Mr. Simon Dyakowski reports

AZTEC SELECTS DRILL CONTRACTOR AND MOBILIZES EXPLORATION CREWS FOR RC DRILL PROGRAM AT CERVANTES GOLD-COPPER PROJECT, SONORA, MEXICO

Aztec Minerals Corp. has selected a drilling contractor to conduct the upcoming reverse circulation (RC) drilling program at its 100-per-cent-owned Cervantes porphyry gold-copper project in Sonora, Mexico. Drilling is expected to commence over the coming weeks and crews have mobilized to the project to prepare for the upcoming program. The drill program is designed based on the results of the company's 2022 drilling campaigns and recently completed surface exploration program, as described in the June 22, 2023 news release.

The initial stage of the planned RC drill program is expected to be conducted over the fourth quarter. The planned drill targets have utilized information gathered during the surface roadcut sampling and detailed 1:200 scale geologic mapping program conducted in the first half of 2023. The surface program has enhanced the interpretation for exploration targets to potentially expand the gold mineralization at the primary California target zone of the property. Drilling is expected to be conducted in two stages and has been permitted for a total of 28 drillholes and 4200 m, commencing with a first stage in late 2023. The second stage of the drilling program will be designed subject to the results of the initial stage of RC drilling.

The primary objectives of the upcoming drilling programs are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the silicic-phyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of the California North target.

Aztec will be participating in the following upcoming events and conferences:

October 16th: Aztec Minerals Webinar with Red CloudAztec will be presenting at 11am pdt on Monday, October 16thRegistration link: https://redcloudfs.com/events/aztec-minerals-corp/

November 1-4: New Orleans Investment Conference, New Orleans LABooth number 216; Luncheon Presentation on November 2, 12:35PM cdtConference information & registration: https://neworleansconference.com/

November 13-15: Precious Metals Summit, Zurich CHConference information: https://precioussummit.com/event/2023-precious-metals-summit-zurich/

Cervantes Project Overview

Cervantes is a highly prospective porphyry gold-copper project located in southeastern Sonora state, Mexico. The project lies 160 km east of Hermosillo, Sonora, Mexico within the prolific Laramide porphyry copper belt approximately 265 km southeast of the Cananea porphyry copper-molybdenum mine (Grupo Mexico). Cervantes also lies along an east-west trending gold belt 60 km west of the Mulatos epithermal gold mine (Alamos Gold), 35 km northeast of the Osisko San Antonio gold mine, 45 km west of the La India mine (Agnico Eagle), and 40 km northwest of Santana gold deposit (Minera Alamos). View: Cervantes Project Location Map

Cervantes Project HighlightsLarge well-located property (3,649 hectares) with good infrastructure, road access, local town, all private land, water wells on property, grid power nearbyNine prospective mineralized zones related to high level porphyries and breccias along a 7.0km east-northeast corridor with multiple intersecting northwest structuresDistinct geophysical anomalies, California target marked by high magnetic and low resistivity anomalies, high radiometric and chargeability anomalies responding to pervasive alterationExtensive gold mineralization at California zone, 118 soil samples average 0.44 gpt gold over 900 m by 600 m area, trench rock-channel samples up to 0.47 gpt gold over 222 mExtensive drilling at the California zone, intersecting gold oxide cap to a classic gold-copper porphyry system, drill results up to 1.49 gpt gold over 137 m and 1.00 gpt gold over 165mExcellent gold recoveries from preliminary metallurgical tests on drill core from California zone; oxide gold recoveries in bottle roll tests range from 75% to 87%Three-Dimensional IP Survey conducted in 2019, IP chargeability strengthens and broadens to >500m depth over an area 1100 m by 1200 m and extends strong chargeability anomalies to the southwest covering Estrella, Purisima East, and Purisima West, coinciding well with alteration and Au-Cu-Mo soil geochemical anomalies

California Target

Aztec has now completed over 10,500 meters of drilling over 54 drill holes at the Cervantes Project, primarily at the California target. In 2017-18, Aztec completed a Phase 1, 17 diamond core hole drill program, totaling 2,675 meters (m). The initial phase of drilling tested the California target 900m by 600m gold-in-soils anomaly that averaged 0.44gpt covering hydrothermal breccias within a Quartz feldspar porphyry stock intruding older siliciclastic sediments.

During the 2021 - 2022 exploration program, Aztec completed a further combined 7,837 m of drilling over 37 drill holes comprised of a 26-hole 5,248.6 m track-mounted reverse circulation drill program and an 11-hole 2,588 m man-portable oriented core program.

Every 2021-2022 drill hole, except one, of the 29 drill holes successfully completed out of 31 attempted drill holes at the California and the adjoining California Norte targets intersected near surface, oxidized gold mineralization with minor copper values. The drilling program expanded the footprint and the depth of the California target mineralization and alteration associated with the California porphyry intrusive complex with continued intercepts of broad gold mineralization.

The identified California target area drilled has been enlarged to approximately 900 meters long E - W by 730 meters wide N-S, and exploration drilling successfully expanded the primary California zone to an area now measuring approximately 900 meters long E-W by 250 to 500 meters wide N-S, with demonstrated, continuous mineralization of up to 170 meters depth. The porphyry gold-copper mineralization is still open in all directions with anomalous mineralization and alteration up to 265 meters depth vertically. The California and California Norte targets appear to be merging from drilling and surface exposures. Aztec's drilling to-date has consistently intersected an oxidized gold cap to a porphyry-type gold-copper-silver system at California, including multiple 100+ meter widths of exceeding 0.40 gpt gold.

Highlights of the Aztec's 2017 - 2022 drill programs are as follows (see news releases dated June 26, 2018 and January 10, 2023):137m @ 1.49 gpT Au incl 51.7m @ 3.42 gpT Au, 119m @ 0.091% copper in CAL22-005165m @ 1.00 gpT Au incl 24.4m @ 4.25 gpT Au, 160m @ 0.065% copper in CAL22-004152m @ 0.87 gpT Au, incl 33.5m @ 2.05 gpT Au, 123m @ 0.095% copper in CAL22-01294m @ 1.04 gpT Au incl 15.2m @ 3.96 gpT Au, 55m @ 0.36% copper in CAL22-001100m @ 0.75 gpT Au incl 9.14m @ 3.087 gpT Au, 138m @ 0.10% copper in CAL22-006160m @ 0.77 gpT gold incl 80m @ 1.04 gpT gold, 0.11% copper in 18CER010139m @ 0.71 gpT gold incl 20m @ 2.10 gpT gold, 0.16% copper in 17CER005118m @ 0.63 gpT gold incl 43m @ 1.18 gpT gold, 0.16% copper in 17CER003122m @ 0.60 gpT gold incl 62m @ 0.88 gpT gold, 0.06% copper in 18CER007170m @ 0.42 gpT gold incl 32m @ 0.87 gpT gold, 0.06% copper in 18CER006

Preliminary metallurgical tests on California drill cores were conducted in 2019 (see news release dated March 12, 2019). Drill core samples were grouped into 4 separate types of mineralization: Oxide 1, Oxide 2, Mixed Oxide/Sulfide and Sulfide. The preliminary results of bottle roll tests showed excellent potential for heap leach gold recovery, as follows:85.1% recovery on 2.0mm material and 94.3% on 75-micron material in sample Oxide 187.7% recovery on 2.0mm material and 94.2% on 75-micron material in sample Oxide 277.9% recovery on 2.0mm material and 89.0% on 75-micron material in sample Mixed Oxide/Sulphide51.2% recovery on 2.0mm material and 78.7% on 75-micron material in sample Sulphide

Additional Targets

Purisima East - outcropping gossans, altered and mineralized diatreme breccias and porphyry intrusions marked by a 700m by 600m geochemical soil anomaly in 193 samples that average 0.25 gpt gold, a small historic 'glory hole' mine where rock chip sampling returned high-grade mineralization up to 44.6 gpt gold.

Estrella - outcrops of gossan and sulfides in silicified Paleozoic sediments near quartz porphyry dikes with rock chip samples up to 3.9 gpt gold and 2,010ppm copper.

Purisima West - a mirror image of Purisima East in size and type of gossans, altered and mineralized breccias and intrusions in association with gold and copper soil anomalies.

Jasper - 2017 trenching returned skarn/replacement-type mineralization up to 0.52% copper and 0.62 gpt gold over a 92.4 m length. In 2022 RC drilling found a broad zone of copper - gold mineralization in JAS22-001.

California North - coincident IP chargeability and gold-copper-molybdenum soil geochemical anomalies with demonstrated gold - copper mineralization by RC drilling, it may be a north extension of the California target

Other targets - porphyry alteration and geochemical soil anomalies mark the Jacobo and Brasil prospects but more work is required to expand and define these targets

Allen David Heyl, B.Sc., CPG., VP Exploration of Aztec, is the Qualified Person under NI43-101, supervised the Cervantes exploration program. Mr. Heyl has reviewed and approved the technical disclosures in this news release.

"Simon Dyakowski" Simon Dyakowski, Chief Executive OfficerAztec 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).

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