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Aztec Commences Phase 1 Drill Program on the Tombstone Property, Tombstone Silver Mining District, Arizona

Vancouver, Canada – August 13, 2020 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF), announces that reverse circulation (RC) drilling has commenced at its Tombstone project covering much of the historic Tombstone silver-gold-zinc-lead-copper district located in southeastern Arizona. 

Aztec holds an option to acquire a 75% interest in the Tombstone property, which includes many of the original patented mining claims in the district.  The fully financed Phase 1 RC drill program will consist of around 20 drill holes totaling 2,900 metres. The main target is shallow, bulk tonnage, heap leach, epithermal gold-silver oxide mineralization around and below and adjacent to the previously mined Contention pit. 

Three, four-hole patterns or “spokes” will be drilled to test segments of the North-Northeast trending Contention structure along 800 meters (m) of strike length and across the 50 to 100 m width of the steeply west dipping structural corridor with argillized porphyry dyking. Three additional holes will test the following: a geophysical NSAMT conductor target, a covered geologic dyke target, and a series of gold-rich quartz veins hosted in strongly altered rhyolite. Additionally, the collaring of two holes for subsequent core drilling later this year to test for deeper, high grade, “Taylor”-style carbonate replacement silver-lead-zinc-copper-gold deposits (CRD).

Aztec CEO, Simon Dyakowski commented, “Since acquiring an option on the Tombstone project, Aztec has generated several exciting new targets through its methodical evaluation of historic exploration and production data followed by systematic exploration programs. The Phase 1 RC drill program represents Aztec’s first opportunity to test for shallow, bulk tonnage, heap leach, gold-silver oxide mineralization”.

Tombstone Project Overview

The Tombstone project is located 100 kilometers (km) southeast of Tucson, Arizona. The historic Tombstone silver district is renowned for its high grade, oxidized, silver-gold-lead-zinc-copper epithermal and CRD mineralization hosted in veins, mantos, pipes and disseminated orebodies that were mined in the late 1800’s and early 1900’s.

Although the historic silver mines at Tombstone were generally small but high grade, Aztec believes they could be related to much more extensive epithermal and CRD mineralization. Since 2017, Aztec has completed geological mapping, geochemical sampling and geophysical surveying to identify the most prospective areas for epithermal gold-silver mineralization around and below the Contention open pit. 

Tombstone Project Highlights

  • Well located property on patented land (164 hectares), covers much of the historic Tombstone silver mining district, great infrastructure, local town, road access, full services, water, power
  • Historic silver district produced 32 million oz silver from 1878-1939 in high grade, oxidized, silver-gold-lead-zinc-copper vein and CRD deposits, followed by small open pit heap leach production in late 1980’s for open pit, heap leach, epithermal gold-silver oxide ore
  • Seven prospective targets in Cretaceous and Paleozoic rocks related to major NW and NNE trending structures hosting porphyritic intrusions crosscutting a possible caldera ring structure
  • Distinct magnetic anomalies confirm multiple target areas, Contention pit hosts dikes along strongest structure, excellent potential for CRD deposits
  • Distinct NSAMT anomalies indicate discrete sub-horizontal conductors at depths of 600 and 700m in the south half of the Contention Pit and are interpreted to represent massive or semi-massive CRD sulphide bodies and occur well below any historic mining or drilling
  • Aztec high-grade samples in Contention Pit, grade up to 3,178 gpt silver and 23.5 gpt gold, epithermal stockwork mineralization open along strike. Out of 94 samples collected from within the pit, silver assays ranges from <0.1 to 3,178 gpt (114.5 average) and gold assays range from  <0.005 to 23.5 gpt (1.60 gpt average)
  • *Historic drilling by USMX aimed at exploring for shallow epithermal gold-silver mineralization around the Contention pit in 1993, well after the mine had closed. Their result returned multiple intersections including 1.61 gpt Au, 91.2 gpt Ag over 44.2m.  USMX drilled 7,350 m in 86 shallow RC holes at the north end of the pit to delineate shallow, bulk tonnage, heap leach, epithermal gold-silver mineralization.  Historic drilling highlights were as follows:
    • *44.2 m @ 1.61 gpt gold and 91.2 gpt silver in hole TR-01
    • *68.6 m @ 1.42 gpt gold and 28.6 gpt silver in hole TR-02
    • *38.1 m @ 1.73 gpt gold and 35.3 gpt silver in hole TR-08
    • *35.1 m @ 1.54 gpt gold and 24.1 gpt silver in hole TR-12
    • *30.5 m @ 2.65 gpt gold and 37.6 gpt silver in hole TR-41
    • *41.1 m @ 1.20 gpt gold and 49.1 gpt silver in hole TR-70

These USMX drill intercepts indicate the presence of bulk tonnage, epithermal oxide gold-silver mineralization around the center and northern part of the Contention pit and much of the remainder of the pit remains undrilled. This drilling campaign will attempt to verify the historic results by twinning some of their drill holes in addition to drilling new and un-explored areas.

*Aztec will attempt to verify these historic results with this drilling campaign.   Aztec has in its possession the historic drill logs, maps and reports but does not have any information on the quality assurance or quality control measures taken and recognizes these results are non NI-43-101 compliant.

Joey Wilkins, B.Sc., P.Geo., the VP Exploration & Chief Geologist of Aztec, is the Qualified Person who reviewed and approved the technical disclosures in this news release.

“Simon Dyakowski”

Simon Dyakowski, Chief Executive Officer
Aztec Minerals Corp.

About Aztec Minerals – Aztec is a mineral exploration company focused on the discovery of large polymetallic mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone properties host both bulk tonnage epithermal gold-silver as well as CRD silver-lead-zinc mineralization in Cochise County, 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:
Simon Dyakowski, CEO or Bradford Cooke, Chairman
Tel: (604) 619-7469
Fax: (604) 685-9744

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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.

Forward-Looking Statements:

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation.  Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements.  Accordingly, the actual events may differ materially from those projected in the forward-looking statements.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

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