Aztec Identifies New Gold-Silver Exploration Target at Tombstone Project, Arizona
PO Box 10427 T: 604-685-9770
Suite 1610 – 777 Dunsmuir Street
Vancouver, British Columbia V7Y 1K4 www.aztecminerals.com
Aztec Identifies New Gold-Silver Exploration Target at Tombstone
Project, Arizona
• Westside Area of Tombstone project identified as high potential shallow
gold-silver expansion target.
• Crew have mobilized and commenced 2024 exploration program at
Tomsbtone project.
News Release - Vancouver, Canada – April 22, 2024 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF)
(“Aztec” or the “ Company”) announces that recent field work and review of historical data a t the
Tombstone Project has identified the Westside area (see Figure 1 below) as a high potential target for
shallow gold-silver mineralization, almost doubling the project’s potential gold-silver oxide
mineralization footprint near to the historic Contention Pit.
In 2023, the Tombstone JV acquired the Westside patented claim (see new release dated May 2, 2023 )
which is longitudinally astride the major Westside fissure stringer vein lode, a key geological feature with
multiple evidence of hosting high-grade gold silver oxide mineralization in the Tombstone Project. Recent
review of historic data and on-site investigations by Aztec have confirmed that the Westside area was
previously planned as an expansion of the Contention pit operations at the time on the interruption of
mine operations in 1982.
Aztec’s recent exploratory work has confirmed several mineralized structures crossing the Westside area.
From the study of historic reports, maps and sections, examination of historic workings and drillhole logs,
the individual mineralized structures are strong targets, with indicative evidence of their intersections
potentially hosting broad gold-silver mineralization at levels near the surface.
Figure 1- Tombstone Property – Westside Area and 1982 Planned Pit Expansion for Gold-Silver Oxide
Shallow Mineralization
Link to Figure 1
A review of historical data has confirmed that the Westside anticline was mined along multiple, replaced
sediment layers near the axis to its crest in the sediments over all its 450+ m length, noting that, at its
intersection with the Arizona Queen Fissure, the 120 m long Sulphuret stope, was mapped at over 60 m
wide and 10-20 m thick. The Sulphuret stope was reported (Butler, 1938) to have production averaging
70 opt silver and high-grade gold as well. Aztec’s drilling has confirmed that the gold-silver
mineralization in the property extends beyond the limits of the historic mined stopes.
Most of the Westside area and its multiple targets have yet to be explored. The Westside -Sulphuret
mine workings reached to the 7th and 8th levels (210-250 m), and historic drilling has significant CRD
intercepts at 500 to 600 m depths.
The 1982 historic mine development plan (see Figure 2 below) shows that the full width and depth of the
shallow gold -silver mineralization was not included in the mine planning. It is thought that the Blue
limestone layer and the sediments immediately above and below it, also shown in Figure 2, would have
the best potential to host oxidized gold-silver mineralization Tombstone was famous for, as it is the same
sediment section of the lowest Bisbee formation . The Westside area open pit mine was not developed
possibly as the timing for halting mining is coincident with the collapse of silver and gold prices in the early
1980’s.
Figure 2. Westside 1982 Pit Expansion Plan Section View
Link to Figure 2
Current Exploration Program
Aztec also announces that crews have mobilized to site and have commenced the 2024 Tombstone
exploration program (see news release dated April 17, 2024). Company is currently developing drill
targets with multiple disciplines including the continuation of the surface exploration program in the area
of the Contention pit and surroundings, 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
including the historic mine workings and geolog ic mapping of the principal portion of the Tombstone
district. The 3D model is being geolocated to the current surface and geology , geochemistry and
geophysics and will then be interpreted to strengthen both shallow and deep drilling targeting. This will
be used in supporting the upcoming drilling program design
The ongoing exploration program is expected to add knowledge into the expansion potential of the bulk
tonnage, gold-silver oxidized mineralization, and from that, continue drilling and mineralization footprint.
The focus of this exploration program is to better define the three styles of mineralization known to exist
on the property and to identify top priority targets for drilling. The three types of known mineralization
at the Tombstone property are as follows:
• Silver-gold bearing, north-northeast striking felsic intrusive dikes hosting mesothermal stock -
works and hydrothermal breccias that cut the Cretaceous Bisbee Group and the underlying
Paleozoic carbonates, on which the historic Contention underground mine and later the 1980’s
open pit heap leach mine was developed, which now is known to extend laterally and vertically
beyond the Contention pit
• High-grade, silver-gold quartz stringer vein lodes striking northeast cutting the Cretaceous Bisbee
Group clastic sediments and the Paleozoics, which are related to several of the historic mines in
the Tombstone district
• Tombstone’s well known, high grade, oxidized, silver-gold rich base metal carbonate replacement
deposits (“CRD”), which lie in the lowermost Bisbee Group and in the underlying Paleozoic
carbonates, have a geologic setting very similar to the world-class Hermosa Taylor base metal
sulfide deposit of South32, located 65 kilometers southwest of Tombstone. Strong structural
controls of the Tombstone CRD deposit locations related parallel to the crests of anticlines, usually
with vertical (“reef”) stacking on multiple, favorable horizons
Positive indications for mineralization at Tombstone include:
1. The Bisbee sediments exhibit widespread fracturing, silic a-pyrites-sericite-clay alteration, quartz
veinlets, stockworks, and hornfelsing and in the limestones jasperoids, dolomitization and skarn
development
2. The Contention open pit mine is centered along a strong NNE fault structure with large,
mineralized felsic dikes possibly related to a deeper intrusion
3. The underground Contention mine mined the dike mineralization to over 300 m depth
4. Historic drilling by Newmont and Santa Fe to over 700 m depth have intersected narrow to wide,
high grade CRD mantos, evidence that the Paleozoic limestones are prospective
5. The presence of several manganese -silver rich mines surround the Property are considered
indicative of distal mineralization to CRD deposits worldwide
Tombstone Project Overview
Aztec holds a 75% 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 2023 core drill program was to continue testing the shallow, bulk tonnage, heap
leachable, mesothermal gold -silver oxide mineralization adjacent and below the previously mined
Contention pit by infill and step -out drilling. Core dri lling was deemed needed in order to penetrate
the multiple historic workings and to acquire needed geological data. 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” 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 gold.
The district geology consists of a complicated 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 Tombstone.
Although the historic silver mines at Tombstone were generally small, Aztec believes they could be related
to much larger mesothermal and CRD orebodies below the old mines. Since 2017, Aztec has completed
geological mapping, geochemical sampling and geoph ysical 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 orebodies.
Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in 2020 and 2023 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. 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.
*Grade-Thickness in meters -grams/tonne means the result of multiplying a drill hole intercept length,
measured in meters, by the grade of the gold values in the intercept, the resulting compiled number is
measured in grams/tonne. Grade thickness is not to be construed as gross metal value nor as a resource.
The Tombstone property does not have a current, compliant resource estimation at this point.
Summary Tombstone Project Highlights
• Well located property on patented (3 3) and unpatented (42) claims (4 52.02 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 oz silver 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 target s 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 6.4 5 gpt
gold and 408.47 gpt silver (11.554 gpt AuEq) over 15.5 m
The company in conjunction with its exploration sampling programs uses quality assurance-quality control
as part of its sampling-assaying-assessments. 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 Mineral s
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.
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: [email protected]
Website: www.aztecminerals.com
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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:
Certain statements contained in this press release may constitute forward -looking statements under Canadian securities
legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”
or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. These
forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from result s
contemplated by the forward -looking statements. Factors that could cause actual results to differ materially from those in
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foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company
does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.