VANCOUVER, BC, May 6, 2021 /CNW/ - Zacatecas Silver Corp.
("Zacatecas Silver" or the "Company") (TSXV: ZAC) is pleased to
announce it has achieved a key milestone to commence its drilling
activities at its highly prospective Panuco Silver Deposit and San
Gill Breccia Zone by securing an access agreement with the Ejido
"Panuco" Municipality, Zacatecas. Further, Zacatecas Silver
has entered into a 10,000 metre diamond drill contract with
Major Drilling de Mexico C.V. ("Major Drilling").
Highlights:
- Major Drilling, a key service
provider in the Zacatecas region,
has the skilled personnel to efficiently carry out the extensive
drill program planned by Zacatecas Silver Corp.
- A 10,000 metre diamond drill program will be immediately
carried out after receipt of final drill permits, which are
expected shortly.
- The Panuco Silver Deposit is a highly prospective silver
deposit with numerous underexplored high-grade silver
shoots.
- San-Gill Breccia Zone is an underexplored silver-gold-base
metal mineralized breccia that is over 800
m in strike length and between 20 to 40 m wide.
The Panuco Silver Deposit is located in the north of the
Zacatecas Property and is the most advanced prospect. Panuco
has an historic inferred mineral resource of 19,472,901 ounces Ag
Eq. (cut-off 100 g/t Ag Eq.) from 3,954,729 tonnes at 153.2 g/t Ag
Eq (136 g/t Ag, 0.14 g/t Au, 0.012% Pb, 0.11% Zn) (the "Historical
Estimate"). See "Historical Resource Estimate Information" set
forth below.
The drill program at the Panuco Silver Deposit will focus on the
vein system outside of the historical resource estimate. A
total of three veins will be drilled — Panuco NW, Panuco
Central and Tres Cruces — which remain open at depth and
along strike. These are high priority drill targets. Figure 1
below sets forth the extensive silver vein system at the Panuco
Silver Deposit.
The San Gill Breccia Zone is relatively unexplored. The breccia
has a strike length of approximately 800
m, is up to 40 m wide, and is
most likely vertical. The north-south orientation of the
breccia is highly significant as gold-rich epithermal veins within
the district are generally oriented north-south. This is supported
by the hole MG 11-01 intersect. Only four holes of the historic
nine drilled targeted the breccia. It is an extremely robust
exploration target and significant further work is required.
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.
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 7826 ha (19,338 acres)
of ground that is highly prospective for low and intermediate
sulphidation silver-base metal mineralization and potentially low
sulphidation gold-dominant mineralization.
The property is 25 km south-east 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 Peñón,
San Judas and San
Juan silver-base metal vein targets. These targets are
relatively unexplored and will be the focus of rapid reconnaissance
review
On behalf of the Company
Bryan Slusarchuk
Chief Executive Officer and Director
Historical Mineral Resource Estimate Information
In 2019 Santacruz Silver Mining Ltd. completed an updated
historical resource estimate as set forth in the technical report
titled "Technical Report – Veta Grande Project, Zacatecas State,
Mexico" dated 20th of
August 2019. The report was prepared
by Van Phu Bui, P. Geo and Michael O'Brien, P. Geo, and filed on
www.sedar.com ("2019 Panuco Historical Resource"). The 2019 Panuco
Historical Resource reported 3,954,729 tonnes at 153 g/t Ag Eq.
(136 g/t Ag, 0.14 g/t Au, 0.012 % Pb, 0.11% Zn) for a total of
19,472,901 ounces Ag Eq. (cut-off 100 g/t Ag Eq.). The 2019
Panuco Historical Resource used "inferred mineral resources", which
is a category set forth under CIM Definition Standards for Mineral
Resources & Mineral Reserves adopted on May 10, 2014.
The 2019 Panuco Historical Resource was calculating using 75
drill collars, 866 down hole surveys and 2,607 assayed
samples. A surface trench database totalling 183 trenches
with 1,813 samples was used. Resource blocks were
defined using with dimensions of 20 m
along strike and down dip, and 1 m
across strike. Grades for gold, silver, lead and zinc were
interpolated into blocks using the following estimation algorithms:
central — ordinary kriging and NW and Tres Cruces — inverse distance squared.
Assumptions used in the 2019 Panuco Historical Resource include the
following metal prices: gold price of US $1,350/oz, silver price of US $16/oz, lead price of US $0.90/lb and zinc price of US $1.10/lb. The 2019 Panuco Historical Resource
assumed recovering similar to the Veta Grande System being: gold at
52.2%, silver at 62.1%, lead at 87.9% and zinc at 78.6%. The
Company considers the 2019 Panuco Historical Resource relevant due
to its identification and modelling of the Panuco deposit.
The Company has not done sufficient work to classify the 2019
Panuco Historical 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 historical resource estimate is considered reliable,
8% of the drill core intervals used in the resource calculations
was re-sampled and submitted these to ALS for independent assay.
Further, 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 ALS assay certificates against the assays and
drill hole database. Remodelling of the current Panuco resource is ongoing pending receipt of
check sample assays.
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 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.