Aztec Minerals 3D Modelling of Gold-Silver Mineralization Supports New Exploration & Drilling Targets at Tombstone Project, Arizona

May 22, 202419:10 UTC

(TheNewswire)

Westside Area of the Tombstone project, adjacent to thehistoric Contention open pit, continues to show mineralized featureswith high potential for shallow gold-silver expansion drilltargets
Contention Pit area field work and sampling isproviding key information to delineate and expand the wide mineralizedzone on surface and is being integrated into a 3D model for the firsttime

Vancouver, Canada– May 22, 2024 – TheNewswire – AztecMinerals Corp. (AZT: TSX-V, OTCQB: AZZTF)(“Aztec” or the “Company”) announces that 3D modeling ofgold-silver mineralized features supports a high confidenceinterpretation for continuity of shallow, oxidized Au-Ag explorationand drilling targets, below, alongside and to the West of theContention Open pit at the Tombstone Project in Southeastern Arizona. The ongoing review and modelling of extensive historic and currentdata, combined with ongoing field work at the Tombstone Projecthas provided the key elements to building thefirst 3D model of the historicTombstone Silver District, incorporating: underground workings, minedstopes, geology, multielement geochemistry, SWIRalterations, and geophysics. Themodelling’s preliminary results show the basisof the primary geologicalcontrols of gold-silver mineralization down to over 300 metersdepth. This is an important milestone to supportexploration drilling of shallow targets to potentially extend thefootprint of the known gold-silver mineralized zones.

Surface exploration confirms much of the upper portionsof the historic data and strengthens the confidence of the 3D model. The surface exploration and modelling have also exposed areas ofpotential Au-Ag mineralization not extensively explored in the past. The ability to integrate historic and current exploration data forthe first time in 3D at the Tombstone Project provides Aztec withvaluable information and a strong foundation to continue expanding thefootprint of the shallow gold-silver mineralization.

The Tombstone JV owns patented claims related to theContention and Westside mines. Both mines host the three maindeposit styles in the Tombstone district (fissure stringer vein lodes,mineralized Qfp dikes with breccias, and CRD mineralized beds inanticlines). They both encompass multiple, historic mines thatproduced high-grade gold-silver oxide mineralization at the TombstoneProject.

Recent review of historic data and on-siteinvestigations by Aztec haveconfirmed that the Westside area was previously planned as anexpansion of the Contention pit operations at the time on theinterruption of mine operations in 1982. Thisreview identified the Westside area as a high potential target for shallowgold-silver mineralization, almost doubling the project’s potentialgold-silver oxide mineralization footprint nearto the historic Contention Pit (please see news release dated April22, 2024).

Aztec has completed a wire frame model of the tunnels(see Figure 1 below) and the Quartz-feldspar dikes (Qfp) (see Figure 2below), which acted as mineralized solution conduits in the historicTombstone Silver district. Aztec is nowmodelling the mined stopes, 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 undergroundworkings of the Westside Area and Contention Pit Areas

Click Image To View Full Size

Aztec’s recent surface exploration has confirmed thepresence of several known and new mineralized features and mineworkings and has georeferenced their positions in the project area. This has confirmed the historic positions of the undergroundworkings and related important mineralized features, and that themineralized features could be exploration targets, with evidence thattheir intersection potentially hosts broad gold-silver mineralizationnear surface.

Review of historic data has confirmed the Westsideanticline was mined on at least five separate, stacked, oxidized CRDreplaced layers in the sediments near the crest of the axis along its450+ m length, noting that, at its intersection with the Arizona QueenFissure at the fifth level (see Fig. 3 below), the 120 m longSulphuret stope, was mapped at over 60 m wide and 10-20 m thick. TheSulphuret stope was reported (Butler, 1938) to have productionaveraging 70 opt silver with high-grade gold. Aztec drilling hasconfirmed that the gold-silver mineralization in the property extendsbeyond the limits of the historically mined stopes.

Figure 2. Tombstone Project Qfp Dikeswith Property Limits Plan View

Click Image To View Full Size

Most of the Westside area and its multiple targets haveyet to be explored, representing a key area for future drilling andpotential shallow resource delineation. The Westside - Sulphuretmine workings reached to the 7th and 8th levels (210-250 m), andhistoric drilling has significant CRD-style mineralized intercepts at500 to 600 m depths. Several poorly explored anticlines, withevidence of mineralization at the edge of the historic open pit, havebeen identified and will be part of the exploration targeting.

In the Tombstone district the sedimentary hostedmineralization (CRD) is focused on the anticlines, in multiple,stacked horizons that have favorable permeability and chemistry withassociated skarning-hornfelzing, argillic and silicic alterations. It appears the Qfp dikes generally have significant Au-Agmineralization associated with them in the sedimentary country rock atan estimated average radius of 15 meters distally from their physicallimits. The dikes and the quartz stringer lode-fissures at theirintersections with the favorable sedimentary horizons often developbroad zones of mineralization.

Figure 3. Detail of the WestsideAnticline, Fifth Level Stopes (Fuchsia colour) with Westside andArizona Queen Fissure Lodes (Magenta color), mineralized Qfp dikes andmine workings

Current Exploration Program

Aztec’s crews onsite are continuing the 2024Tombstone exploration program (see news release dated April 22, 2024). Company is currently developing high priority drill targets as aresult of the surface exploration program in the area of theContention pit and surroundings, advancing the detailed geologicalmapping, and further out with reconnaissance level geological mappingof lithologies, Terraspec SWIR alterations andstructures, multi-element rock geochemistry, and thin sectionpetrology and alterations to review the hosting of the gold-silvermineralization. The data acquired is beingintegrated into the 3D model being constructed including the historic mine workings and geologic mapping of theprincipal 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 strengthenboth shallow and deep drilling targeting. This information will beused in supporting the upcoming drilling programdesign.

The ongoing exploration program is adding key knowledgeinto the expansion potential of the bulk tonnage, gold-silver oxidizedmineralization, and from that, continue drilling and mineralizationfootprint. The focus of this explorationprogram is to better define the three styles of mineralization knownto exist on the property and to identify top priority targets fordrilling. The three types of known mineralization at the Tombstoneproperty are as follows:

Silver-gold bearing, north-northeast striking felsicintrusive dikes hosting mesothermal stock-works and hydrothermalbreccias that cut the Cretaceous Bisbee Group and the underlyingPaleozoic carbonates, on which the historicContention underground mine and later the 1980’s open pit heap leachmine was developed, which now is known to extend laterally andvertically beyond the Contention pit
High-grade, silver-gold quartz stringer vein lodesstriking northeast cutting the Cretaceous Bisbee Group clasticsediments and the Paleozoics, which are related to several of thehistoric 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 theunderlying Paleozoic carbonates, have a geologic setting very similarto the world-class Hermosa Taylor base metal sulfide deposit ofSouth32, located 65 kilometers southwest of Tombstone. Strongstructural controls of the Tombstone CRD deposit locations relatedparallel to the crests of anticlines, usually with vertical(“reef”) stacking on multiple, favorable horizons

Positive indications for mineralization at Tombstoneinclude:

The Bisbee sediments exhibit widespread fracturing,silica-pyrites-sericite-clay alteration, quartz veinlets, stockworks,and hornfelsing and in the limestones jasperoids, dolomitization andskarn development
The Contention open pit mine is centered along a strongNNE fault structure with large, mineralized felsic dikes possiblyrelated to a deeper intrusion
The underground Contention mine mined the dikemineralization to over 300 m depth
Historic drilling by Newmont and Santa Fe to over 700 mdepth have intersected narrow to wide, high grade CRD mantos, evidencethat the Paleozoic limestones are prospective
The presence of several manganese-silver rich minessurround the Property are considered indicative of distalmineralization to CRD deposits worldwide

Tombstone Project Overview

Aztec holds a 75% interest in the Tombstone PropertyJoint Venture, which includes most of the original patented miningclaims in the main district as well as some recently acquiredproperties.

The main target of the 2023 coredrill program was to continue testing the shallow, bulk tonnage, heapleachable, mesothermal gold-silver oxide mineralization adjacent andbelow the previously mined Contention pit by infill and step-outdrilling. Core drilling was deemed necessary to penetrate themultiple historic workings and to acquire needed geological data. Future drilling is expected to focus on strike and dip extensions ofthe shallow oxide mineralization and move deeper to test for largerand deeper “Taylor-type” CRD targets along and adjacent to theContention structure.

The Tombstone project is located 100 kilometers (km)southeast of Tucson, Arizona and covers much of the historic Tombstonesilver district. Tombstone is renowned for its high grade, oxidized,silver-gold mesothermal stringer lode veins, hydrothermal breccias andmanto CRD orebodies that were mined in the late 1800’s and early1900’s. The historic silver production in the Tombstone districtfrom 1878 to 1939 was estimated at 32 million ounces and 250,000ounces of gold.

The district geology consists of a mix ofshallow-level, oxidized Au-Ag and base metal deposits related to CRDand skarns hosted in folded and thrusted sediments, intrusive dikesand lode veins, and as well the under explored, sulfide versionslocated below the water table.

Host rocks to the mineralization are primarily theclastic sediments of the lowest portion of the Cretaceous BisbeeFormation. Between 50 and 300 meters (m) in depth, the Bisbee isunderlain by approximately two kms thick of the same Paleozoic carbonate formations that host the 110 MTHermosa-Taylor zinc-lead-silver deposit of South32 located 60 kmsouthwest of Tombstone.

Although the historic silver mines at Tombstone weregenerally small, Aztec believes they could be related to much largermesothermal and CRD orebodies below the old mines. Since 2017, Aztechas completed geological mapping, geochemical sampling and geophysicalsurveying to identify the most prospective areas for Au-Agmineralization around and below the Contention open pit, and CRDzinc-lead-copper-silver-gold mineralization below the entire district.Aztec management views the district as highly prospective for thediscovery of mesothermal and CRD orebodies.

Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in2020 and 2023 and a 70:1 silver:gold ratio in2021. Reported lengths are apparent widths,not true widths. The Contention Au-Ag mineralization zones aregenerally west dipping at around 60-80 degrees, associated with thequartz-feldspar porphyry dikes. However, these dikes also extend assills in shallow angles out from the Contention fault along fold nosesin the Bisbee clastic sediments so the full range of mineralizationdips vary from 20 to 80 degrees. True widths for the apparentmineralization intersection widths of the drill holes approximatelyrange from 50 to 100% of the apparent widths, with the norm for themineralized true widths being 60 to 90% of the apparent widths. Pleasesee summary news releases dated: July 5,2023, December 7,2021, and January 12,2021.

*Grade-Thickness in meters-grams/tonne means the resultof multiplying a drill hole intercept length, measured in meters, bythe grade of the gold values in the intercept, the resulting compilednumber is measured in grams/tonne. Grade thickness is not to beconstrued as gross metal value nor as a resource. The Tombstone property does not have a current, compliantresource estimation at this point.

Summary Tombstone ProjectHighlights

Well located property on patented (33) and unpatented (42) claims (452.02hectares/1,116.94 acres), covers much of the historic Tombstone silvermining district, great infrastructure, local town, road access, fullservices, 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 2020-23has demonstrated that the Contention Pit targethas significant, shallow. oxidized Au-Ag bulk tonnage mineralizationwhich is open in all directions
Multiple other prospectivetargets in Cretaceous and Paleozoic rocksrelated to major NW and NNE trending structures hosting porphyriticintrusions crosscutting a possible caldera ring structure

The following are highlights of recent drillingintersections supporting the conceptual exploration model formineralized 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 and374.36 gpt Ag over 7.6m)
TR21-03 - 5.71gpt Au and 40.54 gpt Ag (6.28 gpt AuEq) over 32.0m
TC 23-01: 3,477gpt Ag over 1.52m from a zone of 733.9 gpt Ag over 7.6 m within 125 m of1.63 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 gptsilver (2.03 gpt gold AuEq)over 45.3 m, including 10.1 m grading 6.63 gpt gold and 72.81 gptsilver (7.49 AuEq)
TC23-05 – 2.816 gpt gold and 176.64 gptsilver (5.02 gpt AuEq) over36.0 m, including 6.45 gpt gold and 408.47 gpt silver (11.554 gptAuEq) over 15.5 m

The company in conjunction with its explorationsampling programs uses quality assurance-quality control as part ofits sampling-assaying-assessments. Samples and their collection arecontrolled by an industry standard conforming QAQC program includinginsertions of certified standards, blanks and sample duplicates. Thesamples are being regularly shipped to and received by the BureauVeritas Minerals laboratory in Hermosillo, Mexico for geochemicalanalysis.

Core and RC drilling samples are continuously collectedover 5 foot (1.52m) sample intervals from all drill holes. The sampleswere analyzed for gold with a 30-gram sample size using the fire assaymethod FA430 followed by multi-element MA300, including silver. Overlimits, when present, are analyzed by MA370 or FA530. All holescontain certified blanks, standards, and duplicates as part of thequality control program.

Allen David Heyl, B.Sc., CPG., VP Exploration of Aztec,is the Qualified Person under NI43-101, supervised the Tombstoneexploration programs. Mr. Heyl has reviewed and approved thetechnical disclosures in this news release.

“Simon Dyakowski”

Simon Dyakowski, ChiefExecutive Officer

Aztec Minerals Corp.

About Aztec Minerals – Aztec is a mineral exploration company focused ontwo emerging discoveries in North America. The Cervantes project is anemerging porphyry gold-copper discovery in Sonora, Mexico. TheTombstone project is an emerging gold-silver discovery with high gradeCRD silver-lead-zinc potential in southern Arizona. Aztec’s sharestrade on the TSX-V stock exchange (symbol AZT) and on the OTCQB(symbol AZZTF).

Contact Information - For more information, pleasecontact:

Simon Dyakowski, President & CEO, Director

Tel: (604) 685-9770

Fax: (604) 685-9744

Email: info@aztecminerals.com

Website: www.aztecminerals.com

Neither the TSXV nor its Regulation Services Provider(as that term is defined in the policies of the TSXV) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.

Forward-Looking Statements:

This news release contains “forward‐lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, completing ongoing and planned work, develop new drilltargets at the Tombstone project, carrying out future exploration workon the Company’s projects, other statements relating to thetechnical, financial and business prospects of the Company, itsprojects and other matters. All statements in this news release, other than statements ofhistorical facts, that address events or developments that the Companyexpects to occur, are forward-looking statements. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Suchstatements and information are based on numerous assumptions regardingpresent and future business strategies and the environment in whichthe Company will operate in the future, including the price of metals,the ability to achieve its goals, that general business and economicconditions will not change in a material adverse manner, thatfinancing will be available if and when needed and on reasonableterms. Such forward-looking information reflectsthe Company’s views with respect to future events and is subject torisks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation ofexploration results, risks related to the inherent uncertainty ofexploration and cost estimates and the potential for unexpected costsand expenses, and those filed under theCompany’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materiallyfrom those in forward looking statements include, but are not limitedto, continued availability of capital and financing and generaleconomic, market or business conditions, adverse weather or climateconditions, failure to maintain or obtain all necessary governmentpermits, approvals and authorizations, failure to obtain or maintaincommunity acceptance (including First Nations), decrease in the priceof gold, silver and other metals, increase in costs, litigation, andfailure of counterparties to perform their contractualobligations. The Company does not undertake toupdate forward‐looking statements or forward‐looking information,except as required by law.