VANCOUVER, BC, July 8, 2021 /CNW/ - Zacatecas Silver Corp.
("Zacatecas Silver" or the "Company") (TSXV: ZAC) (OTC: ZCTSF)
(Frankfurt: 7TV) is pleased to
announce it has completed access agreements with all landowners at
the San Gill Breccia Zone and San Gill Vein System. Furthermore,
Zacatecas has submitted its
environmental study on the San Gill-San Manuel area to SEMARNAT as
a final requirement for drill permitting in this area of its large
land package in Zacatecas,
Mexico.
The Company, as previously reported, has also successfully
negotiated access agreements to its Panuco Deposit where 10,000
metres of angled diamond drilling is initially planned. An
environmental study for Panuco was
submitted to SEMARNAT which is now at the final stages of
review.
Highlights:
- Land access permits now in place for the Panuco Deposit, the
San Gill Breccia Zone and the San Manuel Vein System.
- An environmental report for Panuco was submitted to SEMARNAT and the
review is targeted to complete within 15 days with drilling
expected to start prior to the end of July.
- An environmental report for San Gill-San Manuel has been
completed and was recently submitted to SEMARNAT as a final stage
for drill permitting. SEMARNAT endeavour to complete their review
within 4 weeks.
- Zacatecas are drill ready at
the Panuco Deposit, the San Gill Breccia and the San Manuel vein system.
- Zacatecas have commenced the
environmental study of El Cristo and expect to submit this report
to SEMARNAT by end July. Zacatecas
are currently negotiating land-owner access at El Cristo.
Dr Chris Wilson, Zacatecas
Silver Chief Operating Officer and Director, comments, "I am
delighted in our progress to date as we prepare for the imminent
start of drilling in multiple areas of our large land package. The
process of moving from field mapping and drill targeting, to a
permitted drill program, often involves a number of steps including
environmental studies. Our field geologists and consultants have
been extremely efficient in completing all studies and have now
secured 3 to 5 year landowner, community and municipality
agreements. Submission of environmental studies to SEMARNAT
represents the final stages of the drill permitting process.
Despite the added pressure that COVID-19 has placed on everyone,
SEMARNAT have continued to process these applications
rapidly".
Zacatecas previously reported
(see news release dated May 6, 2021)
that it has engaged Major Drilling
("Major") for an initial 10,000 metre drill program. Zacatecas are planning to commence drilling by
the end of July 2021.
Panuco
The Panuco Silver Deposit 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. Zacatecas have
verified historical drill data by re-sampling and re-assaying
approximately 15% of drill intercepts used in the historical
resource, re-surveying drill collar locations, and completing
metallurgical test-work on Panuco
drill core (see news release dated June 15,
2021). A current resource estimate for Zacatecas is currently being prepared.
Silver, gold, and base metal mineralization at the Panuco deposit is hosted in breccia veins,
banded, crustiform and colloform quartz-calcite veins, and quartz
vein stockwork within zones of strong argillic alteration — as is
typical of the intermediate sulphidation veins throughout the
Zacatecas region. Mineralization
is open in all directions.
San Gill – San
Manuel
San Gill Breccia is located in the southern part of the main
Zacatecas concessions and is
approximately 2 kilometres to the southwest of the Veta Grande vein. It is a zone of intense
brecciation and quartz veining with an abundant matrix of iron
oxides after sulphides. Veins are multiphase — as evidenced by
breccias, quartz vein stockworks, and crustiform and collaform
banding. Remnant mineralized zones that have not been fully
oxidized to iron oxides include galena, sphalerite, chalcopyrite
and argentite — consistent with the styles of mineralization at
other similarly oriented mineralized systems in the Zacatecas region.
The San Gill Breccia Zone passes westwards into the San Manuel vein swarm. The San Gill-San Manuel
mineralized system covers an area of approximately two square
kilometres and is characterized by multiple, northwest to southeast
and west-northwest to east-southeast oriented, steeply-dipping,
quartz-carbonate-silver-base metal mineralized veins. Individual
veins are locally up to 7 metres wide and up to almost one
kilometre in strike length.
The San Gill Breccia Zone and San Manuel Vein System are
extremely robust exploration targets with strong surface
silver-base metal anomalism. The cumulative strike length of all
breccias and veins exceed 10 kilometres — yet they remain largely
unexplored. Zacatecas plan to
commence drilling at San Gill-San Manuel as soon as permits are
issued.
El Cristo
The El Cristo vein system is in the central part of the
Zacatecas Property. It is the northwest extension of the well-known
Veta Grande vein and is defined by
multiple vein outcrops, and extensive historical workings and
shafts. Mapping by Zacatecas
has defined near surface historical workings and vertical shafts
that are more extensive than previously thought. There are a large
number of veins that have never been drill tested or channel
sampled — yet have extensive surficial workings and historical
shafts consistent with the presence of mineralization. To date
Zacatecas have defined over 12
kilometres of outcropping veins defining a number of high value
drill targets.
Zacatecas has completed
structural mapping at El Cristo and is currently completing an
environmental report as the final requirement for drill
permits.
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.