Zacatecas Silver Provides Corporate Update for 2026 and Highlights Upcoming Drill Program at Silver Project
Zacatecas Silver Provides Corporate Update for 2026 and Highlights
Upcoming Drill Program at Silver Project
Vancouver, British Columbia – January 8, 2026 – Zacatecas Silver Corp. (TSXV: ZAC |
OTCQB: ZCTSF | FRA: 7TV) (“Zacatecas Silver” or the “Company”) is pleased to provide
shareholders with a corporate update outlining key operational progress across its portfolio
and highlighting recent regulatory developments in Mexico that materially enhance the
outlook for the Company’s assets - particularly its Esperanza Gold Project.
2025 Progress and Current Portfolio
2025 was a year of revitalization, positioning the Company for a catalyst-driven 2026. Key
accomplishments include:
• Successful rebranding of the Company’s corporate profile, including a refreshed
website and investor presentation, better reflecting the scale, quality, and growth
potential of the portfolio
• Finalization of the upcoming drill program at the Zacatecas Silver Project, positioning
the Company to resume active exploration and value creation
• Preservation of strategic optionality across the portfolio, maintaining flexibility to
advance, expand, or unlock value from assets as market and permitting conditions
continue to improve
• Completion of strategic financings, strengthening the balance sheet and positioning
the Company for active exploration and portfolio advancement
Current Portfolio Overview
Zacatecas Silver controls a high-quality, resource-backed portfolio anchored by two advanced
Mexican assets, providing meaningful leverage to silver and gold in a strengthening
commodity and permitting environment.
Zacatecas Silver Project – Zacatecas State, Mexico
• Inferred mineral resource of 20.5 million ounces of silver equivalent (“AgEq”) (19.0
million ounces of silver (“Ag”) and 19.2 thousand ounces of gold (“Au”)) from 3.41
million tonnes at 187 g/t Ag Eq (173 g/t Ag and 0.18 g/t Au) at the Panuco vein system
(see Zacatecas news release dated May 30, 2023)
• Located in one of Mexico’s most prolific historic silver districts
• Multiple vein systems with demonstrated high-grade continuity
• Permitted for drilling, with a near-term drill program designed to expand known
resources and test priority targets.
Esperanza Gold Project – Morelos State, Mexico
• Measured and indicated mineral resource of 30.5 million tonnes at 0.97 g/t gold
equivalent (“AuEq”) (0.93 g/t Au and 8.7 g/t Ag) for 956,000 ounces AuEq (913,000
ounces Au and 8.51 million ounces Ag);
• Inferred mineral resource of 8.7 million tonnes at 0.98 g/t AuEq (0.91 g/t Au and 14.5
g/t Ag) for 277,000 ounces AuEq (256,000 ounces Au and 4.1 million ounces Ag) (See
news release dated November 16, 2022)
• A rare, advanced, open-pittable gold project in Mexico with established metallurgy
and significant development leverage
• Well positioned to benefit from recent improvements in Mexico’s permitting
landscape, particularly for advanced projects with defined resources
Improving Permitting Environment in Mexico
A significant recent development for the Mexican mining sector was the granting of an open-
pit mining permit to Silver Tiger Metals Inc. for its El Tigre Project in Sonora. This approval
represents the first new open-pit mining permit issued in Mexico since 2020, marking a
notable shift in the regulatory environment following several years of uncertainty.
For much of the past five years, the market broadly assumed that permitting new open-pit
mines in Mexico was effectively unattainable, leading to valuation discounts for companies
with open-pittable development assets. The Silver Tiger approval signals that this assumption
is evolving, potentially opening the door for advanced projects under the right conditions.
This shift is particularly relevant to Zacatecas Silver’s portfolio, which includes Esperanza, an
advanced-stage, open-pittable oxide gold project.
In parallel, silver was formally added to the U.S. critical minerals list in 2024, reinforcing
Mexico’s strategic importance in North American supply chains. With approximately half of
U.S. silver imports sourced from Mexico, district-scale projects in established Mexican mining
jurisdictions are increasingly viewed as strategically important from both an economic and
geopolitical perspective.
Zacatecas Silver Project – Drill Program and Community Progress
At the Company’s flagship Zacatecas Silver Project, management has remained focused on
execution and de-risking in advance of drilling.
Recent milestones include:
• Execution of a 4,000-metre diamond drill contract with Major Drilling, a leading
international drilling contractor
• Unanimous approval and execution of a new community access agreement with the
Ejido Panuco, providing secure access for drilling and future exploration
• Finalization of surface access agreements with private landowners at El Cristo,
providing district-wide flexibility to establish drill pads across priority targets
These achievements position the Company to commence its upcoming drill program once final
administrative steps are completed and further demonstrate Zacatecas Silver’s strong track
record of community engagement—an increasingly critical success factor for exploration and
development in Mexico.
The initial 4,000-metre drill program is designed to test high-priority targets along the Panuco
and El Cristo vein systems, with flexibility to expand the program should results warrant,
supported by the Company’s strengthened treasury.
Chief Geologist, Dr. Chris Wilson commented:
“At Pánuco, drilling will focus on high-reward strike and depth extensions around the
existing 20.5 Moz mineral resource, while drilling at El Cristo will target near-surface strike
extensions of previously intersected high-grade mineralization within a robust exploration
system hosting more than 5 kilometres of largely untested vein structures. In parallel, the
Company has completed significant preparatory work at Esperanza to ensure the project is
well positioned to advance as the regulatory environment in Mexico continues to improve.
Esperanza is an exceptional, scalable, open-pittable heap-leach deposit that benefits from
several years of near-surface, higher-grade feed with a minimal strip ratio. The deposit
offers optionality across mining and recovery scenarios and the ability to develop in a staged
manner, thereby optimizing payback, and is among the highest-grade heap-leach deposits
globally.”
Esperanza Gold Project – A Strategic, Open-Pittable Gold Asset
The Company believes Esperanza represents one of the most compelling undeveloped gold
assets in Mexico today, particularly in light of the improving permitting environment.
Esperanza is an advanced-stage oxide gold project with strong fundamentals:
• One of the few remaining high-quality, open-pittable oxide gold projects in Mexico not
currently controlled by a producer
• In addition to the gold resource, approximately measured and indicated mineral
resource of 8.51 million ounces of Ag and inferred mineral resource of 4.1 million
ounces of Ag (see above), largely within the pit-constrained resource
• Located within the Tetlama community, which hosts the entire project footprint and
has demonstrated long-standing support
• Substantial historical technical work completed, much of which remains relevant and
contributes to meaningful project de-risking
In recent months, renewed corporate interest in Esperanza has allowed the Company to
evaluate strategic alternatives for advancing the project under a more constructive
regulatory climate. Management believes Esperanza’s scale, metallurgy, community support,
and open-pit optionality position it as a highly strategic asset at a time when buildable gold
projects in Mexico are increasingly scarce.
With open-pit permitting now demonstrably being advanced in Mexico, the Company believes
Esperanza remains materially undervalued and represents a potential catalyst for meaningful
shareholder value creation.
Positioning for 2026 and Beyond
As the Company looks ahead, its priorities include:
• Receiving final approvals and commencing the 4,000-metre drill program at the
Zacatecas Silver Project, with flexibility to expand based on results
• Continuing to strengthen community relationships and surface access across the
district
• Advancing strategic discussions and evaluation for the optimal path forward for
Esperanza under the improving regulatory environment
• Expanding investor outreach, particularly to groups seeking silver leverage and
credible open-pit gold optionality in Mexico
• Continuing to advance targeted opportunities to strengthen and optimize the
Company’s project portfolio
• Assess the potential to re-model and optimize the Company’s current mineral resource
estimates in light of materially higher gold and silver prices, which may positively
influence resource parameters
The macro backdrop for silver and gold continues to strengthen, Mexico’s regulatory posture
is showing tangible signs of improvement, and district-scale assets with grade, scale, and
community support are becoming increasingly rare.
Zacatecas Silver believes it is well positioned to benefit from these converging trends and to
deliver a catalyst-rich period ahead.
CEO Commentary
“With drilling set to commence at our Zacatecas Silver Project and a clear shift underway in
Mexico’s permitting environment, we believe the market is beginning to re-rate high-quality,
buildable assets. Esperanza stands out as a rare, advanced, open-pittable gold project at a
time when credible development opportunities in Mexico are increasingly scarce. As we enter
the year, we are returning to active drilling and advancing multiple value drivers across our
portfolio, underpinned by defined resources and strong momentum.”
— Eric Vanderleeuw, CEO
About Zacatecas Silver Corp.
The Company has two key projects: the Zacatecas Silver Project in Zacatecas State, Mexico,
and The Esperanza Gold Project in Morelos State, Mexico.
The Zacatecas Silver Project 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 hectares (19,338 acres) of ground that is highly prospective for low-
sulphidation and intermediate-sulphidation silver base metal mineralization and potentially
low-sulphidation gold-dominant mineralization. The Company announced an increase in silver
resource at the Panuco South and North underground Mineral Resource Estimate now
consisting of 3.41 million tonnes at 187 g/t AgEq (173 g/t Ag and 0.18 g/t Au) for 20.5 million
ounces AgEq (19.0 million ounces silver and 19.2 thousand ounces gold) (see news release
dated May 31, 2023).
The silver property is 25 kilometres (km) southeast of MAG Silver Corp.'s Juanicipio Mine and
Fresnillo PLC's Fresnillo Mine. The Property shares common boundaries with former Pan
American Silver Corp., now Defiance Silver claims and El Orito, which is owned by Endeavour
Silver.
Esperanza is an advanced stage, attractive low-cost, low-capital-intensity and low-technical-
risk growth project located in Morelos state, Mexico. Alamos has progressed the project
through advanced engineering, including metallurgical work, while also focusing on
stakeholder engagement, including building community relations. The Company announced a
Mineral Resource Estimate at Esperanza consisting of a Measured and Indicated Mineral
Resource Estimate of 30.5 million tonnes at 0.97 g/t AuEq for 956 thousand ounces AuEq and
an Inferred Mineral Resource estimate of 8.7 million tonnes at 0.98 g/t AuEq for 277 thousand
ounces AuEq (see news release dated November 16, 2022).
Qualified Person
The technical information in this news release has been reviewed and approved by Chris
Wilson, B.Sc. (Hons), PhD, FAusIMM (CP), FSEG, FGS, Chief Operating Officer of Zacatecas
Silver. Dr. Wilson is a Qualified Person as defined by NI 43-101 and is not independent due
being Chief Operating Officer and a director.
On behalf of the Company
Eric Vanderleeuw
Chief Executive Officer and Director
(519) 729 2440
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.