Zacatecas Silver Reports Multiple High Grade Near Surface Silver Assays as Drilling Continues to Expand the Panuco North Vein with Results

Zacatecas Silver Reports Multiple High Grade Near Surface Silver Assays

as Drilling Continues to Expand the Panuco North Vein with Results

Including 1.25 m at 750 g/t Silver Eq in Hole PAN 2021-025 and 6.87 m @

160 g/t Silver Eq in Hole PAN 2021-023

VANCOUVER, BC

,

Feb. 16, 2022

/CNW/ - Zacatecas Silver Corp. ("Zacatecas Silver" or the "Company", (TSXV: ZAC) (OTCQB: ZCTSF) (

Frankfurt

: 7TV) is

pleased to report multiple silver and gold assays from ongoing diamond drilling at the Panuco North Vein. In addition to the high-grade intercepts reported today

from a previously undrilled area of the vein, assays from multiple additional drill holes are pending.

Highlights:

The majority of holes tested the near surface depth extension of the Panuco North Vein in areas that had not previously been drilled. Results

include:

6.87 m

@ 160 g/t Ag Eq (145 g/t Ag and 0.2 g/t Au) from

18.9 m

downhole (Hole PAN 2021-023)

4.13 m

@ 175 g/t Ag Eq (165 g/t Ag and 0.15 g/t Au) from

39.06 m

downhole (Hole Pan 2021-024)

1.23 m

@ 750 g/t Ag Eq (723 g/t Ag and 0.36 g/t Au) from

39.39 m

downhole (Hole Pan 2021-025)

Drilling in the eastern part of the Panuco North Vein has now intercepted near-surface mineralization over a strike length of

500 m

, with the vein

remaining open along strike and open at depth

Dr.

Chris Wilson

, Chief Operating Officer and a Director of

Zacatecas

comments

, "The most recent drill holes at Panuco North Vein intercepted robust silver

grades over down-hole widths of up to 6.87 metres, within 10 to 30 vertical metres of surface. Together with previously reported results, such as

2.17 m

at 823

g/t Silver Eq (798 g/t Silver and 0.34 g/t Gold) in Hole PAN 2021-009 as reported on

November 23, 2021

,

drilling by the company in the eastern part of the

Panuco North Vein has now intercepted near-surface mineralization over a strike length of

500 m

. This part of the vein has never been drill tested.

Mineralization remains open at depth and to the northwest over at least 1 km of strike length."

Mineralization at Panuco North is of an intermediate sulphidation epithermal type, characterized by two main veins and a number of vein splays, with similar

orientation to other silver-gold-base metal veins in the

Zacatecas

region. Silver-gold-base metal mineralization in such systems typically has a vertical extent of

between to 400 to >600 vertical metres. Vein textures, style of mineralization, and gangue/alteration mineralogy indicates that drilling by Zacatecas Silver has

intercepted the uppermost parts of the mineralized system — indicating robust depth exploration potential.

Dr. Wilson further comments, "

That five holes intercepted significant mineralization within 30 vertical metres of surface outcrop not only highlights excellent near

surface potential, but also indicates that step-back holes targeting down-dip (depth) extension will initially be relatively shallow and thus very cost-effective.

Metal tenor at the top of intermediate sulphidation epithermal system is generally low and increase downwards into the main precious metal interval. The

grades intercepted in the most recent holes are extremely encouraging given the location within the epithermal system — which further underscores the

excellent deeper exploration potential".

It is also very encouraging that the assay results recently received by Zacatecas Silver are for shallow to very shallow intercepts. The grades intercepted in the

first few holes demonstrate excellent exploration potential, especially for a vein system that comprises multiple contiguous veins over a strike length of 1.7 km,

that has demonstrated robust depth potential, and was only tested historically by 6 drill holes.

Figure 1: Summary of recent assays results (shown blue) for Panuco North. (CNW Group/Zacatecas Silver Corp.)

Table 1. Drill Results and Intercepts at Panuco North

HoleID

East

North

Azimuth

(deg.)

Dip (deg.)

From (m)

To (m)

Downhole

Interval

(m)

Ag g/t

Au g/t

Ag

Eq.

PAN2021-012

752189

2533923

50

-71

69.75

71.16

1.4

102.9

0.77

160.0

PAN2021-017

752242

2533950

67

-55

148.29

149.76

1.47

199.3

0.11

207.3

PAN2021-019

751943

2534190

230

-50

22.91

27.72

4.81

104.4

0.15

115.3

PAN2021-021

751893

2534230

215

-40

11.96

14.30

2.34

101.5

0.16

113.0

PAN2021-023

752009

2534134

228

-38

18.19

25.06

6.87

144.9

0.21

160.0

PAN2021-024

752009

2534134

228

-49

39.06

43.19

4.13

165.0

0.15

175.3

PAN2021-025

752050

2534036

42

-56

39.39

40.62

1.23

722.6

0.36

750.0

Additional drilling is required to determine true widths as all hole intercepted veins at an oblique angle. The assays are not capped. Assumptions used in USD for

the silver equivalent calculation were metal prices of

$24

/oz silver,

$1,800

/oz gold and recovery is assumed to be 100%. Drill holes PAN 2021-011, 014, 015 and

026 narrow zones of low grade silver-gold mineralization and holes Pan2021-013 and 018 did not encounter any significant mineralization.

The Company has submitted an application for an additional 27 drill pads, which will allow for drill targeting to depths of approximately 300 metres vertical along

the entire strike length of the Panuco North Vein. Assay results for 10 holes drilled at Panuco North and 3 holes drilled into splays of the Panuco Central Vein are

pending.

San Gill

Zacatecas Silver has recently completed 5 angled diamond drill holes at the San Gill Breccia. Assay results are pending but all holes drilled a structural zone with

abundant pyrite and locally developed sulphidic quartz veins.

Quality Assurance / Quality Control

Zacatecas

follows industry-recognized standards of Best Practice and Quality Assurance/Quality Control. Samples are submitted to ALS in batches of 20 —

comprising 17 half cut core samples, one field blank, one certified reference material and one staged duplicate. Samples are sealed in plastic bags using single

use tie-locks and delivered to ALS Zacatecas — thereby ensuring chain of custody. Since the ALS facility in

Zacatecas

is only a preparation facility, sample pulps

were sent to ALS Ireland for fire assay. To date all batches have passed QAQC and blanks and CRM's were within acceptable tolerance limits. All diamond holes

were drilled PQ diameter. Core recovery across all veins was better than 98%.

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.

On behalf of the Company

Bryan Slusarchuk

Chief Executive Officer and Director

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: [email protected]

CO: Zacatecas Silver Corp.

CNW 08:00e 16-FEB-22