Gold-Silver Projects Move Toward First-Ever Resource Estimates as Drilling Scales Up

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1. Disclosure for the quote from the Stewart Thomson article published on April 27, 2026

1. For the quoted article (published on April 27, 2026), Aztec has paid Street Smart, an affiliate of Streetwise Reports, US$2,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

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Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB) announced it has engaged APEX Geoscience Ltd. of Edmonton, Alberta, to complete maiden mineral resource estimates and National Instrument 43-101 technical reports for two projects: the 85%-owned Tombstone Project in southeastern Arizona and the 100%-owned Cervantes Project in Sonora, Mexico. The maiden mineral resource estimates and supporting technical reports are expected to be released in late Q3 2026.

For the Tombstone Project, the company is completing a combined 17,000-meter reverse circulation and core drilling campaign that began in 2025. Exploration data received through the end of June 2026 is expected to be included in the mineral resource estimate. The estimate is expected to be based on more than 25,000 meters across over 130 drill holes of combined core and reverse circulation drilling conducted since 2020. The maiden estimate is expected to indicate open-pittable and leachable oxidized gold-silver resources.

In terms of the Cervantes Project, the company has completed more than 12,200 meters of drilling across 73 drill holes from programs conducted between 2017 and 2023. Drilling has been concentrated in the California zone, targeting oxide gold mineralization. The mineral resource estimate is expected to provide a baseline, with mineralization described as open in all directions. Surface exploration has expanded the footprint of the mineralized quartz feldspar porphyry host by 50% along strike and identified prospective surface values at the California North, Brazil, and Estrella targets.

Looking At The Precious Metals Market

Kitco News reported on April 29 that gold prices declined following the Federal Reserve's decision to maintain interest rates, with the central bank stating that "recent indicators suggest that economic activity has been expanding at a solid pace," while noting that "inflation is elevated, in part reflecting the recent increase in global energy prices." The same statement added that "developments in the Middle East are contributing to a high level of uncertainty about the economic outlook." The report also noted that spot gold was trading at US$4,532.32 per ounce, down 1.40% on the session following the announcement.

By April 30, price movements had shifted higher. According to a report from Kitco News, "gold and silver prices are solidly higher in early U.S. trading Thursday, as solid losses in the U.S. dollar index today are prompting precious metals traders to step in and do some perceived bargain hunting after recent losses." The report added that June gold futures were up US$87.00 to US$4,648.00, while May silver futures rose US$2.10 to US$73.67. The same report noted broader macroeconomic factors influencing markets, including rising energy prices and geopolitical developments tied to the Middle East.

Commentary from Chen Lin of What's Chen Buying? What's Chen Selling?, on April 30, described shifts in market participation, stating that "hot money is leaving gold and silver, especially silver for somewhere else," and noting that "only about 30-40% silver futures were rolled over, the rest exited the market." Despite this movement, he stated that "China has been the persistent buyer of gold and silver," adding that "Chinese import of silver exploded in March." Lin also noted that "gold and silver miners are making a killing at the current prices," while describing recent price declines as a short-term reaction to shifting capital flows.

Catalysts and Project Development Timeline

The company outlined multiple ongoing and planned work programs across both projects.

At the Tombstone Project, a 17,000-meter drilling program is underway, targeting both oxide mineralization and initial drilling of underground sulfide targets. As of the current program, 56 holes totaling 12,000 meters have been completed, with assay results reported for 36 holes, while results from an additional 20 holes remain pending. The drilling program includes step-out drilling near the Contention pit, designed to expand known gold-silver mineralization horizontally and at depth, as well as initial core drilling of carbonate replacement deposit style sulfide targets.

The Tombstone mineral resource estimate will incorporate exploration data collected through June 2026, including results from the ongoing drilling campaign. The estimate is expected to be based on more than 25,000 meters of drilling completed since 2020.

At the Cervantes Project, expansion drilling has been conducted at the California target, with step-out drilling recently completed to expand the deposit footprint along strike. The project includes multiple exploration targets, with ongoing geological and drilling work focused on the California zone and surrounding areas.

A 2025 exploration program at Cervantes confirmed new prospects with porphyry-related mineralization and identified additional extensions of the California porphyry target area through surface work and drilling. The program also expanded the drill hole database to 67 holes totaling more than 12,000 meters. 

Across both projects, the company also indicated planning for a broader 2026 exploration program, alongside continued drilling and evaluation work.