Zacatecas Silver Commences Work at Esperanza Gold Project

(Zacatecas Silver Corp., 3.Jun.2022) — Zacatecas Silver Corp. (TSXV: ZAC) (OTC: ZCTSF) (FSE: 7TV) commenced its work plans to prepare a current resource estimate at the advanced stage Esperanza Gold Project, located in Morelos State, Mexico.

Immediate steps to confirm resource estimate include:

  • Extensive verification through sampling at least 10% of the historical drill core
  • New metallurgical test work by SGS Minerals
  • Additionally, team at Esperanza to commence work to identify and prioritize expansion and exploration targets throughout the project

The advanced stage Esperanza Gold Project has a historical resource estimate of a measured and indicated resource of 34,352,000 tonnes at 0.98 g/t gold and 8.09 g/t silver for 1,083,366 ounces of gold and 8,936,201 ounces of silver and an inferred resource of 718,000 tonnes at 0.80 g/t gold and 15.04 g/t silver for 18,375 ounces of gold and 347,192 ounces of silver (historical measured and indicated resource of 1.22 million ounces AuEq at 1.11 g/t AuEq).   See information on the historical resource estimate under “About Zacatecas Silver Corp.” set forth below.

Significant core and reverse circulation drilling occurred, prior to this historical resource calculation (98% of the historic resource was in the M+I category), at the Esperanza Gold Project resulting in a total of 389 drill holes for 69,716 metres.

Zacatecas Silver’s team is now onsite carrying out an extensive verification resampling program of the historical drill core. Re-sampling will be completed on approximately 10% of the remaining half-cut core, RC chips, and crush and pulp rejects.  This data will form the backbone of a remodelled resource estimate.

Zacatecas is also planning further metallurgical test work including grind-size and agglomeration tests and further column leach tests. The company’s geologists will collect several 500 kg composite bulk samples as part of the verification resampling program. Previous metallurgical tests at the Esperanza Gold Project have indicated that recoveries increase with lower crush size. However, in order to maintain permeability and integrity of heap leach pads at finer crush sizes, it is necessary to agglomerate the particles into larger pellets. The test work now commenced seeks to increase previous metallurgical recoveries.

Once a current resource is established, the company intends to use the resource as the foundation for a Pre-Feasibility Study (“PFS”) on the project. A Preliminary Economic Assessment (“PEA”) was previously completed on the project based on a historical (then current) resource.

Dr. Chris Wilson, Chief Operating Officer and Director of Zacatecas , comments “Our technical team is excited to have commenced verification and bulk sampling of historical core and RC chips. The core and RC chips have been stored in a secure facility and is of excellent quality. All original historical drill logs, geotechnical data and sample data is available and is also of a very high standard. Mineralization at the Esperanza Gold Project is associated with an oxidised skarn and some of the highest grade material occurs at, or very close to, the current land surface. The deposit is amenable to open pit mining and heap leach gold-silver recovery. We look forward to moving the project forward towards production.”

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.