Aztec Minerals (TSXV: AZT; US-OTC: AZZTF) recently flew a magnetic and radiometric survey over its Cervantes copper-gold project in Sonora, Mexico, that identified 11 porphyry targets. Follow-up work by the company will target four main targets: California, Estrella, California North and Purisima East.
The company says the survey shows the project likely contains multiple porphyry cells along a northeast-southwest orientation. It says the data confirms its prediction that Cervantes is a district-scale property, centred partly on the California target.
The company plans to complete detailed mapping, rock and soil sampling and possibly IP geophysics to confirm possible drill targets.
In March 2019, the company confirmed five carbonate replacement deposit (CRD) target areas on its Tombstone silver-lead-zinc property in Cochise County, Arz., by modelling data from a magnetic survey it flew over the property. Aztec had previously identified three CRD targets through geological mapping and sampling - its new model added two more targets and better defined the pre-existing three.
Aztec optioned the Tombstone property from Baroyeca Gold & Silver (TSXV: BGS) in late 2017. The company can acquire a 75% interest in the property by spending $1 million on exploration, issuing Baroyeca 1 million shares and paying Baroyeca $100,000 over three years. It exceeded its first-year exploration expenditures and began the option's second year.
Aztec shares are trading at 16 ? in a 52-week range of 14 ? to 28 ?. The company has a $4.5-million market capitalization.