Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) has announced assay results from five additional reverse circulation (RC) drill holes at its Tombstone Gold-Silver Project in southeastern Arizona and confirmed an expansion of its 2025 drilling program from 5,000 meters to 7,500 meters. The decision to expand the program follows high-grade mineralization encountered in multiple areas, particularly within the Contention Pit target zone.
Among the highlights, drillhole TR25-06 returned 3.04 meters averaging 556.5 grams per tonne (gpt) silver and 17.7 gpt gold, or 2,149.5 gpt silver-equivalent (AgEq) using a 90:1 silver-to-gold ratio. This high-grade intercept was part of a broader 28.9-meter zone that averaged 250.2 gpt AgEq, starting at a depth of 76 meters. Another drillhole, TR25-05, intercepted 4.6 meters of 590.4 gpt AgEq within a broader 47.1-meter zone averaging 85.5 gpt AgEq.
Aztec reported that 19 RC holes totaling 3,414.3 meters have now been completed in 2025. The drilling program aims to expand the shallow gold-silver oxide mineralization adjacent to the historic Contention open pit, where oxidized zones were historically mined in the late 1980s.
According to Aztec CEO Simon Dyakowski in the announcement, "The high-grade silver-gold intersection drilled in TR25-06 demonstrates the continued discovery of high-grade precious metal mineralization that the historic Tombstone Silver District is best known for." He noted the result was located roughly 200 meters northeast of a 2024 drillhole that returned the project's previous highest-grade silver intersection.
Additional drilling in holes TR25-07 and TR25-08 has continued to outline the mineralized system west of the Contention pit. Notably, TR25-08 intersected two zones: 74.5 meters grading 36.4 gpt AgEq and 31.9 meters grading 13.7 gpt AgEq. Hole TR25-07 ended in mineralization, suggesting continuity at depth and to the west.
All drill results referenced report apparent widths, which can range from 30 to 100% of true widths at the property. Samples were analyzed by Bureau Veritas, with quality assurance and quality control protocols in place throughout the program.
Gold and Silver Prices Climb on Tight Supply and Rising Global Demand
Gold prices advanced sharply in 2025, supported by persistent macroeconomic volatility, constrained supply, and changing investor preferences. In a September 16 report published by RiskHedge, analyst Chris Reilly stated that gold had gained more than 40% year-to-date, surpassing US$3,700 per ounce. He noted that 2025 could become gold's strongest annual performance since 1979, highlighting the metal's perceived independence from economic cycles and its growing appeal as a long-term store of value.
A separate report from Ahead of the Herd on September 18 examined structural supply challenges in the sector. It cited global mine production in 2024 at 3,661.2 tonnes, while total demand reached 4,974.5 tonnes. The shortfall was met with an estimated 1,370 tonnes of recycled gold, underscoring ongoing concerns about "peak gold" — a condition in which new supply fails to match global consumption, even with aggressive high-grade development strategies in place.
Chen Lin of What is Chen Buying? What is Chen Selling? commented on Aztec Minerals' latest drilling at the Tombstone Project, calling it a noteworthy development in the gold-silver exploration space.
Silver has also drawn increased attention following a breakout above US$43 per ounce. According to The Silver Academy on September 22, sovereign accumulation and contractual clauses in Chinese bond markets have contributed to elevated demand. The publication noted that certain US$15 billion bond agreements now require physical silver delivery if prices exceed US$41, a threshold recently surpassed. With India experiencing record silver imports and domestic futures prices rising 49% year-to-date, the sector continues to show signs of tightening supply and expanding global demand.
In a September 26 commentary for Ahead of the Herd, Gary Tanashian described the current macroeconomic environment as highly favorable for gold and silver miners, citing a rare alignment of internal market signals. He noted that gold is outperforming inflation expectations, while silver is outperforming gold — two trends that typically reflect different phases of the economic cycle. The rising Silver-to-Gold ratio, when paired with a strong TSX-V/TSX ratio, points to sector-wide momentum, while the elevated Gold/RINF ratio suggests a macro backdrop that supports precious metals despite disinflationary pressures. Additional indicators such as the HUI/Gold and HUI/SPX ratios have also turned positive. Together, these five signals present what Tanashian called "the best of both worlds" for miners in the short term. While he cautioned that this alignment may not be sustainable over the long term, he emphasized that the sector remains fundamentally strong and technically supported for now.
Analyst Thoughts on Aztec
On September 24, Chen Lin of What is Chen Buying? What is Chen Selling? commented on Aztec Minerals' latest drilling at the Tombstone Project, calling it a noteworthy development in the gold-silver exploration space. “(Aztec) had some fantastic drilling results this week. 2149.5 g/t silver equivalent, mostly silver and gold, over 3.04 meters,” he wrote, referencing drillhole TR25-06.
Chen also highlighted that subsequent holes TR25-07 and TR25-08 had intersected mineralization and were awaiting full assay results. He added, “It looks like they will have a lot of news coming in the next few months,” pointing to the ongoing 7,500-meter program and the potential for additional updates as remaining drill results are released.
On September 23, The Gold Advisor spotlighted Aztec Minerals’ latest drill results from the Tombstone Gold-Silver Project in Arizona, featuring what senior analyst Jeff Valks called one of the highest-grade intercepts of the year. Drillhole TR25-06 returned 28.9 meters averaging 250.2 g/t silver equivalent (AgEq), including 3.04 meters grading 2,149.5 g/t AgEq — comprised of 556.5 g/t silver and 17.7 g/t gold. The intercept lies roughly 200 meters northeast of the project’s top silver hit in 2024.
Other holes also delivered strong results, including TR25-05 with 4.6 meters of 590.4 g/t AgEq within 47.1 meters of 85.5 g/t AgEq, and TR25-08 with two zones totaling over 100 meters of mineralization. Following these assays, Aztec expanded its 2025 drill program from 5,000 to 7,500 meters, its largest to date.
The company holds an 85% interest in Tombstone, a historic district with past production of 32 million ounces of silver and 250,000 ounces of gold. This year’s program includes step-out drilling around the Contention pit and core drilling of deeper carbonate replacement deposit (CRD) targets guided by geophysical anomalies. Additional assay results remain pending.
Expanding the Contention Zone and Targeting CRD Potential
Aztec's current drilling program is designed to expand shallow bulk-tonnage gold-silver mineralization in the Contention zone and initiate the first test of deeper carbonate replacement deposit (CRD) targets. The company holds an 85% joint venture interest in the Tombstone Project and is the project operator.
The expanded 7,500-meter program now includes drilling from pre-collared core holes that are targeting strong geophysical conductors identified beneath the Bisbee Formation. These zones are interpreted as potential CRD mineralization hosted in Paleozoic limestone formations, similar to the nearby Taylor deposit discovered by Arizona Mining and later acquired by South32 for CA$1.8 billion.
Streetwise Ownership Overview*
Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB)
Since 2020, Aztec has completed 9,600 meters of drilling at Tombstone across 68 holes. The company has reported that every hole drilled between 2020 and 2024 intersected shallow, oxidized gold-silver mineralization, with expansion potential remaining in multiple directions. The Tombstone district produced an estimated 32 million ounces of silver and 250,000 ounces of gold between 1878 and 1939.
In its September 2025 investor presentation, Aztec highlighted the Tombstone project's proximity to infrastructure and its location within a historically productive mining jurisdiction. With drill results still pending for additional holes from the 2025 campaign, the company continues to advance both its oxide and sulfide exploration models at Tombstone.
Ownership and Share Structure
According to Refinitiv, 4.81% of Aztec is owned by management and insiders. In this category, large shareholders include President and CEO Simon Dyakowski with 2.11%, and director Jim Schilling at 1.14%.
1.43% is institutions. The rest is in retail.
Axtec has a market cap of CA$30.91 million, 136.76 million free float shares, and a 52 week range of CA$0.10-CA$0.32.
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- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aztec Minerals Corp.
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