Minerals Co. Extends Tombstone Oxide Gold-Silver 190m West with 115.8m at 0.67 g/t AuEq

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. 
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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.

Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) reported results from nine reverse circulation (RC) drill holes at its Tombstone Property in southeastern Arizona, extending the known oxide gold-silver mineralized footprint approximately 190 m (meters) west of the North Extension target. All nine holes intersected mineralization, including a 115.8 m interval grading 0.67 grams per tonne gold equivalent (g/t AuEq) in hole TR26-45. The company announced the results on October 22, 2026, ahead of a maiden Mineral Resource Estimate (MRE) expected in November.

The western step-out drilling tested areas 90 to 190 m beyond previously reported North Extension intercepts, while two additional holes tested the area north of an earlier hole. Mineralization remains open to the west, north, and at depth, according to the company. Assay results from another 22 RC holes remain pending and are expected to help guide follow-up exploration in 2027.

Key Investor Takeaways

• Nine RC holes intersected oxide gold-silver mineralization, with western step-outs extending the known footprint approximately 190 m beyond the North Extension.
• Hole TR26-45 returned 115.8 m grading 0.52 g/t Au (gold) and 8.11 g/t Ag (silver), equaling 0.67 g/t AuEq (gold equivalent), including two 12.2 m higher-grade intervals.
• Hole TR26-49 intersected 30.5 m grading 1.15 g/t AuEq, while TR26-51 returned a 3 m interval grading 6.03 g/t AuEq within a broader mineralized zone.
• The maiden Tombstone MRE, being prepared by APEX Geoscience Ltd., is expected in November 2026 and will incorporate drill results through hole TR26-44.
• Assays from 22 additional RC holes remain pending. The results will contribute to planning follow-up exploration in 2027.
• Aztec holds an 85% interest in the Tombstone joint venture and completed an upsized CA$6.4 million bought-deal private placement in September 2026.

Latest Drilling Extends Mineralization West at Tombstone

In its October 22 press release, Aztec reported results from holes TR26-45 through TR26-53, part of its 2025-2026 drilling program. Six holes tested western extensions of the North Extension target; one was drilled at a steeper angle from an earlier drill pad, and two tested an area north of hole TR26-43.

Several holes returned broad intervals of oxide gold-silver mineralization, including:

• TR26-45: 115.8 m averaging 0.52 g/t Au and 8.11 g/t Ag (0.67 g/t AuEq) from 51.8 m. Included intervals were 12.2 m grading 1.49 g/t Au and 7.95 g/t Ag (1.63 g/t AuEq) from 82.3 m, and 12.2 m grading 1.23 g/t Au and 10.48 g/t Ag (1.42 g/t AuEq) from 134.1 m.
• TR26-46: 47.2 m averaging 0.42 g/t Au and 13.19 g/t Ag (0.66 g/t AuEq) from 42.7 m, including 7.6 m grading 2.14 g/t AuEq.
• TR26-48: 24.4 m averaging 0.76 g/t Au and 14.59 g/t Ag (1.02 g/t AuEq) from surface, including 6.1 m grading 2.28 g/t AuEq. A separate lower interval returned 70.1 m grading 0.27 g/t AuEq.
• TR26-49: 30.5 m averaging 0.70 g/t Au and 24.62 g/t Ag (1.15 g/t AuEq) from 82.3 m, including 12.2 m grading 1.37 g/t Au and 49.35 g/t Ag (2.26 g/t AuEq).
• TR26-51: 7.6 m averaging 1.84 g/t Au and 35.64 g/t Ag (2.49 g/t AuEq) from 12.2 m, including 3.0 m grading 4.49 g/t Au and 84.30 g/t Ag (6.03 g/t AuEq). A deeper interval returned 19.8 m grading 1.05 g/t AuEq from 198.1 m.

Other results included 38.1 m grading 0.48 g/t AuEq in TR26-50, 25.9 m grading 0.30 g/t AuEq in TR26-47, and 39.6 m grading 0.39 g/t AuEq in TR26-52. Hole TR26-53 returned 6.1 m grading 1.65 g/t AuEq from 96.0 m, immediately below an unsampled historic working. Some reported intervals contain historic underground workings or sections without sample recovery. These areas were not necessarily sampled, and the company identified them in its drill results.

Aztec CEO Simon Dyakowski said the latest drilling showed the oxide gold-silver system continuing west of the North Extension and at depth. He highlighted the continuous mineralization in TR26-45 and the higher-grade intervals in TR26-49 and TR26-51, adding that the results and pending assays would help guide the company's 2027 follow-up program after completion of the maiden resource estimate.

Geological Controls and Exploration Program

The company reported that mineralization identified in the North Extension exhibits geological controls similar to those observed in the Main Contention zone. According to Aztec, variably altered and mineralized dioritic dikes channel hydrothermal breccias, while mineralized quartz fissure lodes cut through the Bisbee Group and underlying carbonate sediments. These structures can host mineralization across broad horizontal dimensions.

The 2025-2026 program has focused on testing extensions of the Contention zone, including areas west, east, and south of previous drilling, as well as mineralization beneath the historic Contention mine. The program has also tested targets in the Westside and Hard Up areas, where projected intersections of anticlines, dikes, and fissure veins occur beneath mineralized outcrops and historic shafts. The company said drilling has continued to identify oxidized, hematite-rich, silicified hydrothermal breccias containing fragments of quartz-feldspar porphyry dikes and Bisbee Group clastic sediments. Additional mineralization styles identified during the program include manganese replacement in limestone beds and skarns, quartz veinlets, oxidized sulfide remnants, and silicification of altered hornfels, porphyries, and hydrothermal breccias.

Aztec reported that it had completed 112 RC drill holes in the current program at the time of the release. The company uses a 3D geological model of the Contention area and historic underground workings to help target potential extensions of the mineralized system. According to Aztec, the overall Contention system remains undefined, with the Westside Anticline representing another area of interest.

Maiden Resource Estimate Expected in November

In a further update, the release stated that the maiden MRE for Tombstone is being prepared by APEX Geoscience Ltd. and is expected in November 2026. The estimate will incorporate drilling results through TR26-44, meaning the nine holes reported on October 22, 2026, and the additional pending assays are not included in that initial estimate. Aztec said results from another 22 RC holes, TR26-54 through TR26-75, remain pending, including additional holes in the North Extension. The company intends to report those assays as they are received and reviewed.

Once the MRE is complete, Aztec will plan follow-up drilling for 2027. Potential targets could include strike and dip extensions of the shallow oxide mineralization and deeper extensions toward sulfide mineralization. These are prospective exploration targets rather than established mineral resources.

Tombstone Project Background and Recent Funding

Aztec holds an 85% interest in the Tombstone Property joint venture, which covers much of the historic Tombstone silver mining district in southeastern Arizona. The property is approximately 100 kilometers southeast of Tucson and includes patented and unpatented mining claims, with access to local roads, power, water, and other infrastructure.

The district is known for historic silver-gold vein deposits, hydrothermal breccias, and carbonate replacement deposit (CRD) mineralization. Historical production estimates cited by the company indicate that the district produced approximately 32 million ounces of silver and 250,000 ounces of gold between 1878 and 1939.

Ben Pirie of Atrium Research released an updated research note on Aztec on October 22, 2026. Pirie reiterated a "Buy" rating and CA$0.45 price target.

Aztec cautions that it has not independently verified these historical production figures and is not relying on them as verified exploration results.

The company is investigating the potential for shallow, oxidized gold-silver mineralization around and beneath the former Contention open pit, as well as deeper base-metal and precious-metal targets. Its exploration work since 2017 has included geological mapping, geochemical sampling, and geophysical surveys to identify prospective mineralization around the historic workings and across the broader district.

Aztec's September 22, 2026, financing announcement confirmed the closing of an upsized CA$6.4 million bought-deal private placement, including the exercise of the underwriters' option. The financing provides additional capital as the company advances exploration at Tombstone and its Cervantes gold-copper project in Sonora, Mexico.

Current Gold and Silver Market Outlook

Gold and silver markets are influenced by investment demand, industrial consumption, central bank activity, and the pace of mine supply. For exploration companies such as Aztec Minerals, commodity prices can affect the potential economics of future projects, although exploration results, resource estimates, development costs, and permitting remain important factors in determining whether a deposit can be developed economically.

The World Gold Council's July 2026 outlook identified investment as the principal expected driver of gold demand growth through the remainder of the year. The organization cited over-the-counter investment activity and Asian buying as anticipated contributors, while central banks were expected to remain significant buyers. High gold prices were also expected to weigh on jewelry demand, with a more limited response from mine production and recycling. These factors provide context for gold exploration projects, where any eventual production would be exposed to prevailing market prices.

Silver has a different demand profile because it serves both as a precious metal and an industrial input. The Silver Institute's World Silver Survey 2026 projected a sixth consecutive annual silver market deficit, with total supply expected to fall short of demand by approximately 46.3 million ounces in 2026. The projected deficit reflects the estimated balance between annual supply and demand; it does not, by itself, establish that immediately available silver inventories will be exhausted.

The Silver Institute's 2026 market outlook also projected a sixth consecutive annual silver market deficit, with total supply expected to fall short of demand by approximately 67 million ounces. Physical investment was forecast to increase 20% to 227 million ounces, potentially offsetting weaker demand in jewelry, silverware, and some industrial applications. The projected deficit reflects the balance between estimated annual supply and demand; it does not, by itself, establish that immediately available silver inventories will be exhausted.

Mine production provides another measure of the supply side. The U.S. Geological Survey's Mineral Commodity Summaries 2026 estimated global silver mine production at approximately 26,000 metric tons in 2025, compared with 25,300 metric tons in 2024. The report also identified silver as one of the minerals added to the U.S. critical minerals list in 2025. Together, these figures illustrate the importance of both mine supply and industrial demand in the silver market.

For Aztec, the relevance of these market trends lies in Tombstone's combined gold-silver mineralization. The latest drilling has extended the known oxide mineralized footprint, and the company expects to publish its maiden resource estimate in November 2026. That estimate should provide an initial framework for assessing the scale and distribution of mineralization within the area covered by the resource. However, broader gold and silver market conditions alone cannot establish the project's eventual grade, recoveries, capital requirements, operating costs, or economic viability.

Analyst Points Out 'Considerable Potential'

Ben Pirie of Atrium Research released an updated research note on Aztec on October 22, 2026. Pirie reiterated a "Buy" rating and CA$0.45 price target.

To investors, Pirie said, "Today's results continue to grow the system, with all nine holes intersecting oxide gold-silver mineralization and the western step-outs extending the footprint ~190m west of the North Extension. While these holes will not be incorporated into next month's maiden resource, the continued expansion of mineralization beyond the resource boundary highlights the system's substantial growth potential, both laterally and at depth. We view the maiden resource as an initial baseline, with considerable potential for further expansion as drilling continues." 

Catalysts Continuing Into 2027

Aztec's near-term catalysts include the anticipated November 2026 maiden Tombstone MRE and the release of assays from 22 additional RC holes. Those results are expected to inform the company's next exploration plans, with follow-up drilling anticipated in 2027 after the resource estimate is completed.

The latest western step-outs have extended the known oxide gold-silver footprint at the North Extension, while the company continues to test mineralization at depth and in other directions. Further drilling and assay results will help determine the extent and continuity of the mineralized system beyond the areas tested to date.

Ownership & Share Information¹

Aztec Minerals Corp. has a market cap of CA$72.28 million, with 195.48 million shares outstanding. The company's 52-week range is CA$0.17-CA$0.44.

Institutions own 41% of shares, while Strategic Investors own 13%. Management & Insiders own 3% of shares, and the remaining 43% of shares are held by Retail.

Common Questions from Investors

What did Aztec Minerals' latest Tombstone drill results show?

Nine RC holes intersected oxide gold-silver mineralization. Western step-outs extended the known mineralized footprint approximately 190 meters west of the North Extension. Highlights included 115.8 meters grading 0.67 g/t AuEq in TR26-45 and 30.5 meters grading 1.15 g/t AuEq in TR26-49.

When is the Tombstone maiden resource estimate expected?

Aztec expects the maiden MRE, prepared by APEX Geoscience Ltd., in November 2026. It will incorporate drill results through TR26-44 and will not include the nine holes reported on October 22.

What are the next exploration milestones for Tombstone?

The company expects to report assays from 22 additional RC holes and use the results, together with the maiden MRE, to plan follow-up drilling in 2027.

Where is the Tombstone Property located?

The project is in southeastern Arizona, approximately 100 kilometers southeast of Tucson. It covers much of the historic Tombstone silver mining district, including the area around the former Contention mine.

What ownership interest does Aztec have in Tombstone?

Aztec holds an 85% interest in the Tombstone Property joint venture.