Vancouver, Canada – February 1, 2018 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) has intersected long intervals of porphyry gold (copper, silver) mineralization including shorter intervals of high grade gold mineralization in the initial results of its Phase 1, 15 hole, 3,000 metre (m) drill program at the Cervantes Project in Sonora State, Mexico.

Drilling Highlights Include:

• 139.0 m from surface grading 0.71 grams per tonne (gpt) Au, including 2.10 gpt Au over 20.0 m and 2.0m of 5.52 gpt Au in hole 17CER005 at the California zone
• 117.0 m from near surface grading 0.63 gpt Au, including 1.18 gpt Au over 43.0 m and 2.0m of 4.05 gpt Au, in hole 17CER003 at the California zone

Drill Results Table:

Joey Wilkins, CEO of Aztec, commented: "These positive results from three of the first five drill holes of our Phase 1 drill program confirm that the California zone has excellent bulk tonnage porphyry gold (copper, silver) potential at Cervantes. Holes 3, 4 and 5 were drilled to test a small part of a large surface geochemical gold anomaly on the hill that forms the California zone (http://www.aztecminerals.com/_resources/Jan30_2018-DH-Map_Cerv_Final.jpg).

“As expected, we intersected gold oxide mineralization where the copper has been partially leached out as well as mixed oxides-sulfides transitioning to sulfide mineralization at depth.  The entire California zone is underlain by a large, strong IP chargeability anomaly from 100 m depth down to at least 500 m that could represent the heart of a porphyry gold (copper, silver) sulfide system.

“A total of 810 m were drilled in the first five holes, and we are currently drilling hole nine.  Our first two drill holes intersected anomalous but sub-economic copper-gold-molybdenum oxide mineralization from top to bottom in the Jasper zone west of the California zone.  The main focus of our remaining holes in the Phase 1 drill program will be to systematically test the western half of the much larger California zone.”

Brief hole-by-hole descriptions follow below.

17CER001:  Jasper zone – to test high grade oxide copper-gold mineralization near a north-south fault
0-15.85m             Overburden
15.85-42.5m       Polymictic Breccia composed of hornfels sediments and quartz feldspar porphyry, hematite-goethite matrix filling. Hole was lost due to broken ground and fault gouge.
Assays range from trace up to 0.05 gpt gold, 0.09% copper, 6.10 gpt silver

17CER002:  Jasper zone – 50 m north of Hole 1
0-7.0m                  Overburden
7.0-227.0m          Polymictic Breccia, hematite to goethite matrix, disseminated and veinlet oxides, scattered minor copper oxides, moderate iron and manganese oxides, locally silicified fragments and matrix, minor chlorite, strong foliation and fracturing, also Quartz Feldspar Porphyry, Aplite Dike
Assays range from trace up to 0.72 gpt gold, 0.20% copper, 3.5 gpt silver, 0.018% molybdenum

17CER003:  California zone – to test large, strong, oxide gold geochemical anomaly
0-202.0m             Quartz Feldspar Porphyry (QFP) and Intrusive Breccia, strong hematite and goethite after disseminated and veinlet sulphides up to 3%, abundant clay and sericite alteration, quartz veinlets and silicification, locally brecciated to re-brecciated, some Fault Zones, terminated in Hornfels-Siltstone
Assays range from trace up to 5.52 gpt gold, 0.54% copper, 28.8 gpt silver

17CER004:  California zone – weaker part of gold geochemical anomaly
0-194.0m             QFP, goethite, hematite, quartz veinlets and silicification, manganese oxide, sparse siderite, minor quartzite fragments, Faulted Zones and Intrusive Breccia, pyrite as matrix and disseminated, partly oxidized to hematite and goethite, sericite, clay, silicified with quartz-calcite veinlets, minor patches of Hornfels, Rhyolite, Aplite, terminated in Polymictic Breccia, Hornfels.
Assays range from trace up to 0.76 gpt gold, 0.12% copper, 4.70 gpt silver

17CER005:  California zone – stronger part of gold geochemical anomaly
0.0-145.0m          QFP, Intrusive Breccia, oxidized with goethite, minor abundant hematite, strong clay and sericite alteration, minor quartz veinlets and silicification, sulphides up to 6%, some Fault Zones, strong sericite-clay alteration, pyrite veins up to 7.0cm wide, some Polymictic Breccias and Hornfels, intense alteration near contact with Diorite Dike, 10-15% pyrite, terminated in Polymictic Breccias, Hornfels
Assays range from trace up to 4.30 gpt gold, 0.70% copper, 7.6 gpt silver

Joey Wilkins, B.Sc., P.Geo., President and CEO of the Company, 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 rice sacks. Samples were typically collected in 2.0m intervals with occasional exceptions of 1.5 or 3.0m intervals. Blanks, duplicates, and certified standards were inserted into the sample stream and subsequently reviewed without any outliers or abnormal results. The samples were delivered to Bureau Veritas Laboratories in Hermosillo and analyzed for gold using a 30gram sample by fire assay fusion with AAS finish. Samples were shipped to Vancouver and analyzed with a 0.25gram sample using 4-acid ICP-MS providing analysis on 45 elements.   

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.

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
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 receipt of regulatory approval of the Option Agreement, the exercise of the option on the Tombstone properties, the planned exploration activities on the Cervantes and Tombstone properties, receipt of assay results from drilling on the Cervantes property, the completion of further drilling on the Cervantes property, 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.