Aztec Minerals 3D Modelling of Gold-Silver Mineralization Supports New Exploration & Drilling Targets at Tombstone Project, Arizona
PO Box 10427 T: 604-685-9770
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Aztec Minerals 3D Modelling of Gold-Silver Mineralization Supports
New Exploration & Drilling Targets at Tombstone Project, Arizona
• Westside Area of the Tombstone project, adjacent to the historic
Contention open pit, continues to show mineralized features with high
potential for shallow gold-silver expansion drill targets
• Contention Pit area field work and sampling is providing key information to
delineate and expand the wide mineralized zone on surface and is being
integrated into a 3D model for the first time
News Release - Vancouver, Canada – May 22, 2024 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF)
(“Aztec” or the “ Company”) announces that 3D modeling of gold-silver mineralized features supports a
high confidence interpretation for continuity of shallow, oxidized Au-Ag exploration and drilling targets,
below, alongside and to the West of the Contention Open pit at the Tomb stone Project in Southeastern
Arizona. The ongoing review and modelling of extensive historic and current data, combined with ongoing
field work at the Tombstone Project has provided the key elements to building the first 3D model of the
historic Tombstone Silver District , incorporating: underground workings, mined stopes, geology,
multielement geochemistry, SWIR alterations, and geophysics. The modelling’s preliminary results show
the basis of the primary geological controls of gold-silver mineralization down to over 300 meters depth.
This is an important milestone to support exploration drilling of shallow targets to potentially extend the
footprint of the known gold-silver mineralized zones.
Surface exploration confirms much of the upper portions of the historic data and strengthens the
confidence of the 3D model. The surface exploration and modelling have also exposed areas of potential
Au-Ag mineralization not extensively explored in the past. The ability to integrate historic and current
exploration data for the first time in 3D at the Tombstone Project provides Aztec with valuable information
and a strong foundation to continue expanding the footprint of the shallow gold-silver mineralization.
The Tombstone JV owns patented claims related to the Contention and Westside mines. Both mines host
the three main deposit styles in the Tombstone district (fissure stringer vein lodes, mineralized Qfp dikes
with breccias, and CRD mineralized beds in anticlines). They both encompass multiple, historic mines that
produced high-grade gold-silver oxide mineralization at 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. This review identified the Westside area 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 (please see news release dated April 22, 2024).
Aztec has completed a wire frame model of the tunnels (see Figure 1 below) and the Quartz-feldspar dikes
(Qfp) (see Figure 2 below), which acted as mineralized solution conduits in the historic Tombstone Silver
district. Aztec is now modelling the mined s topes, such as those of the Westside anticline (see Figure 3
below) and then model the intricate folded and faulted sedimentary geology.
Figure 1- Tombstone Project – Initial stage of the 3D modelling is of wire framed underground
workings of the Westside Area and Contention Pit Areas
Aztec’s recent surface exploration has confirmed the presence of several known and new mineralized
features and mine workings and has georeferenced their positions in the project area. This has confirmed
the historic positions of the underground workings and related important mineralized features, and that
the mineralized features could be exploration targets, with evidence that their intersection potentially
hosts broad gold-silver mineralization near surface.
Review of historic data has confirmed the Westside anticline was mined on at least five separate, stacked,
oxidized CRD replaced layers in the sediments near the crest of the axis along its 450+ m length, noting
that, at its intersection with the Arizona Queen Fissure at the fifth level (see Fig. 3 below), 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 with high-grade gold. Aztec drilling has confirmed
that the gold -silver mineralization in the property extends beyond the limits of the historically mined
stopes.
Figure 2. Tombstone Project Qfp Dikes with Property Limits Plan View
Most of the Westside area and its multiple targets have yet to be explored , representing a key area for
future drilling and potential shallow resource delineation . The Westside - Sulphuret mine workings
reached to the 7th and 8th levels (210-250 m), and historic drilling has significant CRD -style mineralized
intercepts at 500 to 600 m depths. Several poorly explored anticlines, with evidence of mineralization at
the edge of the historic open pit, have been identified and will be part of the exploration targeting.
In the Tombstone district the sedimentary hosted mineralization (CRD) is focused on the anticlines, in
multiple, stacked horizons that have favorable permeability and chemistry with associated skarning -
hornfelzing, argillic and silicic alterations. It appears t he Qfp dikes generally have significant Au -Ag
mineralization associated with them in the sedimentary country rock at an estimated average radius of
15 meters distally from their physical limits. The dikes and the quartz stringer lode -fissures at their
intersections with the favorable sedimentary horizons often develop broad zones of mineralization.
Figure 3. Detail of the Westside Anticline, Fifth Level Stopes (Fuchsia colour) with Westside and
Arizona Queen Fissure Lodes (Magenta color), mineralized Qfp dikes and mine workings
Current Exploration Program
Aztec’s crews onsite are continuing the 2024 Tombstone exploration program (see news release dated
April 22, 2024). Company is currently developing high priority drill targets as a result 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 SWIR
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 is being integrated into the 3D
model being constructed including the historic mine workings and geologic 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 information will be used in supporting the upcoming drilling program design.
The ongoing exploration program i s adding key 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 drilling was deemed ne cessary 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 and
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 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 (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 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
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsib ility
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, develop new drill targets at the
Tombstone project, carrying out future exploration work on the Company’s projects, other statements relating to
the technical, financial and business prospects of the Company, its projects and other matters. All statements in this
news release, other than statements of historical f acts, 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 ar e 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 expl oration 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 counterpart ies to perform their contractual obligations. The Company does not
undertake to update forward-looking statements or forward-looking information, except as required by law.