Author: Atrium Research September 02, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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Aztec reported five holes this morning including four first-pass step-outs, which were all mineralized, extending the known strike of the Contention oxide gold-silver mineralization by ~255m to over 1,250m.
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93 RC holes have been completed in the 2025-26 drill program (40 in 2025 and 53 in 2026) with assay results pending for nine holes.
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With mineralization remaining open and results showing continued strong mineralization, drilling is expected to continue through at least September and therefore push the anticipated maiden mineral resource estimate for Tombstone into Q4.
This morning, Aztec Minerals (AZT:TSXV, AZZTF:OTCQB) reported results from five RC drill holes drilled into the North Extension target at its Tombstone Project in southeastern Arizona. Four of the five holes are first-pass step-outs and all five intersected oxide gold-silver mineralization. Taken together with TR26-33 and TR26-39 (reported August 5th, read here), the new holes extend the Contention mineralized system 255m to the north-northeast, to over 1,250m of continuously drilled strike length, with high-grade intervals at both ends, no barren hole in between, and the system open to the north and to the sides. We are maintaining our BUY rating and target price of $0.45/share on Aztec Minerals.
Highlight intercepts from this morning’s release:
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TR26-41: 1.31 g/t AuEq (0.90 g/t Au, 22.61 g/t Ag) over 83.8m from 24.4m, incl. 8.34 g/t AuEq (6.97 g/t Au, 75.42 g/t Ag) over 7.6m.
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TR26-43: 1.16 g/t AuEq (0.70 g/t Au, 25.59 g/t Ag) over 51.8m from 85.3m, incl. 2.99 g/t AuEq (1.93 g/t Au, 58.01 g/t Ag) over 19.8m; extends the zone ~90m further north and remains open.
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TR26-44: 0.94 g/t AuEq (0.79 g/t Au, 8.25 g/t Ag) over 22.9m from 10.7m and a deeper 0.65 g/t AuEq over 51.8m from 77.7m.
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TR26-40: 0.40 g/t AuEq over 59.4m from 33.5m, demonstrating continuity of mineralization between TR26-39 and TR26-41.
Continuity is the story in this batch. Together with TR26-33 and TR26-39 from early August, the five new holes now trace the Contention system continuously for over 1,250m of strike, extending it 255m to the north-northeast onto ground that Aztec had not previously drilled. The two highest-grade holes (TR26-41 and -43) sit 126m apart, and each carries a high-grade core of 8.34 g/t AuEq over 7.6m and 2.99 g/t AuEq over 19.8m, respectively, which indicates that the grade is not confined to one part of the system. TR26-43 extended the zone ~90m further north and remains open (see Figure 1 below).
The one hole not highlighted above is TR26-42, which returned 0.34 g/t AuEq over 39.6m (incl. 2.08 g/t AuEq over 3.0m), while TR26-44 was mineralized across five separate zones over a 146.3m envelope.
Our Take Today’s drill results continue to significantly grow this system and importantly are so strong the Company needs to extend the program in order to potentially include these areas in the upcoming maiden resource estimate. We view the pushback of the resource from Q3 to Q4 as a positive, as it signals the resource could grow further than originally anticipated. CEO Simon Dyakowski notably stated that 18 months ago this ground was not owned by AZT and had not been drilled, reflecting the Company’s ability to assess value, convert, and quickly explore. We do not want to glance over the 255m extension of the zone (25%+), and we believe the nine holes pending plus the ongoing drilling will continue to expand and infill these areas.
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