VANCOUVER, BC, April 7, 2022 /CNW/ - Zacatecas Silver Corp.
("Zacatecas" or the "Company", (TSXV: ZAC) (OTC: ZCTSF)
(Frankfurt: 7TV) is pleased to
report multiple silver and gold assays from ongoing diamond
drilling at the Panuco North and Panuco Central Veins. The recent
high-grade assay results at Panuco North, including 1.25m at 1440 g/t AgEq (1423.2 g/t Ag and 0.23
g/t Au), occur relatively close to surface while the vein remains
open at depth and along strike.
Highlights:
- Angled diamond drilling at Panuco North targeted the
down-dip strike extension of near surface mineralization reported
by Zacatecas on the February 16, 2022.
- Panuco North results include:
-
- 1.25 m @ 1440 g/t Ag Eq
(1423.2 g/t Ag and 0.23 g/t Au) from 27.48
m downhole (Hole PAN2022-042)
- 4.35 m @ 375 g/t Ag Eq (353
g/t Ag and 0.29 g/t Au) from 56.38 m
downhole (Hole PAN2022-044)
- 1.55 m @ 379 g/t Ag Eq (358
g/t Ag and 0.28 g/t Au) from 70 m
downhole (Hole PAN2022-043)
- 1.05 m @ 222 g/t Ag Eq (201
g/t Ag and 0.28 g/t Au) from 97.3 m
downhole (Hole PAN2022-046)
- 5.96 m @ 179 g/t Ag Eq (114.9
g/t Ag and 0.85 g/t Au) from 107.28 m
downhole (Hole PAN2022-045)
- Drilling continues and more assay results are
pending.
Dr. Chris Wilson, Chief Operating
Officer and a Director of Zacatecas comments, "The most recent round
of drilling in the south-eastern part of the Panuco North Vein has
continued to intercept robust silver grades over down-hole widths
of up to 5.96 metres. Although most holes targeted the down-dip
extension of the near surface high grade silver mineralization
intercepted in the initial scout drilling program, drilling has
only tested the uppermost parts of the vein to a maximum downhole
depth of 107 m (approximately
90 m vertical). Mineralization is
open in all directions and depth potential is excellent."
Mineralization at Panuco North is of an intermediate
sulphidation epithermal type, characterized by two main veins and
several vein splays, with similar orientation to other
silver-gold-base metal veins in the Zacatecas region. Vein textures, gangue
mineralogy and metal signature of the near surface mineralization
intercepted in drill holes at Panuco Central are consistent with
the uppermost part or "top" of an intermediate sulphidation system
(Figure 1). Similar veins at Zacatecas, and intermediate sulphidation
deposits within the broader Mexican silver belt, and worldwide,
have demonstrated vertical extents of between to 400 to >600
vertical metres. Mineralization at Panuco North has excellent depth
potential and only the uppermost part of the south-eastern
extension of the vein has been tested.
Dr. Wilson, further comments, "Mineralization at Panuco North
has intercepted silver equivalent grades that are generally higher
than the silver equivalent grade of the current Panuco resource estimate. Moreover,
mineralization is being intercepted generally over wider widths.
This is significant and further outlines the exploration potential
of Panuco North."
Following the recent grant of 27 additional drill pads (see news
release on March 23, 2022),
Zacatecas will be able to test the
depth extension of mineralization at south-eastern Panuco North
over a strike length of 600 m, and to
complete a maiden drill program along the central part of the
Panuco North vein over a strike length of 1.4 km.
Assay results for six closely spaced holes (PAN 2022-026, 028,
029, 030, 032, and 033) drilled in the northwest of the Panuco
North returned narrow zones of low-grade silver-gold
mineralization. These holes tested shallow surface workings over a
strike of 200 m strike to a maximum
vertical depth of 60 m. Vein textures
and metal signatures are consistent with the uppermost part of an
intermediate sulphidation system. The vein has not been tested
below these depths and remains open at depth.
At the Panuco Central Vein, seven angled diamond drill holes
(totalling 1385 m) were drilled in
the Panuco Central Vein system to test up-dip extension of
mineralization included in the Panuco Resource Estimate. Results
have been received for five holes and include 2.25 m @ 185 g/t Ag Eq (50 g/t Ag and 1.8 g/t
Au) from 120.57 m downhole (Hole
PAN2022-038) including: 0.49 m @
545 g/t Ag Eq (156 g/t Ag and 5.18 g/t Au) from 120.57 m downhole; and 2.30 m @ 161 g/t Ag Eq (156 g/t Ag and 0.07 g/t
Au) from 103.44 m downhole (Hole
PAN2022-040).
The results of these holes are highly significant as the near
surface (<150 m vertical) portion
of the Panuco Central vein has never been tested above the current
resource. Zacatecas is currently
applying for additional drill pads to test the near surface
extension of the entire Panuco Central Vein.
Table 1. Assay Results from
Drill Program
Hole ID
|
East
|
North
|
Azimuth (deg.)
|
Dip (deg.)
|
From (m)
|
To (m)
|
Downhole Interval
(m)
|
Ag g/t
|
Au g/t
|
Aq
Eq.
|
PAN2022_038
|
752153
|
2533031
|
059
|
-67
|
120.57
|
122.82
|
2.25
|
50
|
1.8
|
185
|
PAN2022_040
|
752336
|
2532833
|
030
|
-50
|
103.44
|
105.74
|
2.30
|
156
|
0.07
|
161
|
PAN2022_041
|
751897
|
2534233
|
215
|
-65
|
84.90
|
85.40
|
0.52
|
225
|
0.20
|
240
|
PAN2022_042
|
752051
|
2534036
|
042
|
-38
|
27.48
|
28.73
|
1.25
|
1423
|
0.23
|
1440
|
PAN2022_042
|
752051
|
2534036
|
042
|
-38
|
34.11
|
34.80
|
0.69
|
579
|
0.69
|
631
|
PAN2022_043
|
752050
|
2534037
|
042
|
-78
|
70.00
|
71.55
|
1.55
|
358
|
0.28
|
379
|
PAN2022_044
|
752059
|
2534019
|
078
|
-48
|
56.38
|
60.73
|
4.35
|
353
|
0.29
|
375
|
PAN2022_045
|
752059
|
2534019
|
078
|
-75
|
107.28
|
113.24
|
5.96
|
115
|
0.85
|
179
|
PAN2022_046
|
751867
|
2534125
|
032
|
-40
|
97.30
|
98.35
|
1.05
|
201
|
0.28
|
222
|
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 100% recovery. At Panuco North
drill holes PAN 2022-026, 028, 029, 030, 032 and 033 returned
narrow zones of low-grade silver-gold mineralization and hole PAN
2022-027 did not encounter any significant mineralization. At
Panuco central holes PAN 2022-036
and 037 returned narrow zones of low-grade silver-gold
mineralization and holes PAN 2022-034 and 035 did not encounter any
significant mineralization.
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 16 half cut core samples, one field blank, two
certified reference material standards 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 HQ
diameter. Core recovery across all veins was better than 98%.
Qualified Person
The contents of this news release have been reviewed and
approved by Chris Wilson, B.Sc.
(Hons), PhD, FAusIMM (CP), FSEG, Chief Operating Officer of
Zacatecas. Dr. Wilson is a Qualified Person as defined by NI
43-101 and is responsible for all technical information in
this news release.
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 (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. On December
15, 2021, Zacatecas
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).
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. 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
unexplored.
Additionally, Zacatecas has
recently announced a transaction to acquire the Esperanza Gold
Project from Alamos Gold Inc. 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.
To date, significant core and reverse circulation drilling has
occurred at the Esperanza gold project, resulting in a
total of 389 drill holes for 69,716 metres. Four targets adjacent
to or close to the historical resource were identified to
potentially expand the historical resource. The project also hosts
seven regional exploration targets, largely untested, that also
merit drill testing.
Alamos reported in its most recent annual information form
a 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
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. The
Company considers this to be an historical resource for the
purposes of National Instrument 43-101. Resource blocks were
defined using with dimensions of 10 metres (m) by 10
m by five m. The estimation of grades was performed with
the ordinary kriging method on capped composites. An added step in
the estimation strategy was the utilization of the dynamic
anisotropy technique in Vulcan's unfolding options. This
added capability allows for a more realistic outcome of the
estimated grade's spatial distribution as it follows the folded
shape of the deposit. Assumptions used in the resource include the
following metal prices: gold price of $1,400 (U.S.) per
ounce (oz) and silver price of $22 (U.S.) per oz. The
resource assumed the following economic assumptions: recovery of
60.4 per cent at 0.2 g/t to 71.9 per cent at 1.6 g/t for gold, 25
per cent for silver, $2.60-per-tonne mining
costs, 64-cents-per-tonne general and administrative
costs, $4.20-per-tonne milling costs and a pit slope of 45
degrees. The Company considers the resource relevant due to its
identification and modelling of
the Esperanza deposit.
The Company has not done sufficient work to classify the
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 resource estimate is
considered reliable, the Company will resample a portion of the
drill core for the purpose of carrying out a new resource estimate.
Furthermore, 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 assay certificates against the assays and drill
hole database.
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 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' 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 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.