Aztec Minerals Corp. provides an update on the gold-silver exploration program at Tombstone Project, in southeastern Arizona. The Company has reviewed the previous drilling and surface exploration results, and now is developing, with multi-disciplinary methods and studies, the definitions for new drilling targets to continue the expansion of the project's gold-silver oxide mineralization footprint near to the historic Contention Pit.

From that, the goal of the 2024 exploration program is to continue with drilling to expand the large, shallow, gold silver oxide mineralized system and make it amenable for future resource delineation. Aztec CEO Simon Dyakowski commented "Our initial 2024 surface exploration program on the Tombstone project has the potential to create significant value for shareholders, by expanding the target area for shallow oxide gold-silver mineralization adjacent and below the Contention open pit. The broad intersections of high-grade oxide gold and silver from recent drilling support the concept of defining a potentially large mineralized system.

The first phase of exploration in 2024 is expected to generate high-priority expansion drill targets to grow the mineralized zone with a goal of defining a larger geological model for future resource estimation. Aztec's previous drilling and studies has resulted in the discovery of shallow, broad intersections of oxidized gold and silver mineralization in areas adjacent to those previously explored or developed historically, the historical data providing for the initial 3D modelling of what is potentially indicative of new mineralized zones easily accessible with shallow drilling in the immediate vicinity of the Contention Pit. The following are highlights of recent drilling intersections supporting the conceptual exploration model for mineralized footprint growth.

TR21-22: 2.44 gpt Au and 66.56 gpt Ag (3.39 gpt AuEq)over 65.5m (including 16.80 gpt Au and 374.36 gpt Ag over 7.6m), TR21-03 - 5.71 gpt Au and 40.54 gpt Ag (6.28 gpt AuEq) over 32.0m, TC 23-01: 3,477 gpt Ag over 1.52m from a zone of 733.9 gpt Ag over 7.6 m within 125 m of 1.63 gpt AuEq, TR21-10: 1.39 gpt Au and 56.40 gpt Ag (2.20 gpt AuEq) over 96.0m, TC23-05 - 2.82 gpt gold and 176.64 gpt silver (5.02 gpt AuEq) over 36.0m, including 6.45 gpt gold and 408.47 gpt silver (11.55 gpt AuEq) over 15.5m. The low sulfidation mesothermal gold-silver mineralization observed to date is impressive, marked by hydrothermal breccias, quartz stockworking, and stringer lode veins associated with quartz-feldspar porphyry dikes with silicification and argillic alteration. Oxidized carbonate replacement bodies and quartz stringer lode veins with silicification and argillic alteration are present in the Bisbee formation sediments.

Hornfels and skarn are present within the host sediments of sandstones, siltstones and limestones. Areas of intense hematite, goethite and manganese wad are widespread, associated with better Au and Ag values. Cerargyrite (silver chloride) is observed in fractures, as often is fine-grained, visible gold.

Most Au-Ag mineralized zones intersected in the drilling programs are proximal to the historic, extensive underground mine workings or the historic, shallow open pit walls. The recent 2023, 7-hole, core drill program on the Tombstone project was successful in expanding mineralization laterally and to depth, reached the water table and the highest of the Paleozoic sediments, and connected the main and southern mineralization. Every one of the drill holes intersected near surface, oxidized gold-silver mineralization, and all the drill holes crossed multiple historic underground workings where presumably most of the highest-grade gold and silver were previously mined, indicating the main mineralized zones are still open to depth and laterally.

The Company will be developing the targets with multiple disciplines including continuing the surface exploration program in the area of the Contention pit with advancing the detailed geological mapping, and further out with reconnaissance level geological mapping of lithologies, Terraspec alterations and structures, multi-element 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 3D model being constructed, supporting the upcoming drilling program design. The 3D model of the project area is of the historic mine workings and geology of the principal portion of the Tombstone district and consists of the digitization of the historic maps and sections of the underground workings, stopes, drill holes and geology.

The upcoming exploration program is expected to gain knowledge into the expansion potential of the oxidized mineralization, and from that, develop more advanced targeting for drilling. The focus of this exploration program is to better define the three styles of mineralization known to exist on the properties and to identify top priority targets for drilling. The three types of known mineralization at Tombstone are as follows: Bulk tonnage silver-gold north-northeast striking felsic intrusive dikes hosting mesothermal stock-works and hydrothermal breccias cutting the Bisbee Group and the Paleozoics, on which the Contention open pit heap leach mine was initially developed in the 1980's, which now is known to extend laterally and vertically High-grade silver-gold-lead quartz stringer lode veins striking northeast cutting Cretaceous Bisbee Group clastic sediments into the Paleozoics, which are related to several of the historic mines in the Tombstone district Often high grade, bulk tonnage silver-gold rich carbonate replacement deposit, which lie in the lowermost Bisbee Group and in the underlying Paleozoic limestones, a geologic setting similar to the Taylor deposit of South32, located 65 kilometers southwest of Tombstone.

Strong structural controls of their locations related parallel to the crests of anticlines, usually with vertical stacking on multiple, favorable horizons Positive indications for mineralization at Tombstone include: 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 The Contention open pit mine is centered along a strong NNE fault structure with large, mineralized felsic dikes possibly related to a deeper intrusion The underground Contention mine mined the dike mineralization to over 300 m depth 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 The presence of several manganese-silver rich mines surround the Property are considered indicative of distal mineralization to CRD deposits worldwide.