Aztec Minerals Corp. announces the initial gold results from the recently completed Reverse Circulation exploration drilling program conducted in Fourth Quarter 2023 at the California gold zone of the Cervantes project in Sonora, Mexico. The results of the first three of the total thirteen RC drill holes, CAL23-032 to 034, continued to intersect gold mineralization in the altered California intrusive porphyry complex extending the California gold zone to the West, North and to depth.

Results for hole CAL23-034, a step-out extending the California zone to the Northwest, returned 30.4m grading 1.03 gpT Au including a high-grade intersection of 13.8 gpT Au over 1.52 m. The results from all three initial RC drill holes encountered the gold mineralized and altered California intrusive complex. Drill hole CAL23-034 is the farthest test of the northwestern area of the California gold zone. This drill hole was designed to test observed mineralization and alteration related to the contact between Qfp intrusive and a block of quartzite sediments while targeting westerly into an airborne magnetic low that the California zone mineralization appears related to.

The drill hole was lost at 85.1 m depth while drilling the gold mineralized sequence. Drill hole CAL23-34 has expanded the knowledge to the northwest into the magnetic low geophysical anomaly that appears to be key to the gold porphyry mineralization of the California zone. Magnetic lows represent the destruction of magnetite being replaced by sulphides and are characteristic of porphyry deposits.

The California zone has a large, 440 ppb average, gold in soil anomaly over and beyond the drill tested system to date. This geochemical soil anomaly extends to the Northwest of the California zone and into the magnetic low geophysical anomaly. Drillhole CAL23-034 is demonstrating that this area has strong potential for the discovery of additional gold mineralization.

The primary focus of the Phase 3A RC drilling program at Cervantes is to expand the previously drilled California zone and towards the California North and Jasper zones, to enhance geologic understanding of the targets. The Phase 3A RC drilling program at Cervantes was comprised of thirteen RC holes totaling 1,630.7 meters drilled at California. The program was conducted in the end of the rainy season with no injuries or accidents.

To-date, every hole except one, drilled at the California Zone has intersected near surface, oxidized gold mineralization with minor copper values. Reported lengths are apparent widths, not true widths, and the gold mineralization appears to be widely distributed in disseminations, fractures and veinlets at high levels within in a Quartz-feldspar porphyry intrusive complex and related hydrothermal breccias. Holes CAL23-032 to 034 intersected extensive gold related mineralization and alteration, see table below, extending the known mineralized zone to the North and West and at depth.

The California zone as drilled measures approximately 1,100 meters long E ­ W by 730 meters wide, with demonstrated, continuous mineralization of up to 170 meters 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 ­ 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 sulfide mineralization underlying the oxide cap, test for north and west extensions of the California mineralization at California North and Jasper, and collect samples for metallurgical testing. Drill samples cuttings mainly are collected every 1.5m from all core drill holes. The samples are analyzed by Bureau Veritas for gold with a 30-gram sample size using the method FA430 followed by MA300.

Over limits, when present, are analyzed by AR404 or FA550. All holes contain certified blanks, standards, and duplicates as part of the quality control program. The QA/QC 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 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 ­ 2023 surface exploration program.