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Aztec Minerals - 2025 Drilling Success, Resource Potential & 2026 Growth Plans

The KE Report Jan 12, 2026

Summary

Aztec closed 2025 with record Tombstone drill hits — highest-ever silver (~26m of ~550 g/t silver-equivalent) and gold (~57-58m of >5 g/t gold, ~1 oz silver).

Drill program grew from 5,000m to 8,500m and may expand further; a $10M institutional bought-deal raise and ~$9M cash back 2026 work.

A maiden resource estimate is targeted for end of Q1 2026 from 22,500m+ of drilling — framed as a starting point, not a definition.

Deep CRD-style drilling (TC4 hole nearing 500m) tests historic high-grade lead-zinc-copper-silver mineralization; success could materially re-rate the project.

Mineralization trends gold-rich to the north, silver-dominant south/west; a follow-up drill program is slated at the Cervantes gold-copper porphyry in Mexico.

Cory Fleck's takeaways

  • Top takeaway Frames the broader macro backdrop — notes silver has run significantly and gold sits at all-time highs, and argues precious metals equities are responding very positively across the board.
  • Highlights a sector trend in which recent acquisitions have materially changed other juniors, signaling appetite for Aztec to consider similar bulk-tonnage gold/silver M&A.

Simon Dyakowski's takeaways

  • Top takeaway Frames 2025 as a 'foundational year' for Aztec, anchored by record silver (~26m of ~550 g/t AgEq in hole 24/16) and record gold (hole 17: 57-58m of 5+ g/t gold) intercepts at Tombstone.
  • Self-described 'silver bug at heart' — most excited by the high-grade silver potential to the south and west, where historic drilling (e.g., hole 16: 1.5m of ~3,700 g/t silver and 45 g/t gold) shows a higher silver ratio.
  • Targets a maiden resource at Tombstone by end of Q1 2026, explicitly framing it as a starting point rather than a definition, with growth potential across all directions.
  • Views the deep CRD target as potentially 'needle-breaking' if hit — TC4 drilling is underway at ~450m depth (target starts ~500m), and a prior 700m hole demonstrates the team can drill through the Bisbee group formation.
  • Argues Tombstone is a fit for a silver-focused precious metal producer to develop, and positions Cervantes as a 'free option' for shareholders with another drill program planned for 2026.