Vancouver, Canada – December 17, 2020 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB: AZZTF) (“Aztec” or the “Company”) announces that it has entered into a joint venture agreement with Kootenay Silver Inc. (KTN:TSX-V) in respect of the Cervantes porphyry gold-copper project in Sonora, Mexico (“Cervantes”). As noted in the Company’s July 30, 2019 press release, Aztec completed its earn-in and exercised its option to acquire a 65% interest in Cervantes. Kootenay retains the remaining 35% interest. The parties will hold their interests in Cervantes indirectly through 65% (Aztec) /35% (Kootenay) share ownership in a joint venture company, Aztec Minerals (Mexico) JV. Corp. The joint venture company indirectly owns 100% of the Cervantes property through its wholly owned subsidiary, Minera Azteca Dorado S.A. de CV.
Simon Dyakowski, CEO of Aztec, stated “We are pleased to have finalized the Cervantes joint venture agreement with Kootenay and look forward to recommencing exploration activities at the project in 2021. Aztec’s first drill program at Cervantes resulted in the discovery of a large, well mineralized gold oxide zone at the California zone, one of several prospective porphyry gold-copper targets on the property. Aztec and Kootenay will now form a joint venture Management Committee with Aztec as the Operator of the joint venture. The Committee will meet in the new year to review and approve the next phase of exploration to unfold the full potential of this exciting exploration asset.”
James McDonald President and CEO of Kootenay Silver Inc adds "We are excited about formulating the first exploration plan under the JV agreement and look forward to further testing of the California oxide gold zone and larger gold copper porphyry potential associated with it."
“Simon Dyakowski”
CERVANTES HIGHLIGHTS
- Large land package, claims cover 3,650 hectares in mining friendly Sonora state, Mexico 55km west of Mulatos and La India, both operating gold mines by Alamos Gold and Agnico Eagle
- Phase 1 Core Drilling near surface intercepts:
- 160 meters of 0.77gpt Au, 0.13% Cu and 3.4gpt Ag
- 139 meters of 0.70gpt Au, 0.10% Cu and 2.1gpt Ag
- 43 meters of 1.18gpt Au, 0.16% Cu and 5.1gpt Ag
- Multiple gold targets along Northeast-Southwest 6-kilometer corridor defined by soil samples, pervasive alteration, hydrothermal breccias
- Only California Target drill-tested and remains open, additional targets undrilled, rock channel samples up to 44.6gpt Au
- IP geophysics outlines extensive and strong chargeability anomalies, including below California target, anomalies open and not closed off
- Airborne Magnetics and Radiometrics highlight the Northeast-Southwest corridor, strong magnetic high under California and expanding to east and north
- Very good preliminary metallurgical work on oxidized drill core: up to 88% gold recovery on 2.0mm oxide material and 78% on mixed oxide-sulphide material
- Aztec now controls 65% of project having completed 4-year earn-in with Kootenay Silver
MORE: http://www.aztecminerals.com/cervantes-project/details/
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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).
Contact Information - For more information, please contact:
Simon Dyakowski, CEO or Bradford Cooke, Chairman
Tel: (604) 619-7469
Fax: (604) 685-9744
Email: simon@aztecminerals.com
Website: www.aztecminerals.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements:
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.
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