Gold and silver are there. Some modern drilling will remind the market of it.
The deeper target is the carbonate replacement deposit (CRD). Historic deep drilling for this type of mineralization done in the 1980s returned multiple intersections grading up to 32 gpt silver, 0.61% copper, 6.5% lead and 2.6% zinc over 7.2m core length.
That historic drilling, done by Sana Fe, hit narrow, high grade polymetallic mantos in five of seven holes drilled.
Aztec has used the historic drilling, as well as modern aeromagnetics and Natural Source Audio-frequency Magnetotellurics (NSAMT) to define new targets that could represent Taylor-style massive sulphide replacement systems below the historic mines.
The Taylor deposit was discovered in 2015 by Arizona Mining beneath the historic Hermosa Silver district after a $1.6 million fundraising. It ended up being taken over by South32 for $1.8 billion, delivering over 2,300% gains for early investors.
Tombstone is the nearest historic silver district with similar Taylor-type CRD potential at depth.
In 2020, 19 of 21 holes drilled in three areas intersected widespread gold and silver mineralization, extending the mineralized zone along 830 meters of strike down to 100 meters depth below the Contention open pit.
Most drill holes intersected old mine workings, dating back to the late 1800’s, although the high-grade bonanza mineralization was previously mined, substantial lower grade mineralization was left behind.
Drill highlights from 2020 include:
High Grade Gold-Silver Highlights
Bulk Tonnage Gold-Silver Highlights
The project is already starting to show extensive and shallow oxidized gold-silver mineralization below an open pit that operated in the 1980s at much lower metals prices.
These results are high-grade in comparison to modern day open pit heap leach mines in the region.
Drilling in 2021 has continued to turn up excellent results.
The 23-hole, 3,000 meter reverse circulation program was designed to step along strike and down dip from the Phase 1 drill intercepts in 2020 to expand the shallow, broad, bulk tonnage gold-silver mineralization discovered around and below the Contention pit.
And it is succeeding in doing that in a big way.
The first holes out in Summer 2021 intersected significant gold and silver mineralization resulting in an extension of the mineralized zones at-depth and along strike below and west of the Contention open pit. Significant intercepts include:
5.7 grams per tonne (g/t) gold and 40.5 g/t silver (or 6.28 g/t gold equivalent “AuEq”) over 32 meters
1.39 grams per tonne (g/t) gold and 56.4 g/t silver (or 2.2 g/t gold equivalent “AuEq”) over 96 meters
A key takeaway from the current drilling is the bottoming in mineralization. That means, in all likelihood, mineralization continues at depth, which is something the Aztec team will be keen to explore in upcoming drill rounds.
Will Aztec follow in the 2,300% footsteps of Arizona Mining?
We will find out soon!
Second Kick: Cervantes
Aztec’s second property is also being explored this year, generating additional newsflow and catalysts.
Cervantes is an extremely large, 3,649 hectare project in Sonora, Mexico, where it has made a recent gold-copper porphyry discovery.Aztec Cervantes
The property is 60 kilometers west of Alamos Gold’s Mulatos Gold Mine and 50 kilometers west of Agnico Eagle’s La India Gold Mine. It’s on private land with road access, water wells, and grid power.
Initial results hit 0.77 grams per tonne gold over 160 meters and 0.71 gpt over 139 meters. And there are multiple prospective mineralized zones related to porphyries and breccias along a six kilometer corridor.
There are distinct magnetic, radiometric, and IP chargeability anomalies at the California target — where gold outcrops at surface and channel samples have shown <0.47 grams per tonne gold over 222 meters.
Aztec has earned in to 65% of the project from Kootenay Silver, and the pair now operate it as a joint venture.
A Phase 1 drill program completed 2,674 metres in 17 core holes mainly at the California target. Gold and copper were discovered in 14 drill holes over long and consistent intervals, including:
160m @ 0.77 gpt gold incl 80m @ 1.04 gpt gold, 0.11% copper in 18CER010
139m @0.71 gpt gold incl 20m @ 2.1 gpt gold, 0.16% copper in 17CER005
118m @ 0.63 gpt gold incl 43m @ 1.18 gpt gold, 0.16% copper in 17CER003
122m @ 0.60 gpt gold incl 62m @ 0.88 gpt gold, 0.06% copper in 18CER007
170m @ 0.42 gpt gold incl 32m @ 0.87 gpt gold, 0.06% copper in 18CER006
A follow-up program is being planned to expand the California target laterally and to depth and to evaluate additional high priority gold targets.