VANCOUVER, BC , July 7, 2022
/CNW/ - Zacatecas Silver Corp. ("Zacatecas" or the "Company")
(TSXV: ZAC) (OTC Markets: ZCTSF) (Frankfurt: 7TV) is pleased to report multiple
silver and base metal assays from the ongoing maiden diamond
drilling at El Cristo vein system. Despite only testing the near
surface, often strongly oxidized parts of the El Cristo veins,
assay results indicate significant silver mineralization over
downhole intervals of up to 9.53
m.
El Cristo is the NW strike extension of the prolific and well
known Veta Grande vein system onto
the Zacatecas Silver property.
Highlights:
- A maiden diamond drill program is targeting intermediate
sulphidation veins at the El Cristo project. El Cristo is the NW
strike extension of the well-known Veta
Grande system.
- Initial El Cristo results include:
-
- 9.53 meters @ 175 Ag Eq (167 g/t Ag, 0.12 % Zn and 0.04 %
Pb) from 40.03 meters in hole CRI-2022-001
- 1.45 meters @ 121 Ag Eq (11.3 g/t Ag, 1.6 % Zn and 0.48% Pb
and 0.18 g/t Au) from 109.05 meters in hole CRI-2022-002
- 0.65 meters @ 829 g/t Ag Eq (565 g/t Ag, 1.2 g/t Au, 2.7 %
Zn and 1.3 % Pb) from 55.15 meters in hole CRI-2022-005
- 4.36 meters @ 242 g/t Ag Eq (48 g/t Ag, 0.19 g/t Au, 2.7% Zn
and 1.5% Pb) from 54.34 meters in hole CRI-2022-012
- 0.5 meters @ 974 g/t Ag Eq (19.6 g/t Ag, 0.23 g/t Au, 17.5%
Zn and 1.0% Pb) from 70.3 meters in hole CRI 2022-013
- To date the Company has completed 28 holes for 2811 metres
with assay results pending for 15 holes.
Dr. Chris Wilson, Chief Operating
Officer and a Director of Zacatecas comments, "The Company has now
received assay results for 13 of 28 diamond drill holes at El
Cristo. All holes targeted the shallow depth extension of
intermediate sulphidation veins below near-surface historical
workings or areas proximal to shallow historical shafts. Several
holes hit historical mining voids or zones of backfill material
over widths of up to 5 m, suggesting
that a higher-grade part of the near surface vein had already been
mined. That there are at least 20 shallow historical shafts at El
Cristo, strongly suggests that the system is mineralized. Almost
all holes drilled beneath these zones intersected multi-phase
sulphidic quartz-carbonate veins with zinc and lead base metal
sulphides. Drilling by Zacatecas
has only tested small areas of the overall vein system to very
shallow depths. That the first thirteen holes intersected a robust
silver-equivalent grades over down-hole intercept of up to 9.56
meters is very encouraging. The system is open in all directions
across multiple veins."
Mineralization at El Cristo is of an intermediate sulphidation
epithermal type, which crop out within a dilutional zone that is at
least 4 km along strike and up to 600
m wide. Within this zone are 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.
Zacatecas 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.
Hole CRI-2022-001 intercepted 5 metres of back-fill material and
4.5 m of footwall mineralization for
a combined intercept of 9.53 meters @ 175 Ag Eq (167 g/t Ag,
0.12 % Zn and 0.04 % Pb) from 40.03 m
downhole. It seems likely that the back-fill was lower grade
material used to fill the void left from mining a higher grade
vein.
Hole CRI-2022-002 was a step-down of hole 001, which targeted
the vein approximately 40 m vertical
deeper, and intercepted 1.45 meters @ 121 Ag Eq (11.3 g/t Ag,
1.6 % Zn and 0.5% Pb and 0.18 g/t Au) from 109.05 m downhole.
Holes CRI-2022-003 to 007 were drilled off the same drill pad in
the same line of section to intercept the vein progressively
deeper. Hole CRI-2022-003 intercepted an approximately 5 m wide historical mining void where the target
vein had been removed. Results from holes CRI-2022-006 and 007 are
pending.
Hole CRI-2022-004 intercepted 0.4
m @ 163 g/t AgEq (12.4 g/t Ag, 2.4% Zn, 0.5% Pb and 0.18 ppm
Au) from 57.81 m downhole.
Hole CRI-2022-005 targeted the vein below Hole 004 and
intercepted 0.65 meters @ 829 g/t Ag Eq (565 g/t Ag, 1.2
g/t Au, 2.7 % Zn and 1.3 % Pb) from 55.15
m downhole.
Hole CRI-2002-013 encountered significant base metals resulting
in 0.5 meters @ 974 g/t Ag Eq (19.6 g/t Ag, 0.23 g/t Au, 17.5%
Zn, 1% Pb) from 70.3 m
downhole. Also base metal rich, hole CRI-2022-12 resulted
in 4.36 meters @ 242 g/t Ag Eq (48 g/t Ag, 0.19 g/t Au,
2.7% Zn and 1.5% Pb) from 54.34 m
downhole.
The initial results of the maiden El Cristo drill program were
successful. While the Company continues to receive assays
over the coming weeks, the Company has elected to halt drilling
until the results of received. The remaining drill results
will provide a greater understanding of the El Cristo vein system
and allow Zacatecas to optimize
drill target selection in the upcoming months.
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-2022-001
|
748610
|
2529615
|
215
|
40
|
40.03
|
49.56
|
9.53
|
167.0
|
-
|
0.12
|
0.04
|
175
|
CRI-2022-002
|
748612
|
2529619
|
215
|
70
|
109.5
|
110.50
|
1.45
|
11.3
|
0.18
|
1.6
|
0.48
|
121
|
CRI-2022-003
|
748734
|
2529206
|
218
|
40
|
38.42
|
39.22
|
0.8
|
94.4
|
-
|
0.11
|
0.04
|
103
|
CRI-2022-004
|
748735
|
2529208
|
218
|
70
|
43.07
|
44.15
|
1.08
|
90.5
|
-
|
0.09
|
-
|
100
|
CRI-2022-004
|
748735
|
2529207
|
218
|
78
|
57.81
|
58.21
|
0.40
|
12.4
|
0.18
|
2.4
|
0.49
|
163
|
CRI-2022-005
|
748735
|
2529208
|
218
|
85
|
55.15
|
55.80
|
0.65
|
565
|
1.2
|
2.7
|
1.3
|
829
|
CRI-2022-006
|
Assays
Pending
|
CRI-2022-007
|
748733
|
2529210
|
35
|
77
|
105.47
|
105.9
|
0.43
|
12.4
|
0.08
|
1.0
|
0.8
|
92.7
|
CRI-2022-008
|
748905
|
2529163
|
193
|
40
|
59.8
|
61
|
1.2
|
134
|
0.1
|
0.24
|
0.09
|
156
|
CRI-2022-009
|
748907
|
2529166
|
193
|
60
|
63.40
|
64.25
|
0.85
|
22
|
0.13
|
1.26
|
0.8
|
118
|
CRI-2022-010
|
748905
|
2529166
|
193
|
77
|
66.19
|
66.96
|
0.77
|
13.2
|
0.18
|
2.3
|
0.50
|
159
|
CRI-2022-010
|
748905
|
2529166
|
193
|
77
|
77.81
|
78.53
|
0.54
|
9.0
|
-
|
1.3
|
0.74
|
95
|
CRI-2022-010
|
748905
|
2529166
|
193
|
77
|
86.64
|
87.49
|
0.85
|
2.8
|
-
|
2.4
|
0.13
|
133
|
CRI-2022-011
|
Assays
Pending
|
CRI-2022-012
|
749475
|
2528820
|
204
|
40
|
54.34
|
58.70
|
4.36
|
48.0
|
0.19
|
2.7
|
1.5
|
242
|
CRI-2022-012
|
749475
|
2528820
|
204
|
40
|
62.93
|
63.43
|
0.5
|
81.4
|
0.66
|
1.0
|
0.13
|
187
|
CRI-2022-013
|
749476
|
2528821
|
204
|
65
|
70.30
|
70.80
|
0.5
|
19.6
|
0.23
|
17.5
|
1.00
|
974
|
CRI-2022-013
|
749476
|
2528821
|
204
|
65
|
80.25
|
80.65
|
0.4
|
7.4
|
0.22
|
1.6
|
0.46
|
116
|
CRI-2022-013
|
749476
|
2528821
|
204
|
65
|
90.47
|
91.20
|
0.73
|
23.9
|
0.51
|
2.0
|
0.41
|
179
|
CRI-2022-014
|
749476
|
2528824
|
204
|
85
|
77.02
|
78.03
|
1.01
|
11.1
|
0.17
|
1.7
|
0.31
|
120
|
CRI-2022-015
|
749476
|
2528823
|
24
|
82
|
110.37
|
110.85
|
0.48
|
118
|
0.19
|
0.1
|
0.06
|
139
|
CRI-2022-016
|
Assays
Pending
|
CRI-2022-017
|
Assays
Pending
|
CRI-2022-018
|
Assays
Pending
|
CRI-2022-019
|
Assays
Pending
|
CRI-2022-020
|
Assays
Pending
|
CRI-2022-021
|
Assays
Pending
|
CRI-2022-022
|
Assays
Pending
|
CRI-2022-023
|
Assays
Pending
|
CRI-2022-024
|
Assays
Pending
|
CRI-2022-025
|
Assays
Pending
|
CRI-2022-026
|
Assays
Pending
|
CRI-2022-027
|
Assays
Pending
|
CRI-2022-028
|
Assays
Pending
|
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.