Aztec Reports Final Gold and Multi-Element Results From 2023 RC Drilling from the Cervantes Project, Sonora, Mexico; Multiple, Shallow and Broad, Oxidized Gold Intercepts Continue the Expansion of the California Target Mineralized Zone

VANCOUVER, BC / ACCESSWIRE / March 7, 2024 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) announces the final results of Au and multi-element analysis for its 2023 RC drill program at the Cervantes project in Sonora, Mexico. The RC drill program comprised 1,646 meters in 13 RC drill holes testing the California porphyry gold target located in the district of Soyopa, Sonora, Mexico. Total drilling by Aztec Minerals on the Cervantes project since 2016 now totals 67 drill holes and 12,134m.

The California target of near surface, oxide gold porphyry mineralization was successfully expanded, and the presence of anomalous copper, molybdenum and silver, in addition to significant gold mineralization, corresponds well in relation to the top of large, strong IP chargeability anomaly astride an aeromagnetic low anomaly.

RC drill results at the California target returned significant gold mineralization from the 2023 RC drill program on the Cervantes property located in Sonora, Mexico. The multi-element ICP results show good, positive relationships between Au, Cu, Bi, Ag, As, W and K (potassic alteration), negative relationships with Mo, Sb and Ca. The multi-element grades support the potential for an Au-Cu porphyry deposit at depth.

2023 California Target Drill Highlights

• All drill holes intersected oxidized Au mineralization.
• The California target continues to be open.
• The California target now has an area of 1,000 m by 300m drill demonstrated.
• The California target was found to continue on strike to the east at least another 400 m.

The primary focus of the Phase 3A RC drill program at Cervantes was to expand the previously drilled California zone. This was done successfully. To-date, every hole drilled at California has intersected near surface, oxidized gold mineralization with minor copper oxides.

Reported lengths are apparent widths, not true widths, and the observed gold mineralization is hosted in the California porphyry intrusive complex and is widely distributed in disseminations, fractures and veinlets within its quartz-feldspar porphyry, feldspar porphyry stocks, quartzites and related hydrothermal breccias.

Figure 1: California Zone Drill Progress Map

Holes CAL23-32 to CAL23-44 intersected significant gold mineralization, see table below, extending the known mineralized zone at depth, and also to the north, east and south of the California zone. The RC Phase 3A drilling program has been completed. It covers an area now measuring approximately 1,000 metres long by 300 metres wide, with demonstrated, continuous anomalous mineralization up to 265 metres depth vertically. The porphyry gold-copper mineralization is still open in all directions.

The multi-element ICP results show good, positive relationships between Au, Cu, Bi, Ag, As, W and K (potassic alteration), negative relationships with Mo, Sb and Ca. This will assist in vectoring exploration targets for expanding potentially economic mineralization in a porphyry deposit model. The multi-element ICP values support the exploration model of the California zone being at the highest portion of a porphyry system, where an overlying high sulfidation zone has been eroded away.

Every 2021-23 drill hole except one of the 44 drill holes successfully completed at the California and the adjoining California Norte targets has intersected near surface, oxidized gold mineralization with minor copper values. The 2023 RC drilling exploration program has continued the expansion of the footprint and the depth of the California target Au mineralization and alteration associated with the California porphyry intrusive complex with continued intercepts of broad gold mineralization.

The drill holes were mainly placed in step-out rows subparallel to the 2017-2018 drilling, oriented with azimuths 230 - 260, generally inclined at minus 65 degrees from horizontal. The rows were spaced approximately 50m to 100m apart and along the rows the collar spacings were 70m to 150m. There were four near vertical drill holes and three drill holes with azimuth perpendicular to the pattern that were made to test that there is no drill pattern bias in the results. One metallurgical drill hole (CAL22-027) was made by twinning at 25m distance a prior RC drill hole.

Drilling has also expanded the footprint of the known extents of the mineralized and phyllically altered California porphyry intrusive complex, demonstrating alteration zoning from east to west of argillic to phyllic alteration, multiple stockwork veining and hydrothermal brecciation types and stages, and confirmed the prior IP survey chargeability anomaly was related to disseminated sulfides. The 2022 core drilling program has shown that Au mineralization is limited by the enveloping argillic alteration, and seems to prefer to be close to the argillic/phyllic alteration boundaries.

The gold mineralization is strongly positively associated with Cu, As, Ag, Bi, W and K, while Mo, Sb and Ca anomalies are as haloes distal to the gold, Hg is usually undetectable, Pb and Zn are mainly distal, and Ba has a wide distribution.

The controls on mineralization/zoning are still to be identified. However, the dioritic quartz-feldspar porphyry (Qfp) and hydrothermal breccia (Hbx) lithologic units are seemingly the preferred hosts. The Qfp, Hbx and gold mineralization may be dipping to the north into the California Norte target. The gold mineralization appears to be widely distributed in disseminations, fractures and veinlets at high levels within its quartz-feldspar porphyry, feldspar porphyry stocks, quartzites and related hydrothermal breccias.

The planned testing of the California zone of the Cervantes phase 3A RC drilling program is complete. The primary objectives of the 2021 - 2024 exploration program are to better define the open pit, heap leach gold potential of the porphyry oxide cap at California, evaluate the potential for deeper gold - copper porphyry sulfide mineralization underlying the oxide cap, test for north and west extensions of the California mineralization. In 2024, subject to available funds, it is planned for further technical studies, reconnaissance work on other targets, metallurgical testing and the Cervantes phase 3B RC drilling program of approximately 20 drillholes comprising 2,850 meters including the California North and Jasper targets.

The following is a summary tabulation of all 2021-2023 RC and Core drill hole results:

Table 1: Cervantes 2021-2023 Drilling Select Multi-Element Results with Gold