VANCOUVER, BC, Aug. 30,
2022 /CNW/ - Zacatecas Silver Corp. ("Zacatecas" or
the "Company", (TSXV: ZAC) (OTC: ZCTSF) (OTC Markets: 7TV)
(Frankfurt: 7TV)) is pleased to
report multiple silver and base metal assays from its recently
completed phase one diamond drilling at El Cristo vein system.
Together with the previously announced results on July 7, 2022, Zacatecas encountered significant silver-base
metal mineralization within 22 out of the 28 holes drilled.
El Cristo is the NW strike extension of the prolific and well
known Veta Grande vein system onto
the Zacatecas Silver property, with most of this extension still
untested by drilling.
Highlights:
- Drilling has outlined high-grade silver-base metal
mineralization over 1.5 strike kilometres of previously undrilled
vein systems across a 750-meter-wide corridor. Mineralization
remains open to depth and along strike to the south-east.
- Recent El Cristo results include:
-
- 9.00 m @ 158 g/t Ag Eq (149
g/t Ag, 0.05 g/t Au, 0.08% Zn and 0.05% Pb) from 17.87 meters
downhole (CRI-2022-018)
- 0.82 m @ 592 g/t Ag Eq (84 g/t
Ag, 0.14 g/t Au, 3.7% Zn and 11.8% Pb) from 69.10 meters
downhole (CRI-2022-020)
- 3.00 m @ 262 g/t Ag Eq (250
g/t Ag, 0.07 g/t Au, 0.1% Zn and 0.04% Pb) from 21.00 meters
downhole (CRI-2022-026)
- 2.10 m @ 204 g/t Ag Eq (200
g/t Ag, 0.03 g/t Au, 0.03% Zn and 0.01% Pb) from 47.14 meters
downhole (CRI-2022-017)
- 1.60 m @ 181 g/t Ag Eq (175
g/t Ag, 0.02 g/t Au, 0.06% Zn and 0.05% Pb) from 4.40 meters
downhole (CRI-2022-027)
- Drilling at El Cristo mainly focused on testing previously
undrilled vein systems to the south-east of the project, which are
now interpreted to be the western extensions of the Veta Grande vein system.
- The Company completed 28 diamond drill holes at El Cristo
for a total of 2,815 meters.
Dr. Chris Wilson, Chief Operating
Officer and a Director of Zacatecas comments, "The initial drill
program was successful in identifying significant silver-base metal
mineralization in 22 out of 28 drilled holes. Our interpretation of
the results suggests that the drilled vein system is a western
extension of the prolific Veta
Grande vein system. Importantly, the intercepts encountered
during this initial drilling show that the portion of the
Veta Grande vein system identified
to date on our property is robust and carries very good grade. We
will be using the data from this first round of drilling at El
Cristo to model an upcoming program targeting further exploration
and expansion at depth and along strike."
Mineralization at El Cristo is of an intermediate sulphidation
epithermal type, which crop out with a dilutional zone that is at
least 3 km along strike and up to 600
m wide. Within this zone multiple, steeply dipping,
northwest-southeast trending veins, which have been mined
historically from at least 20 near surface shafts and multiple
areas of near surface workings.
El Cristo represents the northwest strike extension of the
Veta Grande vein, which has
reported, but unverified, historical production of 200 Moz
AgEq. The veins at El Cristo show similar characteristics to
those at Veta Grande, have a
similar orientation, and are part of the same sigmoidal zone of
dilation.
Historically, the El Cristo vein system was only tested by 8
angled diamond drill holes which targeted veins at depths of
below 100 to 200 metres. Of these six were concentrated within a
500 m strike length in the central
parts of the veins.
Drill holes targeted the near surface depth extension of the
larger surface workings and/or the depth extension of veins around
the deeper historical shaft. The 28 holes drilled to date by the
Company have been scout holes also designed to test select veins
over at least 2 km of strike extension.
Zacatecas Chief Executive
Officer and a Director of Zacatecas, Bryan Slusarchuk, states, "The
technical team continues to execute efficiently on our silver
projects. We have experienced early significant drilling success in
two new areas of the property outside of the known Panuco resource with multiple good hits at
both Panuco North and El Cristo.The size and scale of the project
is increasing. At the same time, we are seeing multiple
intersections in these areas with higher grades than described
within the resource itself.
As exploration continues at the silver projects, we are
systematically and efficiently advancing the Esperanza Gold
Project. The next steps at Esperanza include the production of a current
resource estimate and then a Preliminary Feasibility Study (PFS),
both of which are underway. The team onsite at Esperanza has recently completed the necessary
sampling work for the resource estimate and is awaiting assays for
input into the model. At Esperanza, we are targeting the development of
a low-cost, low capital intensity and low technical risk oxide gold
project with significant stakeholder benefit."
Hole CRI-2022-018 encountered a broad zone of stockwork style
oxide mineralization for intercepting 9 meters @158 g/t
Ag Eq (149 g/t Ag, 0.05 g/t Au, 0.08% Zn and 0.05% Pb) from 17.87
meters downhole.
Hole CRI-2022-017 intercepted 2.10 m @ 204 g/t Ag
Eq (200 g/t Ag, 0.03 g/t Au, 0.03% Zn and 0.01% Pb)
from 47.14 meters downhole.
Hole CRI-2022-020 targeted a new vein identified via mapping,
over 200 meters south of any historic drilling, intercepting
0.82 m @ 592 g/t Ag Eq (84 g/t Ag, 0.14 g/t
Au, 3.7% Zn and 11.8% Pb) from 69.10 meters downhole.
Hole CRI-2022-026 targeted the northwestern strike extension of
the 9.53-meter mineralised intercept encountered 50 meters to the
southeast in hole CRI-2022-001. Intercepting a 3-meter-wide zone of
backfill material grading 262 g/t Ag Eq (250 g/t Ag, 0.07
g/t Au, 0.1% Zn and 0.04% Pb) from 21.00 meters downhole.
Hole CRI-2022-027 targeted the southeastern strike extension of
mineralisation encountered in hole CRI-2022-17 and 18. Intercepting
1.60 m @ 181 g/t Ag Eq (175 g/t
Ag, 0.02 g/t Au, 0.06% Zn and 0.05% Pb) from 4.40 meters
downhole
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
|
Zn %
|
Pb %
|
Aq Eq.
|
CRI-2022-017
|
748570
|
2529548
|
215
|
40
|
24.42
|
26.19
|
1.77
|
106
|
0.23
|
0.02
|
0.06
|
126
|
CRI-2022-017
|
748570
|
2529548
|
215
|
40
|
47.14
|
49.24
|
2.1
|
200
|
0.03
|
0.03
|
0.01
|
204
|
CRI-2022-018
|
748569
|
2529549
|
215
|
60
|
17.87
|
26.87
|
9.0
|
149
|
0.05
|
0.08
|
0.05
|
158
|
CRI-2022-018
|
748569
|
2529549
|
215
|
60
|
54.93
|
55.46
|
0.53
|
200
|
0.34
|
0.85
|
0.76
|
289
|
CRI-2022-018
|
748569
|
2529549
|
215
|
60
|
99.98
|
100.6
|
0.62
|
23.2
|
0.19
|
2.9
|
0.41
|
199
|
CRI-2022-019
|
748929
|
2528842
|
228
|
40
|
101.5
|
102.05
|
0.55
|
127
|
0.14
|
0.69
|
0.04
|
142
|
CRI-2022-020
|
748930
|
2528843
|
228
|
60
|
69.10
|
69.92
|
0.82
|
84
|
0.14
|
3.7
|
11.8
|
592
|
CRI-2022-020
|
748930
|
2528843
|
228
|
60
|
96.52
|
97.37
|
0.85
|
45
|
0.82
|
2.4
|
1.9
|
278
|
CRI-2022-020
|
748930
|
2528843
|
228
|
60
|
97.87
|
98.34
|
0.47
|
68
|
0.6
|
5.5
|
3.8
|
489
|
CRI-2022-021
|
No Significant
Assay
|
CRI-2022-022
|
747571
|
2530201
|
219
|
40
|
80
|
80.49
|
0.49
|
12
|
0.27
|
1.61
|
0.1
|
118
|
CRI-2022-023
|
No Significant
Assay
|
CRI-2022-024
|
748569
|
2529636
|
215
|
40
|
31.20
|
32.24
|
1.04
|
126
|
0.02
|
0.04
|
0.03
|
130
|
CRI-2022-025
|
No Significant
Assay
|
CRI-2022-026
|
748564
|
2529633
|
215
|
85
|
21
|
24
|
3
|
250
|
0.07
|
0.1
|
0.04
|
262
|
CRI-2022-027
|
748640
|
2529465
|
205
|
40
|
41.07
|
41.62
|
0.55
|
198
|
0.06
|
0.02
|
0.04
|
205
|
CRI-2022-027
|
748640
|
2529465
|
205
|
40
|
4.40
|
6.0
|
1.6
|
175
|
0.02
|
0.06
|
0.05
|
181
|
CRI-2022-028
|
No Significant
Assay
|
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, $1.81/lb zinc, $
0.90/lb lead and 100% recovery.
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) (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.
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.