On March 2, Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) announced results from five additional reverse circulation drill holes in its 2025-2026 drilling program at the Tombstone Property in southeastern Arizona. The program has completed 53 reverse circulation holes and 5 core holes, significantly expanding the mineralized zones, particularly in the Contention Pit area, connecting the Main, South, and West/ West Anticline targets.
The five reverse circulation holes drilled in 2025 yielded outstanding results. Hole TR25-34 intersected 40.2 meters averaging 1.09 g/t gold equivalent, including a high-grade interval of 4.6 meters grading 9.861 g/t gold equivalent. Hole TR25-36 intersected 44.1 meters averaging 0.86 g/t gold equivalent, including a 6.1-meter high-grade interval averaging 3.724 g/t gold equivalent. These results extend the Contention silver-gold zone for over a kilometer along strike and approximately 0.4 kilometers in width, expanding into the western area.
Simon Dyakowski, CEO of Aztec Minerals, stated, "Today's announcement of successful step-out drilling on the West targets at the Tombstone Property marks a significant milestone for the project." He noted that the main Contention zone now extends over a kilometer in strike length and more than 350 meters in width, with the shallow gold-silver oxide mineralization encountered in hole TR25-36 further extending the target area westward.
The company noted that the core drilling portion continued into 2026, with the third, deeper core hole, TC26-02, currently in progress, targeting a strong NSAMT anomaly in the southwest. Despite challenges like hole collapse, drilling has confirmed the presence of skarn and sulfides, indicating the potential of the NSAMT target. Overall, Aztec is expanding and defining mineralization through its largest-ever drilling campaign, which is expected to further delineate resources and enhance the project's scale.
According to an updated report on March 3 by Red Cloud analyst Elena Islam, the ongoing Phase 1 drilling program, totaling approximately 9,500 meters, aims to expand the shallow oxide mineralization at the Contention Pit and its southern extension. Islam noted that these results improve the prospect for a future mineral resource estimate. She rates the stock a "Buy" with a target price of C$0.60 per share. The drilling results are expected to support a planned mineral resource estimate in the second half of 2026, incorporating data from 80 historical holes and recent drilling.
In a commentary on January 28, Bob Moriarty of 321gold.com stated that Aztec has made significant progress, but the market has not fully recognized its potential. He wrote, "The market is clearly ignoring the massive size of the Tombstone project. Since the 2020 drill campaign, Aztec has drilled over a dozen holes exceeding 100 gram-meters at Tombstone. Anything over 100 gram-meters is exceptional." Moriarty believes the company is undervalued given the project's quality and current gold and silver prices, presenting a buying opportunity.
Aztec Minerals holds an 85.0% interest in the Tombstone Property joint venture, covering the majority of patented mining claims in the main area. The Tombstone project is located approximately 100 kilometers southeast of Tucson, Arizona, covering the historic Tombstone silver mining district, known for high-grade oxidized gold-silver mineralization, offering potential for further discoveries. The company has a market capitalization of approximately C$64.19 million with 188.79 million shares outstanding.
