Aztec Completes First 7 Holes of Phase 3 Core Drilling Program at its 100%-owned Cervantes Project in Sonora, Mexico and Appoints new Director

Three main targets are being tested. The primary objectives of the 2022 core drilling program are to better define the open pit, heap leach gold potential of the porphyry oxide cap at California, evaluate the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of the California mineralization and at California North and Jasper.

Drilling has been on and adjacent to the principal California target, where Aztec previously discovered extensive porphyry gold-copper mineralization (drill intercepts up to 1.002 gpT gold over 165m). This mineralization is associated with massive silicification, stockworking and extensive hydrothermal brecciation of the hosting quartz feldspar porphyry and the surrounding sedimentary rocks. Since July 2022, Aztec has drilled 7 core drill holes for 1,607 m as 30 – 450 m step out spacings to expand and better define the northeastern, eastern and southeastern areas of mineralization at California, including one to test at depth the strong underlying IP chargeability anomaly. To date, all drill holes have encountered altered and mineralized Qfp intrusives, hydrothermal breccias and sediments.

One drill hole has tested the continuity of gold mineralization south from drill hole 22-017, located on the south edge of the California Norte prospect towards the main California target. A 60m step out was made with CAL22-022. Altered and mineralized Qfp intrusive and sediments were found in it. It is planned to test another hole at the Jasper prospect – a step out of over 120m northwest of the broadly mineralized JAS22-001.

After drilling concludes, company geologists will turn their attention to channel sampling and geologic mapping of the newly cut drill roads at California, California Norte and Jasper, as well as to expand surface sampling and mapping on the property in general to continue the 2021 Phase 1 surface program.

Further Information is attached.

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