Aztec Minerals Corp. [AZT-TSXV, AZZTF-OTCQB] said it intends to complete a non-brokered private placement of up to 16.7 million units priced at 18 cents per unit for gross proceeds of $3.0 million.
The company said it intends to use the proceeds to conduct exploration work at its Tombstone gold-silver and CRD (carbonate replacement deposit) silver-lead-zinc copper-gold project in Arizona, and its Cervantes gold-copper project in Sonora, Mexico. The Tombstone project is an emerging gold-silver discovery with high-grade CRD silver-lead-zinc potential.
On Tuesday Aztec shares eased 5.26% or $0.01 to 18 cents. The shares are currently trading in a 52-week range of 30 cents and $0.095.
Under the terms of the private placement, each unit will consist of one common share and one half-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of 24 cents per share for three years from the closing date of the private placement.
Cervantes is described as a highly prospective porphyry gold-copper property located in southeastern Sonora state, Mexico. The project lies 160 kilometres east of Hermosillo, within the prolific Laramide porphyry copper belt, approximately 265 kilometres southeast of the Cananea porphyry copper-molybdenum mine.
Other mines in the region include Alamos Gold Inc.’s [AGI-TSX, NYSE] Mulatos mine, Osisko Development Corp.’s [ODV-TSXV] San Antonio gold mine and Agnico-Eagle Mines Ltd.’s (AEM-TSX, AEM-NYSE) La India mine.
In a press release on March 20, 2025, Aztec said recent drilling and 3D data modelling at the Tombstone Property has generated an enhanced understanding of potential CRD mineralization below the near surface gold-silver oxide mineralization discovery zone. The company has previously identified several large, strong conductive bodies, underneath the historic gold-silver district through NSAMT (natural-source audio frequency magneto-telluric) surveys. Aztec said it has now integrated recent drilling and 3D modelling exploration data with NSAMT geophysics data producing several high-priority drill-ready CRD targets at the property.
The Tombstone gold-silver district was historically focused on mining relatively shallow, oxidized silver-gold CRD-related deposits formed in a complex structural and intrusive environment. The structural complex underlying the district is the same Paleozoic limestone sequence that hosts the massive Taylor CRD zinc-silver-lead deposit of South32 located only 65 kilometres west of Tombstone and the extensive Bisbee CRD and skarn copper-gold-zinc-silver-lead deposits 39 kilometres to the south.
The 2024 exploration program has developed a stronger understanding of the district’s CRD potential and has substantiated the 2020 geophysical NSAMT survey identification of anomalous conductivity as possible mineralization at depth in the southern portion of the project.
