Zacatecas Silver Provides Update at El Cristo, Zacatecas Property
Zacatecas Silver Provides Update at El Cristo, Zacatecas Property
Vancouver, BC – April 21, 2023. Zacatecas Silver Corp. (“Zacatecas Silver” or the “Company”, ZAC:TSX
Venture; ZCTSF: OTC Markets; 7TV: Frankfurt) is pleased to announce that post the recent completion
of a detailed modelling of its assay data, the Company has commenced drill permitting at the silver
and base metal rich El Cristo vein system on the Zacatecas Property.
The El Cristo vein system is the NW strike extension of the prolific and well known Veta Grande vein
system, which has reported, but unverified, historical production of 200 Moz AgEq.
The Company plans to follow up with an additional 2,5000 meter diamond drill program to expand
the deposit at depth and along s trike. Deposit modelling and petrographic study by the Company,
indicates that El Cristo is of a similar style of mineralization as the Veta Grande.
The El Cristo vein system has a strike length of over 3 km on the Company licences and comprises
multiple veins formed within a dilation jog that is up to 650 m wide (Figure 1). High-grade silver-base
metal mineralization was historically mined from at least 31 shallow vertical shafts, reflecting the
highly prospective nature of the El Cristo vein system, and presence of high -grade silver-base metal
mineralization near surface.
The 28 holes drilled by the Company were scout holes designed to test the near surface depth
extension of select veins over at least 2 km of strike extension . Silver-base metal mineralization was
intercepted in 22 out of 28 drilled holes. Significantly, high grade silver equivalent mineralization was
intercepted very close to surface (from 20 to 100 m downhole) over downhole widths of up to 9.3 m
(see news release dated August 30, 2022). Based on these results, the Company has identified three
high priority areas to test strike and depth extensions of multiple veins.
This exploration at the silver project is planned in addition to recently announced exploration plans at
the Esperanza Gold Project (see news release dated March 13, 2023) and advancing the Preliminary
Feasibility Study (“PFS”) at that project.
The Company is arranging a non-brokered private placement financing of 7,777,778 units at a price of
$0.45 per Unit for total proceeds of $3,500,000 (the “Offering”). Each Unit will consist of one common
share (each, a “Common Share”); and one common share purchase warrant (each, a “Warrant”). Each
Warrant will entitle the holder to purchase a Common Share at an exercise price of $0.55 for a period
of three years months from the date of issue.
The securities under the Offering will be subject to restrictions on resale expiring four months and day
after issue. The Company may pay registered finders a fee in cash and/or share purchase warrants.
The Company intends to use the net proceeds of the offering to further advance studies at the
Esperanza Gold Project, exploration activities at the silver projects and general working capital
purposes.
Figure 1: Map of El Cristo showing Zacatecas’ drill hole traces in blue. Historical drill hole
traces are also shown (black). The base of the map is a grey scale digital elevation model.
For a full summary of drilling results see news release dated August 30, 2022
The securities referred to in this news release have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable
exemption from the U.S. registration requirements. This release does not constitute an offer for sale
of, nor a solicitation for offers to buy, any securities in the United States.
Qualified Person
The contents of this news release have 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.
About Zacatecas Silver Corp.
The Company has two key projects. The Esperanza Gold Project in Morelos State, Mexico and the
Zacatecas Silver Project in Zacatecas State, Mexico.
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 95 6 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).
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 a Mineral Resource Estimate at the Panuco Deposit
consisting of 2.7 million tonnes at 187 grams per tonne (g/t) silver equivalent (AgEq) (171 g/t silver
(Ag) and 0.17 g/t gold (Au)) for 16.4 million ounces AgEq (15 million ounces silver and 15,000 ounces
gold) (see news release dated December 14, 2021).
The 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 Pan American Silver Corp. claims
and El Orito, which is owned by Endeavour Silver.
On behalf of the Company
Bryan Slusarchuk
Chief Executive Officer and Director
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 gu arantees 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 regulation s. 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.
For further information: Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-
3334, Email: [email protected]