Mr. Simon Dyakowski reports

AZTEC CONTINUES TO EXPAND THE CERVANTES PROJECT CALIFORNIA ZONE WITH ADDITIONAL INTERSECTIONS OF BROAD AND SHALLOW OXIDE GOLD MINERALIZATION

Aztec Minerals Corp. has released additional gold results from the recently completed reverse circulation (RC) exploration drilling program conducted in the fourth quarter of 2023 at the California gold zone of the Cervantes project in Sonora, Mexico. The results of the final 10 of the total 13 RC drill holes, CAL23-035 to CAL23-044, continued to show intersections of gold mineralization in the altered California intrusive porphyry complex, extending the California gold zone to the west, north, south and east, as well as to depth.

Results for hole CAL23-041, a stepout extending the California zone to the west, returned 57.76 metres grading 0.42 gram per tonne gold. The results from all final 10 RC drill holes encountered the gold-mineralized and altered California intrusive complex.

California zone drill highlights:

• CAL23-035 -- 47.12 m at 0.51 g/t Au;
• CAL23-041 -- 57.76 m at 0.42 g/t Au;
• CAL23-044 -- 59.44 m at 0.28 g/t Au.

Drilling toward the west and northwest of the California zone targeted the edge of an airborne magnetic low that the California gold porphyry mineralization appears related to. The drilling has expanded the knowledge of the system, including support of the concept that much of the metasediments intersected are unconnected blocks as xenoliths within the California intrusive porphyry complex as relicts of its piercement by its uppermost levels. It is also being shown that the metasediments, specifically the quartzites, can host gold mineralization which had not been well evidenced before. Surface reconnaissance confirmed that the mineralized and altered quartz-feldspar porphyry and hydrothermal breccias continue to the east for at least another 400 metres. To date, every hole except one drilled at the California zone has intersected near-surface, oxidized gold mineralization with minor copper values.

The primary focus of the phase 3A RC drilling program at Cervantes was to expand the previously drilled California zone toward the California North and Jasper zones, and to enhance geologic understanding of the targets. The phase 3A RC drilling program at Cervantes comprised 13 RC holes, totalling 1,630.7 metres, drilled at California. The program was conducted in the end of the rainy season with no injuries or accidents.

Reported lengths are apparent widths, not true widths, and the gold mineralization appears to be widely distributed in disseminations, fractures and stockwork veinlets at high levels within the California intrusive porphyry complex of quartz-feldspar porphyry and feldspar porphyry intrusives and related hydrothermal breccias.

Holes CAL23-035 to CAL23-044 intersected extensive gold-related mineralization and alteration (see an attached table), extending the known mineralized zone to the north and west, as well as at depth. The California intrusive porphyry complex, including the California and California Norte zones, as drilled measures approximately 1,000 metres long east-west by 730 metres wide, with demonstrated, continuous mineralization of up to 170 metres depth. The porphyry gold-copper mineralization is still open in all directions.

The planned testing of the California zone of the Cervantes phase 3A RC drilling program is complete. The primary objectives of the 2021-to-2024 exploration program are to better define the open-pit, heap-leach gold potential of the porphyry oxide cap at California, evaluate the potential for deeper gold-copper porphyry sulphide mineralization underlying the oxide cap, and test for north and west extensions of the California mineralization. In 2024, it is planned for further technical studies, reconnaissance work on other targets, metallurgical testing and the Cervantes phase 3B RC drilling program of approximately 20 drill holes comprising 2,850 metres, including California North and Jasper.

Drill sample cuttings are mainly collected every 1.5 m from all core drill holes. The samples are analyzed by Bureau Veritas for gold with a 30-gram sample size using the FA430 method followed by MA300. Overlimits, when present, are analyzed by AR404 or FA550. All holes contain certified blanks, standards and duplicates as part of the quality assurance/quality control program. The quality assurance/quality control program has delivered excellent results to date and good data integrity. The samples are shipped to, and received by, Bureau Veritas Minerals' laboratory for the gold and multielement geochemical analysis, and additional gold results will be received and reported in the next several weeks. Final multielement ICP results are expected to follow the release of the preliminary gold assays and are expected to be received during the first quarter of 2024.

Now that drilling has concluded and as it is the dry season, Aztec plans to carry out reconnaissance and channel sampling and geologic mapping of the new drill roads at California, and other targets around the target area to expand surface sampling and mapping on the property in general to continue the 2021-to-2023 surface exploration program.

Allen David Heyl, BSc, CPG, vice-president of exploration, the qualified person under National Instrument 43-101, supervised the Cervantes exploration program. Mr. Heyl has reviewed and approved the technical disclosure in this news release.

About Aztec Minerals Corp.

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 (carbonate replacement deposit) silver-lead-zinc potential in southern Arizona.

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