Zacatecas Silver Announces Nomination of Dr. Luis Chavez-Martinez to Board of Directors
Zacatecas Silver Announces Nomination of Dr. Luis Chavez-Martinez
to Board of Directors
VANCOUVER, BC
,
May 26, 2022
/CNW/ - Zacatecas Silver Corp. ("Zacatecas Silver" or the "Company", (TSX Venture: ZAC) (OTC Markets:
ZCTSF) (
Frankfurt
: 7TV) is pleased to announce the nomination of Dr.
Luis Chavez
to the Company's Board of Directors.
Dr.
Luis Chavez-Martinez
Senior Vice President,
Mexico
, Alamos Gold Inc.
current Director of the Mexican Chamber of Mines
former President of the Mexican Mining Association
former General Director Mexican Geological Survey
Dr. Chavez has over 35 years of experience in the global mining industry. He is the Senior Vice President,
Mexico
, Alamos Gold and has served in
that capacity since 2015, when he held a similar position with
AuRico Gold
since 2007.
Previously, Dr. Chavez served as Energy and Mines Director, Coahuila State from 2001 to 2006, and was also General Director of the Mexican
Geological Survey from 1994 to 2000. Dr. Chavez is currently a member of the Board of Directors of the Chamber of Mines and former President of
the Mexican Mining Association (1996).
Dr. Chavez holds a PhD in Mineral Economics (1982) from the
University of Arizona
, a Master of Science degree in Geology (1978) from
Penn State
University
, and a Business Administration degree (1989) from the Pan-American Business Institute in
Monterrey, Mexico
.
Bryan Slusarchuk, CEO of Zacatecas Silver, states,
"We look forward to working with Dr. Chavez as the team advances the advanced-stage
Esperanza Gold Project located in
Morelos State
towards production and while concurrently conducting exploration and expansion work at the
Company's silver project located in Zacatecas State. Dr. Chavez has extensive experience and operational success throughout
Mexico
and has
also served the industry in non-commercial roles such as his current directorship on the Chamber of Mines and his former Presidency of the
Mexican Mining Association. His guidance, oversight and independent role on the Board of Directors will serve the Company and shareholders
well."
Dr. Chavez has been nominated to the Board of Directors by Alamos Gold, the largest shareholder of Zacatecas Silver, with the appointment
expected to take place at the upcoming Annual General Meeting on
July 15, 2022
.
About Zacatecas Silver Corp.
Zacatecas
is a mineral resource company with the gold focused advanced stage Esperanza Gold Project and the silver focused advanced stage
Zacatecas Property. The Zacatecas Property is located in Zacatecas State,
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 ground that is highly prospective for low and intermediate
sulphidation silver-base metal mineralization and potentially low sulphidation gold-dominant mineralization. On
December 15, 2021
, Zacatecas Silver
announced a mineral resource estimate at the Panuco Deposit consisting of 2.7 million tonnes at 187 g/t AgEq (171 g/t Ag and 0.17 g/t Au) for 16.4
million ounces AgEq (15 million ounces silver and 15 thousand ounces gold) (see Company's news release dated
December 15, 2021
).
The Zacatecas Property is 25 km south-east of MAG Silver Corp.'s Juanicipio Mine and Fresnillo PLC's Fresnillo Mine. The Zacatecas Property
shares common boundaries with Pan American Silver Corp. claims and El Orito which is owned by Endeavour Silver Corp. There are four main high-
grade silver target areas within the Zacatecas Property concessions: the Panuco Deposit, Muleros, El Cristo and San Manuel-San Gill. The
Zacatecas Property also includes
El Oro
, El Orito,
La Cantera
, Monserrat, El Peñón,
San Judas
and
San Juan
silver-base metal vein targets, and
such targets are relatively unexplored and will be the focus of rapid reconnaissance.
The advanced stage Esperanza Gold Project, comprising 14,337.83 hectares), is located in Morelos State,
Mexico
. To date, significant core and
reverse circulation drilling has occurred 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 at 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 and inferred resource of 718,000 tonnes at
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 to be an historical resource
for the purposes of National Instrument 43-101. Resource blocks were defined using with dimensions of 10 metres (m) by 10 m by five m. The
estimation of grades was performed with the ordinary kriging method on capped composites. An added step in the estimation strategy was the
utilization of the dynamic anisotropy technique in Vulcan's unfolding options. This added capability allows for a more realistic outcome of the
estimated grade's spatial distribution as it follows the folded shape of the deposit. Assumptions used in the resource include the following metal
prices: gold price of $1,400 (U.S.) per ounce (oz) and silver price of $22 (U.S.) per oz. The resource assumed the following economic assumptions:
recovery of 60.4 per cent at 0.2 g/t to 71.9 per cent at 1.6 g/t for gold, 25 per cent for silver, $2.60-per-tonne mining costs, 64-cents-per-tonne
general and administrative costs, $4.20-per-tonne milling costs and a pit slope of 45 degrees. The Company considers the resource relevant due to
its identification and modelling of the Esperanza deposit.
The Company has not done sufficient work to classify the resource as a current mineral resource or mineral reserves and the Company is not
treating the historical estimate as current mineral resources or mineral reserves. Although the resource estimate is considered reliable, the Company
will resample a portion of the drill core for the purpose of carrying out a new resource estimate. Furthermore, additional data verification, including
resurveying of select diamond drill holes collars; review of graphic drill core logs, comparison of these logs with remaining half-cut core and a cross
check of select geological logs agonist database entries; and a check of original assay certificates against the assays and drill hole database.
On behalf of the Company
Bryan Slusarchuk
Chief Executive Officer and Director
Qualified Person
The contents of this news release have 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 -
Standards of Disclosure for Mineral
Projects
and is responsible for all technical information in this news release.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news 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 respective control. Such factors include, among other things: risks and uncertainties relating to Zacatecas
Silver's limited operating history, its 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 may differ materially from the estimates, beliefs, intentions
and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zacatecas Silver
does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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Zacatecas Silver Corp.
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For further information:
Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]
CO: Zacatecas Silver Corp.
CNW 08:30e 26-MAY-22