Aztec Minerals Extends Tombstone Zone Beyond 1,250 Meters

Important Disclosures:

1. Aztec Minerals Corp. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aztec Minerals Corp.
3. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. 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.

Key Takeaways

• Aztec Minerals' new drilling extended the Tombstone gold-silver zone by 255 m (meters), pushing the total strike length to over 1,250 m, and the system remains open in multiple directions.
• The strongest new hole intersected 83.8 m, averaging 1.31 g/t AuEq (gold equivalent), including a high-grade core of 7.6 m, averaging 8.34 g/t AuEq.
• The northernmost hole for which assay results have been reported to date, TR26-43, returned 51.8 m averaging 1.16 g/t AuEq and extended the zone about 90 m farther north.
• All five newly reported holes intersected mineralization.
• Nine of the 93 completed holes, TR26-45 through TR26-53, are awaiting assay results.
• The Tombstone Project is located in a historic mining district that produced about 32 Moz (million ounces) of Ag (silver) and 250,000 ounces of Au between 1878 and 1939.

High-Grade Gold-Silver Intervals Highlight New Results

On September 2, 2026, Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) reported assay results from five reverse circulation (RC) drill holes at its Tombstone Project in southeastern Arizona, extending the Contention mineralized system 255 m to the north-northeast and pushing continuously demonstrated strike length past 1,250 m. All five holes intersected oxide gold-silver mineralization, and four of them were first-pass step-outs on ground that was largely not previously drilled by Aztec.

Highlights from the release:

• Hole TR26-41 cut 83.8 m averaging 0.90 g/t Au and 22.61 g/t Ag (1.31 g/t AuEq) from 24.4 m, including a higher-grade core of 7.6 m at 6.97 g/t Au and 75.42 g/t Ag (8.34 g/t AuEq)
• Hole TR26-43, the northernmost hole for which assay results have been reported to date, returned 51.8 m, averaging 0.70 g/t Au and 25.59 g/t Ag (1.16 g/t AuEq) from 85.3 m, including 19.8 m at 1.93 g/t Au and 58.01 g/t Ag (2.99 g/t AuEq), and remains open to the north
• Hole TR26-44, at the southern end of the new step-outs, returned two mineralized intervals: 22.9 m at 0.94 g/t AuEq from 10.7 m and a deeper 51.8 m at 0.65 g/t AuEq from 77.7 m
• Holes TR26-40 and TR26-42 filled in the zone between and beside the higher-grade holes, with TR26-40 confirming continuity and TR26-42 helping define the eastern margin
• A total of 93 RC holes have now been drilled in the 2025-2026 program, with nine more completed and assays pending — two of which sit north of TR26-43 along trend
• Results will become part of Aztec's previously announced Maiden Resource Estimate (MRE) for Tombstone

In the release, the company noted that TR26-41 and TR26-43, roughly 126 meters apart, each returned a distinct high-grade core, suggesting grade is distributed along multiple points in the system rather than concentrated in a single pocket. With the Contention zone still open to the north and to the sides, and drilling expected to continue through at least September, Aztec may be positioned to further add to the strike length ahead of its resource estimate.

The new results extend the Contention system 255 m across ground that was largely not previously drilled by Aztec. Aztec reported no barren holes across that stretch, while finding high-grade intervals at both ends of the new step-out zone. TR26-41's interval also crossed two sections of historic underground workings, at 35.7 to 37.2 m and 80.8 to 82.3 m. TR26-43 and TR26-44 intersected similar historic workings within their mineralized intervals.

The five holes are part of a broader "fan grid" drill pattern Aztec has been using across the Contention zone to test the system in all directions. Of the 93 RC holes completed in the 2025-2026 program, 40 were drilled in 2025, and 53 have been completed so far in 2026. The nine most recently completed holes, TR26-45 through TR26-53, are awaiting assay results.

An exploration company focused on silver-gold projects in Sonora, Mexico, and Arizona, U.S., Aztec holds an 85% interest in the Tombstone property within the historic Tombstone silver district. 

Gold Prices Support Renewed Exploration Activity

Junior miners and exploration companies hit the ground running this year after gold rallied to above US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, prices are still high compared to August 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above."

The market has surpassed that benchmark. More bullish still, JPMorgan set a year-end 2026 target of US$6,300 per ounce in February, citing sustained central bank and investor demand.

On September 2, 2026, Trading Economics reported that gold was recovering from a low after U.S. dollar and Treasury yields pulled back from recent highs. The article stated that investors were awaiting U.S. payrolls data that's expected to come out on September 4, 2026, for "further clues on the Federal Reserve's policy path."

The article went on to say: "The latest ADP report showed US private businesses added 38,000 jobs in August, the weakest increase since January and below expectations of 47,000, pointing to a broader cooling in the labor market. Markets now price in a 66% chance of a September Fed hike, up from around 40% a week ago, according to the CME FedWatch Tool. Elsewhere, the Dutch central bank said it had transferred 86 metric tons of gold from New York and Ottawa to London over the past six months to improve tradability and strengthen crisis preparedness." Gold was trading around US$4,380 at the time of writing (September 2, 2026).

The metals sector as a whole is also showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has projected that its metals and minerals price index will rise 17% in 2026.

Commentators See Further Tombstone Growth Potential

The day after the release, Alina Islam of Red Cloud reiterated a "Buy" rating and price target of CA$0.60 on August 6, 2026.

Islam wrote: "Previously, almost all of Tombstone's growth came from the Contention zone, with the peripheral step-outs repeatedly coming back thin. These results from the North Extension zone change that, as it is the first genuinely new oxide zone that the company has opened since the Westside discovery in early 2025. We look forward to seeing additional assays from holes completed further north into this new zone, although at this stage, with two holes only, continuity and extent still need to be proven."

On September 2, 2026, Ben Pirie of Atrium Research reiterated a "Buy" rating and CA$0.45 price target, arguing that the drill results "continue to significantly grow this system" and that the results are so strong that Aztec should further extend its drill program.

Pirie wrote: "We view the pushback of the resource from Q3 to Q4 as a positive, as it signals the resource could grow further than originally anticipated . . . We do not want to glance over the 255m extension of the zone (25%+), and we believe the nine holes pending plus the ongoing drilling will continue to expand and infill these areas."

Finally, on September 2, 2026, Ron Struthers of PlayStocks wrote about Aztec after the release of assay results, offering a "Buy" opinion. Struthers argued that ". . . the stock continues to edge higher and I expect it will hit the CA$0.42 resistance area soon."

Q4 Resource Estimate Provides Key Catalyst

The Northern Contention area drill program is expected to continue through September 2026, with results expected in Q4 2026. Tombstone's remaining results will be released as they become available, with an MRE (mineral resource estimate) expected in Q4 2026.

Aztec's 2026 corporate presentation listed planning for a 2026 exploration program at its Cervantes project in Mexico as a Q2 2026 activity.

Ownership & Share Information¹

Aztec Minerals Corp. has a market cap of CA$63.53 million, with 189.71 million shares outstanding. The company's 52-week range is CA$0.17-CA$0.44.

Institutions own 11.22% of shares, while Management & Insiders own 3.57%. The remaining 85.21% of shares are Retail. 

Frequently Asked Questions

Q: What did Aztec Minerals discover at the Tombstone Project?
A: Aztec Minerals extended the Contention gold-silver mineralized system by 255 meters, bringing its continuously demonstrated strike length to more than 1,250 meters.

Q: What were the best drill results at Tombstone?
A: Hole TR26-41 returned 83.8 meters, averaging 1.31 g/t AuEq, including 7.6 meters, averaging 8.34 g/t AuEq. Hole TR26-43 returned 51.8 meters, averaging 1.16 g/t AuEq.

Q: What is AuEq?
A: AuEq, or gold equivalent, combines the value of gold and silver into a single grade expressed as an equivalent amount of gold.

Q: What is a step-out drill hole?
A: A step-out hole is drilled outside a known mineralized area to determine whether the mineralization continues into previously untested ground.

Q: How large is the Tombstone mineralized system?
A: The Contention system now has a continuously demonstrated strike length of more than 1,250 meters and remains open to the north and in other directions.

Q: How many Tombstone drill holes have been completed?
A: Aztec has completed 93 reverse circulation drill holes as part of its 2025–2026 program. Assay results are pending for the nine most recently completed holes, TR26-45 through TR26-53.

Q: What is the Tombstone Project?
A: Tombstone is a gold-silver exploration project in southeastern Arizona's historic Tombstone mining district. Aztec Minerals owns an 85% interest in the property.

Q: Why is the Tombstone district historically important?
A: The district produced approximately 32 million ounces of silver and 250,000 ounces of gold between 1878 and 1939.

Q: What is an MRE?
A: An MRE, or mineral resource estimate, is a technical estimate of the amount and grade of potentially economic mineralization identified through exploration. Aztec expects a maiden MRE for Tombstone in Q4 2026.

Q: What are the next catalysts for Aztec Minerals?
A: Drilling at the Northern Contention area is expected to continue through September 2026, with additional assay results expected in Q4. A maiden Tombstone mineral resource estimate is also expected in Q4 2026.

Q: Why are gold prices important for junior mining companies?
A: Higher gold prices can improve the potential economics of gold projects and encourage exploration companies to advance drilling and development programs.