September 29th, 2021 | 12:04 CEST
AZTEC MINERALS - Fantastic drill results
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"[...] We quickly learned that the tailings are high-grade, often as high as 20 grams of gold per tonne; because they are produced by artisanal miners, local miners who use outdated technology for gold production. [...]" Ryan Jackson, CEO, Newlox Gold Ventures Corp.
Phase 2 of 2021 Drilling Program completed
The Vancouver-based company is committed to discovering large, polymetallic mineral deposits in the Americas. The Canadians' core asset is the Cervantes project in Sonora, Mexico, which is operated as a joint venture with Kootenay Silver Inc, in which Aztec holds a 65% majority interest. The second prospective property in the portfolio is the Tombstone joint venture project in the historic Tombstone silver mining district in southeastern Arizona, USA. The ownership share of the Canadians is 75% here.
Now Aztec Minerals reported fantastic Tombstone drill results with data from the final five holes (TR21-19 to 23) of the now completed 2021 Phase 2 drill program. The campaign consisted of 23 holes and 2,716 meters. All five holes intersected extensive and near-surface gold and silver mineralization and extended zones of mineralization at depth and along strike, below and west of the Contention open pit. The holes were drilled along the west side of the northern and central portions of the Contention open pit. They intersected mineralization over a north-south length of 400 meters, an east-west width of up to 150 meters and a maximum depth of 175 meters.
Near-surface gold-silver mineralization confirmed and extended
According to the Company, each of the five drill holes intersected near-surface, gold-silver mineralization, and three holes intersected old adits where most of the high-grade ore is believed to have been previously mined. Outstanding is that all five drill holes ended in high-grade mineralization. Four of the five holes ended in a zone of mineralization that showed incredible values ranging from 1,045 g/t gold equivalent to 1,997 g/t gold equivalent! All indications are that the main mineralized zones are open at depth and laterally.
Drill hole TR21-22 returned the best results. Over a length of 65.5m, a gold equivalent of 3.39 g/t was detected near surface, at depths ranging from 21.3m to 86.9m. Within a deeper interval (77.8 to 85.4m), a high value of 22.15 g/t gold equivalent was detected over 7.6m. The drilling ended in a mineralized zone of a whopping 1,045 g/t gold equivalent.
CEO Simon Dyakowski was pleased with the solid results. He continued, "Our 2020 and 2021 drill programs targeted the near-surface mineralization around and below the Contention pit to find an epithermal gold-silver vein deposit with significant tonnage and potential for open pit heap leach mining, and the results to date have clearly confirmed this potential. Having reported final drill results for 2021, we will now consider a Phase 3 core drilling program to extend the near-surface oxidized gold-silver mineralization to depths of 150-200m, as well as some much deeper holes at depths of 500-750m to test the Taylor polymetallic CRD massive sulphide mineralization underlying the near-surface epithermal mineralization."
The 2020 and 2021 drill area covered a length of 900 meters, a width of more than 230 meters and a maximum depth of 175 meters, leaving gold-silver mineralization open in all directions. According to the Company, most of the silver and gold mineralized zones intersected in the 2020 and 2021 drill programs are located near and within the hanging wall and footwall of old underground pits.
Main objective achieved with flying colors
The main objective of the completed drill program was to further test near-surface, bulk-tonnage and epithermal gold-silver mineralization adjacent to and below the previously mined Contention pit through infill and step-out drilling. This objective has been achieved with flying colors, with the impressive drill results now released. The share price should react positively to the excellent data and the resulting potential. Future drilling is expected to focus on strike and dip extensions of the near-surface mineralization and go deeper to test larger, deeper targets. The Company's valuation of only CAD 16 million does not reflect the quality and potential of the projects.
Conflict of interest
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