Aztec raising $5.0 million for projects in Arizona, Mexico
Aztec Minerals Corp. [AZT-TSXV, AZZTF-OTCQB] has announced details of a $5.0 million bought deal private placement offering. It said proceeds are earmarked for exploration work at the company’s Tombstone gold-silver & CRD silver-lead-zinc-copper-gold project in Arizona, and its Cervantes gold-copper project in Sonora, Mexico.
The bought deal offering consists of 21.3 million shares priced at 23.5 cents per share. The company said the underwriters have been granted the option to purchase for resale up to an additional 15% of the offered shares at the issue price, potentially generating additional proceeds of $750,000. That option is exercisable for up to 48 hours prior to the closing date.
On Thursday, Aztec eased 7.1% or $0.02 to 26 cents. The shares trade in a 52-week range of 30 cents and 15 cents.
In a press release on September 23, 2025, Aztec said it has received the results from the second five holes of its reverse circulation portion of the 2025 drilling program at the Tombstone Property. It said the 2025 program has now completed 19 reverse circulation holes. Highlights include drill hole TR25-06 in the Little John Area, which returned 556.6 g/t silver and 17.7 g/t gold (2,149.5 g/t silver equivalent (AgEq) over 3.04 metres within 28.9 metres of 70.8 g/t silver and 1.993 g/t gold, starting from a depth of 76 metres. TR25-05 returned 238.7 g/t silver and 3.91 g/t gold (590.4 g/t AgEq) over 4.5 metres within 47.1 metres of 85.5 g/t AgEq (36.4 g/t silver and 0.55 g/t gold).
“Visual observations of the drilled sample materials and assay results continue to validate Aztec’s geological model,” the company said. It said the Tombstone Property joint venture management committee met recently and approved an expansion of the drill program from an initially planned 5,000-metre program, to 7,500 metres. The program is expected to be extended to the end of the fourth quarter of 2025.
“The high-grade silver-gold intersection drilled in TR25-06 demonstrates the continued discovery of high-grade precious metals mineralization that the historic Tomstone Silver district is known for,’’ said Aztec CEO Simon Dyakowski.
Back in April, 2024, the company said it continues to intersect strong gold grades over broad widths at the California Zone at its Cervantes Project in Sonora Mexico. Aztec is exploring the project in a joint venture with Kootenay Silver Inc. [KTN-TSXV].
The company said it continues to intersect broad well mineralized gold mineralization from the 2022 reverse circulation drill program at the California target. Highlights include results for hole CAL22-012, which returned 152.4 metres of grade 0.87 g/t gold, including 33.5 metres of grade 2.05 g/t gold.
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.