VANCOUVER, BC, Nov. 16,
2022 /CNW/ - Zacatecas Silver Corp. ("Zacatecas" or
the "Company", (TSX: ZAC) (OTC: ZCTSF) (FSE: 7TV) is pleased to
announce its initial Mineral Resource Estimate ("MRE") at the
Esperanza Gold Project. The MRE was prepared by P&E
Mining Consultants Inc. ("P&E") on behalf of the Company.
Highlights:
- High-grade oxide gold deposit with significant exploration
potential.
- Total Measured and Indicated Mineral Resource Estimate of
30.5 million tonnes at 0.97 g/t AuEq for 956 thousand ounces
AuEq.
- Total Inferred Mineral Resource Estimate of 8.7 million
tonnes at 0.98 g/t AuEq for 276 thousand ounces AuEq.
- Pre-Feasibility Study underway to support high margin, high
grade, low-capex and low-cost production aspects of the Esperanza
Gold Project.
The Esperanza Mineral Resource Estimate consists of:
- Pit-Constrained Measured and Indicated Mineral Resource
Estimate of 30.3 million tonnes at 0.97 g/t AuEq (0.92 g/t gold and
8.6 g/t silver) for 941 thousand ounces AuEq (899 thousand ounces
gold and 8.4 million ounces silver) and Out-of-Pit Measured and
Indicated Mineral Resource Estimate of 270 thousand tonnes at 1.73
g/t AuEq (1.58 g/t gold and 11.0 g/t silver) for 15 thousand ounces
of AuEq (14 thousand ounces of gold and 96 thousand ounces of
silver);
- Pit-Constrained Inferred Mineral Resource Estimate of 8.3
million tonnes at 0.93 g/t AuEq (0.86 g/t gold and 14.7 g/t silver)
for 248 thousand ounces AuEq (229 thousand ounces gold and 3.9
million ounces silver) and Out-of-Pit Inferred Mineral Resource
Estimate of 479 thousand tonnes at 1.83 g/t AuEq (1.77 g/t gold and
11.8 g/t silver) for 28 thousand ounces of AuEq (27 thousand ounces
of gold and 182 thousand ounces of silver);
- See Table 1 for Breakdown of Measured and Indicated Mineral
Resource and metal components that comprises the AuEq
disclosure.
Dr. Chris Wilson, Chief
Operating Officer and a Director of Zacatecas comments, "This Mineral
Resource Estimate of 956 thousand Measured and Indicated gold
equivalent ounces and 276 thousand Inferred gold equivalent ounces
will provide a strong fundamental foundation for the Preliminary
Feasibility Study ("PFS") now underway at Esperanza. With this initial high grade
Mineral Resource Estimate complete, we can focus on the completion
of this PFS which will evaluate economics targeting a low capex,
low cost and high margin operation that can generate substantial
stakeholder benefit including economic, employment, environmental
and revenue opportunities for the surrounding
communities."
Re-logging of historical drill core by the Company, in
conjunction with Mineral Resource modelling by P&E, has
confirmed that high-grade mineralization extends down the western
limb of the feldspar porphyry intrusion that sits below the skarn
mineralization. This interpretation suggests that metal-rich
mineralizing fluids were sourced from a deeper intrusion to the
west which is yet to be drilled. Robust gold-silver target types
include disseminated, skarn and replacement types in carbonate
sediments, and sheeted and stockwork veins within the upper
carapace of the mineralizing intrusion.
Table 1: Esperanza Mineral Resource Estimate
Summary
Measured and Indicated Mineral Resource
Estimate (1-9)
Resource
Area
|
Tonnes
(k)
|
Au
g/t
|
Ag
g/t
|
Au
koz
|
Ag
koz
|
AuEq
g/t
|
AuEq
koz
|
Measured (Pit-
Constrained)
|
4,194
|
1.01
|
6.1
|
137
|
827
|
1.04
|
141
|
Measured
(Out-of-Pit)
|
10
|
1.89
|
14.5
|
1
|
5
|
1.96
|
1
|
Indicated (Pit-
Constrained)
|
26,074
|
0.91
|
9.1
|
762
|
7,587
|
0.95
|
800
|
Indicated
(Out-of-Pit)
|
260
|
1.57
|
10.9
|
13
|
91
|
1.62
|
14
|
Total
|
30,538
|
0.93
|
8.7
|
913
|
8,510
|
0.97
|
956
|
Inferred Mineral Resource Estimate
(1-8)
Resource
Area
|
Tonnes
(k)
|
Au
g/t
|
Ag
g/t
|
Au
koz
|
Ag
koz
|
AuEq
g/t
|
AuEq
koz
|
Inferred (Pit-
Constrained)
|
8,258
|
0.86
|
14.7
|
229
|
3,905
|
0.93
|
248
|
Inferred
(Out-of-Pit)
|
479
|
1.77
|
11.8
|
27
|
182
|
1.83
|
28
|
Total
|
8,737
|
0.91
|
14.5
|
256
|
4,087
|
0.98
|
276
|
Notes:
|
(1)
|
Mineral Resources,
which are not Mineral Reserves, do not have demonstrated economic
viability.
|
(2)
|
The estimate of Mineral
Resources may be materially affected by environmental permitting,
legal title, taxation, socio-political, marketing or other relevant
issues.
|
(3)
|
Resources are
classified according to Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") Definition Standards (2014) and CIM Best
Practices (2019);
|
(4)
|
The Inferred Mineral
Resource in this estimate has a lower level of confidence than that
applied to an Indicated Mineral Resource and must not be converted
to a Mineral Reserve. It is reasonably expected that the majority
of the Inferred Mineral Resource could be upgraded to an Indicated
Mineral Resource with continued exploration.
|
(5)
|
Gold equivalent Mineral
Resources for the Esperanza Gold Project were calculated using the
following metal prices: Au at US $1,700 and Ag at US
$22/oz.
|
(6)
|
Metallurgical
recoveries have been estimated to be 70% gold and 25%
silver.
|
(7)
|
The Mineral Resource
Estimate uses a cut-off of 0.2 g/t AuEq for Pit-Constrained and 1.2
g/t AuEq for Out-of-Pit based on US$/tonne costs of $2.50/mining,
$6.50 processing and $1.25 G&A.
|
(8)
|
AuEq = Au g/t + (Ag g/t
x 0.005)
|
(9)
|
Out-of-pit MRE blocks
were reviewed for grade and geometric continuity. Isolated/orphaned
and single block width strings of blocks were removed in order to
only report Mineral Resources with a reasonable prospect of
economic extraction.
|
The Company will file the National Instrument 43-101 Technical
Report that supports the disclosure of the Mineral Resource
Estimate within 45 days of this news release.
Mineral Resource Estimate
Assumptions
The Mineral Resource Estimate was generated using inverse
distance cubed for gold and silver for grade interpolation within a
3-D block model, constrained by mineralized zones defined by
wireframes solid models. 1.5m
capped composites were used for grade interpolation. Search ellipse
ranges for Measured and Indicated Mineral Resource grade
interpolation were respectively 20 and 40
m. The bulk density values used in the Mineral Resource
Estimate were derived from 71 samples collected during re-assaying
of historical drill core completed by the Company.
The database for the Mineral Resource Estimate consisted of 399
drill holes totalling 69,924 m of
which a total of 341 drill holes totalling 15,034 m intersected the mineralization
wireframes used for the Mineral Resource Estimate. The drill
hole database contained assays for silver and gold as well as other
metals of no economic importance. The Company's seasoned
exploration team carried out extensive data verification on the
historical database by re-sampling 2,080 gold-silver mineralized
historical sample intervals, being approximately 20% of sample
intervals used in the Mineral Resource Estimate (being those
samples above the 0.2 g/t cut-off grade) and approximately 5% of
all sample assay results in the entire historical database. Drill
hole collar location verification surveying and standard bulk
density re-measurement was also completed, this confirmed historic
collar locations were accurate and historic bulk density
measurements were valid.
Engagement of Investor
Relations
The Company has also entered into an agreement with Gold
Standard Media ("GSM") and with Future Money Trends LLC ("FMT") to
raise awareness of the Company's shares among investors. The
engagement is for 12 months of services, with amounts payable as
follows: USD $100,000 on acceptance
of the TSX Venture Exchange, USD $100,000 within 3 months, USD $100,000 within 6 months and USD $100,000 within 9 months. Subject to TSX
Venture Exchange acceptance, the activities will commence late
November, 2022 and are for a period of one year.
Neither GSM nor FMT nor its affiliates own any securities of the
Company. FMT manages a marketing team headquartered in
Austin, Texas, and has conducted
marketing services for a broad range of companies listed on
exchanges from the TSX Venture Exchange to the New York Stock
Exchange since 2010. FMT and GSM are controlled by Kenneth Ameduri.
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, and by Eugene Puritch, P.Eng, FEC, CET, President of
P&E Mining Consultants Inc., who is independent of the
Company. Dr. Wilson and Mr. Puritch are Qualified Persons as
defined by NI 43-101. Dr. Wilson is the Qualified Person for all
technical information in this news release, excluding the Mineral
Resource Estimate.
About Zacatecas Silver
Corp.
Zacatecas 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. Zacatecas 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 956 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.
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. . 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) (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 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 its Esperanza
Gold Project and Zacatecas Silver Project 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. A
Pre-Feasibility Study has commenced for the Esperanza Gold Project
which will provide further information as to economic projections
and assumptions related to the project, however there are currently
no assurances that the project will be economically viable nor
assurances that necessary financing, permitting, and metal prices
will exist to enable development. 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.