Aztec Minerals Corp. announced it has received permits for a planned two -stage reverse circulation "RC" drilling program at its 100% owned Cervantes porphyry gold-copper project in Sonora, Mexico. The 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 commence in the 3rd quarter of 2023 utilizing information gathered during the surface roadcut sampling and detailed 1:200 scale geologic mapping program conducted in the first quarter of 2023. The recently completed surface program has enhanced the interpretation for exploration targets to potentially expand the gold mineralization at the primary California target zone of the property. Aztec collected 779 road cut channel chip samples of 5 meters length over 4600m road distance and analyzed them for gold and multi-elements to expand and enhance the geochemical and geological knowledge of the California and California North targets.

The evaluation of the program results has found that: The Qfp is demonstrated to be more extensive and the Fp less extensive, and many of the sediments are less continuous and often as xenolithic rafts and roof pendants in the Qfp; The UST (Unidirectional Solidification Texture) present has limited vertical extent below the top of the California ridge, reinforcing the idea that it represents the maximum height of porphyry emplacement; Veinlet intensity shows strong correlation between > 5 veinlets/m and > 0.2 gm*m grade thickness drill results; Veinlet orientations are in two principal groups, azimuths of 300 and 330, and the general drilling pattern of the target of azimuth 230 is appropriate for a proper evaluation of the California target zone; Widespread phyllic alteration, minor potassic (secondary biotite), and zones of tourmaline mineralization; Strong positive relationships between Au mineralization and silicic and phyllic alterations, and the contrary with argillic alteration Au has strong relationships with As, Cu, Bi, Ag and W. With Mo it has a negative relationship, with Mo being strongly distal; A strong west to east geochemical zoning trend with As centered to the west associated with a concentration of hydrothermal breccias, Bi astride the center mimicking well Au, and with W to the east A marked Cu anomaly to the northeast associated with tourmaline and secondary biotite-potassic alteration; There are exploration potential extensions for the California and California North target zones mineralization to the west, east, south and north. The planned follow up drilling is expected to be conducted in two stages totaling 28 drillholes and 4200 m with each being 2100 m and 14 drillholes. The second 2100 m stage of the drilling program will be designed subject to the results of the initial stage of RC drilling.

The drilling program is subject to available funds and market conditions. The primary objectives of the 2023 exploration program 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 silicic-phyllic 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. Additional studies will include: A structural geology district-scale study will be conducted, especially to help establish the displacements of the mineralization since its emplacement; Continued target data evaluation on the multi-element relationships with Au and applying them to the previous outcrop and soil sampling data, the geophysical data and the SWIR-Terraspec data, 3D modeling of the data, metallurgical, and multiple other investigations.

Further surface mapping and sampling throughout the Cervantes project.