Aztec Increases Ownership of Tombstone Property, Arizona, and Provides Update on Exploration and Drilling Program
03.09.2024 | The Newswire
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Aztec Tombstone Property JV interest increased to 77.7%
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12 hole, September 3, 2024 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) ("Aztec" or the "Company") and Dragoon Resources LLC ("Tombstone JV Partners") plan a CAD$900,000 exploration program commencing in September 2024 for the Tombstone Property located in Cochise County, Arizona. The exploration and drilling program will target shallow zones identified as prospective for high-grade silver-gold mineralization, resulting from the recently completed surface exploration and 3D modelling programs.
The Tombstone Property joint venture ("JV") management committee also announces that the respective partners' participating interests have been adjusted, with the new joint venture participating interests recalculated to 77.7% Aztec (from 75.0%) and 22.3% Tombstone Partners (from 25.0%). The JV management committee met recently to review and approve the upcoming 2000-meter reverse circulation ("RC") exploration drilling program to commence in September 2024 (see figure 1 below).
The RC program is designed to expand the known mineralization horizontally and down dip beyond the holes drilled in 2020-23 at the Contention Pit, with step outs to enlarge the shallow, broad, bulk tonnage gold-silver mineralization discovered there, and explore new targets identified in the Westside area. The drilling target areas are located within the Tombstone property patented claim holdings (including the recently acquired Westside Patented Claim) which provides the JV with the ability to rapidly advance exploration with a short permitting timeline for future drilling. Drill targets were identified from the results of the 2024 surface exploration program which provided essential geological information to support the follow-up exploration drilling program. The program is expected to focus on targeting the following zones and styles of high-grade gold and silver mineralization:
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Step-out drilling near the Contention pit is designed to expand the known broad, bulk tonnage gold-silver mineralization horizontally and downdip beyond the drill holes drilled in 2020-23.
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Initial shallow drilling on the Westside area of the property targeting the continuity of multiple high-grade mineralized structures of known, historic underground production. At these targets, the following styles and geological settings of mineralization have been recognized:
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Potential high-grade mineralization hosted along anticlines, with the targets refined by the maiden integration of all exploration data into a modern 3D geological model
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Potential high-grade mineralization along fissures and faults, aligned along existing historic high-grade historic workings
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Potential mineralization hosted on the edges or by intrusive structures and dikes, recently mapped in the Contention Pit and in the Westside Area
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The drill holes collared around the Contention Pit will continue to be drilled with the same systematic orientation pattern as before with 50-70 meter spacing of collars and directions of S75E (105 azimuth). Drill holes are inclined and designed to cross the mostly North-Northeast trending, steeply west dipping quartz porphyry dikes and associated breccias and structures at a perpendicular orientation to best identify their true thickness.
The Westside area's portion of the RC program will test multiple mineralized structures of known, historic underground production including the Westside anticline, Westside fissure, Arizona Queen anticline and Sulphuret dike-Arizona Queen fissure intersection. The Westside area has other mineralized structures including but not limited to the Ingersol anticline, Boss dike, Tribute fissure, Tribute dike and the B&B anticline. The intersections of some of these mineralized structures can have large vertical extents, such as for the Westside fissure with the Westside anticline mined for 240 meters vertically and the Westside anticline with the Arizona Queen fissure with over 200 meters extent vertically.
The 2024 RC program will follow-up on 2023 core drilling program results that include: 2.82 grams-per tonne (gpt) gold and 176.64 gpt silver (5.02 gpt AuEq) over 36.0 m in hole TC23-05, 0.466 gpt gold and 24.05 gpt silver (0.77 gpt AuEq) over 62.5 m in hole TC23-03, and 0.58 gpt gold and 72.19 gpt silver (1.63 gpt AuEq) over 125.0 m in hole TC23-01. The drill holes encountered oxidized (to 200+ meters deep) Au and Ag mesothermal quartz veins, hydrothermal and tectonic breccias, quartz porphyry dikes, disseminations and bedding replacements in the folded and partially hornfelzed and skarned lower Cretaceous Bisbee group fine-grained siliclastic sediments and uppermost Paleozoic carbonates. The host rocks are iron-oxide to manganese oxide-rich, with silicified and argillic alterations.
The JV also plans to advance surface exploration targeting CRD's-Carbonate Replacement Deposits, potential massive bodies of sulphide that commonly contain high grade copper, lead, zinc, silver, and gold in the region. Historic drill hole data at the Tombstone property recovered by Aztec indicates the presence of a drill hole completed by Santa Fe Mining with an intercept of 7.14m (23.5 feet) of 6.54% Pb, 2.57% Zn, 0.61% Cu, and 32 gpt Ag at a depth of 656.5m (2154 feet)*.
Figure 1: Tombstone JV 2024 RC Drilling Plan
Tombstone Project Overview
Aztec holds a 77.7% interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the main district as well as some recently acquired properties.
The main target of the 2024 drill program is to continue testing the shallow, bulk tonnage, potentially heap leachable, mesothermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit by step-out drilling. Future drilling is expected to focus on strike and dip extensions of the shallow oxide mineralization, and move deeper to test for larger, deeper "Taylor-type" lead-zinc-silver CRD targets along and adjacent to the Contention structure.
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 high grade, oxidized, silver-gold mesothermal stringer lode veins, hydrothermal breccias and manto CRD orebodies that were mined in the late 1800's and early 1900's. The historic silver production in the Tombstone district from 1878 to 1939 was estimated at 32 million ounces and 250,000 ounces of gold1.
The district geology consists of a mix of shallow-level, oxidized Au-Ag and base metal deposits related to CRD and skarns hosted in folded and thrusted sediments, intrusive dikes and lode veins, and as well the under explored, sulfide versions located below the water table.
Host rocks to the mineralization are primarily the clastic sediments of the lowest portion of the Cretaceous Bisbee Formation. Between 50 and 300 meters (m) in depth, the Bisbee is underlain by approximately two kms thick of the same Paleozoic carbonate formations that host the 110 MT Hermosa-Taylor zinc-lead-silver deposit of South32 located 60 km southwest of Tombstone2.
Aztec believes that the historic silver mines at Tombstone could be related to much larger mesothermal and CRD mineralization below the old mines. Since 2017, Aztec has completed geological mapping, geochemical sampling and geophysical surveying to identify the most prospective areas for Au-Ag mineralization around and below the Contention open pit, and CRD zinc-lead-copper-silver-gold mineralization below the entire district. Aztec management views the district as highly prospective for the discovery of mesothermal and CRD mineralization.
Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in 2020, 2023 and 2024, and a 70:1 silver:gold ratio in 2021. Reported lengths are apparent widths, not true widths. The Contention 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. True widths for the apparent mineralization intersection widths of the drill holes approximately range from 50 to 100% of the apparent widths, with the norm for the mineralized true widths being 60 to 90% of the apparent widths. Please see summary news releases dated: July 5, 2023, December 7, 2021, and January 12, 2021.
Summary Tombstone Project Highlights
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Well located property on patented (33) and unpatented (42) claims (452.02 hectares/1,116.94 acres), covers much of the historic Tombstone silver mining district, great infrastructure, local town, road access, full services, water, power
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Historic silver district produced 32 million ounces of silver and 250,000 ounces of gold from 1878-1939, in high grade, oxidized, silver-gold-lead-zinc-copper vein, breccia and CRD deposits, and small open pit heap leach production in late 1980's
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Drilling by Aztec in 2020-23 has demonstrated that the Contention Pit target has significant, shallow. oxidized Au-Ag bulk tonnage mineralization which is open in all directions
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Multiple other prospective targets in Cretaceous and Paleozoic rocks related to major NW and NNE trending structures hosting porphyritic intrusions crosscutting a possible caldera ring structure
The following are highlights of recent drilling intersections supporting the conceptual exploration model for mineralized footprint growth.
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TR21-22: 2.44 gpt Au and 66.56 gpt Ag (3.39 gpt AuEq)over 65.5m (including 16.80 gpt Au and 374.36 gpt Ag over 7.6m)
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TR21-03 - 5.71 gpt Au and 40.54 gpt Ag (6.28 gpt AuEq) over 32.0m
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TC 23-01: 3,477 gpt Ag over 1.52m from a zone of 733.9 gpt Ag over 7.6 m within 125 m of 1.63 gpt AuEq
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TR21-10: 1.39 gpt Au and 56.40 gpt Ag (2.20 gpt AuEq) over 96.0m
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TR21-13: 1.8 gpt Au and 36.9 gpt Ag (2.33 gpt AuEq) over 70.1 m
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TR21-17: 1.73 gpt Au and 56.20 gpt Ag (2.53 gpt AuEq) over 64.0m
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TR21-08: 2.09 gpt Au and 47.1 gpt Ag (2.76 gpt AuEq) over 39.6m
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Hole TC23-02 - 1.69 gpt gold and 29.07 gpt silver (2.03 gpt gold AuEq) over 45.3 m, including 10.1 m grading 6.63 gpt gold and 72.81 gpt silver (7.49 AuEq)
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TC23-05 - 2.816 gpt gold and 176.64 gpt silver (5.02 gpt AuEq) over 36.0 m, including 6.45 gpt gold and 408.47 gpt silver (11.554 gpt AuEq) over 15.5 m
The company uses quality assurance-quality control as part of its sampling-assaying-assessments in conjunction with its exploration sampling 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 are being regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.
Core and RC drilling samples 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.
*Aztec has not verified these historic drill results and is not relying on them. 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 in connection with these historical exploration results.
Allen David Heyl, B.Sc., CPG., VP Exploration of Aztec, is the Qualified Person under NI43-101, supervised the Tombstone exploration programs. Mr. Heyl has 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 two emerging discoveries in North America. The Cervantes project is an emerging porphyry gold-copper discovery in Sonora, Mexico. The Tombstone project is an emerging gold-silver discovery with high grade CRD silver-lead-zinc potential in southern 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, President & CEO, Director
Tel: (604) 685-9770
Fax: (604) 685-9744
Email: info@aztecminerals.comWebsite: www.aztecminerals.com
Neither 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:
This news release contains "forward?looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work, statements relating to advancing the Tombstone Project, drill and sampling results including additional potential work and results therefrom, the Company's plans for its Tombstone Project, potential for further expansion of the mineralization at the Tombstone Project, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of gold, silver and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward?looking statements or forward?looking information, except as required by law.
1 Greeley, Michael N., A Brief History and Review of Ore Grades and Production in the Tombstone Mining District with Emphasis on the Contention Mine Area, June 1984
2 M3 Engineering and Technology Corp., Hermosa Project N.I. 43-101F1 Pre-Feasibility Study, January 2014
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