It took a while, but Aztec Minerals (AZT.V) has provided an exploration update in September as it’s working on its Cervantes copper-gold project in Mexico. Aztec published the assay results of two trenches and with 20 meters of 0.89% copper and 0.59 g/t gold followed up by a second trench 30 meters further to the north assaying almost 11 meters of 0.76% copper and 0.3 g/t gold are very encouraging.
Aztec’s exploration team is still in the field as the company was digging a few new trenches in an attempt to prove the mineralization encountered in the Penasco and Cardon trenches are connected. In a subsequent update released last week, Aztec confirmed it has been able to extend the mineralized zone after completing a 92.4 meter long trench which returned an average value of 0.52% copper and 0.62 g/t gold. An additional 225 meters of trench samples has been submitted to the lab and assay results should be released within the next few weeks.
As of at the end of June, Aztec had a net working capital position of C$3.6M which means half of its market cap was backed by cash allowing the company to complete an extensive drill program before it would have to raise more cash.
Cervantes is shaping up to be a really intriguing copper-gold porphyry project as encountering high-grade copper-gold mineralization (anything above 0.5 + 0.5 is really good for a porphyry system, and a stunning result for trench-based assays), and we are looking forward to the upcoming drill program after the rainy season.