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Aztec Minerals Drills 36m @ 5.02g/t Oxidized Gold Equivalent At Tombstone Project, Arizona


After reporting an excellent 125m @ 1.631g/t AuEq including 1.52m @ 3,477g/t Ag from 126.5m depth (residual grade of 54g/t Ag) on their first hole at Tombstone Project in Arizona, Aztec Minerals (AZT: TSX-V, OTCQB: AZZTF) delivered more strong results on June 5, 2023. Highlight step-out hole 23-05 returned 36m @ 5.02g/t AuEq from 19.8m in an all oxidized intercept, including 1.52m @ 1,470g/t Ag and 1.52m @ 53.5g/t Au, expanding mineralization to the east. These grades are very impressive for oxides, as usually economic grades for heap leachable oxides are in the 0.4-0.7g/t Au range.  

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Please note: the views, opinions, estimates, forecasts or predictions regarding Aztec�s resource potential are those of the author alone and do not represent views, opinions, estimates, forecasts or predictions of Aztec or Aztec�s management. Aztec has not in any way endorsed the views, opinions, estimates, forecasts or predictions provided by the author.

Aztec Minerals recently completed a 7-hole diamond drill program at Tombstone, and reported another 3 holes, 23-03, -04 and -05. As the program was intended to be a 10 hole program, I asked CEO Simon Dyakowski for the reasons of this adjustment. He answered that the holes had been re-oriented to reduce the amount of drilling through in-pit fill material, and broken rock near surface, which is difficult and time consuming to drill through.  Notwithstanding the program was reduced in terms of meters, the goals of stepping out East and West, and at depth, as well as testing other targets were accomplished anyway.

The locations of the drill collars, along the Contention Pit, can be seen here:

Holes 23-03 and -04 were drilled under a slight angle, but 23-05 and the earlier reported 23-01 were drilled vertically. Sections of holes 23-03, -04 and -05 look like this:

The full table of results so far looks like this, with the company waiting assays for holes 23-02, -06 and -07:

As per the news release: “Drill holes TC23-03, TC23-04 and TC23-05 were designed to expand the known mineralization in the central and southern portions of the main Contention pit to the east and to depth.  The core drilling program was planned to be able to pass through the intricate levels of old mine workings and multiple faults and to reach, at a minimum, the water table just below the sixth level and the principal district host limestones at depth.  The drilling to date has expanded the extent of mineralization to the west, east and to depth and demonstrates the potential for the volume of oxidized Au-Ag mineralization to grow as it remains open.

Drill holes TC23-03, TC23-04 and TC23-05 intersected extensive gold and silver mineralization, extending the mineralized zone at depth east and below the Contention open pit.  The drill holes also intersected old mine stope workings, likely dating back to the late 1800â€?s and high-grade zones as well, indicating that the highest-grade bonanza mineralization in the area drilled was only partially mined out.”

It was interesting to hear from CEO Dyakowski that he passed up to 4 different levels of old mine workings per hole, requiring 3 times reducing diameters for the drill bits (going from PQ to HQ to NQ, and finally to BQ), Aztec also hit blue limestone at depth, which is a positive as this points to CRD (Carbonate Hosted Ore Deposit) potential at depth. The overall depth of the holes wasn�t significant, as they wanted to save on costs as it was the first program. It was also tough material to drill through, with lots of loose fill. It was the reason they couldn�t get as deep on hole TC23-03 as intended, and needed a lot of cement to stabilize the holes. Their overall plan is to follow up with RC drilling in the softer rock, and then re-enter with diamond drills after hitting the limestone to go deeper.

CEO Dyakowski believes that the newly acquired claim blocks to the west will generate good step-out targets, and is planning these now. They are awaiting assays for holes TC23-02, TC23-06 and TC23-07, and expect to receive them soon, but almost certainly before the end of the month.

Further information is attached.

Posted by on 13. June 2023. Filed under Internet, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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