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Details

CERVANTES HIGHLIGHTS

  • Large land package, claims cover 3,650 hectares in mining friendly Sonora state, Mexico 55km west of Mulatos and La India, both operating gold mines by Alamos Gold and Agnico Eagle
  • Aztec is operator of 65/35 Cervantes JV with Kootenay Silver
  • Phase 2 RC drilling program ongoing (Q1 2022)
  • The primary focus of the Phase 2 RC drill program at Cervantes is to expand the previously drilled California zone by completing two drill hole fences parallel to and on either side of the 2017-18 Phase 1 drill hole fence. To-date, every hole drilled at California has intersected near surface, oxidized gold mineralization with minor copper oxides.

Initial Phase 2 RC Drilling Results:

Drill Hole From m To m Interval m* Au gpt Comments
CAL22-001 16.77 77.74 60.97 1.451 230 Az, -60
Including 30.49 45.73 15.24 3.962  
 
  86.89 112.8 25.91 0.348  
 
CAL22-002 4.6 103.7 99.1 0.374 225 Az, -60
 
CAL22-003 45.7 91.5 45.7 0.451 235 Az, -60
Including 60.9 74.7 13.7 0.868  
 
CAL22-004 0 167.2 167.2 1.002 235 AZ, -60
Including 131.1 155.5 24.4 4.247  
 
  • Phase 1 Core Drilling near surface intercepts:
    1. 160 meters of 0.77gpt Au, 0.13% Cu and 3.4gpt Ag
    2. 139 meters of 0.70gpt Au, 0.10% Cu and 2.1gpt Ag
    3. 43 meters of 1.18gpt Au, 0.16% Cu and 5.1gpt Ag
  • Multiple gold targets along Northeast-Southwest 6-kilometer corridor defined by soil samples, pervasive alteration, hydrothermal breccias
  • IP geophysics outlines extensive and strong chargeability anomalies, including below California target, anomalies open and not closed off
  • Airborne Magnetics and Radiometrics highlight the Northeast-Southwest corridor, strong magnetic high under California and expanding to east and north
  • Very good preliminary metallurgical work on oxidized drill core: up to 88% gold recovery on 2.0mm oxide material and 78% on mixed oxide-sulphide material
  • Aztec now controls 65% of project having completed 4-year earn-in with Kootenay Silver and forming 65/35 Joint Venture

Cervantes is a highly prospective porphyry gold-copper-molybdenum property 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. Our 3,650-hectare property is situated on private ranch lands accessed via dirt road from the town of Tonichi.

Aztec completed a Phase 1, 17 diamond core hole program in 2018, 2,675 meters in total. The drilling was conducted on 2 targets, the California and Jasper, however the bulk of work completed at California. Holes tested an impressive 900m by 600m gold in soils anomaly that averaged 0.44gpt over hydrothermal breccias, quartz feldspar porphyry intrusive, and Paleozoic siliciclastic sediments. Every hole in the 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. The system is completely open in all directions.

Results of Phase 1 Drill program:

Drill Hole Results Table

The California gold-copper-silver mineralized target remains open for expansion along strike, across the breadth and down plunge, where a large, strong IP chargeability remains to be tested by future programs. Multiple gold+/-copper 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. Petrographic work on drill holes identified the presence of albite (sodic) alteration in addition to quartz-sericite-carbonate-chlorite-biotite-tourmaline hosted in breccias with igneous fragments of diorite to granodiorite. Sulphides identified include pyrite, chalcopyrite, covellite, cubanite, and sparse sphalerite.

Preliminary metallurgical studies on drill core samples were grouped into 4 separate types of mineralization (domains), Oxide 1, Oxide 2, Mixed Oxide/Sulfide and Sulfide. The following are very good results and show upside potential for heap leach gold recovery. Highlights of the bottle roll gold recovery results are as follows:

  • 85.1% recovery on 2.0mm material and 94.3% on 75 micron material in sample Oxide 1
  • 87.7% recovery on 2.0mm material and 94.2% on 75 micron material in sample Oxide 2
  • 77.9% recovery on 2.0mm material and 89.0% on 75 micron material in sample Mixed Oxide/Sulphide
  • 51.2% recovery on 2.0mm material and 78.7% on 75 micron material in sample Sulphide

To date, 1,183 soil samples have been collected spanning about 630 hectares with sample spacings from 25m to 200m. Robust gold in soil anomalies are found on California, Purisima East, Purisima West, and Jacobo: only the California target has been drill-tested. Gold in soil anomaly measures 700m by 700m covering Purisima East and coincides with large breccia bodies resembling diatremes with strong sericite and kaolinite alteration.

A 12.8km pole-dipole IP geophysical survey was completed in 2016 over 220 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 3-dimensional IP survey covering 520 hectares was conducted in 2019, extending the coverage from the 2016 survey towards the west and southwest covering 3 additional targets: Estrella, Purisima East, and Purisima West. Impressive and extensive IP anomalies were detected from near surface to depths of 500m on all three targets. Collectively, Aztec has 740 hectares of IP coverage on the project with open-ended anomalies confirming the extensive mineral potential.

A helicopter airborne magnetic-radiometric-VLF survey was completed in 2018, covering the entire property with 100-meter spaced lines flown at 40m altitude. The data show multiple magnetic highs spaced along the northern 1/3rd of the property, often coinciding with the targets. A large magnetic high sits under the California target, extending north and east, supporting the association of gold-copper with a magmatic source. A slight embayment is noticeable at California where the gold+/-copper mineralization was detected in the 2018 drilling.

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