Mr. Simon Dyakowski reports

AZTEC PROVIDES UPDATE ON 2024 GOLD-SILVER EXPLORATION PROGRAM AT TOMBSTONE PROJECT, ARIZONA

Aztec Minerals Corp. has provided an update on the gold-silver exploration program at the Tombstone project in southeastern Arizona. The company has reviewed the previous drilling and surface exploration results, and now is developing, with multidisciplinary methods and studies, the definitions for new drilling targets to continue the expansion of the project's gold-silver oxide mineralization footprint near to the historic Contention pit. From that, the goal of the 2024 exploration program is to continue with drilling to expand the large, shallow, gold-silver-oxide mineralized system and make it amenable for future resource delineation.

Simon Dyakowski, Aztec chief executive officer, commented: "Our initial 2024 surface exploration program on the Tombstone project has the potential to create significant value for shareholders, by expanding the target area for shallow oxide gold-silver mineralization adjacent and below the Contention open pit. The broad intersections of high-grade oxide gold and silver from recent drilling support the concept of defining a potentially large mineralized system. The first phase of exploration in 2024 is expected to generate high-priority expansion drill targets to grow the mineralized zone with a goal of defining a larger geological model for future resource estimation.

Aztec's previous drilling and studies have resulted in the discovery of shallow, broad intersections of oxidized gold and silver mineralization in areas adjacent to those previously explored or developed historically, the historical data providing for the initial 3-D modelling of what is potentially indicative of new mineralized zones easily accessible with shallow drilling in the immediate vicinity of the Contention pit. The following are highlights of recent drilling intersections supporting the conceptual exploration model for mineralized footprint growth:

• TR21-22: 2.44 grams per tonne (g/t) gold (Au) and 66.56 g/t silver (Ag) (3.39 g/t gold equivalent (AuEq)) over 65.5 metres (including 16.80 g/t Au and 374.36 g/t Ag over 7.6 m) (please see news release dated Sept. 28, 2021);
• TR21-03: 5.71 g/t Au and 40.54 g/t Ag (6.28 g/t AuEq) over 32 m (please see news release dated July 7, 2021);
• TC23-01: 3,477 g/t Ag over 1.52 m from a zone of 733.9 g/t Ag over 7.6 m, within 125 m of 1.63 g/t AuEq (please see news release dated April 26, 2023);
• TR21-10: 1.39 g/t Au and 56.40 g/t Ag (2.20 g/t AuEq) over 96 m (please see news release dated July 27, 2021);
• TC23-05: 2.82 g/t gold and 176.64 g/t silver (5.02 g/t AuEq) over 36 m, including 6.45 g/t gold and 408.47 g/t silver (11.55 g/t AuEq) over 15.5m (please see news release dated June 5, 2023).

The wide, shallow gold-silver mineralization defined by Aztec's drilling, together with all surface data collected since 2018, supports a preliminary concept of expanding the mineralized footprint to the west of the existing historical open pit. The exploration data collected to date indicate that previous historical open-pit heap-leaching operations did not advance their plans to develop attractive, wide, shallow gold-silver mineralization hosted in major structural zones in the Bisbee group sediments west of the Contention pit.

The low sulphidation mesothermal gold-silver mineralization observed to date is impressive, marked by hydrothermal breccias, quartz stockworking and stringer lode veins associated with quartz-feldspar porphyry dikes with silicification and argillic alteration. Oxidized carbonate replacement bodies and quartz stringer lode veins with silicification and argillic alteration are present in the Bisbee formation sediments. Hornfels and skarn are present within the host sediments of sandstones, siltstones and limestones. Areas of intense hematite, goethite and manganese wad are widespread, associated with better Au and Ag values. Cerargyrite (silver chloride) is observed in fractures, as often is fine-grained, visible gold. Most Au-Ag mineralized zones intersected in the drilling programs are proximal to the historic, extensive underground mine workings or the historic, shallow open-pit walls.

The recent 2023, seven-hole, core drill program on the Tombstone project was successful in expanding mineralization laterally and to depth, reached the water table and the highest of the Paleozoic sediments, and connected the main and southern mineralization. Every one of the drill holes intersected near-surface, oxidized gold-silver mineralization, and all the drill holes crossed multiple historic underground workings where, presumably, most of the highest-grade gold and silver were previously mined, indicating the main mineralized zones are still open to depth and laterally.

Updated exploration program

The company will be developing the targets with multiple disciplines, including continuing the surface exploration program in the area of the Contention pit with advancing the detailed geological mapping, and farther out with reconnaissance-level geological mapping of lithologies, Terraspec alterations and structures, multielement rock geochemistry, and thin-section petrology and alterations, to review the hosting of the gold-silver mineralization. The data acquired will then be integrated into the 3-D model being constructed, supporting the upcoming drilling program design.

The 3-D model of the project area is of the historic mine workings and geology of the principal portion of the Tombstone district, and consists of the digitization of the historic maps and sections of the underground workings, stopes, drill holes and geology. The model is being geolocated to the current surface, geology and geochemistry, and will then be interpreted to strengthen both shallow and deep targeting.

The Tombstone project is owned by Aztec Minerals and its joint venture partner Dragoon Resources LLC. Aztec Minerals (75 per cent) and Tombstone JV partner (25 per cent) joint venture, and the JV management committee met last week to review and approve the surface exploration program for the second quarter of 2024.

The upcoming exploration program is expected to gain knowledge into the expansion potential of the oxidized mineralization, and from that, develop more advanced targeting for drilling. The focus of this exploration program is to better define the three styles of mineralization known to exist on the properties and to identify top-priority targets for drilling. The three types of known mineralization at Tombstone are as follows:

• Bulk tonnage silver-gold north-northeast-striking felsic intrusive dikes hosting mesothermal stockworks and hydrothermal breccias cutting the Bisbee group and the Paleozoics, on which the Contention open-pit heap-leach mine was initially developed in the 1980s, which now is known to extend laterally and vertically.
• High-grade silver-gold-lead quartz stringer lode veins striking northeast cutting Cretaceous Bisbee group clastic sediments into the Paleozoics, which are related to several of the historic mines in the Tombstone district.
• Often high-grade, bulk-tonnage silver-gold rich carbonate replacement deposits (CRD), which lie in the lowermost Bisbee group and in the underlying Paleozoic limestones, a geologic setting similar to the Taylor deposit of South32, located 65 kilometres southwest of Tombstone. Strong structural controls of their locations related parallel to the crests of anticlines, usually with vertical (reef) stacking on multiple, favourable horizons.

Positive indications for mineralization at Tombstone include:

1. The Bisbee sediments exhibit widespread fracturing, silica-pyrites-sericite-clay alteration, quartz veinlets, stockworks and hornfelsing, and in the limestones jasperoids, dolomitization and skarn development;
2. The Contention open-pit mine is centred along a strong north-northeast fault structure with large, mineralized felsic dikes possibly related to a deeper intrusion;
3. The underground Contention mine mined the dike mineralization to over 300 m depth;
4. Historic drilling by Newmont and Santa Fe to over 700 m depth have intersected narrow to wide, high-grade CRD (carbonate replacement deposit) mantos, evidence that the Paleozoic limestones are prospective;
5. The presence of several manganese-silver-rich mines surround the property are considered indicative of distal mineralization to CRD deposits worldwide.

Tombstone project overview

Aztec holds a 75-per-cent interest in the Tombstone property joint venture, which includes most of the original patented mining claims in the main district, as well as some recently acquired properties.

The main target of the 2023 core drill program was to continue testing the shallow, bulk-tonnage, heap-leachable, mesothermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit by infill and stepout drilling. Core drilling was deemed needed in order to penetrate the multiple historic workings and to acquire needed geological data. 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.

The Tombstone project is located 100 kilometres southeast of Tucson, Ariz., and covers much of the historic Tombstone silver district. Tombstone is renowned for its high-grade, oxidized, silver-gold-lead-zinc-copper mesothermal stringer lode veins, hydrothermal breccias and manto CRD orebodies that were mined in the late 1800s and early 1900s. The historic silver production in the Tombstone district from 1878 to 1939 was estimated at 32 million ounces and 250,000 ounces of gold.

The district geology consists of a complicated mix of shallow-level, oxidized Au-Ag and base metal deposits related to CRD and skarns hosted in folded and thrusted sediments, intrusive dikes and lode veins, and the underexplored, sulphide versions located below the water table.

Host rocks to the mineralization are primarily the clastic sediments of the lowest portion of the Cretaceous Bisbee formation. Between 50 m and 300 m in depth, the Bisbee is underlain by approximately two km thick of the same Paleozoic carbonate formations that host the 110 Mt (million tonne) Hermosa-Taylor zinc-lead-silver deposit of South32 located 60 km southwest of Tombstone.

Although the historic silver mines at Tombstone were generally small, Aztec believes they could be related to much larger mesothermal and CRD orebodies below the old mines. Since 2017, Aztec has completed geological mapping, geochemical sampling and geophysical surveying to identify the most prospective areas for Au-Ag mineralization around and below the Contention open pit, and CRD zinc-lead-copper-silver-gold mineralization below the entire district. Aztec management views the district as highly prospective for the discovery of mesothermal and CRD orebodies.

Note: Gold equivalents are calculated using a 80:1 silver:gold ratio in 2020 and 2023, and a 70:1 silver:gold ratio in 2021. Reported lengths are apparent widths, not true widths. The Contention Au-Ag mineralization zones are generally west-dipping at around 60 degrees to 80 degrees, associated with the quartz-feldspar porphyry dikes. However, these dikes also extend as sills in shallow angles out from the Contention fault along fold noses in the Bisbee clastic sediments, so the full range of mineralization dips vary from 20 degrees to 80 degrees. True widths for the apparent mineralization intersection widths of the five holes approximately range from 50 per cent to 100 per cent of the apparent widths, with the norm for the mineralized true widths being 60 per cent to 90 per cent of the apparent widths. Please see summary news releases dated: July 5, 2023, Dec. 7, 2021, and Jan. 12, 2021.

Note: Grade-thickness in metres-grams/tonne means the result of multiplying a drill hole intercept length, measured in metres, by the grade of the gold values in the intercept, the resulting compiled number is measured in grams/tonne. Grade thickness is not to be construed as gross metal value nor as a resource. The Tombstone property does not have a current, compliant resource estimation at this point.

Summary Tombstone project highlights:

• Well-located property on patented (33) and unpatented (42) claims (452.02 hectares/1,116.94 acres), covers much of the historic Tombstone silver mining district, great infrastructure, local town, road access, full services, water and power;
• Historic silver district produced 32 million ounces silver from 1878 to 1939, in high-grade, oxidized, silver-gold-lead-zinc-copper vein and CRD deposits, and small open-pit heap-leach production in late 1980s;
• Drilling by Aztec in 2020 to 2023 has demonstrated that the Contention pit target has significant Au-Ag mineralization which is open in all directions;
• Multiple other prospective targets in Cretaceous and Paleozoic rocks related to major northwest- and north-northeast-trending structures hosting porphyritic intrusions crosscutting a possible caldera ring structure.

The following are highlights of recent drilling intersections supporting the conceptual exploration model for mineralized footprint growth:

• TR21-22: 2.44 g/t Au and 66.56 g/t Ag (3.39 g/t AuEq) over 65.5 m (including 16.80 g/t Au and 374.36 g/t Ag over 7.6 m);
• TR21-03: 5.71 g/t Au and 40.54 g/t Ag (6.28 g/t AuEq) over 32 m;
• TC23-01: 3,477 g/t Ag over 1.52 m from a zone of 733.9 g/t Ag over 7.6 m, within 125 m of 1.63 g/t AuEq;
• TR21-10: 1.39 g/t Au and 56.40 g/t Ag (2.20 g/t AuEq) over 96 m;
• TR21-13: 1.8 g/t Au and 36.9 g/t Ag (2.33 g/t AuEq) over 70.1 m;
• TR21-17: 1.73 g/t Au and 56.20 g/t Ag (2.53 g/t AuEq) over 64 m;
• TR21-08: 2.09 g/t Au and 47.1 g/t Ag (2.76 g/t AuEq) over 39.6 m;
• Hole TC23-02: 1.69 g/t gold and 29.07 g/t silver (2.03 g/t gold AuEq) over 45.3 m, including 10.1 m grading 6.63 g/t gold and 72.81 g/t silver (7.49 g/t AuEq);
• TC23-05: 2.816 g/t gold and 176.64 g/t silver (5.02 g/t AuEq) over 36 m, including 6.45 g/t gold and 408.47 g/t silver (11.554 g/t AuEq) over 15.5 m.

Allen David Heyl, BSc, CPG, vice-president of exploration for Aztec, is the qualified person under National Instrument 43-101, and supervised the Tombstone exploration programs. Mr. Heyl has reviewed and approved the technical disclosures 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 silver-lead-zinc potential in southern Arizona.

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