Aztec Minerals Reports Results of Phase 1 Exploration Program Tombstone Project, Arizona

VANCOUVER, November 27, 2018 - Aztec Minerals Corp. (AZT: TSX-V, OTCQB:AZZTF) reports positiveresults from its Phase 1 exploration program of structural and geologicalmapping, rock chip and trench sampling and airborne geophysical surveying onthe Tombstone Project in southern Arizona.

The Tombstone silver mining district producedan estimated 32 million oz silver, 240,000 oz gold, 65 million lb lead and 1.1million lb zinc from a swarm of shallow, high grade carbonate replacementdeposits (CRDs) and veins during the period 1878 to 1939. Aztec has an optionto acquire a 75% interest in most of the old patented claims constituting thedistrict from Baroyeca Gold and Silver Inc.

The Tombstone district silver-gold-lead CRD's occurwithin the Bisbee Group clastic sediments, underlain bythe same Paleozoic limestones that hosts the massive Taylor zinc-silver-lead CRDdeposit of Arizona Mining Inc. (located only 65 km west of Tombstone). ArizonaMining was recently acquired by South32 by way of a $1.8 billion friendlytakeover bid.

Aztec sees significant exploration potential at Tombstone for a CRDdiscovery similar to Taylor.Some highlights from the Phase 1 explorationprogram are as follows:

• High gradesilver-gold-lead-zinc-copper mineralization was confirmed in and around themain Contention pit by rock sampling of surface outcrops and prospects, a totalof 139 samples, and a second parallel mineralized zone was identified northwestof the water tank (Tank is west of the Contention Pit)
  
• Twelvetrenches were cut adjacent to and within the Contention pit using an excavatorand sampled over a cumulative length of 758 meters, a total of 340 samples, several spot highgrade samples were found but no large, low grade, open pittable mineralizationwas encountered
• A detailedairborne magnetic survey was conducted over the property using a drone operatedmagnetometer, confirming the main Contention mineralization is associated witha magnetic multi-phase dike which towards the south is offset by a northwesttrending mineralized fault, other possible northwest trending faults wereidentified in the northeast part of the property, and a second parallelmagnetic high (dike?) was detected southeast of the Contention pit
• Structuraland geologic mapping were conducted over portions of the property, revealingpromising structural environments for CRD mineralization at depth and a strongassociation between altered dykes and mineralization

RockSampling Results

In July, Aztec embarked on a comprehensivePhase 1 exploration program that included geologic mapping, surface rocksampling, trenching, and airborne geophysics over its Tombstone property insoutheastern Arizona, USA. The rock sampling focused on outcrops in and aroundthe historic Contention Pit. Many of the samples are grab or chip in nature,returning high grade silver and gold mineralization along structures, often associatedwith altered sediments and porphyry dikes, as follows:

• 32 out of139 samples (23%) contain greater than 100.0 gpt Ag and 7% (10) greater than 544gpt Ag with a high of 3,178 gpt Ag, and a low of <0.5 gpt Ag
• 23 out of139 samples (17%) greater than 1.0 gpt Au and 8 (6%) greater than 10.0 gpt Auwith a high of 23.5 gpt Au, with a low of <0.005 gpt Au
• 34 out of139 samples (24%) contain > 1.0% Pb with 7 samples (5%) >5.0% Pb with ahigh of 14.2% Pb and a low of 5.0 ppm Pb
• 22 samplesout of 139 (16%) contain > 1.0% Zn with 7 samples (5%) > 4.0% Zn with ahigh of 14.2% Zn, and a low of 15.0 ppm Zn
• 21 samplesout of 139 (15%) contain >0.12% Cu with 6 samples (5%) > 0.5% Cu with ahigh of 3.63% Cu and a low of 3.0 ppm Cu

TrenchingResults

A total of 12 trenches were placed inaccessible areas on the edge or within the Contention Pit, although a few couldnot reach bedrock due to thick overburden. A total of 9 out of 12 trenchescontained sufficient exposure for channel sampling, culminating in 785 metersof continuous channel sampling for a total of 340 samples. Geochemical valuesreturned low grade gold and silver values with moderately anomalous lead andzinc.

The trenches exposed new "hot spots" of gold, silver,and base metal mineralization, a significant guide to our deeper targeting forCRD massive sulphides. Trenches 7 and 8 contain unusually long intervals of lowgrade gold and silver such as 56.5 meters of 0.19 gpt Au and 7.8 gpt Ag inTrench 7. Trench 8 and over its entire length detected 164.0 meters of 0.10 gptAu and 2.4 gpt Ag with stronger intervals contained within such as 20.0 metersof 0.21 gpt Au, 7.3 gpt Ag, 1,112 ppm Pb and 1,944 ppm Zn. The pervasive alterationand intense structures encountered in the mineralized siltstone, sandstone, andlimestone from the trenches is highly informative in developing deeper targets.

Mapping Results

Detailed geologic and structural mapping by a consulting structuralgeologist reinforces the prospectivity for deep CRD sulphides. His workstrongly supports CRD potential at depth in the underlying Paleozoic limestonesat the intersections of prominent north-northeast dykes and mineralized faults/veinsand southeast plunging anticlines ("rolls").

Observations in the Contention Pit suggest silver-goldmineralization was enhanced where dilation structures and brecciation of BisbeeGroup sediments are in contact with leucocratic dykes. The dilation structures inthe Contention Pit are measurable in the hundreds of meters long and tens ofmeters wide with unknown depth extents. Additionally, several mines andprospects containing manganese-rich chimney's, mantos, and veins lie outsideAztec's land position, but they are common indicators of alteration-mineralizationperipheral to CRD deposits.

Airborne Magnetic Survey

A drone operated airborne magnetic survey was completed over theproperty. The survey was flown at 75 meter line spacing oriented east-west atan altitude of 40 meters with a GEM SSMP-35U sensor flow under a DJI Matrix 600Pro hexacopter. The sensor collected 10 readings per second, flying at a speedof roughly 8 meters/second. The survey data show a prominent high thatcorresponds to a known late Cretaceous granodiorite intrusive on the northwestpart of the survey and where Precambrian granite crops out well to thesouthwest. In the vicinity of the Contention Pit, subtle structures are evidentoriented north-northeast and northwest-southeast. These structures correspondto dykes and mineralized fault structures in the north-northeast orientationand anticlines and synclines corresponding to the northwest-southeast features.Further investigations of the airborne magnetic data and additional filters areongoing.

Land

3 new unpatented lode claims were located on open BLM groundadjacent to the patented claim block. A total of 10.7 hectares (26.5 acres) wascovered with the 3 claims.

Quality Control

Joey Wilkins, P.G., is the qualified person (QP) on the project andsupervised the surface sampling. All surface samples were collected bygeologists and placed in polybags, labeled and closed with zip-ties. Channelsample lengths were between 1.0 and 3.0 meters. Chip and grab samples weregenerally random and slightly more biased, but often collected from outcrops orhistoric mine dumps. Samples were kept under strict supervision until deliveredto the laboratory with chain of custody protocol. Certified standards wereinserted into the sample stream and passed QA/QC analysis. Bureau Veritasanalyzed the rock chip samples and ALS-Chemex analyzed the channel samples.

AboutAztec Minerals – Aztec is amineral exploration company focused on the discovery of large precious metal depositsin the Americas. Our core asset is the prospective Cervantes porphyry gold-copperproperty in Sonora, Mexico. We also hold an option on the Tombstone district withboth bulk tonnage epithermal gold-silver as well as high grade CRDsilver-lead-zinc deposits in Arizona. Aztec's sharestrade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).

Contact Information - For more information, please contact:

Neil MacRae, Vice President, Investor Relations
Tel: (604) 685-9770
Fax: (604) 685-9744
Email: neil@aztecminerals.com
Website: www.aztecminerals.com

Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release. No stock exchange, securitiescommission or other regulatory authority has approved or disapproved theinformation contained herein.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements"within the meaning of the United States Private Securities Litigation ReformAct of 1995 and "forward-looking information" within the meaning of applicableCanadian securities legislation. Such forward‑looking statements andinformation herein include but are not limited to statements regarding Aztec'santicipated performance in 2018 and the future, including the exercise of theoptions on the Cervantes and Tombstone properties, the planned exploration activities,receipt of assay results from drilling, the completion of further drilling andexploration work, and the timing and results of various activities. The Companydoes not intend to, and does not assume any obligation to update suchforward-looking statements or information, other than as required by applicablelaw.

Forward-looking statements or information involve knownand unknown risks, uncertainties and other factors that may cause the actualresults, level of activity, performance or achievements of Aztec and itsoperations to be materially different from those expressed or implied by suchstatements. Such factors include, among others, changes in national and localgovernments, legislation, taxation, controls, regulations and political oreconomic developments in Canada and the United States; financial risks due toprecious and base metals prices, operating or technical difficulties in mineralexploration, development and mining activities; risks and hazards of mineralexploration, development and mining; the speculative nature of mineralexploration and development, risks in obtaining necessary licenses and permits,and challenges to the Company's title to properties.

Forward-looking statements are based on assumptionsmanagement believes to be reasonable, including but not limited to thecontinued operation of the Company's exploration operations, no materialadverse change in the market price of commodities, and such other assumptionsand factors as set out herein. Although the Company has attempted to identifyimportant factors that could cause actual results to differ materially fromthose contained in forward-looking statements or information, there may beother factors that cause results to be materially different from thoseanticipated, described, estimated, assessed or intended. There can be noassurance that any forward-looking statements or information will prove to beaccurate as actual results and future events could differ materially from thoseanticipated in such statements or information. Accordingly, readers should notplace undue reliance on forward-looking statements or information.

SOURCE: Aztec Minerals Corp.