VANCOUVER, BC / ACCESSWIRE / September 23, 2020 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) announces it has reached an agreement to acquire 2 patented claims amounting to 8.58 hectares (21.19 acres) and the Company also staked 17 new unpatented claims totalling 130.5 hectares (332.5 acres) at the historic Tombstone Silver District in Southeastern Arizona. The additional claims are being acquired by Aztec on behalf of the company's option to acquire a 75% interest in the Tombstone property.
Aztec will purchase two patented claim groups, the Alps (7.6 hectares or 18.87 acres) and Minett (0.93 hectares or 2.32 acres), for cash consideration of USD$37,000. The purchase is expected to close upon completion of a 120-day due diligence period.
The company also staked 17 new unpatented claims for a total of 332.5 acres (130.5 hectares). The unpatented claims are located 250 meters east of the patented Tombstone claim group boundary. The patented claim purchase and staked unpatented claims represent an approximate 88% increase of the Tombstone project footprint from 400 acres (161.87 hectares) to 755 acres (305.5 hectares).
Aztec is currently conducting a 2,900 metre, 20-hole Phase 1 reverse circulation (RC) drilling program at the Tombstone Property. The company has drilled 10 of the planned 20 holes to-date, and reports that all samples from the first five holes were shipped to and received by Bureau Veritas Minerals laboratory for geochemical analysis. Results are pending.
Aztec holds an option to acquire a 75% interest in the Tombstone property, which includes most of the original patented mining claims in the district. The main target of the current RC drill program is to test for shallow, bulk tonnage, heap leachable, epithermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit.
Joey Wilkins, B.Sc., P.Geo., the VP Exploration & Chief Geologist of Aztec, is the Qualified Person and is conducting oversight on the Tombstone exploration program. Aztec is conducting reverse circulation (often referred to as percussion drilling) at Tombstone and collecting 5 feet (1.52m) samples in all drill holes. All holes contain certified blanks, standards, and duplicates as part of the quality control program. Mr. Wilkins reviewed and approved the technical disclosures in this news release.
Simon Dyakowski, Chief Executive Officer
Aztec Minerals Corp.
About Aztec Minerals - Aztec is a mineral exploration company focused on the discovery of large polymetallic mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone properties host both bulk tonnage epithermal gold-silver as well as CRD silver-lead-zinc mineralization in Cochise County, Arizona. Aztec's shares trade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).
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Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
SOURCE: Aztec Minerals Corp.