Aztec Drilling Intersects Broad, High-Grade Gold-Silver Mineralized Zones at the Tombstone Project, Arizona

• 5 holes drilled under the north-central Contention pit confirm and expand the high grade, near surface, oxidized gold-silver mineralization
• 20-hole program continues to expand the width and length of mineralization at north and central portions of the Contention Pit

Vancouver, Canada – July 27, 2021 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) reports assay results for an additional five holes, TR21-06 to 10, from its 2021, Phase 2, 20-hole, 2,900 meter reverse circulation (RC) drill program on the Tombstone project covering most of the historic Tombstone silver mining district in southeastern Arizona.

The five holes were drilled on two fence patterns to infill between the two prior drill fans and to step out from the drill holes reported previously on July 7, 2021 in the north-central part of the Contention open pit.  Every one of the five holes intersected near surface, oxidized gold-silver mineralization, and all five holes bottomed in mineralization.

Drill Highlights

• Hole TR21-10 - 1.39 grams per tonne (gpt) gold and 56.40 gpt silver (2.20 gpt gold equivalent AuEq) over 96.04 meters (m),
  • including 39.94 m grading 2.47 gpt Au and 28.9 gpt Ag (2.97 gpt AuEq), 19.82 m grading 0.96 gpt Au and 24.98 gpt Ag (1.31 gpt AuEq), and 10.67 m grading 0.837 gpt Au and 60.96 gpt Ag (1.71 gpt AuEq)

• Hole TR21-08 - 2.09 grams per tonne (gpt) gold and 47.1 gpt silver (2.76 gpt gold equivalent AuEq) over 39.64 meters (m),
  • including 18.29 m grading 3.53 gpt gold and 58.4 gpt silver (4.37 gpt gold equivalent AuEq), which bottomed in mineralization grading 1.21 gpt AuEq when ground caving forced early termination of the hole

• Hole TR21-06 - 0.22 gpt gold and 17.3 gpt silver (0.47 gpt AuEq) over 74.69 m,
  • including 4.57 m grading 1.26 gpt Au and 18.6 gpt Ag (1.53 gpt AuEq)

• Hole TR21-07 - 0.49 gpt gold and 23.1 gpt silver (0.82 gpt AuEq) over 24.39 m,
  • including 7.60 m grading 0.90 gpt Au and 41.6 gpt Ag (1.49 gpt AuEq)

• Hole TR21-09 - 0.452 gpt gold and 16.9 gpt silver (0.694 gpt AuEq) over 25.91 m,
  • including 6.1 m grading 1.049 gpt Au and 24.3 gpt Ag (1.397 gpt AuEq)

Gold equivalents are calculated using a 70:1 silver:gold ratio. Reported lengths are apparent widths, not true widths.  The gold – silver mineralization zones are generally west dipping, associated with the quartz-feldspar porphyry dikes, and mineralization zones have approximate dips averaging 60 to 80 degrees to the west. Where the mineralization has leaked out from the steep dipping Contention fault structures along shallow dipping bedding planes in the Bisbee Formation siltstones, dips can be a shallow as 20 degrees. True widths for the apparent mineralization intersection widths of the five holes approximately range from 28 to 100% of the apparent widths, with the norm for the mineralized true widths being 55 to 100% of the apparent widths.

View drill section here:
Link to section view holes TR21-06, TR21-07, TR21-08, TR21-09
Link to section view hole TR21-10

All 5 holes intersected extensive gold and silver mineralization, see assay intervals in the table below, extending the mineralized zones at depth and along strike, below and west of the Contention open pit. Two of the five holes also intersected old mine workings, likely dating back to the late 1800’s, indicating that some of the highest-grade bonanza mineralization in the area drilled was previously mined.

The areas currently being drilled are on the west side of the Contention Pit, adjacent to the area drilled in 2020 near the centre of the pit (central drill pattern) and each measure at least 50 meters north to south along strike by up to 150 meters east-west, perpendicular to the west dip of the Contention mineralized structure, with gold-silver mineralization still open in all directions. The drilled area reported herein demonstrates mineralization over a combined length of 350 meters from the 2020 and current drilling. Holes TR21-11 to 16 have been completed and sampled and each hole intersected similar widespread alteration and mineralization spanning an area 430 m long by over 150 m wide. Results are pending.

Aztec CEO, Simon Dyakowski commented, “Our 2021 drill program continues to return strong grades over broad widths, confirming and expanding the historic gold and silver mineralized zones. Holes 21-6 to 10 confirm the geological continuity between the 2021 drill holes and 2020 and earlier historic drill holes. In addition to stepping out from prior drill holes, we plan to twin three historic drill holes so we can verify the old data for use in a future resource estimate.”

Tombstone 2021 RC Drill Program Plan Map

The low sulfidation epithermal gold-silver mineralization observed to date is impressive, marked by hydrothermal breccias, quartz veining and silicification associated with quartz-feldspar porphyry dikes and moderate to strong potassic, argillic and advanced argillic alteration and hornfels within the host Bisbee sandstones and siltstones. Areas of intense hematite, goethite and manganese wad are extensive, associated with quartz-calcite veins and localized skarn alteration in limestones. Cerargyrite (silver chloride) is observed in fractures, often with fine-grained visible gold. Most silver and gold mineralized zones intersected in the 2020 and 2021 drill programs are proximal to and in the hanging-walls and footwalls of old underground mine workings.

Drill Hole	From m	To m	Interval m*	Au gpt	Ag gpt	Au Eq gpt  (1)	Comments
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
	83.32	157.01	73.69	0.220	17.3	0.468	True width approx. 72 - 83%
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
	67.07	74.69	7.62	0.303	1.4	0.323
	88.41	112.8	24.39	0.491	23.1	0.821	True width approx. 94%
							Tunnel 91.46 m - 96.04 m
TR21-08	53.35	92.9	39.64	2.085	47.1	2.758	True width approx. 72 - 100%
104 Az, -90
TR21-09	44.21	51.83	7.62	0.173	9.2	0.305
284 Az, -80	68.6	73.17	4.57	1.160	12.93	1.345
	82.32	108.23	25.91	0.452	16.9	0.694	True width approx. 55 - 89%
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	25.91	121.95	96.04	1.39	56.4	2.196	True width approx. 83 - 89%
Including:	25.91	65.55	39.44	2.472	28.9	2.967	Tunnels at 74.69 m -
	77.74	97.56	19.82	0.955	24.98	1.312	77.74 m, & 86.89 m -
	111.28	121.95	10.67	0.837	60.96	1.708	91.46 m

1. AuEq is calculated using a 70:1 silver:gold ratio
   * All interval widths are not true widths and intercept true widths are not yet estimated.

Aztec is currently over half-way through the planned 2,900 metre, 20-hole Phase 2 reverse circulation (RC) drilling program at the Tombstone Property.  The company has completed 16 holes to date and reported assays for the first 10 holes.  Samples are being regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.

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. The main target of the 2021 Phase 1 RC drill program is to continue testing the shallow, bulk tonnage, heap leachable, epithermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit by infill and 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” CRD targets along and adjacent to the Contention structure.

Allen David Heyl, B.Sc., CPG., VP Exploration, is the Qualified Person overseeing the Tombstone exploration program. Drill cuttings are collected every 5 feet (1.52m) from all drill holes. The samples were analyzed for gold with a 50-gram sample size using the method FA450 followed by AQ200. Over limits, when present, are analyzed by AR404 or FA550. All holes contain certified blanks, standards, and duplicates as part of the quality control program. The QA/QC has delivered excellent results to date good data integrity. Mr. Heyl 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 the discovery of large polymetallic mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone properties host both bulk tonnage epithermal gold-silver as well as CRD silver-lead-zinc mineralization in Cochise County, 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, CEO or Bradford Cooke, Chairman
Tel: (604) 619-7469
Fax: (604) 685-9744
Email:  simon@aztecminerals.com
Website: www.aztecminerals.com

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