Zacatecas Silver Receives Permits for 30 Oil Rigs at El Cristo

  • The Secretariat for Environment and Natural Resources of Mexico (“SEMARNAT”) has approved 30 drill permits at El Cristo that will allow drill targets throughout the extensive silver-rich vein system.
  • Multiple oxidized silver-base metal mineralized veins have now been defined over at least 4 km of strike length, significantly extending the previously reported strike length of 2.5 to 3.0 km.
  • All in all 2500m of diamond drilling at this early stage of drilling at El Cristo.
  • Drilling is ongoing in the Panuco North area with multiple assay results pending.

El Cristo vein system

El Cristo is located in the central portion of the Zacatecas property. It is the north-west extension of the well-known Veta Grande Vein that has reported but not verified historical production of 200 Moz AgEq. The veins at El Cristo show similar characteristics as at Veta Grandehave a similar orientation and are part of the same sigmoidal dilatation zone.

DR Chris WilsonChief Operating Officer and Director of Zacatecas Silver, commented, “The permitting of 30 drill pads at El Cristo will allow the Company to test multiple veins within a dilatation zone nearly 4 km long and up to 4 km long 600m far. The permitted pads will allow testing of the shallow depth extensions of the veins, a strategy that has worked very well at Panuco North, where the Company is currently drilling. Of particular interest at El Cristo are those portions of the veins that show historical shafting and surface workings. Historical unconfirmed assay results from channel sampling show robust silver grades and the down dip extension of these zones are very attractive targets.”

Historically, the El Cristo vein system has only been tested with 8 angled diamond drill holes, despite containing multiple veins within a 4 km long and up to 4 km long dilatation zone 600m far. In addition, these drill holes targeted the vein at depths of less than 100 to 200 meters. There are over 20 known historic shallow workings and several areas of shallow historic workings.

The cumulative strike length of all veins at El Cristo is at least 12 kilometers. El Cristo is a highly prospective system with numerous high quality cross-streak, straddle and bend targets. Veins exhibit multiphasic and brecciated textures, indicating multiple mineralization events. Although the historical surface channel samples are unverified and unreliable, they show that many veins are strongly anomalous to silver at surface. Vein textures and mineralogy at El Cristo are consistent with the uppermost portions of an intermediate sulfidation system, indicating robust downhole potential.

Qualified Person

The content of this press release has been reviewed and approved by Chris Wilson, B.Sc. (Hons), PhD, FAusIMM (CP), FSEG, Chief Operating Officer of Zacatecas Silver. dr Wilson is a Qualified Person as defined by National Instrument 43-101 – Disclosure Standards for Mineral Projects and is responsible for all technical information in this press release.

About Zacatecas Silver Corp.

Zacatecas is a mineral resource company with the advanced-stage gold-focused Esperanza gold project and the advanced-stage silver-focused Zacatecas property. The Zacatecas Property is located in the State of Zacatecas, Mexico, within the highly prospective Fresnillo Silver Belt which has produced over 6.2 billion ounces of silver. The Company holds 7,826 ha (19,338 acres) of land highly prospective for low- and intermediate-sulphidation silver-base metal mineralization and possible low-sulphidation, gold-dominated mineralization. on December 15, 2021Zacatecas Silver announced a mineral resource estimate for the Panuco deposit consisting of 2.7 million tonnes grading 187 g/t AgEq (171 g/t Ag and 0.17 g/t Au) for 16.4 Moz AgEq (15 Moz silver and 15,000 ounces) consists of gold) (see Company press release dated December 15, 2021).

The Zacatecas property is located 25 km southeast of MAG Silver Corp.’s Juanicipio mine. and Fresnillo PLC’s Fresnillo Mine. The Zacatecas Property shares common boundaries with Pan American Silver Corp.’s claims. and El Orito, owned by Endeavor Silver Corp. located. There are four high-grade silver prospects within the Zacatecas property: the Panuco deposit, Muleros, El Cristo and San Manuel-San Gill. The Zacatecas property also includes El OroEl Orito, La CanteraMonserrat, El Penón, San Judas and San Juan Silver base metal vein targets and such targets are relatively unexplored and will be the focus of rapid exploration.

The advanced stage Esperanza Gold Project, covering 14,337.83 hectares, is located in Morelos State, Mexico. Significant core and reverse circulation drilling has been completed to date at the Esperanza Gold Project resulting in a total of 389 drill holes for 69,716 metres.

Alamos Gold Inc. reported in its most recent Annual Information Form a resource estimate of a measured and indicated resource of 34,352,000 tonnes grading 0.98 g/t gold and 8.09 g/t silver for 1,083,366 ounces of gold and 8,936,201 ounces of silver an inferred resource of 718,000 tonnes grading 0.80 g/t gold and 15.04 g/t silver for 18,375 ounces of gold and 347,192 ounces of silver. The Company considers this a historical resource as defined by National Instrument 43-101. Resource blocks have been defined with dimensions of 10 meters (m) by 10 meters by 5 meters. Estimation of grades was performed using standard kriging on clipped composites. An additional step in the estimation strategy was the use of the dynamic anisotropy technique in Vulcan’s unfolding options. This additional capability allows for a more realistic result of the spatial distribution of the estimated grade as it follows the folded shape of the deposit. The assumptions used on the resource include the following metal prices: gold price of $1,400 (US) per ounce (oz) and silver price of $22 (US) per ounce. The following economic assumptions were used for the resource: recoveries from 60.4 percent at 0.2 g/t to 71.9 percent at 1.6 g/t for gold, 25 percent for silver, $2.60 per tonne mining costs, 64 cents per general and administrative costs, $4.20 per tonne grinding costs and a 45 degree pit incline. The Company believes the resource is relevant based on its identification and modeling of the Esperanza deposit.

The Company has not done sufficient work to classify the resource as a current mineral resource or mineral reserve and the Company is not treating the historical estimate as a current mineral resource or mineral reserve. Although the resource estimate is believed to be reliable, the Company will resample a portion of the drill core in order to complete a new resource estimate. In addition, additional data review including re-logging of selected diamond drill hole collars; reviewing graphical drill core logs, comparing these logs to remaining half-cut core and cross-checking selected geological log entries in the agonist database; and a reconciliation of the original sample certificates with the sample and drill hole database.

In the name of the company
Bryan Slusarchuk
Chief Executive Officer and Director

Forward-Looking Statements

The information contained in this press release contains forward-looking statements that are based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zacatecas Silver cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their control. These factors include, among others: risks and uncertainties related to Zacatecas Silver’s limited operating history, proposed exploration and development activities on its properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results could differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required by applicable securities laws, Zacatecas Silver undertakes no obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the Exchange’s policies) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Zacatecas Silver Corp.

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