VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Zacatecas Silver Corp.
("Zacatecas Silver" or the "Company", (TSXV: ZAC); (OTC Markets:
ZCTSF); (Frankfurt: 7TV) is
pleased to provide an update on its diamond drilling program at the
Panuco deposit located within the
Zacatecas Property.
Highlights:
- Twenty nine angled diamond drill holes have been drilled at
the Zacatecas Property for a total of 5160
m.
- Twenty two holes have been drilled into the Panuco North
Vein (formerly, Tres Cruces),
which is to the north of the Panuco Central Vein. Assays have been
received for 9 holes — several of which intersected significant
silver grades (including intercept returning 2.17m at 823 g/t AgEq reported on November 23, 2021).
- SEMARNAT approved 13 additional drill permits at Panuco
North and Panuco Central. Drilling is ongoing at Panuco North with
assays pending on multiple drill holes.
- The Company has completed necessary environmental studies
and has now applied to SEMARNAT for an additional 27 drill pads at
Panuco North.
- An application for drill permits at El Cristo was submitted
in December 2021 and approval is
expected soon.
Panuco North Vein
The Panuco North Vein (Figure 1) strikes northeast-southwest
over a distance of at least two kilometres within concessions held
by the Company, bifurcating and flexing in part where it thickens
in surface outcrop to 3-4 m. Shallow
historical workings are developed along the length of the vein.
Despite its significant strike length, only six historical holes
have tested the vein with one of the historical holes (PA11-68)
intersecting 0.4 m @ 2500 g/t Ag and
3.7 g/t Au from a down hole depth of 625.8
m (approximately 500 m
vertical).
To date, Zacatecas Silver has only received assays from nine of
22 holes. Returned assays were from the most eastern part of the
vein over a strike length of approximately 200 m with multiple
significant intersections including 2.17m at 823 g/t AgEq (see news release dated
November 23, 2021). There had been no
previous drilling in this eastern part of the vein. The
Panuco North Vein is completely open along its remaining 2 km
strike length to the west and open at depth.
Dr. Chris Wilson, Chief
Operating Officer and a Director of Zacatecas Silver comments,
"Zacatecas Silver drill results from Panuco North was not
included in our Initial Inferred resource Estimate of 16.4 million
silver equivalent ounces at the Panuco Deposit. Our drilling
in the eastern part of the Panuco North Vein resulted in a new
discovery. Significantly, the higher grade intercepts in the
eastern part of the Panuco North Vein are relatively shallow, and
are over 1 km to the southeast of the historical high-grade
intercept. The historical intercept of 2.09
m at 1309 g/t Ag and 0.14 g/t Au from 254.4 m downhole, demonstrates the robust depth
and significant strike-length potential of the Panuco North
Vein."
Figure 1:
Map of the Panuco North Vein showing the
Company's drill hole locations. Historical drill
hole traces are also shown (black). The base of the map is a grey
scale digital elevation model.
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Approved and Pending Drill Pads – Panuco North Vein
An additional 13 drill hole pads have recently been approved at
Panuco North Vein by SEMARNAT and another 27 drill pads are under
application, with an expected approval date in February 2022. The Company is currently drilling
shallow angled holes in the northeast of the Panuco North Vein to
test the near surface down-dip extension of vein outcrops and
shallow historical workings.
Figure 2: Major 50
VD 6000 drill rig at Panuco North. The rig is drilling HQ diameter
core. Core recovery and geotechnical logging is conducted at site —
before core is moved to the companies drill logging and storage
facility in Zacatecas. Drilling is being conducted by Major
Drilling.
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Approved and Pending Drill Pads – EL Cristo
Zacatecas Silver is expecting approval of drill permits for the
EL Cristo vein system shortly and plans to commence drilling at El
Cristo in Q2 2022.
Silver and base metal mineralization at El Cristo is hosted in
brecciated veins, banded, crustiform and colloform quartz-carbonate
veins, that vary in thickness from 10 cm to 7 m. The El Cristo vein system comprises several
subparallel veins which form a sigmoidal complex that coalesces to
the northwest and southeast. Veins extends for over 2.5 km along a
strike of 120° to 130° over a width of up to 600 m. Only eight holes have been drilled
historically at El Cristo and the system is open in all
directions.
Panuco Central Drilling Update
The Company drilled 4 angled diamond holes (1077 m) into the eastern part of the Panuco
Central Vein, along the eastern boundary of the Company's
concessions (Figure 3). Holes were drilled to downhole depths of
between 224 to 371 m (to a maximum
vertical depth of approximately 250
m) to determine eastward continuity of high grade
mineralized modelled as part of the current inferred resource
estimate.
All holes intersecting controlling faults at predicted vein
intersections with silver-base metal assay results of a low tenor.
These holes were drilled outside of the current inferred resource
estimate and suggests that Panuco Central Vein mineralization
terminates before the eastern boundary of the Company's
concession.
Figure 3:
Map of the Panuco deposit including
Panuco North showing the
Company's drill hole locations. Historical drill
hole traces are also shown (black). The base of the map is a grey
scale digital elevation model.
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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 Silver. 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 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. On December 15, 2021, Zacatecas announced a mineral resource
estimate at the Panuco Deposit consisting of 2.7 million tonnes at
187 g/t AgEq (171 g/t Ag and 0.17 g/t Au) for 16.4 million ounces
AgEq (15 million ounces silver and 15 thousand ounces gold) (see
news release dated December 15,
2021).
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.
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 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.