Aztec Minerals' Tombstone Gold-Silver Project Oxidation Zone Extends Approximately 85 Meters Downward

en.Wedoany.com Reported - Atrium Research analysts Ben Pirie and Nicholas Cortellucci (CFA) reaffirmed their "Buy" rating and C$0.45 target price for Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) on July 15, 2026. The target price implies approximately 105% upside from the closing price of C$0.22 on that day. This follows Aztec's release of drilling results that extend oxidized gold-silver mineralization to greater depths beneath the central Contention pit at the Tombstone project in southeastern Arizona.

The newly released assay results cover 11 reverse circulation holes (TR26-20 to TR26-30) and the first four core holes (TC25-01 to TC25-04) from the 2025-2026 Tombstone project program. The new drilling extends oxidized gold-silver mineralization to the west, southwest, and south, with the most significant extension being the deeper mineralization beneath the central Contention pit. Hole TR26-30 returned 1.63 g/t gold equivalent (1.08 g/t gold, 30.23 g/t silver) over a 155.4-meter interval, which is part of a 198.1-meter interval from surface grading 1.30 g/t gold equivalent, including higher-grade sub-intervals: 2.60 g/t gold equivalent over 44.2 meters and 10.18 g/t gold equivalent (9.54 g/t gold) over 6.1 meters. TR26-30 was collared in the middle of the Contention pit, adjacent to earlier hole TR21-20, and drilled to a depth of 201.2 meters, over 85 meters deeper than TR21-20. The mineralization extends approximately 85 meters deeper than previous drilling, more than doubling the confirmed depth of the deposit at this location. The mineralized interval extends 198.1 meters from surface, accounting for approximately 98% of the total hole length, and the hole ended in mineralization.

In other directions, multiple holes also expanded the mineralized footprint. Hole TR26-28 on the east flank of the Grand Central pit returned 0.57 g/t gold equivalent (0.20 g/t gold, 20.28 g/t silver) over a 19.8-meter interval, including 0.95 g/t gold equivalent over 10.7 meters; the company believes this could be a new discovery on the eastern edge of the deposit. Approximately 300 meters to the west, at the Independence mine, hole TR26-21 returned 0.39 g/t gold equivalent over an 18.3-meter interval, including 58.60 g/t silver over 4.6 meters; TR26-20 returned 0.24 g/t gold equivalent over a 21.3-meter interval. To the southwest, in the Hard Up area, TR26-23 intersected 0.37 g/t gold equivalent over 22.9 meters; to the east, TR26-26 intersected 0.70 g/t gold equivalent over 10.6 meters, and TR26-29 returned 0.26 g/t gold equivalent over a 29.0-meter interval. Among the first core holes, TC25-04 intersected 0.26 g/t gold equivalent over 32.0 meters in the south, with a 3.0-meter sample containing 0.58% lead and 35.50 g/t silver; TC25-03 confirmed deeper polymetallic carbonate replacement deposit (CRD) mineralization in the north and returned 0.69 g/t gold equivalent over a 4.6-meter interval at the historic T-8 target. To date, the program has completed 84 shallow reverse circulation holes and 9 deep core holes, and the company notes that the Contention zone remains open at depth.

On July 2, 2026, Aztec commissioned Kappes, Cassiday & Associates to conduct initial bottle roll sodium cyanide (NaCN) leach tests on drill samples from the Tombstone project, based on preliminary shake flask test results. The samples cover various rock types and grade ranges of oxidized gold-silver mineralization, aiming to more accurately determine the metallurgical characteristics of the deposit. Analysts believe this work, along with the upcoming initial resource estimate, helps de-risk the potentially open-pit, heap-leachable oxidation zone.

Aztec is a mineral exploration company focused on two discoveries in North America: the Cervantes porphyry gold-copper project in Sonora, Mexico, and the Tombstone gold-silver project in southern Arizona (the latter with high-grade CRD silver-lead-zinc potential). The company has 190.3 million fully diluted shares outstanding, a share price of C$0.22, and a market capitalization of C$41.6 million. It holds C$6.5 million in cash and marketable securities, has no debt, and an enterprise value of C$35.1 million, with an average daily trading volume of 197,700 shares on the TSXV.

Analysts are optimistic about this progress, stating, "These drilling results are impressive, with multiple holes encountering high-grade mineralization over broad intervals." Analysts emphasized that TR26-30 extended oxidized mineralization vertically downward by approximately 85 meters, deeper than previous drilling, indicating that the mineralization "remains open at depth and could have a material impact on the scale potential of the oxide deposit." Additionally, these results expanded the Contention zone along strike. Listed catalysts include: initial mineral resource estimates for the Tombstone and Cervantes projects in Q3 2026, additional Tombstone drilling results, and metallurgical bottle roll test results in the second half of 2026.

As an exploration-stage company, Aztec's value depends on continued drilling success, the results of the planned initial resource estimate, and metallurgical work that has yet to confirm whether the oxidation zone is suitable for heap leaching. This report was prepared on behalf of Aztec Minerals, and Atrium discloses that it received cash compensation for 18 months of research coverage while retaining editorial control. Investors should also consider commodity price risk and the general uncertainties inherent in early-stage mineral exploration.

Based on the closing price of C$0.22, Atrium's target price of C$0.45 implies approximately 105% upside. According to the company's rating system, a "Buy" rating reflects an expected return exceeding 20% over the next 24 months.