Aztec Minerals Corp. announced it has selected a drilling contractor to conduct the upcoming reverse circulation "RC" drilling program at its 100% owned Cervantes porphyry gold-copper project in Sonora, Mexico. Drilling is expected to commence over the coming weeks and crews have mobilized to the project to prepare for the upcoming program.

The drill program is designed based on the results of the company's 2022 drilling campaigns and recently completed surface exploration program. The initial stage of the planned RC drill program is expected to be conducted over the fourth quarter. The planned drill targets have utilized information gathered during the surface roadcut sampling and detailed 1:200 scale geologic mapping program conducted in the first half of 2023.

The surface program has enhanced the interpretation for exploration targets to potentially expand the gold mineralization at the primary California target zone of the property. Drilling is expected to be conducted in two stages and has been permitted for a total of 28 drillholes and 4200 m, commencing with a first stage in late 2023. The second stage of the drilling program will be designed subject to the results of the initial stage of RC drilling.

The primary objectives of the upcoming drilling programs are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the silicicphyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of the California North target. Large well-located property (3,649 hectares) with good infrastructure, road access, local town, all private land, water wells on property, grid power nearby. Nine prospective mineralized zones related to high level porphyries and breccias along a 7.0km east-northeast corridor with multiple intersecting northwest structures.

Distinct geophysical anomalies. California target marked by high magnetic and low resistivity anomalies, high radiometric and chargeability anomalies responding to pervasive alteration. Extensive gold mineralization at California zone, 118 soil samples average 0.44 gpt gold over 900 m by 600 m area, trench rock-channel samples up to 0.47 gpt gold over 222 m. Extensive drilling.

at the California zone, intersecting gold oxide cap to a classic gold-copper porphyry system, drill results up to 1.49 gpt gold over 137 m and 1.00 gpt gold over 165m. Excellent gold recoveries from preliminary metallurgical tests on drill core from California zone; oxide gold recoveries in bottle roll tests range from 75% to 87%. Three-Dimensional IP Survey conducted in 2019, IP chargeability strengthens and broadens to >500m depth over an area 1100 m by 1200 m and extends strong chargeability anomalies to the southwest covering Estrella, Purisima East, and Purisima West, coinciding well with alteration and Au-Cu-Mo soil geochemical anomalies.

California Target. Aztec has now completed over 10,500 meters of drilling over 54 drill holes at the Cervantes Project, primarily at the California target. In 2017-18, Aztec completed a Phase 1, 17 diamond core hole drill program, totaling 2,675 meters (m).

The initial phase of drilling tested the California target 900m by 600m gold-in-soils anomaly that averaged 0.44gpt covering hydrothermal breccias within a Quartz feldspar porphyry stock intruding older siliciclastic sediments. During the 2021 - 2022 exploration program, Aztec completed a further combined 7,837 m of drilling over 37 drill holes comprised of a 26-hole 5,248.6 m track-mounted reverse circulation drill program and an 11-hole 2,588 m man-portable oriented core program. Every 2021-2022 drill hole, except one, of the 29 drill holes successfully completed out of 31 attempted drill holes at the California and the adjoining California Norte targets intersected near surface, oxidized gold mineralization with minor copper values.

The drilling program expanded the drilling program expanded the depth of the California target mineralization and alteration associated with the California target mineralization and amendment of the California target mineralization with minor copper value. The drilling program expanded the California target mineralization and altered the depth of the California target zone. The drilling program expanded the footprint and alteration associated with the California targets and alteration and alteration associated with minor copper values.