Exploration Co. Finds 27.4m High-Grade Gold in Arizona, Analysts Say to Buy

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1. Disclosure for the quote from the Stewart Thomson article published on April 27, 2026

1. For the quoted article (published on April 27, 2026), Aztec Minerals Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$2,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

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2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) announced the results from five drill holes on May 14, 2026. The reverse circulation (RC) drilling program is based in the company's Tombstone property in Southeastern Arizona. Step-out drilling expanding to the west and north Contention target area has discovered additional accessible oxide gold-silver intersections, and the company's 2025-2026 drilling program has now completed 70 RC and 8 core drill holes.

Highlights for the Contention target include:

• Hole TR26-17 encountered multiple zones of oxide mineralization in the lower Bisbee sediments including 121.9 m averaging 0.29 gpt Au (gold) and 11.3 gpt Ag (0.5 gpt AuEq (gold equivalent)) from 82.3 m, including 12.2 m averaging 1.02 gpt Au and 14.54 gpt Ag (1.28 gpt AuEq), it TD'd in mineralization. TR26-17 demonstrated the continuity of mineralization in the northern end of the Contention target and expanded the potential to depth

• Hole TR26-18 was drilled as a high angle fan to TR25-26 and found oxidized Au-Ag mineralization over most of its length. From surface to 53.2 m intercepted 0.77 gpt Au and 31.94 gpt Ag (1.36 gpt AuEq), including 18.2 m of 1.91 gpt Au and 79.07 gpt Ag (3.35 gpt AuEq). Subsequent intercepts were at 79.0 m depth a length of 21.3 m of 0.13 gpt Au and 4.41 gpt Ag (0.21 gpt AuEq), and at 111.0 m depth an intercept of 53.2 m length of 0.08 gpt Au and 6.25 gpt Ag (0.2 gpt AuEq).

• Hole TR26-19 crossed multiple zones of oxide mineralization, including 66.9 m averaging 1.05 gpt Au and 23.21 gpt Ag (1.47 gpt AuEq) 13.7 m from surface, including 27.4 m averaging 2.31 gpt Au and 43.23 gpt Ag (3.10 gpt AuEq), it TD'd in mineralization. TR26-19 was a fan to TR25-16 and has demonstrated the continuity.

As for the core drilling campaign, highlights include:

• Drill hole TC25-01 targeted the southern AMT target by drilling from west to easterly across the Contention system and reached 373.4m. It was stopped due to difficult ground conditions in fractured and faulted Bisbee Formation rock after a 182.9m pre-collar was completed. No significant zones of mineralization were encountered in this hole.
• Drill hole TC25-02 targeted the southern AMT target from west to southeasterly across the Contention system and reached 348.4m. This drill hole also encountered difficult drilling conditions in the fractured and faulted Bisbee Formation after the 273.6m RC pre-collar and no significant mineralization was found by the core drilling.
• Drill hole TC25-03 targeted the historic T-8 CRD intercept in the northern portion of the Project. A high angle drill hole first had pre-collar of 182.9m that intercepted two zones of oxide mineralization and penetrated a historic mine working within 0.5m - 1.0m of estimated depth. The drill hole reached a depth 690.9m, and it was in the stable Paleozoic carbonates from 228.6m depth onwards. Oxidation stopped by 320.1m. Three moderate to minor intensity zones of CRD mineralization were found at 382.6-388.7m, 411.6-416.1m, and 545.7-551.8m. This later depth is equivalent to that of the T-8 CRD mineralization. This entire zone is associated with notable argillic and occasional silicic alterations to 594.5m depth. It is considered that significant CRD mineralization should be nearby due the strong presence of argillic alteration. Final geochemical analytical results for this drill hole are pending.
• Drill hole TC25-04 targeted the southern NSAMT target by drilling from above at a high angle after a 91.4m pre-collar was made in the Lower Bisbee Formation sediments. While the drilling was difficult, steady advances were made and the drill hole reached a depth of 831.5m before being lost to caving. The NSAMT target was estimated prior to drilling to start at 503.0m depth while the potential NSAMT anomaly retrograde skarn zone was found lower in depth 579.3m. TC25-04 encountered mild to moderate strength retrograde exoskarns in the hornfels of the lower Cretaceous basal Bisbee siliciclastic sediments at 579.3 m depth and it continued for the rest of the drillhole. The skarns are typified by epidote and chlorite with associated hematite staining. The skarns are accompanied by several silicified hydrothermal breccia dikes with occasional Qfp clasts and with evidence of potential "B-type" porphyry veinlets over that thickness. The hydrothermal breccia (Hbx) dikes with occasional Qfp clasts within them were intercepted from 354.3m to 728.7m. It was notable that the oxidation was considerably deeper than found elsewhere in the Project. Sulfides start to appear at 643m and oxides end at 838.4m. The contact with underlying Paleozoic carbonates is also considerably deeper compared to the north CRD target area, finding the Naco Limestone at 778.9m. It is interpreted that the retrograde skarns and Hbx dikes are the origin of the AMT anomaly but there should be a source porphyry intrusive not too far away, perhaps <500m. Final geochemical analytical results for this drill hole are pending.
• Drillhole TC26-01 targeted the western, downdip extension of the Contention/Grand Central system but was stopped due to difficult ground conditions for drilling and the drill moved to next pre-collar just being finished. The drillhole had a depth of 53.6m with only minor mineralization.
• Drillhole TC26-02 targeted the southern NSAMT target by drilling towards the east for a depth of 861.7m. The ground rock was the Lower Bisbee Formation until 705.8m when the Paleozoic carbonates were intersected. As the contact is at about 200 meters higher than in TC25-04, the interpretation is that this reflects the Contention fault system dropping its eastern side. The NSAMT anomaly targeted is probably a response to the retrograde skarn found starting at 332.2m depth. Traces of galena were found at 771.3m, as well as a Hbx dike at 414.6m, noting that the oxidation ended at 478.6m. It is interpreted that the retrograde skarns and Hbx dikes are the origin of the AMT anomaly but there could be a source porphyry intrusive in close proximity, perhaps <500m. Final geochemical analytical results for this drill hole are pending.
• Drillhole TC26-03 was drilled on the western side of the central portion of the Contention pit towards the east. It was a designed as a metallurgical sample hole in the Lower Bisbee Formation and stopped at 176.6m due to adverse ground conditions before reaching the target Qfp dike. One mineralized Qfp/Hbx dike was transversed at 86.9-97.6m while much of the drillhole had argillic alteration, strong Fe oxides and the presence of quartz veinlets, which are positive indications of potential precious metal mineralization. Final geochemical analytical results for this drill hole are pending.
• Drillhole TC26-04 was drilled on the far west side of the central portion of the known Contention system. It was designed as a fan to TR25-09 to demonstrate the western, down-dip extension of the Contention system at depth. Final geochemical analytical results for this drill hole are pending.
• Drillhole TC26-05 is currently targeting the historic T-8 CRD intercept in the northern portion of the Project following positive indications in a bore hole EM survey recently completed of TC25-03. The easterly, steep angle drill hole first had a pre-collar of 182.9m that intercepted oxide mineralization in the Lower Bisbee Formation. The drill hole reached a depth 650m, and it was in the stable Paleozoic carbonates from 259.1m depth onwards. Oxidation stopped by 243.9m. Two moderate to minor intensity zones of CRD mineralization were found at 361.8-365.9m and 383.1-384.8m. This depth is equivalent to that of the TC25-03 CRD mineralization and higher than that of the T-8 CRD mineralization. This entire zone is associated with notable argillic and occasional silicic alterations to 594.5m depth.

CEO of Aztec, Simon Dyakowski, said in the release: "The results from TR26-15 through TR26-19 are another step in what we believe is a significant expansion of the Tombstone project. These multiple thick, near-surface high-grade intercepts continue to extend the Contention zone to the west and to depth, with several holes ending in mineralization. What was historically considered as a modest open pit appears to be the upper portion of a much larger oxide gold-silver system that remains open in multiple directions. With nine RC holes pending and our first-pass drilling underway across the Westside, Hard-up and Southwest targets - including the Ingersoll and Independence areas more than a kilometer from the historic pit - each new round of results adds to the case that the project's ultimate scale will look very different from the historic footprint."

Aztec Minerals Corp. is an exploration company focused on projects in Sonora, Mexico, and Arizona, U.S.A. The Tombstone Project is located in Southeastern Arizona, and Aztec holds an 85% interest in the joint venture.

Gold Still a Safe Haven

As traditional safe-haven assets, the metals sectors have been holding steady against inflation uncertainty during the U.S.-Iran War. While rising prices have slowed, gold has performed well over the past year. Yahoo Finance reported gold prices over the past year on May 14, 2026: "One week ago: -0.2%. One month ago: -1.5%. One year ago: +45.3%. Gold’s year-over-year growth was 95.6% on Jan. 29." June gold futures opened at US$4,696.80 per troy ounce on Thursday, down 0.2% from Wednesday’s close. The price of gold moved slightly higher this morning, trading at US$4,702.90 as of 6:25 a.m. ET. 

In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

Despite the volatility of gold, the sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.

Analysts Seeing Strong Upside

¹On April 27, 2026, technical analyst Stewart Thomson gave the company a 'Strong Speculative Buy' rating, with a short term price target of US$0.33 and a long-term price target of US$0.50. Thomson said that, "Volume is bullish, rising on rallies in the price, and fading on dips. MACD histograms are rising, and Stochastics is flashing a buy signal in the oversold zone."

And on May 14, 2026, after Aztec's latest results release, Jeff Valks, senior analyst at The Gold Advisor, gave the stock a 'Buy' rating. Valks said, "Aztec has oxide gold-silver expansion, Arizona jurisdiction, pending assays, and deeper core targets still in play. The next few holes should tell us how much bigger Tombstone wants to get."

Upcoming Plans

In Q2 2026, Aztec will begin planning for a 2026 exploration program for its Cervantes project in Mexico, according to the company's investor presentation.

Ownership & Share Information²

Aztec Minerals Corp. has a market cap of CA$49.10 million, with 188.84 million shares outstanding. The company's 52-week range is CA$0.17-CA$0.44. Management & Insiders own 52% of shares. The remaining 48% of shares are Retail.