Aztec Minerals Successfully Concludes Phase 1 Drill Program at Cervantes Property in Sonora, Mexico
Defines Porphyry-Type Gold-Copper Mineralization Over 800 Meters Length Still Open for Expansion
Identifies Several New Porphyry-Type Targets Including High Grade Gold on Expanded Land Position at Cervantes
Vancouver, Canada – June 26, 2018 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) has successfully concluded its Phase 1 drill program on the Cervantes Property in Sonora, Mexico. The final 6 holes, CER12 to CER017, intersected long intervals of porphyry-type gold (copper, silver) mineralization and extended the strike length to more than 800 meters at the California prospect (view drill map here).
Recent drilling highlights include 0.48 grams per tonne (gpt) gold, 0.07% copper and 2.0 gpt silver over 85.2 m (approximate true width) in hole CER15, with a higher grade intercept of 0.66 gpt gold over 30.2 m. A total of 17 core holes were drilled for a total of 2,674 meters (m) in the California and Jasper prospect areas, including 3 holes lost at shallow depths due to difficult drilling conditions.
Drill Hole Results
*hole 18CER012 was abandoned at 52.85m due to drilling problems.
Drill holes were oriented to cross the most prominent mineralized structures seen in outcrops so core lengths reflect the approximate interpreted true width of the California zone mineralization.
President and CEO Joey Wilkins stated, “Every hole in our Phase 1 drill program intersected porphyry-type gold-copper-silver mineralization, and most holes collared in outcropping mineralization. Ignoring the abandoned holes CER1, 8 and 12, over half the holes at the California prospect intersected robust 100+ meter widths of higher grade mineralization exceeding 0.4 gpt gold, spanning an 800 meter length and a 200 meter breadth, to a maximum vertical depth of 150 meters (view drill section here).”
“The California mineralized zone remains open for expansion along strike, across the breadth and down plunge, where a large, strong IP chargeability remains to be tested by a Phase 2 drill program. A variety of mineralized breccias and quartz feldspar porphyry host rocks exhibiting intense alteration continue to represent a dynamic and pervasive style of high level porphyry mineralization for further drilling.”
Drill Hole Summaries
18CER012: California Zone—Northern edge of gold soil anomaly
0-19.7m, Quartzite rich overburden? 19.7-52.85m: mixture of QFP, FBX (faulted breccia), and IBX (intrusive breccia), oxidized to 22.7, mixed oxide/sulphide to 32.4m, transition quickly to 3.5 to 4.5% total sulphide, dominantly pyrite with lesser disseminated and veinlet chalcopyrite, strong silification with quartz veining and sericite, minor chlorite. Hole was lost at 52.85m.
18CER013: California Zone—Center of gold soil anomaly
0.5 to 144.5m: IBX and FBX breccias, dominated by QFP fragments, pervasive silicification and quartz veining, sericite, clay, chlorite, alunite alteration, late calcite deeper in hole, sulphides are disseminated, vein, and as matrix filling, dominated by pyrite with lesser chalcocite, chalcopyrite, and arsenopyrite, trace up to 8% total sulphides, trace molybdenite in upper part of hole with 6.3m mafic dyke starting at 10.5m. Strongly oxidized in upper 45.3m with goethite, hematite, and local jarosite.
18CER014: California Zone—Center of gold soil anomaly
0 to 125m: Breccias, IBX, and minor quartz feldspar porphyry intrusive, oxidized as goethite, hematite, and jarosite to 47m followed by quick transition to sulphides trace up to 8%, with pyrite, chalcocite, chalcopyrite, rare arsenopyrite, and molybdenum, increasing silicification with depth with intense quartz stockworks and abundant tourmaline near bottom of interval with pyrite and chalcopyrite. 125 to 163.5m has increased sediment and quartzite breccia clasts with decreasing but variable QFP and finer felsic intrusive clasts, light brown biotite hornfels is present in silty sediments with pervasive quartz stockworks, tourmaline breccias or veins and sparse molybdenum and chalcopyrite.
18CER015: California Zone—Center of gold soil anomaly
0 to 160.5m: Polymictic to intrusive breccias, minor quartz feldspar porphyry cut by narrow aplite and mafic dykes. Strongly oxidized with goethite, hematite, and jarosite to 42m, transitioning into sulphide dominated rocks with pyrite, minor chalcopyrite and chalcocite. Quartz, sericite, clay, chlorite, and minor tourmaline. 160.5 to 196.85m is a quartzite dominated breccia with quartz feldspar clasts giving way to a mix of hornfels and quartzite-quartz feldspar porphyry breccias, all of which are silicified with quartz stockworks and 1 to 3% disseminated pyrite +/- chalcopyrite and trace molybdenite.
18CER016: California Zone—Center of gold soil anomaly
1.5 to 93.2m: Polymictic to intrusive breccias with intervals of quartz feldspar porphyry, oxidized to 49m transitioning to sulphide dominated by pyrite with minor chalcopyrite, quartz-sericite-clay+/-chlorite alteration, 93.2 to 183.0m consists of 10-15m intervals of quartzite and/or hornfels breccias and polymictic breccias, strongly silicified with stockworks, sericite, sparse chlorite, late mineral 1.0-2.0m mafic (dioritic) dykes, traces of molybdenite with hornfels and quartz veinlets towards bottom of hole.
18CER017: California Zone—Eastern edge of gold soil anomaly
0 to 118.4m: Quartz feldspar porphyry, polymicitic breccia, and minor faulted breccia, strong oxidation of disseminated to vein sulphide, goethite and hematite, sparse malachite and manganese oxide. Patches of residual pyrite+/- chalcopyrite. Alteration consists of sericite-quartz veinlets and silicification with minor chlorite, siderite and calcite. 118.4 to 155.9m is a fine grained diorite dyke with clay-chlorite alteration, pervasive sericite-quartz alteration with disseminated oxidized pyrite to hematite-goethite. 155.9 to 217.0m, polymictic breccias and quartz feldspar porphyry, sericite-quartz alteration, goethite/hematite veinlets, local residual pyrite, trace chalcopyrite and molybdenite.
With the Phase 1 drilling completed, Aztec has initiated additional exploration work on the newly acquired lands surrounding the California prospect in order to assess several other possible porphyry gold-copper prospects located on our expanded property holdings (view prospect map here).
Specifically, additional exploration work planned or completed includes the following:
- Purisima – recent geological mapping and soil sampling around this historical, small but high grade mine has identified a complex target of brecciated sediments and intrusive rocks, 2.4 kilometers southwest of the California prospect. A robust gold soil anomaly includes 12 contiguous samples spanning 150 m by 75 m at an average grade of 1.50 gpt gold ranging from 0.49 to 3.27 gpt, supported by 7 widely spaced soil samples of ‘fines’ within the glory hole with values ranging from 0.61 gpt to 44.30 gpt gold, including 3 other soil samples of 11.6, 12.6, and 17.2 gpt gold.
- North California – recent soil sampling has identified a north extension of the California prospect, with anomalous gold averaging 0.21 gpt (0.10 gpt to 0.54 gpt range) over an area 250 m by 300 m in addition to a second and separate area oriented ENE-WSE measuring 75 m by 650 m with anomalous gold averaging 0.15 gpt (0.07 gpt to 0.33 gpt), and anomalous copper over 1,000 m by 500 m averaging 409 ppm (197 ppm to 1,088 ppm range).
- Jacobo – mapping and soil sampling planned
- El Tigre – prospecting and stream sediment sampling planned
- La Verde - prospecting and stream sediment sampling planned
- Entire Property – an airborne geophysical magnetic and radiometric survey is planned
The Cervantes Property is held under an option to purchase agreement with Kootenay Silver Inc. (TSX-V:KTN) whereby Aztec can acquire up to 100% interest in the property in two stages. Additional information can be found on our website.
Aztec’s technical committee recently completed a site visit of the Company’s Tombstone project covering most of the famous Tombstone silver mining district in Cochise County, Arizona. Aztec holds an option to acquire a 75% interest in the property from Baroyeca Gold and plans to commence exploration work this summer at Tombstone.
Historic silver production in the district from 1878 to 1939 was estimated at 32 million oz from several small vein mines. Aztec management views the district as highly prospective for the discovery of both epithermal and carbonate replacement orebodies. The district is underlain by the same Paleozoic limestone sequence that hosts the massive Taylor zinc-silver-lead deposit of Arizona Mining Inc. located only 60 km west of Tombstone. Arizona Mining is currently the subject of a friendly CAD$1.8 billion take over bid by South32. Details of the Phase 1 exploration program at Tombstone will be released in July.
Joey Wilkins, B.Sc., P.Geo., is the Qualified Person who reviewed and approved the technical disclosures in this news release. All core samples were split in half, placed into plastic bags, labeled with sample number, closed with zip ties, and placed in polyfiber sacks. Samples were predominantly collected in 2.0 m intervals with occasional exceptions up to 6.0 m intervals due to lower core recovery. Blanks, duplicates, and certified standards were inserted into the sample stream and subsequently reviewed, without any outliers or abnormal results. Soil samples were collected in the field with a minus 10 sieve, collecting 1.5 to 2.0 kg samples in manila envelopes or plastic bags. The XRF scanning of soil samples for base metals was conducted on the samples through the plastic sample bags at 2 to 5 separate points on the bag then results were averaged. The core and soil samples were delivered to Bureau Veritas Laboratories in Hermosillo and analyzed for gold using a 30 gram sample by fire assay fusion with AAS finish. Core sample pulps were shipped to Vancouver and analyzed with a 0.25gram sample using 4-acid ICP-MS providing analysis on 36 elements.
About Aztec Minerals – Aztec is a mineral exploration company focused on the discovery of large porphyry gold-copper deposits in the Americas. Our first project and core asset is the prospective Cervantes gold-copper property in Sonora, Mexico. The second project is the district-scale historic Tombstone properties in Cochise County, Arizona. Aztec’s shares trade on the TSX-V stock exchange under the symbol AZT and on the OTCQB under the symbol AZZTF.
Contact Information - For more information, please contact:
Neil MacRae, Vice President, Investor Relations
Tel: (604) 685-9770
Fax: (604) 685-9744
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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.
>Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward?looking statements and information herein include but are not limited to statements regarding Aztec’s anticipated performance in 2018 and the future, including the exercise of the options on the Cervantes and Tombstone properties, the planned exploration activities, receipt of assay results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aztec and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to precious and base metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company’s exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.