What you need to know: • Aztec reported results from nine RC drill holes, led by the first step-outs into the recently acquired North Extension Zone. • TR26-39 returned 1.69 g/t AuEq (1.42 g/t Au and 14.58 Ag) over 88.4m and TR26-38 intercepted 1.36 g/t AuEq over 97.5m from surface. • 90 RC drill holes are now complete, with 11 further step-outs (TR26-40 to TR26-50) up to ~230m north still pending, which are expected to also be incorporated into the upcoming MRE. This morning, Aztec Minerals (AZT:TSXV, AZZTF:OTCQB) reported results from nine RC drill holes (TR26-31 to TR26-39) at its Tombstone Project in southeastern Arizona. The highlight was the first step-out drilling into the recently acquired North Extension Zone, where TR26-33 and TR26-39 both intersected oxide gold-silver mineralization on previously undrilled ground, expanding the Contention system to the north and at depth. TR26-39 returned 1.69 g/t AuEq (1.42 g/t Au and 14.58 g/t Ag) over 88.4m from 10.7m, while Contention hole TR26-38 returned 1.36 g/t AuEq over 97.5m from surface. Today’s results follow the batch reported in mid-July (read our note here) and are expected to feed the Company's upcoming maiden resource estimate. We are maintaining our BUY rating and target price of $0.45/share on Aztec Minerals. Highlight intercepts from this morning’s release: • TR26-39 (North Extension): 1.69 g/t AuEq (1.42 g/t Au, 14.58 g/t Ag) over 88.4m from 10.7m, including 7.00 g/t AuEq (6.38 g/t Au) over 12.2m and a high-grade 13.25 g/t AuEq (12.23 g/t Au, 56.28 g/t Ag) over 6.1m. • TR26-38 (Contention): 1.36 g/t AuEq (1.06 g/t Au, 16.08 g/t Ag) over 97.5m from surface, including 5.55 g/t AuEq over 18.3m, which included 13.43 g/t AuEq (12.17 g/t Au, 69.08 g/t Ag) over 6.1m. • TR26-33 (North Extension): 1.93 g/t AuEq (1.50 g/t Au, 23.56 g/t Ag) over 13.7m from 85.3m; including 3.38 g/t AuEq (2.64 g/t Au, 40.72 g/t Ag) over 7.6m. • TR26-31 (Contention): 1.59 g/t AuEq (1.07 g/t Au, 28.42 g/t Ag) over 21.3m, within a broader 0.67 g/t AuEq over 64.0m. The North Extension opens a new growth horizon. The two holes drilled into the recently acquired North Extension Zone, which was previously undrilled, successfully intersected thick oxide intervals starting at or near surface, similar to what we see across the Contention area. Intersecting mineralization like this on a first pass gives confidence in the other pending drill results in the area and grows the Contention target area significantly, with mineralization remaining open in all directions.