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Consistent and Bulking Up: Aztec Drill Results Spark Heavy Gains

On Nov. 30, Aztec Minerals Corp. (TSX-V: AZT) released drill results which sent shares of the company up 4 cents to 29 cents on 486,866 shares traded on the TSX Venture. At the time of this report on Dec. 2, over the prior few trading days shares added another 3 cents to 32 cents on 727,341 traded shares. This is heavy trading for a stock that exchanges only ~400 to ~10,000 shares on days with no news.


The trading was sparked by further intersections of gold mineralization at its Cervantes project in Mexico, consistent with past results showing potential for a low grade but bulk tonnage gold deposit. This batch of drill results from the company’s phase 3 program extend the property’s California zone to the north and to depth, and reveal copper mineralization at its Jasper target. 

Results from drill hole CAL22-031, a near-vertical stepout returned 114 metres grading 0.73 gram per tonne Au (g/t Au), including 28.5 m grading 0.87 g/t Au and 85.5 m grading 0.58 g/t Au to 135 m depth. This drill hole confirms the footwall of the main California zone mineralization at depth and fills a large gap in the drilling pattern. 

To date, every hole except one drilled at the California zone target has intersected near-surface, oxidized gold mineralization with minor copper values.

The release of results also included assays from the Jasper target, 600 metres to the southwest of the California zone. The drill intercepted oxide copper mineralization and anomalous gold at Jasper. The Jasper target stepout JAS22-002 was collared 70 m south from the well-copper-mineralized JAS22-001 drill hole. 

Aztec has concluded drilling at the property with the dry season is approaching.  The company plans to conduct channel sampling and geologic mapping of the new drill roads at California, California Norte and Jasper, as well as to expand surface sampling and mapping on the property in general to continue the 2021/2022 surface exploration program.

The Right Geology for the Right Neighborhood

One reason for the market excitement was the consistency of the results and where these results are coming from. 

Cervantes is showing its prospectivity in terrain that has the genetics for bulk tonnage mining operations. The project lies 160 kilometres east of Hermosillo, Sonora State, Mexico, within the prolific Laramide porphyry copper belt approximately 265 km southeast of Grupo Mexico’s Cananea porphyry copper-molybdenum mine. 

The property sits along an east-west-trending gold belt 60 km west of Alamos Gold’s Mulatos epithermal gold mine, 35 km northeast of the Osisko’s San Antonio gold mine, 45 km west of Agnico Eagle’s La India mine and 40 km northwest of Minera Alamos’ Santana gold deposit.

The latest and past results from Cervantes are demonstrating similarities with these neighbours which are mostly surface bulk tonnage heap leach gold operations with low gold grades but broad widths of the gold mineralization.

A sample of past results: 

  • CAL22-005: 137m @ 1.49 gpt gold 
  • CAL22-004: 165m @ 1.00 gpt gold 
  • CAL22-012: 152m @ 0.87 gpt gold 
  • 18CER-010: 160m @ .77 gpt gold 
  • 17CER-005: 139m @ .71 gpt gold 
  • CAL22-001: 94m @ 1.04 gpt gold 
  • 17CER-003: 118m @ .63 gpt gold 
  • CAL22-006: 100m @ .75 gpt gold 
  • 18CER-007: 122m @ .60 gpt gold 
  • 18CER-006: 170m @ .42 gpt gold 
  • CAL22-010: 138m @ .53 gpt gold

The company has also completed metallurgical studies. Strong metallurgical tests on drill core from the California zone back up the case for a heap leach operation with oxide gold recoveries ranging from 75% to 87%. 

While the company has not mentioned any plans for a mineral resource estimate, the latest results are another rep for Aztec adding some bulk to its bulk tonnage potential.

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​To continue your research and learn more about Aztec Minerals, please visit

This report’s analysis was produced with the work of Nicholas LePan,

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Disclosure: employees own shares of Aztec Minerals Corp. and the company is a sponsor of this website.

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