Aztec Reports Final Gold and Multi-Element Results From 2023 RC Drilling from the Cervantes Project, Sonora, Mexico; Multiple, Shallow and Broad, Oxidized Gold Intercepts Continue the Expansion of the California Target Mineralized Zone
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Aztec Reports Final Gold and Multi-Element Results From 2023 RC
Drilling from the Cervantes Project, Sonora, Mexico;
Multiple, Shallow and Broad, Oxidized Gold Intercepts Continue the
Expansion of the California Target Mineralized Zone
Vancouver, Canada – March 7, 2024 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) announces the
final results of Au and multi-element analysis for its 2023 RC drill program at the Cervantes project in
Sonora, Mexico. The RC drill program comprised 1,646 meters in 13 RC drill holes testing the California
porphyry gold target located in the district of Soyopa, Sonora, Mexico. Total drilling by Aztec Minerals on
the Cervantes project since 2016 now totals 67 drill holes and 12,134m.
The California target of near surface, oxide gold porphyry mineralization was successfully expanded, and
the presence of anomalous copper, molybdenum and silver, in addition to significant gold mineralization,
corresponds well in relation to the top of large, strong IP chargeability anomaly astride an aeromagnetic
low anomaly.
RC d rill results at the California target return ed significant gold mineralization from the 2023 RC drill
program on the Cervantes property located in Sonora, Mexico. The multi-element ICP results show good,
positive relationships between Au, Cu, Bi, Ag, As, W and K (potassic alteration), negative relationships with
Mo, Sb and Ca. The multi-element grades support the potential for an Au-Cu porphyry deposit at depth.
2023 California Target Drill Highlights
• All drill holes intersected oxidized Au mineralization.
• The California target continues to be open.
• The California target now has an area of 1,000 m by 300m drill demonstrated.
• The California target was found to continue on strike to the east at least another 400 m.
The primary focus of the Phase 3A RC drill program at Cervantes was to expand the previously drilled
California zone. This was done successfully. To-date, every hole 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 is hosted in
the California porphyry intrusive complex and is widely distributed in disseminations, fractures and
veinlets within its quartz-feldspar porphyry, feldspar porphyry stocks, quartzites and related
hydrothermal breccias.
Figure 1: California Zone Drill Progress Map
Link to Figure 1: California Zone Drill Progress Map
Holes CAL23-32 to CAL23 -44 intersected significant gold mineralization, see table below, extending the
known mineralized zone at depth, and also to the north, east and south of the California zone. The RC
Phase 3A drilling program has been completed. It covers an area now measuring approximately 1,000
metres long by 300 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 multi -element ICP results show good , positive relationships between Au, Cu, Bi, Ag , As, W and K
(potassic alteration), negative relationships with Mo, Sb and Ca. This will assist in vectoring exploration
targets for expanding potentially economic mineralization in a porphyry deposit model. 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.
Every 2021-23 drill hole except one of the 44 drill holes successfully completed at the California and the
adjoining California Norte targets has intersected near surface, oxidized gold mineralization with minor
copper values. The 2023 RC drilling exploration program has continued the expansion of the footprint
and the depth of the California target Au mineralization and alteration associated with the California
porphyry intrusive complex with continued intercepts of broad gold mineralization.
The drill holes were mainly placed in step-out rows subparallel to the 2017 -2018 drilling, oriented with
azimuths 230 – 260, generally inclined at minus 65 degrees from horizontal. The rows were spaced
approximately 50m to 100m apart and along the rows the collar spacings were 70m to 150m. There were
four near vertical drill holes and three drill holes with azimuth perpendicular to the pattern that were
made to test that there is no drill pattern bias in the results. One metallurgical drill hole (CAL22-027) was
made by twinning at 25m distance a prior RC drill hole.
Drilling has also expanded the footprint of the known extents of the mineralized and phyllically altered
California porphyry intrusive complex, demonstrating alteration zoning from east to west of argillic to
phyllic alteration, multiple stockwork veining and hydrothermal brecciation types and stages, and
confirmed the prior IP survey chargeability anomaly was related to disseminated sulfides. The 2022 core
drilling program has shown that Au mineralization is limited by the enveloping argillic alteration, and
seems to prefer to be close to the argillic/phyllic alteration boundaries.
The gold mineralization is strongly positively associated with Cu, As, Ag, Bi, W and K, while Mo, Sb and Ca
anomalies are as haloes distal to the gold, Hg is usually undetectable, Pb and Zn are mainly distal, and Ba
has a wide distribution.
The controls on mineralization/zoning are still to be identified. However, the dioritic quartz -feldspar
porphyry (Qfp) and hydrothermal breccia (Hbx) lithologic units are seemingly the preferred hosts. The
Qfp, Hbx and gold mineralization may be dipping to the north into the California Norte target. The gold
mineralization appears to be widely distributed in disseminations, fractures and veinlets at high levels
within i ts quartz -feldspar porphyry, feldspar porphyry stocks, quartzites and related hydrothermal
breccias.
The planned testing of the California zone of the Cervantes phase 3A RC drilling program is complete. The
primary objectives of the 2021 – 2024 exploration program are to better define the open pit, heap leach
gold potential of the porphyry oxide cap at California, evaluate the potential for deeper gold – copper
porphyry sulfide mineralization underlying the oxide cap, test for north and west extensions of the
California mineralization. In 2024, subject to available funds, it is planned for further technical studies,
reconnaissance work on other targets, metallurgical testing and the Cervantes phase 3B RC drilling
program of approximately 20 drillholes comprising 2,850 meters including the California North and Jasper
targets.
The following is a summary tabulation of all 2021-2023 RC and Core drill hole results:
Table 1: Cervantes 2021-2023 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/59.65
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/209.8
50.2m/0.069 10.64m/2.771 74.48m/144.57
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/122.46
CAL22-019 153.52 167.2 13.68 0.269 16.72./0.0803 59.28m/1.549 7.6m/126.6
Hole No. From To Interval Gold (gpT) Copper (%) Silver(gpT) Molybdenum PPM
m m m*
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/1.7 106.5 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
2023 RC
CAL23-032 83.6 91.2 7.6 0.274 9.1 m/0.0154 10.7 m/3.01 9.1 m/1.33
CAL23-033 45.6 59.28 13.68 0.338 13.7 m/0.009 13.7 m/0.57 13.7 m/5.44
CAL23-034 53.2 83.6 30.4 1.035 35 m/0.1174 35 m/2.7 35 m/9.1
68.4 69.92 1.52 13.8 1.5 m/0.4294 1.5 m/41.8 1.5 m/10
Hole No. From To Interval Gold (gpT) Copper (%) Silver (gpT) Molybdenum ppm
m m m*
CAL23-035 0 30.4 30.4 0.697 38.1 m/0.0839 38.1 m/0.43 38.1 m/1.6
CAL23-036 42.56 53.2 10.64 0.901 39.6 m/0.0605 35.1 m/1.83 29 m/8.4
51.68 53.2 1.52 5.003 1.52 m/0.0337 1.52 m/6.4 1.52 m/43
107.92 115.52 7.6 0.414 7.6 m/0.0205 7.6 m/1.6 7.6 m/10.6
CAL23-037 0 25.84 25.84 0.257 51.8 m/0.0369 45.7 m/1.1 48.8 m/10.3
91.2 95.76 4.56 0.658 12.1 m/0.0403 4.5 m/1.98 4.5 m/6.7
156.56 164.16 7.6 0.358 10.7 m/0.0353 7.6 m/0.52 10.7 m/14.4
CAL23-038 47.24 59.44 12.2 0.947 12.2 m/0.011 12.2 m/4.17 12.2 m/46
48.76 50.29 1.52 4.278 1.52 m/0.0419 1.52 m/29.4 1.52 m/85
72.96 83.6 10.64 0.391 10.6 m/0.0029 10.6 m/0.12 10.6 m/91.3
CAL23-039 4.56 25.84 21.28 0.2121 21.3 m/0.0094 21.3 m/0.65 21.3 m/10.8
7.6 9.12 1.52 1.352 1.52 m/0.0122 1.52 m/0.9 1.52 m/12
CAL23-040 10.64 22.8 12.16 0.365 10.6 m/0.0134 10.6 m/1.65 10.6 m/3
CAL23-041 0 57.76 57.76 0.424 57.8 m/0.2059 57.8 m/2.63 57.8 m/0.3
CAL23-042 0 12.19 12.19 0.48 24.4 m/0.1758 21.3 m/1.82 12.2 m/<2
65.53 73.15 7.6 0.353 7.6 m/0.1768 7.6 m/4.3 7.6 m/9
CAL23-043 0 6.08 6.08 0.235 6.1 m/0.0483 6.1 m/1.9 6.1 m/2.5
CAL23-044 0 59.44 59.44 0.276 74.7 m/0.0724 62.4 m/0.65 59.4 m/3.5
JAS22-001 10.64 19.76 9.12 0.332 69.9m/0.215 65.4m/2.723 19.76m/144.92
200.6m/0.117
JAS22-002 19.5m/0.041 87m/46.1
7.5m/0.173 80m/32.2
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/325.35
1. *All intercept interval widths are not true widths and intercept true widths are not yet estimated.
2. Au grades are in grams per ton, “gpT”
Drill samples RC cuttings mainly are collected every 1.5m from all core drill holes. The samples are
analyzed by Bureau Veritas for gold with a 30-gram sample size using the method FA4 30 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 has delivered excellent
results to date good data integrity. The samples are shipped to and received by Bureau Veritas Minerals
laboratory for the gold and multielement geochemical analysis.
Cervantes Project Overview
Cervantes is a highly prospective porphyry gold -copper pro ject 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 south east 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 t he 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 resistivity
anomalies, high radiometric and chargeability anomalies responding to pervasive alteration
• Extensive gold mineralization at California target, 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 target, 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 target;
oxide gold recoveries in bottle roll tests range from 75% to 87%
• California IP geophysical anomaly wide open laterally and at depth, IP chargeability strengthens
and broadens to >500m depth over 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
• Cervantes Project Aeromagnetics Survey completed in 2019 found a magnetic low associated
with the California Au porphyry
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 0.44gpt covering hydrothermal breccias within the Quartz feldspar
porphyry stock intruding Paleozoic siliciclastic sediments.
In 2019 a series of technical studies were conducted including airbourne geophysics (Gravity, magnetics,
radiometrics, and VLF, surface IP, soil and outcrop geochemistry, and geologic mapping and completing
initial metallurgical studies with positive results.
Then in late 2021 and into 2022, Aztec completed a Phase 2, 26-hole, RC (reverse circulation) drill program
totaling 5,267 m focused on expanding the California target 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 was followed by the
Phase 2 oriented core drilling program of 2,588 meters in 11 drill holes combined successfully expanded
the primary California target to an area measuring approximately 1,000 meters long by 300 to 500 meters
wide, with demonstrated, continuous anomalous mineralization to over 265 meters depth vertically.
The porphyry gold -copper mineralization is still open in all directions. Aztec’s drilling 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 and Core ( see news releases
dated June 14, 2022 and December 27, 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 California 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 Exploration 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 gpt gold.