Aztec Minerals’ NSAMT Geophysical Survey Identifies Strong Buried Conductive Bodies at Tombstone Project

Host rocks to the historic silver mines at Tombstone were primarily clastic sediments of the Cretaceous Bisbee Formation. Below around 200 meters (m) in depth, the Bisbee is underlain by the same Paleozoic limestone formations that host the massive Taylor CRD zinc-lead-silver deposit located 60 km southwest of Tombstone. Taylor was discovered by Arizona Mining in 2015 who accepted a takeover bid from South32 in 2018. (view Tombstone Map - Location, Regional Geology, and Mines here).

The 4-line, 7.1 km AMT geophysical survey data was put through an inversion model and interpreted into 4 horizontal depth slices (depth slices) at 1,200 m, 1,000 m, 800 m, and 600 m elevations above sea level (asl). However, the town of Tombstone is at the 1385 m elevation so the depth slices are approximately 400, 600 and 800 m below surface. East-west pseudo-sections (pseudo-sections) were also generated for each line across the property down to the 500 m elevation.

Aztec CEO, President and Chief Geologist Joey Wilkins commented, "On the 1200 m depth slice (Depth-slice-1200m), a series of 3 resistivity highs (conductive lows) mark the major north-south trending structure underlying the Contention pit. We interpret this feature to be related to the alteration, silicification and intrusive dikes associated with the epithermal gold-silver mineralization mined at Contention."

"A strong conductive body west of the mid-pit appears to be related to a small intrusion with surrounding incipient hornfels and skarn alteration on surface. This is the exactly the geological environment we want to see for potential CRD massive sulfide mineralization in the underlying Paleozoic limestone sequence. A weak conductive body immediately east of the north-pit may indicate the potential for more epithermal mineralization in an area never drilled. A moderate conductor east of the south-pit suggests the possibility of a parallel mineralized structure to the Contention pit."

"On the pseudo-sections, the strong west conductor appears to plunge southeast below the Contention pit down to the 600 m elevation. This large and strong conductive body represents a top priority drill target to test for massive "Taylor"-style CRD polymetallic mineralization at Tombstone. This is in addition to the areas of very positive historic drill results that we also plan to drill this year."

NSAMT Results (Location Map)

Line 1:

This northernmost line generated no useful data as it was swamped by cultural influences (buildings, powerlines, plumbing and sewage pipes). Each of the other 4 NSAMT lines detected conductive and resistive bodies that reflect the complex geologic setting at Tombstone, interpretations as follows:

Line 2:

This is the northernmost line and crosses the north Contention Pit as well as the area immediately west of the pit where USMX drilled several RC holes and successfully intersected long intervals of strong gold and silver mineralization. These drill holes were shallow and oxidized thus did not produce a strong conductor. There is weak conductivity near surface that could represent Cretaceous Bisbee sandstone and siltstone. The pit itself shows a pronounced resistive body that could represent silicification related to a porphyry dyke. Beneath the highly resistive body starting at 1,200 m elevation is a near vertical moderate conductor that could represent the same dike but interpreted to be less oxidized and contain sulfide and clay alteration sufficient to produce a moderate conductor.

Line 3:

Line 3 is about 350m south of line 2. There are two important conductors on line 3, one of which starts about 100m below the surface and has extremely low conductivity and has a subvertical orientation and interpreted to represent massive sulphide or an extremely clay altered dike with sulfides. This conductor is flanked by two very resistive bodies interpreted to represent either skarn or silicification. On the surface above this conductor are several shallow mines and skarn alteration in Bisbee sandstone, strong evidence for a buried intrusion. The other anomaly is a strong horizontal conductor at roughly 750 m elevation that appears to connect with the subvertical highly conductive body previously mentioned. The horizontal conductor is interpreted to represent a CRD type sulfide body beneath the historic underground silver mines workings. The near surface anomalies are considered to be noise due to cultural influences.

Line 5:

Line 5 is 160m south of line 3. The same horizontal conductor on line 3 occurs on line 5, the heart of the anomaly is at 600m depth, thus there could be a slight southerly dip of this conductive body. The upper part of the inversion shows several subvertical weakly conductive bodies separated by resistive bodies and a single weak conductor at 1,100 m depth on the east side. A vertical, highly resistive body is seen on the far western end of the line, interpreted to reflect steeply dipping limestone and possibly granodiorite intrusion, both of which are seen on the surface.

Line 4:

Line 4 is the southern most line and 220m south of line 5. The most prominent conductor is a broad, vertical feature interpreted to represent an altered quartz porphyry dike containing possible sulfides and with substantial alteration in the wall rock. The conductor is flanked to the east by a small resistor and to the west by a large subvertical resistive body which could represent steeply dipping Paleozoic limestone as seen on the surface. The far western side of the line exhibits a vertical resistive body proximal to the granodiorite intrusion.

Aztec holds an option to acquire a 75% interest in the Tombstone property from Baroyeca Gold and Silver. The property includes many of the original patented mining claims in the district. Aztec plans to commence the next phase of exploration work at Tombstone, including core and/or reverse circulation drilling, and down-hole geophysical surveying in the deeper holes, in the 3^rd quarter, 2020.

The AMT survey was conducted by Zonge Engineering and the report is dated 18 May, 2020 and titled: "AMT Survey Tombstone Project, Cochise County, Arizona DATA ACQUISITION PROCESSING REPORT." Joey Wilkins, B.Sc., P.Geo., the President and CEO of Aztec, is the Qualified Person who reviewed and approved the technical disclosures in this news release.

"Joey Wilkins"

Joey Wilkins, Chief Executive Officer

Aztec Minerals Corp.

About Aztec Minerals - Aztec is a mineral exploration company focused on the discovery of large gold-copper 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:

Joey Wilkins, President and CEO or Bradford Cooke, Chairman

Tel: (604) 685-9770
Fax: (604) 685-9744
Email: joey@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.

SOURCE: Aztec Minerals Corp.