Cervantes is a porphyry gold-copper-molybdenum prospect located 160.0 km east of Hermosillo, Sonora, Mexico. It is well located within the Laramide porphyry belt approximately 265.0 km southeast of the huge Cananea porphyry copper-molybdenum mine of IMMSA and 55.0 km west of the Mulatos epithermal gold mine of Alamos. This 497 hectare property is situated on private ranch lands accessed via dirt road from the town of Tonichi.
One mineralized zone on the property known as the California prospect was briefly explored in 1996-97 by Penoles, who conducted surface mapping, sampling, and limited shallow exploration drilling. They reported shallow oxide gold intercepts in several holes, including 0.98 gr/t over 40.9m, 0.78 gr/t over 29.6m and 1.08 gr/t over 16.9m. Aztec does not have the complete Penoles data, these results are considered historic, and therefore Aztec is not relying on them.
In 2013, Kootenay acquired the property through a government lottery and proceeded with a surface mapping and rock sampling program, which identified a 1.0 km by 1.0 km area of highly elevated gold, copper, and molybdenum assays. Their geochemical sampling focused on a quartz feldspar porphyry intrusion with related breccias, quartz stock-works and veins, phyllic to argillic alteration, and locally leached oxide cap. Kootenay outlined 3 target zones: California, Jasper, and Brazil.
Aztec Metals obtained an option to acquire up to a 100% interest in Cervantes from Kootenay in 2015, completed a 314 soil sample program in 2015-16 which defined a 900m by 600m gold soil anomaly with 118 samples that range from 0.07 gr/t to 4.38 gr/t with an average of 0.44 gr/t, largely at 50m x 50m spacing over the California target. There are 18 neighboring samples running 0.9 gr/t or greater, revealing consistency in the strength of gold mineralization. Copper values are very anomalous with 27 samples running 600 ppm or higher with a high of 2,157 ppm in an area that measures 1,000m by 800m, partially overlapping the gold anomaly.
In September, 2016, a 12.8km pole-dipole IP geophysical survey was completed over 180 hectares covering portions of the California soil anomaly and the Jasper prospect. Strong chargeability anomalies starting from the surface to depths of at least 600m were outlined with values ranging from 5 to 80mrads and averaging 40-50mrads. Such broad, strong chargeability anomalies are often associated with large zones of disseminated sulfide mineralization typical of porphyry copper deposits.
A NI43-101 Technical Report was commissioned and completed in the fall of 2016 by Dr. Craig Gibson. His report recommends two phases of exploration totaling US$1.826M with the initial phase of US$540,000 that includes 2,000m of diamond drilling and airborne magnetics.