Mr. Simon Dyakowski reports

AZTEC IDENTIFIES NEW GOLD-SILVER EXPLORATION TARGET AT TOMBSTONE PROJECT, ARIZONA

Aztec Minerals Corp. has identified the Westside area of the Tombstone project as a high-potential target for shallow gold-silver mineralization from recent fieldwork and a review of historical data, almost doubling the project's potential gold-silver oxide mineralization footprint near to the historic Contention pit.

In 2023, the Tombstone JV (joint venture) acquired the Westside patented claim (see news release dated May 2, 2023), which is longitudinally astride the major Westside fissure stringer vein lode, a key geological feature with multiple evidence of hosting high-grade gold-silver oxide mineralization in the Tombstone project. Recent review of historic data and on-site investigations by Aztec have confirmed that the Westside area was previously planned as an expansion of the Contention pit operations at the time on the interruption of mine operations in 1982.

Aztec's recent exploratory work has confirmed several mineralized structures crossing the Westside area. From the study of historic reports, maps and sections, examination of historic workings, and drill hole logs, the individual mineralized structures are strong targets, with indicative evidence of their intersections potentially hosting broad gold-silver mineralization at levels near the surface.

A review of historical data has confirmed that the Westside anticline was mined along multiple, replaced sediment layers near the axis to its crest in the sediments over all its 450-plus-metre length, noting that, at its intersection with the Arizona Queen fissure, the 120 m long Sulphuret stope, was mapped at over 60 m wide and 10 m to 20 m thick. The Sulphuret stope was reported (Butler, 1938) to have production averaging 70 ounces per ton (oz/ton) silver and high-grade gold as well. Aztec's drilling has confirmed that the gold-silver mineralization in the property extends beyond the limits of the historic mined stopes.

Most of the Westside area and its multiple targets have yet to be explored. The Westside-Sulphuret mine workings reached to the seventh and eighth levels (210 m to 250 m), and historic drilling has significant CRD (carbonate replacement deposit) intercepts at 500 m to 600 m depths.

The 1982 historic mine development plan shows that the full width and depth of the shallow gold-silver mineralization was not included in the mine planning. It is thought that the Blue limestone layer and the sediments immediately above and below it, would have the best potential to host oxidized gold-silver mineralization Tombstone was famous for, as it is the same sediment section of the lowest Bisbee formation. The Westside area open-pit mine was not developed, possibly as the timing for halting mining is coincident with the collapse of silver and gold prices in the early 1980s.

Current exploration program

Aztec also announces that crews have mobilized to site and have commenced the 2024 Tombstone exploration program (see news release dated April 17, 2024). The company is currently developing drill targets with multiple disciplines, including the continuation of the surface exploration program in the area of the Contention pit and surroundings, 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, including the historic mine workings and geologic mapping of the principal portion of the Tombstone district. The 3-D model is being geolocated to the current surface and geology, geochemistry and geophysics, and will then be interpreted to strengthen both shallow and deep drilling targeting. This will be used in supporting the future drilling program design.

The continuing exploration program is expected to add knowledge into the expansion potential of the bulk-tonnage, gold-silver oxidized mineralization, and, from that, continue drilling and mineralization footprint. The focus of this exploration program is to better define the three styles of mineralization known to exist on the property and to identify top-priority targets for drilling. The three types of known mineralization at the Tombstone property are as follows:

• Silver-gold bearing, north-northeast-striking felsic intrusive dikes hosting mesothermal stockworks and hydrothermal breccias that cut the Cretaceous Bisbee group, and the underlying Paleozoic carbonates on which the historic Contention underground mine and later the 1980s open-pit heap-leach mine was developed, which now is known to extend laterally and vertically beyond the Contention pit.
• High-grade, silver-gold quartz stringer vein lodes striking northeast, cutting the Cretaceous Bisbee group clastic sediments and the Paleozoics, which are related to several of the historic mines in the Tombstone district.
• Tombstone's well-known, high-grade, oxidized, silver-gold-rich base-metal carbonate replacement deposits, which lie in the lowermost Bisbee group and in the underlying Paleozoic carbonates, have a geologic setting very similar to the world-class Hermosa Taylor base-metal sulphide deposit of South32, located 65 kilometres southwest of Tombstone. Strong structural controls of the Tombstone CRD deposit 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 metres depth.
4. Historic drilling by Newmont and Santa Fe to over 700 m depth have intersected narrow to wide, high-grade CRD mantos, evidence that the Paleozoic limestones are prospective.
5. The presence of several manganese-silver-rich mines surrounding 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 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 (gold-silver) and base metal deposits related to CRD and skarns hosted in folded and thrusted sediments, intrusive dikes and lode veins, as well 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 metres and 300 m in depth, the Bisbee is underlain by approximately two km thick of the same Paleozoic carbonate formations that host the 110-million-tonne (Mt) 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 an 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 drill 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.

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 (Moz) silver from 1878 to 1939, in high-grade, oxidized, silver-gold-lead-zinc-copper vein, breccia 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, shallow, oxidized Au-Ag, bulk-tonnage 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 grams per tonne (g/t) Au and 66.56 g/t Ag (3.39 g/t AuEq (gold equivalent)) 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.

The company, in conjunction with its exploration sampling programs, uses quality assurance/quality control as part of its sampling-assaying assessments. Samples and their collection are controlled by an industry-standard-conforming QA/QC program, including insertions of certified standards, blanks and sample duplicates. The samples are being regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico, for geochemical analysis.

Core and RC (reverse circulation) drilling samples are continuously collected over five-foot (1.52 m) sample intervals from all drill holes. The samples were analyzed for gold with a 30-gram sample size using the fire assay method FA430, followed by multielement MA300, including silver. Overlimits, when present, are analyzed by MA370 or FA530. All holes contain certified blanks, standards and duplicates as part of the quality control program.

Allen David Heyl, BSc, CPG, vice-president of exploration for Aztec, is the qualified person under National Instrument 43-101, supervised the Tombstone exploration programs. Mr. Heyl has reviewed and approved the technical disclosures in this news release.

About Aztec Minerals Corp.

Aztec Minerals 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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