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Details

Tombstone Joint Venture Project Overview

  • Aztec holds a 75% interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the district as well as some recently acquired properties
  • Aztec controls 1,116.94 acres (452.02 hectares), of patented and unpatented claims which includes most of the original patented claims in the heart of Tombstone Mining District and Contention Pit. A well-located property on patented (33) and unpatented (42) claims, covering much of the historic Tombstone silver mining district, great infrastructure, local town, road access, full services, water, power and permitting for current exploration and an aggregate operation
  • Tombstone produced 32M ounces of Silver, 240K ounces of Gold, 65M pounds of Lead, and 1.1M pounds of Zinc from 1.5M tons and mostly from oxide ores between 1878 and 1939
  • Drilling by Aztec in 2020-23 of 51 drill holes and 6,579.3 m has demonstrated that the Contention Pit target has significant oxidized Au-Ag mineralization which is open in all directions
  • Historic mining was conducted on 0.5 to 20 m thick, bedding controlled, supergene enriched, oxidized high-grade mantos (CRD's) and high angle fissure veins and intrusive dikes within the lowermost Bisbee Group sedimentary package
  • Over to 2,000 meters (6,600 ft) of prospective Paleozoic limestones for CRD mineralization potentially to be found below the Upper Cretaceous Bisbee Group sediments, at the project this potential indicated by historic, moderate depth drilling that has intercepted CRD mineralization returned multiple intersections grading up to 32 gpt silver, 0.61% copper, 6.5% lead and 2.6% zinc over 7.2m core length
  • Nearly all historic mining terminated near the base of Bisbee Group due to water table at approximately 190 m depth, deeper mining was limited due to pumping problems, mine flooding
  • Considered a close geologic analogy to the Hermosa-Taylor CRD deposit (110+ million tonnes of 10% Zinc Equivalent), 65 kms to the SW of the Tombstone project and it's underlying limestones is an important exploration target for similar CRD mineralization
  • Strong AMT anomalies have been found giving confirm multiple target areas at moderate depths, coinciding with Contention faults and dikes
  • Excellent drilling results to date from 2020 thru 2023 RC and Core totaling 51 drill holes, 6,579.3 m, with some of the best results for the SW USA exploration region.
  • The Contention pit drilling has intersected mineralization over a north-south length of 900 meters by over 150 m to 350 m of east-west width and to maximum depths of 225 m. with Au-Ag mineralization still open in all directions and at depth.
  • Multiple exploration targets have been identified on the project and more are being developed

Aztec has recently completed a 7 drill hole, 870.3 m core drilling program conducted at the Tombstone project in Southeastern Arizona from February through May 2023. This program was designed to step out along the west, east sides and below from the 2020-2021 Phase 1 and 2 RC drilling mineralized intercepts to expand resources and understanding on the shallow, broad, bulk tonnage oxidized gold-silver mineralization discovered by Aztec around and below the Contention pit with a total of 51 drill holes with 6,579.3 meters.

The combined 2020-2021 Phase 1 and 2, 44-hole, 5,709 meter RC drilling programs tested for the potential for shallow, broad, bulk tonnage oxidized gold-silver mineralization around and below the Contention open pit and underground mine workings, and was successful in finding it. The Contention Mine was historically the largest of the supergene enriched, high grade oxidized silver mines in the Tombstone silver district and produced half of the district's historic production (32 million oz past production) in the late 1800's-early 1900's. More recent Contention open pit mining in the early to mid-1980's focused on gold-silver mineralization to approximately 60m depth entirely hosted within the lower Cretaceous Bisbee Group siltstones and sandstones. The other historic mines in the district exploited oxidized veins and mantos hosted within the bottom portion of the lower Bisbee Group immediately beneath the Contention pit level and had more limestones in the section and also partially within the underlying Paleozoic limestones.

Additional previous work by Aztec includes a surface exploration program of structural and geological mapping, rock sampling, trench sampling, an AMT resistivity survey and a airborne geophysical surveying on the Tombstone Project in southern Arizona. (map link here).

The focus of this exploration work was to better define the three styles of mineralization known to exist on the properties and to identify top priority targets for drilling. The three types of mineralization at Tombstone are as follows:

  • Potential high grade, bulk tonnage carbonate replacement deposits ("CRD"), which could lie below the Bisbee Group in the underlying Paleozoic limestones, a geologic setting similar to the Taylor deposit of Arizona Mining, located only 65 kilometers southwest of Tombstone, who recently received a CAD$1.8 billion friendly take-over bid by South 32, evidenced by historic moderate depth drilling
  • Bulk tonnage gold-silver mesothermal disseminated and stock-work mineralization also cutting the Bisbee Group and focused around dioritic quartz-feldspar porphyry dikes, on which the Contention open pit, heap leach mine was developed in the 1980's (map link here)
  • High grade silver-gold-lead (zinc-copper) fissure veins cutting Cretaceous lower Bisbee Group clastic sediments, which hosted most of the historic mines in the Tombstone district

Tombstone Project Overview

Aztec holds a 75% interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the district as well as some recently acquired properties. Aztec controls 1,116.94 acres (452.02 hectares), of patented (33) and unpatented (42) claims which includes most of the original patented claims in the heart of Tombstone Mining District and Contention Pit.

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

Host rocks to the mineralization were primarily the clastic sediments of the lowest portion of the Upper Cretaceous Bisbee Group. Within the project at generally below 200 meters (m) in depth, the Bisbee Group is underlain by the same Paleozoic limestone formations of an estimated 2,000 m thickness that host the Hermosa-Taylor zinc-lead-silver deposit located 60 km southwest of Tombstone. The 110 M tonne of 10% Zn equivalent deposit was discovered by Arizona Mining in 2015 and they accepted a takeover bid from South32 Limited in 2018.

The mineralization observed to date in the drilling is strong, low sulfidation, mesothermal (gold-silver), marked by hydrothermal breccias, quartz veining and silicification associated with quartz-feldspar porphyry dikes and moderate to strong potassic, argillic and incipient hornfels, marbles and skarning within the host Bisbee sandstones, siltstones and limestones. Areas of intense hematite, goethite and manganese wad are extensive, associated with quartz and calcite veins and localized hornfelsing and skarn alteration. Cerargyrite (silver chloride) is observed in fractures, often with fine-grained visible gold. Most Au-Ag mineralized zones intersected in the 2020 - 2023 drill programs are proximal to the historic underground mine workings.

The Contention pit Au-Ag mineralization zones are generally west dipping at around 60-80 degrees, associated with the quartz-feldspar porphyry dikes. However, these dikes also extend as sills in shallow angles out from the Contention fault along fold noses in the Bisbee clastic sediments so the full range of mineralization dips vary from 20 to 80 degrees.

The 2020-23 drill holes were collared along the western rim and inside of the Contention-Grand Central pit and have intersected mineralization over a north-south length of 900 meters by over 150 m to 350 m of east-west width and to maximum depths of 225 m. with Au-Ag mineralization still open in all directions and at depth.

Tombstone's Potential Upside

Aztec's focus is actively discovering new zones of the shallow, open pit-able oxidized mineralization around the Contention pit that is being demonstrated by Aztec as having a viable economic potential. The deeper mesothermal and CRD mineralization targeting is still being developed from exploration results and research. As an example, the smaller, historic high-grade silver mines are very useful in showing where mineral-controlling structures are located. It is being found that these controlling structures carry through to depth in current and historic drilling and correspond with CRD mineralization The geological, geochemical and geophysical surveys have identified several prospective areas with the potential to host CRD mineralization within the underlaying Paleozoic limestones. The targets begin at roughly 400m and continue to over 1,000m depth. The deepest extent of silver-gold-lead mines in the district found in the base of the Bisbee Group in the Tombstone district typically are less than 300 meters below surface and still contain mineralization.

Aztec drilling programs samples and their collection are controlled by an industry standard conforming QAQC program including insertions of certified standards, blanks and sample duplicates. The samples were regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.

Core and RC samples are sawn or split and are continuously collected over 5 foot (1.52m) sample intervals from all drill holes. The samples were analyzed for gold with a 30-gram sample size using the fire assay method FA430 followed by multi-element MA300, including silver. Over limits, when present, are analyzed by MA370 or FA530. All holes contain certified blanks, standards, and duplicates as part of the quality control program.

Tombstone 2020-23 Drilling Highlights:

  • TR21-22: 2.44 gpt Au and 66.56 gpt Ag (3.39 gpt AuEq) over 65.5m
  • TR21-10: 1.39 gpt Au and 56.40 gpt Ag (2.20 gpt AuEq) over 96.0m
  • TR21-03: 5.71 gpt Au and 40.54 gpt Ag (6.28 gpt AuEq) over 32.0m
  • TR21-13: 1.80 gpt Au and 36.90 gpt Ag (2.33 gpt AuEq) over 70.1m
  • TR21-17: 1.73 gpt Au and 56.20 gpt Ag (2.53 gpt AuEq) over 64.0m
  • TR21-08: 2.09 gpt Au and 47.1 gpt Ag (2.76 gpt AuEq) over 39.6m
  • TR21-18: 0.76 gpt Au and 20.61 gpt Ag (1.05 gpt AuEq) over 64.0m
  • TR20-02: 0.94 gpt Au and 42.1 gpt Ag (1.60 gpt AuEq) over 77.7m
  • TR20-03: 0.77 gpt Au and 25.2 gpt Ag (1.07 gpt AuEq) over 97.5m
  • TR23-01: 0.58 gpt Au and 72.19 gpt Ag (1.63 gpt AuEq) over 125 m
  • TR23-05: 2.82 gpt Au and 176.64 gpt Ag (5.02 gpt AuEq) over 36.0 m

Gold equivalents are calculated using a 80:1 silver:gold ratio in 2020 and 2023 and a 70:1 silver:gold ratio in 2021. Reported lengths are apparent widths, not true widths.

QP Statement - Allen David Heyl, B.Sc., CPG., is the Qualified Person for Aztec and has reviewed and approved the technical disclosures contained herein.

The following table is a summary tabulation of all 2020-23 drill hole results.

Tombstone Drilling Summary

Drill Hole From_ m To_ m Interval_m Au gpt Ag gpt Au Eq gpt (1) Comments
2020 Phase 1 RC Drilling
TR20-001 105 Az, -45             No significant results
TD 199.64m              
TR20-002 016 Az, -60 19.81 96.01 *67.06 1.07 42.1 1.6 *Excludes 9.14m of Tunnels
TD, 156.97m 19.81 45.72 25.91 0.83 21.7 1.1  
  45.72 59.44 12.2 3.18 136.4 4.89  
  83.82 92.96 9.14 0.62 21 0.88  
  102.11 115.82 13.72 0.32 14.5 0.5  
               
TR20-003 095 Az, -60 6.1 103.63 *93.06 0.77 25.2 1.07 *Excludes 4.47m of Tunnels
TD 230.12m 16.76 24.38 7.62 0.58 15 0.77  
  25.91 39.62 10.67 0.99 24.3 1.3  
  42.67 62.48 19.81 0.3 26.8 0.63  
  67.06 102.11 35.05 1.24 36.1 1.69  
               
TR20-004, -90 18.29 82.3 *54.86 0.54 25.9 0.85 *Excludes 9.14 of Tunnels
TD, 124.97m 0 6.1 6.1 0.43 3.3 0.47  
  18.29 38.1 19.81 0.84 24.2 1.15  
  47.24 82.3 35.05 0.39 26.9 0.72  
               
TR20-005 170 Az, -60 25.91 48.77 21.34 0.52 26.3 0.85 Excludes 1.52m of Tunnel
TD, 132.59m 25.91 41.15 15.24 0.62 30 1  
  42.67 48.77 6.1 0.26 17.1 0.47  
  77.72 82.3 4.57 0.42 8.3 0.53  
               
TR20-06 155 Az, -45 10.67 39.62 *13.71 0.78 23.5 1.07 * Excludes 15.24m of Tunnels
TD, 152.4m 28.96 33.53 4.57 3.65 48.5 4.26  
               
TR20-07 040 Az, -50 22.86 50.29 19.81 0.41 11.1 0.55 *Excludes 7.62m of Tunnels
TD, 152.4m 25.91 30.48 4.57 * * * * Underground Tunnel, no recovery
  32 35.05 3.05 * * * * Underground Tunnel, no recovery
  38.1 44.2 6.1 0.77 13.3 0.94  
               
TR20-08 098 Az, -60 12.19 71.63 57.91 0.59 11.8 0.74 * Excludes 1.52m of Tunnel
TD, 152.4m 12.19 24.38 10.67 1.57 22.8 1.85 * Excludes 1.52m of Tunnel
  15.24 16.76 1.52 * * * * Underground tunnel, no recovery
  62.48 68.58 6.1 1.58 10.8 1.72  
               
TR20-09 098 Az, -85 32 65.53 30.48 3.21 45.6 3.78 * Excludes 3.05m of Tunnel
TD, 152.4m 32 50.29 15.24 6.18 77.2 7.15 * Excludes 3.05m of Tunnel
  41.15 44.2 3.05 * * * * Underground Tunnel, no recovery
  126.49 132.59 6.1 0.45 8.1 0.55  
               
TR20-010, 0, -90 18.29 47.24 *27.43 0.18 40.4 0.69 *1.52m of tunnel
Hole lost at 68.58m              
with 30.48 38.1 7.62 0.3 85.5 1.37  
               
TR20-011, 330, -70 30.48 83.82 *27.43 0.31 14.3 0.49 *25.91m of stopes, tunnels
TD 155.14m              
               
TR20-012, 95, -60             No Significant Intercepts
Hole lost at 80.77m              
               
TR20-013, 260, -60 12.19 60.96 48.77 0.38 50.7 1.01  
Hole lost at 60.96m              
with 15.24 41.15 25.91 0.43 78.4 1.41  
               
TR20-014, 0, -90 16.77 47.25 *28.96 0.17 19.2 0.41 *1.52m of tunnel
TD 152.4m with 27.43 30.48 3.05 0.55 51.3 1.19  
Proximal twin of 010              
               
TR20-015, 255, -60 16.76 38.1 21.34 0.27 34.7 0.7  
TD 152.4m Proximal twin of 013            
               
TR20-016, 308, -60 39.62 67.06 27.43 0.38 11.2 0.52  
TD 152.4m with 47.24 50.29 3.05 2.25 41 2.76  
               
TR20-17, 285, -60 1.52 141.73 140.21 0.38 19.3 0.62  
TD 152.4m with 109.73 131.06 21.34 1.32 59.8 2.07  
               
TR20-18, -90 80.77 115.82 *32.00 1.4 55.2 2.09 Excludes 3.05m of tunnel
TD. 152.4 with 94.49 105.16 *7.62 4.18 174.2 6.36 Excludes 3.05m of tunnel
               
TR20-19, 105, -50 0 24.38 24.38 0.89 11.5 1.04  
TD. 56.39m, hole lost 3.05 9.14 6.09 2.34 10.3 2.2  
               
TR20-20, 105, -50 0 15.24 15.24 0.58 11.2 0.72  
TD. 152.4 44.2 56.39 12.19 0.47 12.61 0.62  
Proximal to 19 65.53 147.83 82.3 0.74 23.8 1.03  
with 76.2 99.06 22.86 1.74 56.1 2.45  
               
TR20-21, 265, -60 47.24 51.82 4.57 1.89 143.2 3.68  
TD. 152.4m 68.58 77.72 *7.62 0.65 33.3 1.07 Excludes 1.52m of tunnel
  88.39 103.63 15.24 0.61 76.9 1.58  
  149.35 152.4 3.05 0.26 18.3 0.48 Bottomed in Mineralization
               
2021 Phase 2 RC Drilling              
Drill Hole From m To m Interval m* Au gpt Ag gpt Au Eq gpt (1) Comments
TR21-01 68.6 71.64 3.04 0.188 4.1 0.247  
104 Az, -50 82.32 109.76 27.44 0.177 24.94 0.533 Two, 1.5 m tunnels at 100.6 m
135.7 m TD             and 108.2 m
               
TR21-02 96.04 123.48 27.44 0.589 17.99 0.846  
104 Az, -60              
152.4 m              
               
TR21-03 18.29 21.34 3.05 0.271 2.25 0.303  
104 Az, -45 57.93 60.98 3.05 1.41 0.4 1.415  
152.4 m TD 80.79 112.8 32.01 5.713 40.54 6.282  
Including: 89.94 105.18 15.24 11.891 62.86 12.788  
  120.43 125 4.57 0.159 5 0.23  
  129.57 132.62 3.05 0.272 14.9 0.485  
               
TR21-04 56.4 60.98 4.57 0.799 9.53 0.935  
104 Az, -60 68.6 89.94 21.34 1.193 37.06 1.723  
129.6 m TD 103.05 123.48 20.43 0.105 21.01 0.405 Tunnel of 3.7 m at 103 m
               
TR21-05 47.26 68.59 21.34 2.071 26.06 2.444  
104 Az, -60              
68.6 m TD              
               
TR21-06 7.62 12.2 4.57 0.765 38.5 1.315  
104 Az, -65 62.5 65.55 3.05 0.866 2.15 0.896  
182.9 m TD 83.32 157.01 73.69 0.22 17.3 0.468  
Including: 83.32 92.99 9.67 0.641 14.1 0.584  
  123.48 157.01 33.53 0.202 23.9 0.544  
               
TR21-07 1.52 6.1 4.58 0.776 34.6 1.272  
104 Az, -45 57.93 59.45 1.52 1.404 3.1 1.448  
117.4 m TD 67.07 74.69 7.62 0.303 1.4 0.323  
  88.41 112.8 24.39 0.491 23.1 0.821 Tunnel of 4.6 m at 91.4 m - 96.0 m
               
TR21-08 53.35 92.9 39.64 2.085 47.1 2.758  
104 Az, -90              
92.9 m TD              
               
TR21-09 44.21 51.83 7.62 0.173 9.2 0.305  
284 Az, -80 68.6 73.17 4.57 1.16 12.93 1.345  
176.8 m TD 82.32 108.23 25.91 0.452 16.9 0.694  
Including: 82.32 86.89 4.57 0.701 33.8 1.184  
  92.99 99.08 6.09 1.049 24.35 1.397  
  103.66 108.23 4.57 0.35 21.6 0.658  
               
TR21-10 0 4.57 4.57 0.192 4.2 0.252  
104 Az, -45              
135.7 m TD 25.91 121.95 96.04 1.39 56.4 2.196 Two tunnels, 3 m at 74.7 m
Including: 25.91 65.55 39.44 2.472 28.9 2.967  and 4.5 m at 86.9 m
  77.74 97.56 19.82 0.955 24.98 1.312  
  111.28 121.95 10.67 0.837 60.96 1.708  
               
TR21-11 4.6 21.3 16.7 0.17 6.04 0.256  
104 Az, -65 57.9 65.5 7.6 0.069 12.38 0.256  
135.7 m TD 82.3 106.7 24.4 1.198 71.64 2.221 Tunnel of 3 m at 111.8 m
               
TR21-12 83.8 91.5 7.6 0.266 20.9 0.565  
101 Az, -45              
152.4 m TD              
               
TR21-13 82.3 152.4 70.1 1.804 36.9 2.331 Visible Gold
101 Az,-70             Tunnel of 1.5 m at 103.7 m
178.4 m TD              
               
TR21-14 18.3 30.5 12.2 0.087 11.65 0.254  
288 Az, -80 61 68.6 7.6 0.323 9.9 0.464  
138.7 m TD 83.8 91.5 7.6 0.136 11.74 0.304  
  112.8 118.9 6.1 0.047 12.35 0.223  
  129.6 135.7 6.1 0.042 24.37 0.39  
               
TR21-15 15.2 22.8 7.6 0.198 16.8 0.438  
104 Az, -60              
83.8 m TD 39.6 82.3 42.7 0.225 18.34 0.487 Tunnel of 6.1 m
               
TR21-16 48.8 112.8 64 0.807 15.98 1.035 Incl. Partial Tunnel at 109.8 m
Including 86.9 100.6 13.7 3.607 51.55 4.343 Visible Gold
104 Az, -90              
157 m TD              
               
TR21-17 27.4 91.4 64 1.726 56.198 2.529  
Including 32 42.7 10.7 4.076 59.4 4.925 Visible Gold
104 Az, -60 82.3 85.4 3.04 6.455 274 10.369  
92.9 m TD              
               
TR21-18 36.6 100.6 64 0.755 20.61 1.049 Visible Gold
Including 77.7 86.8 9.1 2.458 37 2.987 Tunnel of 3 m at 80.8 m
104 Az, -90              
135.7 m TD 106.7 128 21.3 0.147 11.679 0.313  
               
TR21-19 65.5 74.7 9.1 0.778 81.6 1.944 Tunnel of 1.5 m at 65.5 m
104 Az, -60              
74.7 m TD              
               
TR21-20 35.5 80.8 47.3 0.247 15.2 0.464 Stope of 7.6 m at 70.1 m
104 Az, -90              
80.8 m TD              
               
TR21-21 18.3 36.6 18.3 0.797 15.05 1.012 Twin of USMX TR57: Tunnel of 3 m
105 Az, -45             at 24.4 m
62.5 m TD 56.4 62.5 6.1 1.31 48.1 1.997 Tunnel of 4.6 m at 56.4 m
               
TR21-22 21.3 86.9 65.5 2.441 66.56 3.392 Twin of USMX TR67
Including 77.8 85.4 7.6 16.8 374.36 22.148  
90 Az, -60              
125 m TD              
               
TR21-23 54.9 62.5 7.6 0.203 8.86 0.329  
104 Az, -85              
93 m TD 68.6 93 24.4 0.556 16.62 0.793  
2023 Core Drilling              
Drill Hole From m To m Interval m* Au gpt Ag gpt Au Eq gpt (1) Comments
TC23-01 53.3 178.3 125 0.58 72.19 1.63 Incl. stopes of 15.9 m**
Including: 61 62.5 1.52 22.4 48.7 23.01  
  125 132.6 7.65 0.52 733.92 9.7  
Incl: 126.5 128 1.52 0.115 3477 43.578  
               
TC23-02 86.9 132.1 45.3 1.69 29.07 2.04 Incl. stopes of 6.5 m**
Including: 95.1 105.1 10.1 6.63 72.81 7.49  
               
TC23-03 70.1 132.6 62.5 0.47 24.05 0.77 Incl. stopes of 6.1 m**
               
TC23-04 12.2 47.2 35 0.12 19.14 0.36 Incl. stopes of 2.9 m**
               
TC23-05 19.8 55.8 36 2.82 176.6 5.02 Incl. stopes of 4.4 m**
Including: 23.5 39 15.5 6.45 408.47 11.55  
               
TC23-06 29.6 71.7 42.1 0.4 30.79 0.78 Incl. stopes of 8.5 m**
               
TC23-07 6.1 24.4 18.3 0.26 7.43 0.36  
  1. AuEq gpT is estimated in 2020, 2023 at 80:1, 2021 at 70:1 Au to Ag in value per g weight
  2. Au, Ag, and AuEQ are in grams per ton, "gpt"
  3. Additional information related to true thicknesses on individual holes can be found in prior NR's dated Sept 29, Oct 21, Nov 30, and Dec 22
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