Aztec Minerals Corp. (TSXV: AZT) (OTCQB: AZZTF) found high grade silver and gold during its 2023 core drilling program at the Tombstone project in southeastern Arizona.
The company received assay results on Monday from three drill holes of its 7-hole program at the Contention open pit.
The company intersected high grade gold and silver in multiple holes including:
- TC23-05 intersected a shallow, broad, oxidized zone of 36.0 m averaging 2.82 gpt Au and 176.64 gpt Ag (5.02 gpt AuEq), including 6.45 gpt Au & 408.47 gpt Ag (11.55 gpt AuEq) over a 15.5 m width
- The drill hole also intersected several high grade silver zones of 1.52 m of 1694 gpt Ag, 1.52 m of 380 gpt Ag, 1.52 m of 226 gpt Ag, 1.52 m 1470 gpt Ag as well as 1.52 m of 53.5 gpt Au.
Gold equivalence (AuEq) was calculated using an 80:1 silver:gold ratio.
Hole TC23-03 was drilled within the central area of the primary Contention pit, specifically on the western side. It was drilled underneath the pit, extending towards the eastern side. The starting point of the hole, known as the collar, was situated near the eastern vicinity of the main Contention four compartment shaft. This shaft had a depth of over 1,000 feet across ten levels before it was closed.
During the drilling process, TC23-03 intersected a section of 62.5 meters consisting of oxidized, altered siltstones and sandstones. Within this section, there was a presence of 0.47 grams per tonne of gold and 24.05 grams per tonne of silver, resulting in a gold equivalent grade of 0.77 grams per tonne.
Drill hole TC23-02 was collared around 80 metres southwest of the previously reported hole TC23-01. Initially, it was drilled to a depth of 27 metres, but challenging drilling conditions led to a temporary abandonment of the drill hole in mid-March.
In late April, the drill hole was re-entered and successfully extended to a total depth of 139 metres. This hole intersected several workings, and samples have been sent for analysis. The results from this hole, along with holes TC23-06 and TC23-07, are anticipated to be reported within the next three weeks.
“Our first core drilling program at the Tombstone Project continues to intersect broad, shallow, and oxidized zones of high-grade silver and gold, at the Contention open pit target,” said Simon Dyakowski, Aztec Mineral’s CEO.
“These most recent results highlight the expansion of the mineralized zone in the south-central and eastern portion of the target zone. We eagerly await the receipt of assays from the final holes of the now complete core drilling program.”
Overland map of Tombstone. Image via Aztec Minerals.
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Objective of campaign is to evaluate previously mined Contention pit
The primary objective of the 2023 core drill program is to systematically evaluate the shallow, bulk tonnage, heap leachable mesothermal gold-silver oxide mineralization in the vicinity of the previously mined Contention pit. This will be achieved through a combination of infill and step-out drilling.
The upcoming drilling activities will primarily concentrate on exploring the extensions of the shallow oxide mineralization along the strike and dip directions. Additionally, the program aims to assess the potential for larger, deeper targets in the form of “Taylor-type” carbonate replacement deposits (CRD). These CRD targets will be targeted both along and adjacent to the Contention structure, as the drilling progresses to deeper levels.
The drilling program was developed based on data gathered from surveys and modelling conducted throughout 2022. These activities took place after Aztec’s previous reverse circulation (RC) drilling program concluded in late 2021. Recently, Aztec completed an ortho-topographic drone survey to create detailed maps of the area. They also conducted surveys of all drill hole collars from 2020-21 and collected samples for Terraspec alteration analysis in half of the North Contention pit.
Aztec holds a 75 per cent interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the district as well as some recently acquired properties.
Aztec is a mineral exploration company with a focus on two promising discoveries in North America.
Shares of Aztec Minerals rose 0.01 per cent to $0.30 on Tuesday on the TSX Venture Exchange.
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