytical results for this drill hole are
pending.
• Drillhole TC26-03 was drilled on the western side of the central portion of the Contention pit towards the
east. It was a designed as a metallurgical sample hole in the Lower Bisbee Formation and stopped at 176.6m
due to adverse ground conditions before reaching the target Qfp dike. One mineralized Qfp/Hbx dike was
transversed at 86.9 -97.6m while much of the drillhole had argillic alteration, strong Fe oxides and the
presence of quartz veinlets, which are positive indications of potential precious metal mineralization. Final
geochemical analytical results for this drill hole are pending.
• Drillhole TC26-04 was drilled on the far west side of the central portion of the known Contention system. It
was designed as a fan to TR25 -09 to demonstrate the western, down -dip extension of the Contention
system at depth. Final geochemical analytical results for this drill hole are pending.
• Drillhole TC26-05 is currently targeting the historic T-8 CRD intercept in the northern portion of the Project
following positive indications in a bore hole EM survey recently completed of TC25-03. The easterly, steep
angle drill hole first had a pre -collar of 182.9m that intercepted oxide mineralization in the Lower Bisbee
Formation. The drill hole reached a depth 650m, and it was in the stable Paleozoic carbonates from 259.1m
depth onwards. Oxidation stopped by 243.9m. Two moderate to minor intensity zo nes of CRD
mineralization were found at 361.8-365.9m and 383.1-384.8m. This depth is equivalent to that of the TC25-
03 CRD mineralization and higher than that of the T -8 CRD mineralization. This entire zone is associated
with notable argillic and occasional silicic alterations to 594.5m depth.
Core drilling to -date has confirmed the NSAMT targets as based on geologic (Skarn) anomalies within the upper
portion of the NSAMT targets. It was planned to continue drilling to depth in TC25 -04; however, drillhole caving
terminated the hole. Aztec had previously identified several large, strong, conductive bodies, underneath the historic
gold-silver project through NSAMT (natural-source audio-frequency magneto-telluric surveys) anomalies1.
The continued, successful drilling of the Contention pit area was supported by Aztec’s 3D geologic and underground
workings model that was constructed to assist in targeting potential expansion of the Contention system. The overall
Contention system has yet to be defined and marks the confluence of other mineralized zones including the Westside
Anticline.
Detailed Drillhole Summary Highlights (see Table 1 & 2 below):
• Hole TR26-15 – Collared on the western limits of the Contention Target with the Westside anticline, it was
drilled to the east to a depth of 200.6 m. It demonstrated the oxide mineralization towards the Contention
pit. The drill hole intersected at depth two zones of oxidized mineralization, from 92.7m to 139.8m depth
for 47.1m averaging 0.21 gpt Au and 13.26 gpt Ag (0.46 gpt AuEq) and then from 156.6m to 200.6m for
44.0 meters averaging 0.10 gpt Au and 3.46 gpt Ag (0.16 gpt AuEq). The drillhole ended in mineralization.
TR26-15 demonstrated the oxidized Au-Ag mineralization is joined between the two targets. The drillhole
leaves the mineralization open to depth and to the north directions.
• Hole TR26-16 – Was collared north of TR21-01 on the western edge of the pit in the northern portion of the
Contention Target area to test for mineralization towards TR25-26. It was drilled easterly and to a depth of
198.1 meters. The drill hole intersected three zones of oxidized mineralization. The intersections are: 57.9-
147.8m, 89.9m averaging 0.22 gpt Au and 10.96 gpt Ag (0.42 gpt AuEq) ; then 164.6-181.3m, 16.7m
averaging 0.06 gpt Au and 5.54 gpt Ag (0.17 gpt AuEq); and the drill hole ending in 195.1-198.1m, 3.0 m
averaging 0.08 gpt Au and 5.7 gpt Ag (0.18 gpt AuEq). Drillhole failed to reach target depths and leaves
the mineralization open to depth.
• Hole TR26-17 encountered multiple zones of oxide mineralization in the lower Bisbee sediments including
121.9 m averaging 0.294 gpt Au and 11.3 gpt Ag (0.50 gpt AuEq) from 82.3 m, including 12.2 m averaging
1.02 gpt Au and 14.54 gpt Ag (1.28 gpt AuEq), it TD’d in mineralization. TR26-17 demonstrated the
continuity of mineralization in the northern end of the Contention target and expanded the potential to
depth. The drillhole crossed two historic underground mine workings and the drill hole failed while st ill in
mineralization before reaching its main target, the Qfp dike and associated mineralization found in TR25 -
17. TR26-17 drilled southeasterly across the western portion of the Contention pit from TR24 -06 towards
TR25-26, leaving mineralization open north and to depth.
• Hole TR26-18 was drilled as a high angle fan to TR25-26 and found oxidized Au-Ag mineralization over most
of its length. From surface to 53.2 m intercepted 0.77 gpt Au and 31.94 gpt Ag (1.36 gpt AuEq), including
18.2 m of 1.9 1 gpt Au and 79.07 gpt Ag (3.3 5 gpt AuEq). Subsequent intercepts were at 79.0 m depth a
length of 21.3 m of 0.13 gpt Au and 4.41 gpt Ag (0.21 gpt AuEq), and at 111.0 m depth an intercept of 53.2
m length of 0.08 gpt Au and 6.25 gpt Ag (0.2 gpt AuEq). TR26-18 was drilled az 105 in the northern portion
of the Contention pit from TR25 -26 towards the eastern side of the pit. The drillhole ends near the
mineralization, demonstrating width, and leaves mineralization open to depth and to the north.
• Hole TR26-19 crossed multiple zones of oxide mineralization, including 66.9 m averaging 1.05 gpt Au and
23.21 gpt Ag (1.47 gpt AuEq) 13.7 m from surface , including 27.4 m averaging 2.31 gpt Au and 43.23 gpt
Ag (3.1 gpt AuEq). This was followed by intercepts at 88.2m-107.9m, 19.8m averaging 0.16 gpt Au and 6.68
gpt Ag (0.28 gpt AuEq), 114.0m-135.3m, 21.3m averaging 0.39 gpt Au and 12.37 gpt Ag ( 0.62 gpt AuEq),
142.9m-167.2m, 24.3m averaging 0.092 gpt Au and 7.14 gpt Ag (0.221 gpt AuEq), and 174.8m -199.1m,
24.3m averaging 0.10 gpt Au and 9.97 gpt Ag (0.2 9 gpt AuEq), with the drill hole ending in mineralization.
TR26-19 was a fan to 25-16 and has demonstrated the continuity of mineralization down dip in the northern
end of the Contention target and expanded the potential to depth. TR26-19 was drilled az 105 in the central
portion of the northern Contention system from TR25-16 towards the eastern side of the pit.
View drill sections here:
Link to section view holes TR26-15 TR26-16 and TR26-18
Link to section view hole TR26-17
Link to section view holes TR26-19
Table 1A: Drill Results Currently Reported
Drill Hole From (m) To (m) Interval
(m)* Au (gpt) Ag (gpt) AuEq
(gpt) Comments
TR26-15 92.7 139.8 47.1 0.214 13.26 0.456
156.6 200.6 44.0 0.096 3.42 0.157 TD in minz
TR26-16 57.9 147.8 89.8 0.223 10.96 0.423
164.6 181.3 16.7 0.065 5.54 0.166
195.1 198.1 3.0 0.077 5.7 0.181 TD in minz
TR26-17 62.5 67.1 4.6 0.613 2.13 0.651
82.3 204.2 121.9 0.294 11.3 0.499 TD in minz, workings @ 111.2-114.3
m, 118.9-121.9 m
Including 85.3 97.5 12.2 1.017 14.54 1.281
Drill Hole From (m) To (m) Interval
(m)* Au (gpt) Ag (gpt) AuEq
(gpt) Comments
TR26-18 0.0 53.2 53.2 0.775 31.94 1.356
Including 25.8 44.1 18.2 1.909 79.07 3.346
79.0 100.3 21.3 0.132 4.41 0.212
111.0 164.2 53.2 0.084 6.246 0.198
TR26-19 13.7 80.6 66.9 1.050 23.21 1.472
Including 30.4 57.8 27.4 2.309 43.23 3.095
88.2 107.9 19.8 0.162 6.68 0.283
114.0 135.3 21.3 0.395 12.37 0.620
142.9 167.2 24.3 0.092 7.14 0.221
174.8 199.1 24.3 0.105 10.0 0.286 TD in minz
Note 1: Gold and Silver equivalents are calculated using the recovery percentages from third party metallurgical
testing of RC drill pulps completed Jan. 21, 2026 of 81.5% for Au and 75.9% for Ag and using the average prices from
Jan.1 2026 to May 1,2026 (US$4,817 Au, US$81.36 Ag) a ratio of 59.2:1, with the elemental recovery differences a
55:1 silver:gold ratio for holes reported. Note has been reported 70:1 for November 2025 to February 2026, 90:1 in
2025 prior to November, 80:1 in 2023 and 2024, and a 70:1 silver:gold ratio in 2021.
2025-2026 Drill Program
The 70 RC drill holes in the current 2025-26 program completed to date primarily are part of a “fan grid pattern”
being drilled in the Contention area since 2020. Most of the RC drill holes are oriented to test for extensions on the
western, eastern borders, the southern extensions, and underneath the north-trending main Contention target zone
which hosts the historic underground and open pit Contention mine. Several RC drill holes tested targets in the
Westside and Hard-up areas on projected anticline, dike and fissure vein intersection s under mineralized outcrops
and historic shafts. The drill program has continued to identify to depth and horizontally 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, oxidized sulfide relicts as disseminations, silicification of altered
hornfels, quartz feldspar porphyries and hydrothermal breccias.
The RC drilling program is targeting shallow zones associated with surface exploration and 3D geological modelling,
prospective for wide oxide gold -silver mineralization, and drilling pre -collars for the deeper CRD target s. The drill
program has completed 40 RC and RC precollar drill holes in 2025 and 27 RC and one RC precollar drill hole since the
start of 2026, focusing on testing both the Contention Main and Southern Extension areas as step out targets and
Westside and Hard-up areas first pass targets, with results from the five RC holes (TR26-15 – 19) now announced.
Initial assay results continue to validate the oxide gold -silver geological setting as outlined in Aztec’s geological
exploration model. Eight core holes (TC25-01, 02, 03, 04 and TC26-01, 02, 03, 04) have been attempted and a ninth
(TC26-05) is currently being advanced (650m) testing the northern CRD target.
The primary objectives of the 2025-26 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 -24 at the Contention Pit with
step outs to enlarge the shallow, broad, bulk tonnage gold-silver mineralization discovered there; test by core drilling
the initial deep CRD targets and also, to explore with first pass drilling new targets identified in the Westside area.
The drilling results showed that the Contention area mineralization is still open at depth and the mineralized volume
is expanding.
Table 1B: Tombstone 2026 Reported Results
Drill Hole From (m) To
(m)
Interval
(m)*
Au
(gpt)
Ag
(gpt) Au Eq (gpt) (1) Comments
TR26-01 51.7 72.9 21.3 0.038 11.76 0.208 Working 71.4 – 73.0 m no sample
86.6 110.9 24.3 0.039 13.37 0.230 Last 4 samples in working, no recovery
TR26-02 0.0 19.8 19.8 0.136 12.62 0.316
54.7 60.8 6.1 0.088 13.67 0.284
91.2 100.3 9.1 0.094 5.65 0.175
130.7 147.4 16.7 0.076 2.76 0.115
TR26-03 147.4 161.1 13.7 0.069 3.73 0.122
167.2 177.8 10.6 0.103 7.21 0.206
193.0 205.2 12.2 0.149 8.7 0.273
TR26-04 53.2 63.8 10.6 0.057 8.17 0.173
147.4 161.1 13.7 0.040 4.16 0.1
168.7 188.5 19.8 0.220 13.75 0.416
TR26-05 16.7 36.5 19.8 0.223 8.78 0.358
60.8 73.0 12.2 0.117 3.85 0.172
80.6 130.7 50.2 0.112 4.90 0.182
136.8 158.1 21.3 0.117 11.44 0.280
165.7 174.8 9.1 0.086 4.65 0.152
182.4 217.4 35.0 0.119 5.95 0.204
231.0 255.3 24.3 0.091 3.6 0.142 TD in minz
TR26-06 31.9 47.1 15.2 0.124 4.06 0.182
62.3 69.9 7.6 0.223 11.66 0.390
88.2 120.1 31.9 0.159 3.86 0.214
130.7 158.1 27.4 0.057 29.22 0.474
202.2 261.5 59.3 0.104 4.96 0.175 TD in minz
TR26-07 50.2 162.6 112.4 0.479 12.64 0.659 Working 59.3 to 62.3 m
173.2 185.4 12.2 0.127 8.11 0.243
221.9 238.6 16.7 0.049 7.49 0.156 TD in minz
TR26-08 121.6 129.2 7.6 0.576 8.4 0.696
TR26-09 35.0 45.6 10.6 0.069 9.06 0.199
53.2 59.3 6.1 0.181 13.1 0.367
158.1 164.1 6.1 0.041 7.37 0.147
TR26-10 PC 112.5 118.6 6.1 0.162 9.15 0.293
TR26-11 100.3 200.6 100.3 0.173 11.46 0.337
TR26-12 100.3 149.0 48.6 0.172 18.04 0.430
TR26-13 18.2 27.4 9.1 0.056 8.27 0.174
63.8 68.8 4.6 0.132 3.33 0.180
85.1 91.2 6.1 0.039 5.00 0.110
194.5 200.6 6.1 0.062 4.275 0.123
TR26-14 0.0 10.6 10.6 0.195 13.00 0.381
39.5 147.4 107.9 0.618 24.80 0.972
176.3 225.0 48.6 0.091 8.11 0.206
234.1 243.2 9.1 0.121 10.67 0.267 TD in minz
TR26-15 92.7 139.8 47.1 0.214 13.26 0.456
156.6 200.6 44.0 0.096 3.42 0.157 TD in minz
TR26-16 57.9 147.8 89.8 0.223 10.96 0.423
164.6 181.3 16.7 0.065 5.54 0.166