Aztec Expands Tombstone Property Footprint

Rhea-AI Summary

Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) has reached an agreement to acquire two patented claims totaling 8.58 hectares and staked 17 new unpatented claims at the historic Tombstone Silver District in Arizona. This acquisition expands the Tombstone project footprint by approximately 88%, increasing it from 400 acres to 755 acres. The purchase price for the patented claims is USD $37,000, with a 120-day due diligence period before closing. Currently, Aztec is conducting a 2,900-meter drilling program at the site to explore gold-silver mineralization.

Positive

• Acquisition of two patented claims increases project footprint by approximately 88%.
• Staked 17 new unpatented claims expands land holdings significantly.
• Ongoing drilling program could lead to valuable discoveries.

Negative

• The purchase is contingent upon a 120-day due diligence period.
• Results from the drilling program are still pending.

VANCOUVER, BC / ACCESSWIRE / September 23, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) announces it has reached an agreement to acquire 2 patented claims amounting to 8.58 hectares (21.19 acres) and the Company also staked 17 new unpatented claims totalling 130.5 hectares (332.5 acres) at the historic Tombstone Silver District in Southeastern Arizona. The additional claims are being acquired by Aztec on behalf of the company's option to acquire a 75% interest in the Tombstone property.

Aztec will purchase two patented claim groups, the Alps (7.6 hectares or 18.87 acres) and Minett (0.93 hectares or 2.32 acres), for cash consideration of USD$37,000. The purchase is expected to close upon completion of a 120-day due diligence period.

The company also staked 17 new unpatented claims for a total of 332.5 acres (130.5 hectares). The unpatented claims are located 250 meters east of the patented Tombstone claim group boundary. The patented claim purchase and staked unpatented claims represent an approximate 88% increase of the Tombstone project footprint from 400 acres (161.87 hectares) to 755 acres (305.5 hectares).

Updated Tombstone Property Claim Map

Aztec is currently conducting a 2,900 metre, 20-hole Phase 1 reverse circulation (RC) drilling program at the Tombstone Property. The company has drilled 10 of the planned 20 holes to-date, and reports that all samples from the first five holes were shipped to and received by Bureau Veritas Minerals laboratory for geochemical analysis. Results are pending.

Aztec holds an option to acquire a 75% interest in the Tombstone property, which includes most of the original patented mining claims in the district. The main target of the current RC drill program is to test for shallow, bulk tonnage, heap leachable, epithermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit.

Joey Wilkins, B.Sc., P.Geo., the VP Exploration & Chief Geologist of Aztec, is the Qualified Person and is conducting oversight on the Tombstone exploration program. Aztec is conducting reverse circulation (often referred to as percussion drilling) at Tombstone and collecting 5 feet (1.52m) samples in all drill holes. All holes contain certified blanks, standards, and duplicates as part of the quality control program. Mr. Wilkins 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).

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

Neither the 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:

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

SOURCE: Aztec Minerals Corp.

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https://www.accesswire.com/607360/Aztec-Expands-Tombstone-Property-Footprint

FAQ

What is the recent acquisition by Aztec Minerals Corp. (AZZTF)?

Aztec Minerals Corp. announced the acquisition of two patented claims totaling 8.58 hectares and staked 17 new unpatented claims at the Tombstone Silver District.

How much did Aztec Minerals pay for the patented claims?

Aztec Minerals paid USD $37,000 for the two patented claims.

What is the significance of the Tombstone property expansion for AZZTF investors?

The expansion increases the project footprint by 88%, potentially enhancing resource discovery and value for investors.

What is the current drilling program at the Tombstone property?

Aztec is conducting a 2,900-meter drilling program aimed at testing for gold-silver mineralization, with results from initial drilling still pending.

What are the potential risks following the acquisition by Aztec Minerals?

The acquisition depends on a 120-day due diligence period, and drilling results are not yet available, posing uncertainty.