VANCOUVER, BC / ACCESSWIRE / January 15, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) reviews the highlights of its 2019 activities and provides its outlook for 2020. Aztec holds a 65% interest in the Cervantes porphyry gold-copper project in southeastern Sonora state, Mexico in joint venture with Kootenay Silver, and has an option to acquire a 75% interest in the Tombstone epithermal and CRD silver-gold project in southern Arizona from Baroyeca Gold and Silver.
Joey Wilkins, President and CEO of Aztec, commented, 'Aztec had a productive year in 2019, galvanized by our exploration successes at Cervantes and Tombstone. We were able to significantly advance several new high priority porphyry gold-copper targets on the Cervantes properties and we refined our 'Taylor'-style carbonate replacement (CRD) silver-lead-zinc-copper-gold targets on the Tombstone properties. Our main goals for the new year are to secure the partners or financings we need to drill new discoveries in 2020.'
- Acquired a 65% interest in the Cervantes Project from Kootenay Silver by spending US$1.5 million on exploration, paying US$150,000 and issuing 1,000,000 AZT shares by July 25, 2019
- Prior exploration work by Aztec from 2016 to 2018 focused on the successful delineation and drill discovery of a near-surface gold oxide cap to the California porphyry gold-copper prospect
- Completed a 430-line kilometer airborne magnetic and radiometric survey which identified 11 prospect zones related to porphyry-type mineralization, including five top priority drill targets, California, California North, Estrella, Purisima East and Purisima West
- Conducted a 23.1 line-kilometer, 3-dimensional IP-resistivity survey to extend coverage from the California prospect to the southwest and identify chargeability anomalies at Estrella, Purisima East, and Purisima West (final analysis is ongoing and news release of the final IP data is expected in the next few weeks)
- Received excellent early stage bottle roll metallurgical results on 9 drill holes and 4 different domain types that reported 88%, 85%, 78%, and 51% recoveries on 2 oxide composites, 1 mixed composite, and 1 sulphide composite respectively
- Identified extensive sodic and alkalic alteration in drill core by thin section analysis and clear geochemical correlation of gold with copper sulfide mineralization
- Prior exploration work by Aztec in 2017 and 2018 included compilation of historic data for this famous silver mining district, geological and structural mapping, soil and rock sampling, trenching and aeromagnetic surveying to confirm potential for bulk tonnage epithermal silver-gold near surface and CRD silver-lead-zinc-copper-gold CRD mineralization at depth
- Refined results for the Tombstone UVA aeromagnetic survey which accentuated north-trending dikes crossing the property and highlighted the Contention structure as a potential feeder zone for CRD mineralization
- Identified a northwest-trending subtle magnetic feature interpreted to represent a possible buried intrusion
- Conducted additional mapping and sampling of a newly discovered gold-bearing felsic intrusion west of the Contention Pit which returned two rock samples assaying 12.5 and 12.3 g/t Au
- Appointed Marc Prefontaine, David Jones and Andy Bowering to a newly formed Advisory Board
- Closed an over-subscribed private placement for CAD$468,000 in July
- Finalize the Joint Venture Agreement with Kootenay Silver in January
- Conduct an AMT (audiomagnetotellurics) geophysical survey over high priority CRD targets at Tombstone in Q1
- Secure a senior partner for Cervantes in order to conduct an aggressive exploration program to advance both near surface oxide gold mineralization and deeper porphyry gold-copper targets
- Extend detailed geologic, structural, and alteration mapping on Purisima West, Estrella, Jacobo, Brazil, and other targets at Cervantes
- Plan and permit a substantial RC drilling program on the California and Purisima targets
- Plan and permit an initial core drill program to target CRD (carbonate replacement deposits) lead-zinc-silver-copper-gold mineralization in Paleozoic limestone at Tombstone
- Seek additional opportunities in safe jurisdictions within the Americas where our focus will be on projects with high quality bulk tonnage gold+/-copper+/-silver potential
Joey Wilkins, B.Sc., P.Geo., is the Qualified Person who reviewed and approved the technical disclosures in this news release.
About Aztec Minerals - Aztec is a mineral exploration company focused on the discovery of large gold-copper 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).
Contact Information - For more information, please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information herein include but are not limited to statements regarding Aztec's anticipated performance in 2020 and the future, including the Cervantes Joint Venture and exercise of the 3rd option on Tombstone property, the planned exploration activities, receipt of assay results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aztec and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to precious and base metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
SOURCE: Aztec Minerals Corp.
View source version on accesswire.com: