Junior Miner Hits Big Gold in Mexico


This firm has introduced extra glorious drill outcomes from its mission in Mexico, and the Essential Investor believes it’s nicely on its solution to show 1Moz of heap leachable gold.

After finishing the primary 26 holes of its Section 2 RC drill program on the California goal, a part of its Cervantes gold-copper mission in Sonora, Mexico, on Jan. 26, Aztec Minerals Inc. (AZT:TSX.V; AZZTF:OTCQB) doesn’t appear to undergo rather a lot from widespread and intensive lab delays and continues to launch glorious drill outcomes after the primary gap was returned simply over every week in the past. Again then, the consequence was a 88.4 meters @ 1.1g/t Au intercept, and extra lately the corporate introduced an much more spectacular 167.2 meters @ 1.0g/t Au, as a part of a batch of three holes.

These outcomes are already excellent for the standard open pit deposit. However on this case, Aztec is drilling out heap leachable mineralization as it’s focusing on the oxide cap of a possible porphyry, and heap leach operations have much better economics. A follow-up drill program is anticipated in a couple of months. As a reminder, the Cervantes oxides aren’t the one factor Aztec is seeking to discover, as additionally it is planning a drill program for its Tombstone gold oxide mission in Arizona for August this 12 months, additionally enabling them to go after massive porphyry/CRD potential at depth at each initiatives.

The releasing of sturdy drill outcomes didn’t go unnoticed for traders, as there was vital quantity proper after the 2 most up-to-date information releases, leading to a wholesome restoration:

Share worth one 12 months timeframe (Supply tmxmoney.com)

And these are solely the primary 4 drill outcomes, with many extra to return. When all assays are introduced, I count on the markets to have extra consciousness about Aztec for certain. The money place is estimated at CA$1 million for the time being, and administration is seeking to increase extra one to 2 months from now, additionally relying on drill outcomes and common sentiment. For now, let’s have a more in-depth have a look at the present drill outcomes popping out of the California goal.

The California goal is situated on a ridge and is barely a small a part of the Cervantes mission. Seventeen holes have been drilled in 2017-2018, with numerous financial intercepts, inflicting me to guesstimate useful resource potential on these holes alone at about 600koz Au. These earlier holes, and the lately drilled ones could be seen right here on this map:

As could be seen, most holes are step-outs to the north, parallel to the sooner drilled holes. The pink holes are those reported within the final information launch, holes 002, 003 and 004. Gap 001 was reported every week earlier than this, and is situated immediately proper of 002.

The next desk exhibits the whole outcomes:

These outcomes are very spectacular, particularly contemplating the grade, which is usually a lot greater than the 2017-2018 holes close by. For instance, near standout gap 004 we are able to discover gap 18CER006, which intercepted 170 meters @ 0.42g/t Au. One other outstanding instance is gap 001, which is situated near 18CER014, returning 98.5 meters @ 0.41g/t Au, which is significantly lower than 61 meters @ 1.45g/t Au. Administration doesn’t have an evidence for this, but it surely actually is intriguing, and these holes alone have the potential so as to add one other 100koz Au to my guesstimate.  

Bear in mind true width is usually smaller, as most holes have been drilled below an angle following the slopes of the ridges, as could be seen for this part of gap 003 for instance:

If the remaining assays may emulate the 2017-2018 outcomes, and even enhance on them just like the current ones did, there’s not an excessive amount of doubt in my thoughts Aztec might be closing in on a 1Moz Au mineralized envelope. A great factor is that a lot of the intersected mineralization is oxidized in accordance with the geologists, with solely the underside finish representing transitional ore. As recoveries for one of these ore are additionally good for this mission (bottle roll heap leach check gold recoveries 77.9%), administration doesn’t thoughts an excessive amount of.

Moreover going after extra oxides, let’s not neglect Aztec can also be searching massive porphyry targets at depth at Cervantes. Two holes of 500 meters depth have been accomplished at California to check the big IP chargeability anomaly at depth. The stability of the Section 2 program examined an IP chargeability anomaly at California Norte, and an outcrop on the Jasper goal. The remaining outcomes are anticipated within the coming weeks.

The primary 4 holes of the 26-hole program have been really drilled on the Purisiama East goal, which had by no means seen drilling earlier than. Sadly, these holes didn’t return any financial mineralization. In accordance with President and Chief Govt Officer Simon Dyakowski, this goal won’t see extra drilling this 12 months as a consequence.

This system was designed to higher outline the open pit, heap leach gold potential of the porphyry oxide cap at California, consider the potential for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, check for north and west extensions of the California mineralization at California North and Jasper, and assess the breccia potential of Purisima East. Though not all outcomes are in, primarily based on handheld inspection of cores, administration believes it may need carried out nicely on most objectives besides Purisima East. Breccia potential has been confirmed at California and California North, which is essential because it signifies a widespread mineralization occasion.

Aztec will now perform channel sampling and geologic mapping of the brand new drill roads at California, California Norte and Jasper, in addition to to broaden floor sampling and mapping on the property usually, with a view to proceed the 2021 Section 1 floor program. After this, all exploration outcomes will seemingly be launched, will probably be most definitely time to do one other increase, and administration expects to start out drilling the Section 2 5,000 meter drill program someplace in April-Might.

As Aztec isn’t simply advancing Cervantes, however can also be advancing their Tombstone mission in Arizona, I requested CEO Dyakowski what to anticipate right here.

He answered that they’ve a 5,000 meter drill program deliberate for August of this 12 months. This upcoming Section 3 drill program will likely be designed to focus on deeper epithermal gold-silver mineralization beneath the Competition pit, and the coveted deep CRD silver-lead-zinc-copper-gold mineralization in Paleozoic limestones underlying the Bisbee Sediments.

Conclusion

The primary drill outcomes on the California goal have been fairly spectacular, with gap 004 as absolute spotlight, intercepting 167.2 meters @ 1.0g/t Au from floor. Contemplating that is nearly all oxides, as Aztec is seeking to delineate a heap leach deposit, this is a wonderful intercept throughout. For heap leaching, a grade of 0.30-0.40g/t Au would already be financial, so the really drilled grade over such a distance with no overburden is nothing wanting sensational. After all, not all drill outcomes have been pretty much as good and I’d be stunned if lots of the upcoming ones would come shut with these form of numbers as nicely, but it surely actually appears like Aztec has a really respectable shot at delineating a minimum of 1Moz Au at California. For my part, the identical potential is current at their Tombstone mission in Arizona, and each initiatives have geophysics accomplished on them, indicating massive, deep targets for each. So in actual fact traders may be taking a look at 4 potential firm makers. Nonetheless early days, however Aztec already has an excellent look on two of them. Keep tuned.  

I hope you can find this text attention-grabbing and helpful, and may have additional curiosity in my upcoming articles on mining. To by no means miss a factor, please subscribe to my free publication on www.criticalinvestor.eu with a view to get an electronic mail discover of my new articles quickly after they’re revealed.

All offered tables are my very own materials, until acknowledged in any other case.

All footage are firm materials, until acknowledged in any other case.

All currencies are in U.S. {Dollars}, until acknowledged in any other case.

Please notice: the views, opinions, estimates, forecasts or predictions relating to Aztec Minerals’ useful resource potential are these of the writer alone and don’t symbolize views, opinions, estimates, forecasts, or predictions of Aztec Minerals or Aztec Minerals’ administration. Aztec Minerals has not in any manner endorsed the views, opinions, estimates, forecasts, or predictions offered by the writer.

The Essential Investor is a publication and complete junior mining platform, offering evaluation, weblog and newsfeed and all kinds of details about junior mining. The editor is an avid and important junior mining inventory investor from The Netherlands, with an MSc background in building/mission administration. Quantity cruncher at mission economics, searching for high-quality corporations, largely development/turnaround/catalyst-driven to keep away from an excessive amount of dependence/affect of long-term commodity pricing/market sentiments, and sometimes searching for long-term deep worth. Getting burned previously himself at junior mining investments by following overly constructive sources that as a rule prevented to say (hidden) dangers or important flaws, The Essential Investor realized his lesson nicely, and goes a couple of steps additional ever since, offering a contemporary, extra in-depth, and important imaginative and prescient on issues, therefore the identify.

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The writer will not be a registered funding advisor, and has a protracted place on this inventory. Aztec Minerals is a sponsoring firm. All info are to be checked by the reader. For extra data go to aztecminerals.com and skim the corporate’s profile and official paperwork on www.sedar.com, additionally for essential danger disclosures. This text is offered for data functions solely, and isn’t meant to be funding recommendation of any type, and all readers are inspired to do their very own due diligence, and discuss to their very own licensed funding advisors prior to creating any funding choices.

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