Aztec Minerals Reports Final Gold and Multi-Element Results from 2021-2022 Drilling at the Cervantes Project in Sonora, Mexico __________________________________________________________________
PO Box 10328 T: 604-685-9770
Suite 1130 – 609 Granville Street www.aztecminerals.com
Vancouver, BC V7Y 1G5
Aztec Minerals Reports Final Gold and Multi-Element Results from
2021-2022 Drilling at the Cervantes Project in Sonora, Mexico
__________________________________________________________________
Vancouver, Canada – December 12, 2022 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) announces
that it has received the final results of both gold and multi-element geochemical analysis for the oriented
core portion of its 2021-2022 drilling program at the Cervantes project in Sonora, Mexico.
Highlights of the Final 2021-2022 Cervantes Drilling Results
• The 2021 -2022 Cervantes project drilling program consisted of reverse circulation (RC) and
oriented core (diamond drilling) phases totaling 7,837.5 meters in 37 drill holes on the California
Zone, California Norte, Jasper and Purisima Este targets.
• The 2021 -2022 drilling program interce pted strong mineralization at the California Zone,
California Norte and Jasper targets, and successfully expanded them.
• The evaluation of the multi -element ICP results resulted in the identification of Au pathfinder
elements, specifically: Cu, As, Ag, Bi, and W.
• The relationships of these elements are expected to assist in vectoring exploration targets for
potentially economic mineral grades and widths for gold and copper in a porphyry deposit model
style.
• The multi-element ICP values support the exploration model of the California zone being at the
highest portion of a porphyry system, where an overlying high sulfidation zone has been eroded
away.
The oriented core program of the 2021-2022 Cervantes Project drilling comprised of 2,588.5 meters in 11
oriented core drill holes, testing 3 targets (California, Jasper, California Norte). Combined with the RC
drilling portion of the program, the total amount drilled at the Cervantes project in 2021-2022 was 7,837.5
meters in 37 drill holes , testing four target areas. The California Zone of near surface, oxide gold
mineralization was successfully expanded in every direction and to depth, and is approaching the adjacent
California Norte mineralized target.
View: California Zone Longitudinal Section and California Zone Drill Progress Map
2021-2022 drill results at the California Zone returned excellent intercepts of gold mineralization. The
associated multi-element ICP results show strong relationships between Au and Cu, Ag, As, Bi, and W as
vectoring pathfinders for the gold. Molybdenum (Mo) has a double zoning relative to Au, both distally
with Sb and with Cu deeper in the California system than the Au.
Drilling has found that there is consistent argillic and/or massive silicic alteration distal to the Au
mineralization zones that are hosted in quartz feldspar porphyry ( Qfp), feldspar porphyry (Fp) and
hydrothermal breccias with multiple staged stockworked silicic and phyllic alterations. Argillic or massive
silica alterations will mark the end of good Au mineralization ; however, the alteration/mineralization
sequences can be repeated as structures and lithologies change. The distal alterations have significantly
lower metal values, but have Mo and Sb as haloes at anomalous levels to the Au zone.
This information is currently being analysed for correlation with Aztec’s extensive soil grid sampling and
geophysical data, and in the construction of 3D geochemical and SWIR (Terraspec) mineralogy in order to
refine future targeting.
California Zone Geochemistry Highlights
• Cu values in the Au zones generally range from 100 to 2,000 ppm, with occasional 1% Cu
intercepts.
• Ag values in the Au zones generally range from 1 to 5 ppm.
• Mo is usually absent at anomalous values in the Au zones.
• As is usually above 200 ppm in the Au zones, high values marking structures.
• Bi and W are apparently with feeding structures within the Au anomalies.
The primary focus of the 2021-2022 RC and oriented core drill program at Cervantes was to expand the
previously drilled California zone. The California target now has a footprint of 900 meters x 750 meters
expanding on the 2017-18 Phase 1 drill hole fence. To-date, every hole but one drilled at California has
intersected near surface, oxidized gold mineralization with minor copper oxides.
Reported lengths are apparent widths, not true widths, and the observed gold mineralization appears to
be widely distributed in disseminations, fractures and veinlets within quartz -feldspar porphyry, feldspar
porphyry stocks, quartzites and related hydrothermal breccias.
The Cervantes project 2021-2022 drilling program covered portions of four targets , with the California
Zone target now measuring approximately 900 metres long by 750 metres wide, with demonstrated,
continuous anomalous mineralization up to 265 metres depth vertically. The porphyry gold -copper
mineralization is still open in all directions.
The stockwork types, the phyllic alterations and SWIR (Terraspec) mineralogy, and the multi-element ICP
values support the exploration model of the California zone being at the highest portion of a porphyry
system, where an overlying high sulfidation zone has been eroded away.
Table 1: Cervantes 2021-2022 Drilling Select Multi-Element Results with Gold
AZTEC MINERALS CORP
CERVANTES PROJECT RC DRILLING
Table1: Drill Hole Select Multi-Element Results with Gold
Hole No. From To Interval Gold (gpT) Copper (%) Silver(gpT) Molybdenum PPM
m m m
CAL22-001 16.72 110.96 94.24 1.038 54.72m/0.361 72.96m/4.112
CAL22-002 4.6 103.36 98.76 0.374 16.72m/0.153 41.04m/1.226
CAL22-003 45.6 91.2 45.6 0.422 63.84m/0.107 53.2m/2.946
CAL22-004 0 165.68 165.68 1.002 159.6m/0.065 167.2m/1.908
CAL22-005 0 136.8 136.8 1.486 118.56m/.091 118.56m/2.661
CAL22-006 16.72 117.04 100.32 0.749 138m/0.103 165.68m/3.243
CAL22-007 83.6 147.44 63.84 0.465 107.92m/0.079 89.68m/1.429
CAL22-008 0 54.72 54.72 0.884 33.4m/0.122 30.4m/2.36
59.28m/0.096 59.28m/60
CAL22-009 0 86.64 86.64 0.5 74.48m/0.138 76m/2.386
CAL22-010 0 138.32 138.32 0.53 95.76m/0.224 127.7m/3.567
CAL22-011 25.84 158.08 132.24 0.427 21.52m/0.053 66.88m/2.279
65.36m/0.053 65.36m/1.502
CAL22-012 41.04 193.04 152 0.872 123.12m/0.095 165.68m/3.463
CAL22-013 139.84 147.44 7.6 0.209 54.72m/0.055 74.48m/1.489
CAL22-014 0 54.72 54.72 0.484 31.92m/.0615 27.36m/1.361
CAL22-015 4.56 72.96 68.4 0.421 30.4m/.0622 21.28m/2.779
CAL22-016 0 56.24 56.24 0.475 25.84m/.0981 12.16m/2.325
CAL22-017 28.88 53.2 24.32 0.315 31.92m/0.045 12.16m/1.475 19.8m/210
50.2m/0.069 10.64m/2.771 74.48m/145
CAL22-018 24.32 48.64 24.32 0.216 53.2m/0.078 86.65m/2.174
191.52 202.16 10.64 0.273 68.4m/0.062 28.88m/1.116 39.52m/122
CAL22-019 153.52 167.2 13.68 0.269 16.72./0.0803 59.28m/1.549 7.6m/127
CAL22-020 15.2 18.24 3.04 0.321 4.56m/1.833
CAL22-021 100.32 104.88 4.56 0.409 3.04m/.0707 3.04m/2.2
CAL22-022 97.5 106.5 9.0 1.72 36m/0.069 36m/1.313 79.5m/38.15
150 166.5 16.5 0.341 28.5m/0.21 28.5m/3.705
CAL22-023 12.0 40.5 28.5 0.537 4.5m/0.0857 33m/1.118
81.7 89.2 7.5 0.429 7.5m/0.0743 7.5m/1.64
CAL22-024 0.0 48.0 48.0 0.444 49.5m/0.0521 51m/1.644
75.0 81.0 6.0 0.247 4.5m/1.06
CAL22-025 0.0 9.0 9.0 0.203 90m/0.0658 48m/1.083
51.0 63.0 12.0 0.26
130.5 139.5 9.0 0.646
160.5m/113
CAL22-026 0.0 213.0 210m/40
CAL22-027 0.0 120.0 120.0 0.677 99m/0.1812 154.5m/3.499
CAL22-028 49.5 54.0 4.5 0.545 1.5m/1.3
226.5 235.5 9.0 0.442 1.5m/1.7 107 m/18
CAL22-029 48.0 54.0 6.0 0.277 1.5m/0.0623 10.5m/1.343
130.5 187.5 57.0 0.773 54m/0.0681 39m/1.373
CAL22-030 75.0 82.5 7.5 0.315 18m/0.0817 18m/1.425
115.5 121.5 6.0 0.544 16.5m/1.955
CAL22-031 0.0 135.0 135.0 0.564
0.0 28.5 28.5 0.873 37.5m/0.0556 37.5m/2.615
49.5 135.0 85.5 0.581 85.5m/0.0373 85.5m/1.946
JAS22-001 10.64 19.76 9.12 0.332 69.9m/0.215 65.4m/2.723 19.76m/145
200.6m/0.117
JAS22-002 19.5m/0.041 87m/46
7.5m/0.173 80m/32
PUR21-001 16.72 19.76 3.04 0.323 51.68m/0.069 83.6m/1.942
PUR21-002 22.8 31.92 9.12 0.334 31.9m/0.168 3.04m/1.8
13.68m/0.076
PUR21-003 18.2m/0.0518 3.04m/1.5
PUR22-004 25.8m/325
Aztec Minerals has now completed its 2021-2022 RC and oriented core drilling program of 37 holes,
totaling 7,837.5 metres at the Cervantes Property . Drilling commenced in December 2021 and was
completed at the end of September 2022. The primary objectives of the 2021 – 2022 exploration program
was to better define the open pit, heap leach gold potential of the porphyry oxide cap at the California
Zone, evaluate the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide
cap, test for north and west extensions of the California Zone mineralization at California North and
Jasper, and assess the breccia potential of Purisima East.
Drill samples cuttings are collected every 5 feet (1.52m) from all RC drill holes. Core samples are collected
every 1.5 meters. The samples are analyzed by Bureau Veritas for gold with a 30-gram sample size using
the method FA430 followed by MA300. Over limits, when present, are analyzed by AR404 or FA550. All
holes contain certified blanks, standards, and duplicates as part of the quality control program. The
QA/QC review for all drilling has been completed with excellent results showing good data integrity. The
samples are shipped to and received by Bureau Veritas Minerals laboratory for the gold and multielement
geochemical analysis.
Aztec has completed drill hole collar surveying, a Drone Photogrammetry Ortho-Topographic survey,
created a detailed ortho -topographic base map, and Terraspec readings on the RC drill chips and core,
and has relogged the 2017 -2018 drill core. Aztec now plans to proceed with channel sampling and
geologic mapping of the new drill roads at the California Zone, California Norte, and Jasper target areas,
and generally continue its property -wide 2021 phase 1 surface exploration program. Aztec is also in the
process of generating Leapfrog modeling of geology, alterations, geochemistry and geophysics.
Cervantes Project Overview
Cervantes is a highly prospective porphyry gold -copper project located in southeastern Sonora state,
Mexico. The project lies 160 km east of Hermosillo, Sonora, Mexico within the prolific Laramide
porphyry copper belt approximately 265 km southea st of the Cananea porphyry copper -molybdenum
mine (Grupo Mexico). Cervantes also lies along an east -west trending gold belt 60 km west of the
Mulatos epithermal gold mine (Alamos Gold), 35 km northeast of the Osisko San Antonio gold mine, 45
km west of th e La India mine (Agnico Eagle), and 40 km northwest of Santana gold deposit (Minera
Alamos). View: Cervantes Project Location Map
Cervantes Project Highlights
• Large well-located property (3,649 hectares) with good infrastructure, road access, local town,
all private land, water wells on property, grid power nearby
• Seven prospective mineralized zones related to high level porphyries and breccias along a 7.0km
east-northeast corridor with multiple intersecting northwest structures
• Distinct geophysical anomalies, California target marked by high magnetic and low resist ivity
anomalies, high radiometric and chargeability anomalies responding to pervasive alteration
• Extensive gold mineralization at California zone, 118 soil samples average 0.44 gpt gold over 900
m by 600 m area, trench rock-channel samples up to 0.47 gpt gold over 222 m
• Already drilled the first discovery holes at the California zone, intersected gold oxide cap to a
classic gold-copper porphyry system, drill results up to 1.49 gpt gold over 137 m and 1.00 gpT gold
over 165m
• Excellent gold recoveries from preliminary metallurgical tests on drill core from California zone;
oxide gold recoveries in bottle roll tests range from 75% to 87%
• California geophysical anomaly wide open laterally and at depth, IP chargeability strengthens
and broadens to >500m depth ove r an area 1100 m by 1200 m, and has been confirmed by
exploration drilling
• Three-Dimensional IP Survey conducted in 2019 extends strong chargeability anomalies to the
southwest covering Estrella, Purisima East, and Purisima West, coinciding well with alteration and
Au-Cu-Mo soil geochemical anomalies
California Target
In 2017-18, Aztec completed a Phase 1, 17 diamond core hole drill program, totaling 2,675 meters (m)
(see news release dated June 26, 2018). Phase 1 drilling tested the California target 900m by 600m gold-
in-soils anomaly that averaged 0.44gp T covering hydrothermal breccias within a Quartz feldspar
porphyry stock intruding Paleozoic siliciclastic sediments.
In early 2022, Aztec completed a Phase 2, 26-hole, RC (reverse circulation) drill program totaling 5,267 m
focused on expanding the California zone with two drill hole fences parallel to and on either side of the
2017-18 Phase 1 drill hole fence. The Phase 2 RC drilling program successfully expanded the primary
California porphyry zone to an area measuring approximately 900 meters long by 250 to 500 meters wide,
with demonstrated, continuous anomalous mineralization up to 265 meters depth vertically. The Phase 2
Core drilling program expanded the identified California Zone mineralization to 900 meters long by 750
meters wide.
The porphyry gold -copper mineralization is still open in all directions. Aztec’s dril ling to -date has
consistently intersected an oxidized gold cap to a porphyry -type gold-copper-silver system at California,
including multiple 100+ meter widths of exceeding 0.40 gpT gold.
Highlights of the 2017 -18 Phase 1 diamond core and 2021-22 Phase 2 RC (see news release dated June
14, 2022) drill programs are as follows:
• 137m @ 1.49 gpT Au incl 51.7m @ 3.42 gpT Au, 119m @ 0.091% copper in CAL22-005
• 165m @ 1.00 gpT Au incl 24.4m @ 4.25 gpT Au, 160m @ 0.065% copper in CAL22-004
• 152m @ 0.87 gpT Au, incl 33.5m @ 2.05 gpT Au, 123m @ 0.095% copper in CAL22-012
• 160m @ 0.77 gpT gold incl 80m @ 1.04 gpT gold, 0.11% copper in 18CER010
• 139m @ 0.71 gpT gold incl 20m @ 2.10 gpT gold, 0.16% copper in 17CER005
• 94m @ 1.04 gpT Au incl 15.2m @ 3.96 gpT Au, 55m @ 0.36% copper in CAL22-001
• 118m @ 0.63 gpT gold incl 43m @ 1.18 gpT gold, 0.16% copper in 17CER003
• 100m @ 0.75 gpT Au incl 9.14m @ 3.087 gpT Au, 138m @ 0.10% copper in CAL22-006
• 122m @ 0.60 gpT gold incl 62m @ 0.88 gpT gold, 0.06% copper in 18CER007
• 170m @ 0.42 gpT gold incl 32m @ 0.87 gpT gold, 0.06% copper in 18CER006
Preliminary metallurgical tests on Ca lifornia drill cores were conducted in 2019 (see news release dated
March 12, 2019). Drill core samples were grouped into 4 separate types of mineralization: Oxide 1, Oxide
2, Mixed Oxide/Sulfide and Sulfide. The preliminary results of bottle roll tests showed excellent potential
for heap leach gold recovery, as follows:
• 85.1% recovery on 2.0mm material and 94.3% on 75-micron material in sample Oxide 1
• 87.7% recovery on 2.0mm material and 94.2% on 75-micron material in sample Oxide 2
• 77.9% recovery on 2.0mm material and 89.0% on 75-micron material in sample Mixed
Oxide/Sulphide
• 51.2% recovery on 2.0mm material and 78.7% on 75-micron material in sample Sulphide
Additional Targets
Purisima East – outcropping gossans, altered and mineralized diatreme breccias and porphyry intrusions
marked by a 700m by 600m geochemical soil anomaly in 193 samples that average 0.25 gpT gold, a small
historic ‘glory hole’ mine where rock chip sampling returned high -grade mineralization up to 44.6 gp T
gold.
Estrella - outcrops of gossan and sulfides in silicified Paleozoic sediments near quartz porphyry dikes with
rock chip samples up to 3.9 gpT gold and 2,010ppm copper.
Purisima West - a mirror image of Purisima East in size and type of gossans, altered and mineralized
breccias and intrusions in association with gold and copper soil anomalies.
Jasper – 2017 trenching returned skarn/replacement -type mineralization up to 0.52% copper a nd 0.62
gpT gold over a 92.4 m length. In 2022 RC drilling found a broad zone of copper – gold mineralization in
JAS22-001.
California North – coincident IP chargeability and gold-copper-molybdenum soil geochemical anomalies
with demonstrated gold – copper mineralization by RC drilling, it may be a north extension of the
California target
Other targets – porphyry alteration and geochemical soil anomalies mark the Jacobo and Brasil prospects
but more work is required to expand and define these targets
Correction to November 30, 2022 News Release
Due to a calculation error, the reported intersection for drill hole CAL21-31 was incorrectly reported as a
total of 114 meters grading 0.727 gpT Au (combined results of 28.5m at 0.873 gpT Au from 0m to 28.5m
and 85.5m at 0.581 gpT Au from 49.5m to 135m). The correct combined calculation result is 114 meters
grading 0.654 gpT Au. The new reported intersection from 0m to 135m inclusive is 135.0m grading 0.564
gpT Au.
Stock Option Plan
Aztec has received regulatory approval for its stock option plan whereby a maximum of 10% of the issued
shares will be issuable under Aztec’s rolling stock option plan.
Allen David Heyl, B.Sc., CPG., VP Exploration of Aztec, is the Qualified Person under NI43-101, supervised
the Cervantes exploration program. 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) 619-7469
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 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:
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 r esults
contemplated by the forward -looking statements. Factors that could cause actual results to differ materially from those in
forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward -looking
statements. When relying on forward -looking statements to make decisions, investors and others should carefully consider the
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.