Aztec Drills Bonanza Grade Silver of 7,269 gpt AgEq (233.7 opt AgEq) over 1.52m within a zone of 569 gpt AgEq over 25.8 m, part of a broader intercept of 76.2 gpt Ag and 0.90 gpt Au (148 gpt AgEq) over 106.4m in Southern Extension of Contention Zone at Tombstone
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Vancouver, BC V7X 1M5
Aztec Drills Bonanza Grade Silver of 7,269 gpt AgEq (233.7 opt AgEq)
over 1.52m within a zone of 569 gpt AgEq over 25.8 m, part of a
broader intercept of 76.2 gpt Ag and 0.90 gpt Au (148 gpt AgEq) over
106.4m in Southern Extension of Contention Zone at Tombstone
Project, Arizona
Vancouver, Canada – 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 at 72.86 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 a s 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 sedim ents 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 o f 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
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 1 2.2m, 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 a northwesterly 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
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 continue d 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 continue d 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 (3,1 29.2m) 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 pote ntial
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:
Drill Hole From m To m Interval m* Au gpt Ag gpt Ag Eq gpt (1) Comments
TR24-16 25.9 132.6 106.4 0.896 76.23 147.9
Including: 73.1 74.6 1.5 45.0 3669 7269
70.1 96.0 25.8 3.483 290.51 569.16
65.6 132.6 67.1 1.374 119.5 229.42
and 160.0 182.9 22.9 0.029 6.29 8.61
and 223.4 235.6 12.2 0.026 6.3 8.38
TR24-17 64.0 86.9 22.9 0.499 32.98 72.86
Includes 1.5m of historic
workings dilution
109.7 135.6 25.9 0.051 13.62 17.66
146.3 160.0 13.7 0.106 16.23 24.72
Table 2 – Westside Target First Pass Drill Results Previously Reported (including TR24 -14 & TR24 -15
currently reported):
Drill Hole From m To m Interval m* Au gpt Ag gpt Ag Eq gpt (1) Comments
TR24-08 0 12.2 12.2 0.167 11.0 24.33 Historic open pit dumps
32.0 38.1 6.1 1.226 7.0 105.1
109.7 131.0 21.3 0.352 10.59 38.75
TR24-09 32.0 35.0 3.04 0.314 11.45 36.57
45.7 48.8 3.04 0.286 9.35 32.23
70.1 80.8 10.7 0.089 23.01 30.13
86.9 91.5 4.6 0.064 6.07 11.21
103.7 106.7 3.04 0.096 9.85 17.53
TR24-11 45.7 71.6 25.9 0.049 28.56 32.47
Includes 4.6m of historic
workings dilution
TR24-12 22.8 32.0 9.1 0.111 5.80 14.67
94.5 111.3 16.7 0.091 19.24 26.48
Includes 1.0m of historic
workings dilution
TR24-13 0 33.5 33.5 0.112 13.06 22.05
79.2 164.6 85.4 0.281 24.79 47.31
Includes 1.0m of historic
workings dilution
Including: 91.4 115.8 24.4 0.588 59.16 106.34
TR24-14 161.5 169.2 7.6 0.149 13.02 24.97
TR24-15 0 12.2 12.2 0.048 11.52 15.39
16.8 42.7 25.9 0.154 19.48 31.82
Includes 1.5m of historic
workings dilution
Table 3 – Contention Zone Drill Results Previously Reported:
Drill Hole From m To m Interval m* Au gpt Ag gpt Au Eq gpt (1) Comments
TR24-01 54.9 158.5 103.6 0.59 12.48 0.75
Including: 114.3 129.6 15.3 2.843 21.42 3.11
114.3 117.4 3.1 10.63 35.10 11.06
TR24-02 51.8 201.2 149.4 0.193 8.34 0.30
Including: 59.5 67.1 7.6 1.645 12.16 1.80
TR24-03 36.6 71.6 35.1 0.23 10.43 0.36 Two tunnels at
79.3 167.7 88.4 0.33 9.8 0.45 135.7m and
Including: 134.1 143.3 9.1 1.67 20.43 1.92 167.7m
TR24-04 0 123.5 123.5 0.24 11.58 0.38
Including: 4.6 10.7 6.1 1.74 54.75 2.42
TR24-05 94.5 208.8 114.3 0.39 16.61 0.60
Including: 134.1 144.8 10.7 1.55 34.6 1.99
TR24-06 77.7 123.4 45.7 0.39 13.46 0.56
169.2 208.8 39.6 0.14 6.82 0.22
TR24-07 80.8 227.1 146.3 0.21 14.12 0.39
Including: 166.1 179.8 13.7 1.22 57.61 1.94
TR24-10 16.7 104.9 88.2 0.67 27.64 1.02
Including: 41.0 50.2 9.2 4.23 136.17 5.93
and: 138.3 164.1 25.8 0.05 4.96 0.11
Table 3 – Drillhole Coordinates
Drill Hole UTM East UTM North Azimuth Inclination Total Depth M
TR24-01 588710 3507755 105 60 175.3
TR24-02 588700 3507828 105 60 201.2
TR24-03 588692 3507881 105 60 173.8
TR24-04 588870 3507798 0 90 134.1
TR24-05 588726 3507982 105 60 213.4
TR24-06 588828 3508060 85 60 213.4
TR24-07 588750 3508021 105 66 256
TR24-10 588851 3507899 0 90 182.9
TR24-11 588294 3508188 315 70 122
TR24-12 588395 3508269 315 62 135.7
TR24-13 588663 3508034 45 85 184.4
TR24-14 588425 3508201 80 60 182.9
TR24-15 588129 3507860 0 90 182.9
TR24-16 588716 3507539 135 69 263.6
TR24-17 588629 3507323 80 60 160
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 include d 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 mineraliz ation, 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 brec cias 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
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