Aztec Finds Gold in Step-Out Hole At Cervantes

Aztec Minerals has already efficiently delineated a substantial mineralized envelope on the California Zone, a part of its Cervantes challenge in Sonora state, Mexico. However now Aztec seems to discovering extra mineralization on the California North goal, too.

Drilling by Aztec Minerals in Sonora state, Mexico.

Though the inventory markets are beneath growing stress by sky-high inflation, commodity shortages, reducing financial demand, and a determined Federal Reserve that’s trying to elevate rates of interest at report speeds, Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) retains drilling diligently at its majority owned Cervantes gold challenge in Sonora state, Mexico. Cervantes is a 65-35% three way partnership with Kootenay Silver Inc. [KTN:TSX.V], with Aztec as operator. 

Earlier oxidized intercepts of 167.2 meters grading 1 gram per tonne gold (1 g/t Au); 136.8 meters at 1.49 g/t Au; 138.3 meters operating 0.58 g/t Au; 88.4 meters at 1.1 g/t Au; and 152.4 meters of 0.87 g/t Au are already solidifying the prospect of a possible 1Moz Au heap-leachable useful resource (in my opinion) on the California Zone, however a brand new 350-meter step-out gap to the north additionally hit some gold, indicating there might be a brand new mineralized envelope close by.

The 2021-2022 Section 2 reverse-circulation drill program at Cervantes was accomplished in March for a complete of 4,649 meters over 26 holes. Aztec not too long ago reported assays from one other 4 drill holes, with 4 extra to go.

A lot of the drilling was targeted on the California Zone, however different targets included California North, Jasper and Purisima East. The highlights are as follows:

  • CAL22-017: 24.3 meters grading 0.315 g/t Au from 29 meters downhole and 6.1 metres of 1.64 g/t Au from 115.8 meters downhole in mineralized quartz feldspar porphyry, sediments and hydrothermal breccias, as a 350-meter step-out north onto the southern fringe of the California North goal.
  • CAL22-015: 68.4 meters at 0.42 g/t Au from 4.6 meters downhole in mineralized porphyries and hydrothermal breccias positioned on the southern fringe of the japanese portion of the mineralized zone, but in addition 10.6 meters at 2.2 g/t Au from 117.4 meters downhole.
  • CAL22-016: 56.2 meters at 0.47 g/t Au from floor in mineralized porphyries and hydrothermal breccias, on the northern fringe of the japanese portion of the mineralized zone, but in addition 13.7 meters of 0.34 g/t Au from 79.3 meters downhole.
  • JAS22-001: 9.1 meters at 0.33 g/t Au from 10.6 meters downhole, and 150 meters with seen copper oxides and secondary sulphides in a mineralized quartz feldspar porphyry intrusive, sediments and hydrothermal breccias, as a 180 meter step-out within the Jasper goal to the southwest of 2018 drilling.

I used to be happy to see extra mineralization close to floor in substantial intercepts to the east on the California Zone in holes 015 and 016, however step-out gap 017 appeared to point there’s gold current 350 meters from the present envelope, which is encouraging.

Because the mineralization on the California Zone appears to be confined to the upper elements of a ridge, it may be the case that, as gap 017 can also be located on a parallel ridge on the California North goal zone, there might be one other mineralized envelope of some dimension there.

It may additionally signify a steady mineralized space stretching from the California ridge to the California North Zone ridge. In that final situation a number of tonnage might be added, in concept.

“The presence of gold mineralization in Hole17 at California North demonstrates the openness of the bigger California zone and gives justification to proceed stepping out from the principle California zone northern fence,” Aztec CEO Simon Dyakowski stated. “We’re within the planning phases of a followup program and count on to plan extra drilling in one other parallel fence, in addition to across the California North ridge.”

It will be attention-grabbing to see what the assays will return for gap 021, as this may be considered as an extension of the ridge internet hosting gap 017. If profitable, this might warrant one other set of infill exploration holes between 017 and 021 in a followup program. As a reminder, Aztec Minerals is testing the California North goal, as earlier surveys indicated nice potential:

The California North goal appears sizeable for magnetics, as does Estrella. When requested if Aztec Minerals has any plans to go after Estrella or different targets quickly, Dyakowski answered: ”We’re at the moment re-mapping the Estrella ridge with the objective of producing drill targets.”

The gold intercept on the gap drilled at Jasper wasn’t lengthy at simply 9.1 meters grading 0.33 g/t Au. But firm geologists observed widespread seen copper oxides/sulphides over 150 meters — so this gap may point out the deeper porphyry potential Aztec Minerals is chasing. Though, I have to say, Jasper isn’t near the IP chargeability anomalies already detected elsewhere (Jasper goal in blue rectangle):

The Jasper goal location relative to the California targets will be seen in additional element on this map:

Dyakowski says the ultimate assays for gap JAS22-001 and the remaining holes are anticipated quickly.

It’s nonetheless too early to estimate something at Jasper or California North however holes 015 and 016 at California level to a barely longer mineralized hypothetical envelope of 850 meters x 275 meters x 85 meters x 2.7 meters = 53.65 Mt. At an estimated common grade of 0.6 g/t Au in 53.65 Mt, we arrive at a hypothetical 1.03 Moz Au — which might cross an important threshold, as you in all probability know.

As a reminder, administration is considering a 5,000-meter followup drill program at Cervantes in Q2/22. Not solely will the near-surface heap leachable mineralization be explored, however a stronger diamond drill will lastly take a look at a big IP chargeability anomaly at depth to see whether it is certainly a big porphyry.

Aztec can also be finishing up channel sampling and geologic mapping of the brand new drill roads for the time being at California, California North and Jasper. The corporate can also be increasing floor sampling and mapping on the property with a view to proceed the 2021 part 1 floor program.

The thrilling factor right here, after all, is that the Cervantes oxides aren’t the one factor Aztec is exploring. It is usually planning a drill program for the Tombstone gold-silver oxide challenge in Arizona as half its three way partnership with Tombstone Gold & Silver. Aztec owns 75% of the challenge and is the operator. This is able to allow Aztec to go after massive porphyry/carbonate alternative deposit (CRD) potential at depth at each initiatives.

Because the share worth of Aztec Minerals is holding up fairly properly regardless of devastating broad market selloffs, I might assume the corporate will quickly elevate money with a view to correctly funds its deliberate drill packages for California and Tombstone.


As holes 15 and 16 returned first rate intercepts and prolonged the California Zone by one other 75 meters or so, my estimates point out that Aztec may very effectively be taking a look at 1Moz Au deposit — the overwhelming majority of which is in heap-leachable oxides.

Step-out gap 17 may point out a second mineralized ridge parallel to the California Zone or point out a a lot bigger oxidized cap. Extra drilling is required to shine gentle on the chances and the corporate is already planning to strategy this in essentially the most environment friendly approach potential.

And as I hold mentioning: Cervantes isn’t the one challenge, and each Cervantes and Tombstone have near-surface oxides plus deep porphyry/CRD potential.  


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The Essential Investor is a e-newsletter and complete junior mining platform, offering evaluation, weblog and newsfeed and all types of details about junior mining. The editor is an avid and significant junior mining inventory investor from The Netherlands, with an MSc background in building/challenge administration. Quantity cruncher at challenge economics, in search of prime quality corporations, principally progress/turnaround/catalyst-driven to keep away from an excessive amount of dependence/affect of long-term commodity pricing/market sentiments, and infrequently in search of long-term deep worth. Getting burned prior to now himself at junior mining investments by following overly optimistic sources that most of the time averted to say (hidden) dangers or vital flaws, The Essential Investor discovered his lesson effectively, and goes just a few steps additional ever since, offering a contemporary, extra in-depth, and significant imaginative and prescient on issues, therefore the identify.


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