AZTEC MINERALS CORP

Aztec reported additional results of step-out drilling to expand the Contention Zone of oxide Au/Ag mineralization along strike and at depth.  The Company reported results from 11 reverse circulation (RC) holes (TR26 -20 to TR26-30), bringing the total reported RC holes to 61 of the overall 84 completed in the 2025-2026 drill program. In addition Aztec reported results from The Company also reports the first assay results from the core drilling program: core holes TC25-01 to TC25-04.

The best results were obtained from RC drill holes within or near the Contention Pit (Figures 1 and 2).  Hole TR26-30, collared in the central portion of the Pit intersected 198.1 m averaging 0.86 g/t Au and 24.52 g/t Ag (1.30 g/t AuEq) from surface to 198.1 m, approximately 98% of the drilled length, including 155.4 m averaging 1.08 g/t Au and 30.23 g/t Ag (1.63 g/t AuEq) from 6.1 m, which includes 44.2 m averaging 1.50 g/t Au and 60.51 g/t Ag (2.60 g/t AuEq) from 56.4 m and 6.1 m averaging 9.54 g/t Au and 35.03 g/t Ag (10.18 g/t AuEq) from 121.9 m.

Hole TR26-28 was collared in the southern portion of the Contention pit, just east of the Grand Central pit, 50m east-southeast from TR25-32. This drill hole intersected three zones in the quartzites and hornfels, the strongest being 19.8 m averaging 0.20 g/t Au and 20.28 g/t Ag (0.57 g/t AuEq) from 199.6 m, including 10.7 m averaging 0.34 g/t Au and 33.50 g/t Ag (0.95 g/t AuEq) from 208.7 m.

First core program results: core hole TC25-03 returned two zones of Carbonate Replacement Deposit (CRD) sulfide mineralization: 4.6 m averaging 0.16 g/t AuEq, 0.44% Pb and 0.28% Zn from 379.5 m, and 4.6 m averaging 0.69 g/t AuEq, 0.21% Pb and 0.02% Zn from 545.6 m at the historic T-8 CRD target horizon. TC25-04 returned 32.0 m averaging 0.26 g/t AuEq from 336.8 m within the retrograde skarn zone, including 3.0 m averaging 0.58% Pb and 35.50 g/t Ag.

Comment

Aztec announced on July 2, 2026 that they had retained Kapps, Cassiday & Associates to carry out bottle-roll NaCN leach testing on samples from the Tombstone Project.  Kapps, Cassidy has extensive experience in heap leach operations. This data will be very important to determine recoveries for gold and silver in the oxidized portion of the deposit and establish what a potentially economic cutoff grade would be.

While recent drilling has returned some long, well-mineralized intersections such as TR-26-30, a lot of the holes reported have only narrow, low-grade intersections that are spaced out down the hole.  The core hole results reported to date returned only low-grade CRD mineralization; however, four (4) of these holes have additional results pending, hence it is premature to draw final conclusions on these holes.  Borehole geophysical surveys would potentially help define the sulphide targets.

In my opinion, what they need is a good structural model for both oxide and sulphide zones, which is impossible to do with RC holes.  I would do some more targeted core holes to better define the structures controlling mineralization.  Old records of the mine, if available, may help with the interpretation.

Figure 1
Source: Aztec Minerals

Plan map showing drill hole collars from the 2025-2026 drill campaign at the Tombstone Property, southeastern Arizona (Aztec Minerals Corp. press release, July 15, 2026)

Figure 2
Source: Aztec Minerals

Cross section of RC drill hole TR26-30 showing Au and Ag assay results (Aztec Minerals Corp. press release, July 15, 2026).