Zacatecas Silver Completes Access Agreements With All Landowners at San Gill
Zacatecas Silver Completes Access Agreements With All
Landowners at San Gill
VANCOUVER, BC
,
July 8, 2021
/CNW/ - Zacatecas Silver Corp. ("Zacatecas Silver" or the "Company") (TSXV: ZAC) (OTC: ZCTSF)
(
Frankfurt
: 7TV) is pleased to announce it has completed access agreements with all landowners at the San Gill Breccia Zone and San Gill
Vein System. Furthermore,
Zacatecas
has submitted its environmental study on the San Gill-San Manuel area to SEMARNAT as a final
requirement for drill permitting in this area of its large land package in
Zacatecas, Mexico
.
The Company, as previously reported, has also successfully negotiated access agreements to its Panuco Deposit where 10,000 metres of
angled diamond drilling is initially planned. An environmental study for
Panuco
was submitted to SEMARNAT which is now at the final stages
of review.
Highlights:
Land access permits now in place for the Panuco Deposit, the San Gill Breccia Zone and the San Manuel Vein System.
An environmental report for
Panuco
was submitted to SEMARNAT and the review is targeted to complete within 15 days with drilling
expected to start prior to the end of July.
An environmental report for San Gill-San Manuel has been completed and was recently submitted to SEMARNAT as a final stage for
drill permitting. SEMARNAT endeavour to complete their review within 4 weeks.
Zacatecas
are drill ready at the Panuco Deposit, the San Gill Breccia and the
San Manuel
vein system.
Zacatecas
have commenced the environmental study of El Cristo and expect to submit this report to SEMARNAT by end July.
Zacatecas
are currently negotiating land-owner access at El Cristo.
Dr
Chris Wilson
, Zacatecas Silver Chief Operating Officer and Director, comments, "I am delighted in our progress to date as we prepare
for the imminent start of drilling in multiple areas of our large land package. The process of moving from field mapping and drill
targeting, to a permitted drill program, often involves a number of steps including environmental studies. Our field geologists and
consultants have been extremely efficient in completing all studies and have now secured 3 to 5 year landowner, community and
municipality agreements. Submission of environmental studies to SEMARNAT represents the final stages of the drill permitting process.
Despite the added pressure that COVID-19 has placed on everyone, SEMARNAT have continued to process these applications rapidly".
Zacatecas
previously reported (see news release dated
May 6, 2021
) that it has engaged
Major Drilling
("Major") for an initial 10,000
metre drill program.
Zacatecas
are planning to commence drilling by the end of
July 2021
.
Panuco
The Panuco Silver Deposit has an historic inferred mineral resource of 19,472,901 ounces Ag Eq. (cut-off 100 g/t Ag Eq.) from 3,954,729
tonnes at 153.2 g/t Ag Eq (136 g/t Ag, 0.14 g/t Au, 0.012% Pb, 0.11% Zn) (the "Historical Estimate"). See "Historical Resource Estimate
Information" set forth below. Zacatecas have verified historical drill data by re-sampling and re-assaying approximately 15% of drill
intercepts used in the historical resource, re-surveying drill collar locations, and completing metallurgical test-work on
Panuco
drill core (see
news release dated
June 15, 2021
). A current resource estimate for
Zacatecas
is currently being prepared.
Silver, gold, and base metal mineralization at the
Panuco
deposit is hosted in breccia veins, banded, crustiform and colloform quartz-calcite
veins, and quartz vein stockwork within zones of strong argillic alteration — as is typical of the intermediate sulphidation veins throughout
the
Zacatecas
region. Mineralization is open in all directions.
San Gill –
San Manuel
San Gill Breccia is located in the southern part of the main
Zacatecas
concessions and is approximately 2 kilometres to the southwest of
the
Veta Grande
vein. It is a zone of intense brecciation and quartz veining with an abundant matrix of iron oxides after sulphides. Veins are
multiphase — as evidenced by breccias, quartz vein stockworks, and crustiform and collaform banding. Remnant mineralized zones that
have not been fully oxidized to iron oxides include galena, sphalerite, chalcopyrite and argentite — consistent with the styles of
mineralization at other similarly oriented mineralized systems in the
Zacatecas
region.
The San Gill Breccia Zone passes westwards into the
San Manuel
vein swarm. The San Gill-San Manuel mineralized system covers an
area of approximately two square kilometres and is characterized by multiple, northwest to southeast and west-northwest to east-
southeast oriented, steeply-dipping, quartz-carbonate-silver-base metal mineralized veins. Individual veins are locally up to 7 metres wide
and up to almost one kilometre in strike length.
The San Gill Breccia Zone and San Manuel Vein System are extremely robust exploration targets with strong surface silver-base metal
anomalism. The cumulative strike length of all breccias and veins exceed 10 kilometres — yet they remain largely unexplored.
Zacatecas
plan to commence drilling at San Gill-San Manuel as soon as permits are issued.
El Cristo
The El Cristo vein system is in the central part of the Zacatecas Property. It is the northwest extension of the well-known
Veta Grande
vein
and is defined by multiple vein outcrops, and extensive historical workings and shafts. Mapping by
Zacatecas
has defined near surface
historical workings and vertical shafts that are more extensive than previously thought. There are a large number of veins that have never
been drill tested or channel sampled — yet have extensive surficial workings and historical shafts consistent with the presence of
mineralization. To date
Zacatecas
have defined over 12 kilometres of outcropping veins defining a number of high value drill targets.
Zacatecas
has completed structural mapping at El Cristo and is currently completing an environmental report as the final requirement for
drill permits.
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Dr. Chris Wilson, B.Sc (Hons), PhD, FAusIMM
(CP), FSEG. Chief Operating Officer and Director of Zacatecas Silver, a qualified person as defined by NI 43-101.
About Zacatecas Silver Corp.
The Zacatecas Silver 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 7826 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.
The property is 25 km south-east of MAG Silver Corp.'s Juanicipio Mine and Fresnillo PLC's Fresnillo Mine. The property shares common
boundaries with Pan American Silver Corp. claims and El Orito which is owned by Endeavour Silver. There are four main high-grade silver
target areas within the
Zacatecas
concessions: the Panuco Deposit, Muleros, El Cristo and San Manuel-San Gill. The Property also
includes
El Oro
, El Orito,
La Cantera
, Monserrat, El Peñón,
San Judas
and San Juan silver-base metal vein targets. These targets are
relatively unexplored and will be the focus of rapid reconnaissance review.
On behalf of the Company
Bryan Slusarchuk
Chief Executive Officer and Director
Historical Mineral Resource Estimate Information
In 2019 Santacruz Silver Mining Ltd. completed an updated historical resource estimate as set forth in the technical report titled "Technical
Report – Veta Grande Project, Zacatecas State,
Mexico
" dated 20
th
of
August 2019
. The report was prepared by
Van Phu Bui
, P.
Geo
and Michael O'Brien
, P. Geo, and filed on
www.sedar.com
("2019 Panuco Historical Resource"). The 2019 Panuco Historical Resource
reported 3,954,729 tonnes at 153 g/t Ag Eq. (136 g/t Ag, 0.14 g/t Au, 0.012 % Pb, 0.11% Zn) for a total of 19,472,901 ounces Ag Eq.
(cut-off 100 g/t Ag Eq.). The 2019 Panuco Historical Resource used "inferred mineral resources", which is a category set forth under CIM
Definition Standards for Mineral Resources & Mineral Reserves adopted on
May 10, 2014
.
The 2019 Panuco Historical Resource was calculating using 75 drill collars, 866 down hole surveys and 2,607 assayed samples. A surface
trench database totalling 183 trenches with 1,813 samples was used. Resource blocks were defined using with dimensions of
20 m
along
strike and down dip, and
1 m
across strike. Grades for gold, silver, lead and zinc were interpolated into blocks using the following
estimation algorithms: central — ordinary kriging and NW and
Tres Cruces
— inverse distance squared. Assumptions used in the 2019
Panuco Historical Resource include the following metal prices: gold price of US
$1,350
/oz, silver price of US
$16
/oz, lead price of US
$0.90
/lb and zinc price of US
$1.10
/lb. The 2019 Panuco Historical Resource assumed recovering similar to the Veta Grande System being:
gold at 52.2%, silver at 62.1%, lead at 87.9% and zinc at 78.6%. The Company considers the 2019 Panuco Historical Resource relevant
due to its identification and modelling of the
Panuco
deposit.
The Company has not done sufficient work to classify the 2019 Panuco Historical 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 historical
resource estimate is considered reliable, 8% of the drill core intervals used in the resource calculations was re-sampled and submitted
these to ALS for independent assay. Further, 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 ALS assay certificates against the assays and drill hole database. Remodelling of the current
Panuco
resource is ongoing pending receipt of check sample assays.
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 is Zacatecas
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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For further information:
Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-3334, Email:
CO: Zacatecas Silver Corp.
CNW 03:15e 08-JUL-21