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Aztec Minerals Acquires Late 1980’s-Early 1990’s Drilling and Trenching Data for the Tombstone Project, Arizona

Aztec Minerals Acquires Late 1980’s-Early 1990’s Drilling and Trenching Data for the Tombstone Project, Arizona

Historic Drill Results Include 1.61 gpt Gold, 91.2 gpt Silver over 44.2 meters, and 32 gpt Silver, 0.61% Copper, 6.5% Zinc, 2.6% Lead over 7.2 meters,

Historic Trench Results Include 8.15 gpt Gold, 386 gpt Silver over 9.45 meters, and 74.6 gpt Gold, 3,135 gpt Silver over 1.83 meter


Vancouver, Canada – September 18, 2018 - Aztec Minerals Corp. (AZT: TSX-V) announces it has acquired late 1980’s-early 1990’s drilling and trenching data for the Tombstone project in Arizona. Aztec holds an option to acquire a 75% interest from Baroyeca Gold & Silver Inc. in most of the old patented claims (163 hectares) constituting the famous Tombstone silver mining district located 100 km southeast of Tucson, Arizona.

Historic drilling by USMX totalled 7,350 meters in 86 reverse circulation drill holes primarily around the old Contention mine open pit in 1993. MPV Capital drilled another 1,867 meters in 14 holes in 1994. Aztec reviewed the USMX and MPV reports, located the drill collars for the USMX holes, and the general areas of the MPV drill collars (gravel mining since the 1990’s has disturbed some areas).

Highlights of the USMX drilling include 1.61 grams per tonne (gpt) gold and 91.2 gpt silver over 44.2 meters (m) length in hole TR-001 and 1.42 gpt gold and 28.6 gpt silver over 68.58 m in hole TR-002. The Contention mine open pit-heap leach mine operated from 1980 to 1985, and intermittently from 1986 to 1989, exploiting shallow, bulk tonnage, epithermal gold-silver stock-work mineralization around the Contention dike and fault. The Contention Mine is within the Tombstone Property under option from Baroyeca Gold. USMX drill highlights are shown in the table below and drill hole true widths of mineralization were not provided nor interpreted.

USMX Drill Highlights

RCDH # From_m To_m Int_m Au_gpt Ag_gpt
TR-001 18.30 62.50 44.20 1.61 91.2
incl 76.20 91.44 15.24 2.14 39.0
also 112.82 121.92 9.1 1.2 16.7
           
TR-002 3.05 71.63 68.58 1.42 28.6
incl 50.29 70.10 19.81 3.31 24.6
also 60.96 62.48 1.52 24.66 13.6
           
RCDH# From_m To_m Int_m Au_gpt Ag_gpt
TR-003 28.95 89.91 60.96 1.34 31.1
incl 28.95 35.05 6.10 5.15 64.2
           
TR-008 51.81 91.43 38.1 1.73 35.3
           
TR-012 51.80 86.85 35.05 1.54 24.06
           
TR-020 39.62 64.02 24.4 1.11 40.6
           
TR-026 39.60 73.13 33.53 0.74 18.2
           
TR-033 89.9 99.04 9.14 5.38 181.7
           
TR-041 6.10 36.60 30.50 2.65 37.6
           
TR-067 7.62 85.32 77.7 0.47 25.5
           
TR-070 32.00 73.14 41.14 1.2 49.1
           
TR-081 1.52 48.76 47.24 0.73 NA
           
 

Historic drilling by Santa Fe Pacific between 1988 and 1990 targeted deeper (below 200 m) carbonate replacement deposits (CRD) in the Paleozoic limestones underling the Bisbee Group sandstones that host most of the historic silver mines and veins in the Tombstone district. Aztec reviewed the Santa Fe reports and located the drill collars for the Santa Fe drill holes.

Highlights of the Santa Fe drilling include high grade, massive sulfide intercepts related to both carbonate replacement deposits (CRD), skarn, and manto mineralization such as 32 gpt silver, 0.61% copper, 6.5% lead, 2.6% zinc over 7.2 m in hole T-8 and 2,407 gpt silver, 0.8% lead and 1.1% zinc over 0.3 m in hole T-1. Santa Fe drill highlights are shown in the table below. True widths of these intercepts were not provided nor interpreted from the Santa Fe drill hole data.

Santa Fe Pacific Drill Highlights

DDH From_m To_m Int_m Au_gpt Ag_gpt Cu_% Pb_% Zn_% Comments
T-1 398.7 399.3 0.6 0.67 409 0.05 4.3 4.1 Semi-massive manto
T-1 401.7 402.0 0.3 0.32 2407 0.03 0.8 1.1 Argentite possible
T-2 520.3 521.8 1.5 0.22 33 0.89 2.2 2.0  
DDH From_m To_m Int_m Au_gpt Ag_gpt Cu_% Pb_% Zn_% Comments
T-4 402.3 403.3 0.9 0.14 917 0.09 1.3 1.6  
T-5 448.1 448.4 0.3 0.07 80 0.20 2.8 0.2  
T-6 302.2 302.4 0.2 0.06 879 0.81 3.2 17.3 Sulphide manto, high Zn & Ag
T-8 502.5 503.4 0.9 ND 18 0.62 2.2 2.4 Sulphides, weak skarn, recrystallized LST
T-8 656.5 663.7 7.2 0.06 32 0.61 6.5 2.6 Skarn, oxidized
 

Historic trenching by Cowichan Mines Ltd. in 1989 in the pit floor at the south end of the Contention mine open pit totalled 12 sample lines over an 85 m length.  Aztec reviewed their report but was not able to locate the trenches because the south pit is covered by shallow fill related to recent gravel mining.

Highlights of the Cowichan trenching include 8.15 gpt gold and 386 gpt silver over 9.45 meters in trench 10200N and 74.56 gpt gold and 3,135 gpt silver over 1.83 meters in trench 10075N. There are no records of any drilling in the area of the south Contention open pit, highlights in the table below. True widths of mineralization from the trench data was not provided in the historic reports.

Cowichan Mines Ltd. Trench Highlights

Trench # Interval_m Au_gpt Ag_gpt
10200N 9.45 8.15 386
10175N 13.41 3.25 102
10150N 13.72 3.88 101
10075N 1.83 74.56 3,135
10025N 9.75 1.79 284
10000N 10.36 0.32 45

Joey Wilkins, President and CEO of Aztec commented, “These historic drill and trench results give us a great head start on defining high priority targets for future drilling, and a solid foundation to work from going forward at Tombstone.  Our Phase 1 exploration program now underway of detailed mapping, sampling, airborne magnetic survey and machine trenching should help to refine our targeting.”

“The USMX and Cowichan data clearly show significant epithermal mineralization remains to be drilled around the old Contention mine open pit and the Santa Fe holes intersected high grade massive sulfide mineralization in the west part of the district quite distal from more optimal structural locations for CRD mineralization based on our work to date.”

Historic production in the Tombstone district from 1878 to 1939 was estimated at 32 million ounces (oz) silver and 240,000 oz of gold from several small vein and manto CRD deposits. Aztec management views the district as highly prospective for the discovery of both near surface, epithermal gold-silver and deeper, silver-gold-copper-lead-zinc carbonate replacement deposits.

The Tombstone district is underlain by the same Paleozoic limestone formations that host the massive Taylor zinc-silver-lead deposit of Arizona Mining Inc., located only 65 kilometers west of Tombstone. Arizona Mining Corp and shareholders have accepted a friendly $1.8-billion takeover bid by South32 on August 10, 2018. Similarly, the Bisbee porphyry copper-gold complex 33.5 kilometers southeast of Tombstone contained impressive copper-silver-gold CRD deposits in the same Paleozoic limestone formations as Tombstone.  

QP Statement - Joey Wilkins, B.Sc., P.Geo., is the Qualified Person for Aztec and has reviewed and approved the technical disclosures contained herein. The historic information cited in this news release has been thoroughly reviewed by the QP and is satisfied with referencing its content. Drill hole data pertaining to the USMX work was reviewed from in the “Tombstone Project Exploration Summary” by USMX Senior Geologist, Karl Kanbergs, dated July 7, 1993. Santa Fe Pacific Mining held the Tombstone property as an option agreement with Tombstone Development Company and data herein is referenced in W.D. Riesmeyer’s “Semi-annual report on the Activities on the Tombstone District Lease” dated February, 1989 and updated on August 11, 1989. The trench data was described in a May, 1990 report by Ross Glanville on behalf of Excellon Resources. Glanville reviewed the Tombstone Property, which at that time was held by Cowichan Mines Ltd, and cited the trench work conducted by Cowichan. Aztec does not have any information on the quality assurance or quality control measures taken in connection with these historical exploration results, or other exploration or testing details regarding the Santa Fe Pacific, USMX, and Cowichan results. The MPV Capital data was extracted from news releases, internal reports, and company quarterly financial reports.

About Aztec Minerals – Aztec is a mineral exploration company focused on the discovery of large mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. We also hold an option on the Tombstone district with open cut epithermal gold-silver potential as well as 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:

Neil MacRae, Vice President, Investor Relations

Tel: (604) 685-9770
Fax: (604) 685-9744
Email:  neil@aztecminerals.com

Website: www.aztecminerals.com

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.

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