Zacatecas Silver Reports Drill Rig Arrival at Panuco Silver Deposit
Zacatecas Silver Reports Drill Rig Arrival at Panuco Silver
Deposit
VANCOUVER, BC
,
Aug. 30, 2021
/CNW/ - Zacatecas Silver Corp. ("Zacatecas Silver" or the "Company", (TSXV: ZAC)
(OTC Markets: ZCTSF) (
Frankfurt
: 7TV) is pleased to report that the drill rig to commence drilling at the highly prospective
Panuco
silver deposit and San Gill breccia zone has arrived onsite to immediately begin a Phase One 10,000 metre drill
program.
Highlights:
Phase One drilling will consist of approximately 10,000 metres of drilling
Initial drilling begins at the Panuco Silver Deposit and then at San Gill-San Manuel, two high priority targets
within the large Zacatecas Silver land packages
Access agreements, drill permits, geological mapping and a drill contract with
Major Drilling
have all been
completed in preparation of this drill program
The
Panuco
silver deposit is located in the north of the
Zacatecas
property and is the most advanced prospect.
Panuco
has
an historic inferred mineral resource of 19,472,901 ounces silver equivalent (cut-off 100 grams per tonne AgEq) from
3,954,729 tonnes at 153.2 g/t AgEq (136 g/t Ag, 0.14 g/t gold (Au), 0.012 per cent lead (Pb), 0.11 per cent zinc (Zn)).
The drill program at the
Panuco
silver deposit will comprise step-out and step-back holes designed to target potential
extensions of the vein system outside of the historical resource estimate. A total of three veins will be drilled -- Panuco NW,
Panuco Central and
Tres Cruces
-- which remain open at depth and along strike. These are high-priority drill targets.
The San Gill breccia zone is relatively unexplored. The breccia has a strike length of approximately
800 m
, is up to
40 m
wide, and has a strongly hematitic and limonitic matrix, most likely after base metal sulphides. The north-south orientation of
the breccia is highly significant as gold-rich epithermal veins within the district are generally oriented north-south. Only four
holes of the historic nine drilled targeted the breccia. It is an extremely robust exploration target and significant further work
is required.
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 7,826 hectares (ha) (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 property is 25 kilometres 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. 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 Penon
,
San Judas
and
San Juan
silver-base-metal vein targets. These targets are relatively unexplored and will be the focus of rapid
reconnaissance review
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.
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 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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SOURCE
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:
CO: Zacatecas Silver Corp.
CNW 08:00e 30-AUG-21