• Twenty-nine angular diamond drill holes were drilled on the Zacatecas property for a total of 5160 m.
• Twenty-two holes were drilled in the north vein of Panuco (formerly Tres Cruces), which lies north of the central vein of Panuco. Analyzes were received for 9 holes – several of which intersected significant silver grades (including the intercept returning 2.17 m at 823 g / t AgEq reported on 23 November 2021).
• SEMARNAT has approved 13 additional drilling permits at Panuco North and Panuco Central. Drilling is underway at Panuco North with analysis pending on several drill holes.
• The Company has completed the necessary environmental studies and has now requested SEMARNAT for 27 additional drilling platforms at Panuco Nord.
• An application for a drilling permit in El Cristo was filed in december 2021 and approval is expected shortly.

Panuco North Vein

The Panuco North Vein (Figure 1) runs northeast to southwest for a distance of at least two kilometers within company-owned concessions, bifurcating and partially flexing where it thickens. flush with the surface up to 3-4 meters. Shallow historical works are developed along the vein.

Despite its significant longitudinal extent, only six historic holes tested the vein with one of the historic holes (PA11-68) intersecting 0.4 m @ 2500 g / t Ag and 3.7 g / t Au from a downhole of 625.8 m (about 500 meters vertical).

To date, Zacatecas Silver has only received analyzes from nine of the 22 holes. The returned scans were from the easternmost part of the vein for a length of approximately 200 m with several significant intersections, including 2.17 m at 823 g / t AgEq (see press release from 23 November 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 to the west and open at depth.

Dr. Chris Wilson, COO and administrator of Zacatecas Silver comments: “Zacatecas Silver dPanuco North drill results were not included in our initial inferred resource estimate of 16.4 million ounces of silver equivalent at the Panuco deposit. Our drilling in the eastern part of the north Panuco vein resulted in a new discovery. Significantly, the higher grade intersections in the eastern part of the north Panuco vein are relatively shallow and lie over 1 km southeast of the historic high grade intersection. The historic interception of 2.09 meters at 1309 g / t Ag and 0.14 g / t Au of 254.4 m downhole, demonstrates the robust depth and significant potential for longitudinal length of the Panuco Nord vein. “

Approved and pending drill inserts – Panuco North Vein

13 additional drilling rigs were recently approved at Panuco North Vein by SEMARNAT and a further 27 drilling rigs are under application, with an approval date slated for February 2022. The Company is currently drilling low angle holes in the northeast of the Panuco North Vein to test down-dip extension near the surface of vein outcrops and shallow historic work.

Drill inserts approved and pending – EL Cristo

Zacatecas Silver is awaiting approval of drilling permits for the EL Cristo vein system shortly and expects to begin drilling in El Cristo in the second quarter of 2022.

The silver and base metal mineralization at El Cristo is hosted in breccia veins, banded quartz-carbonate veins, crustiform and colloform, varying in thickness from 10 cm to 7 meters. The El Cristo vein system includes several subparallel veins that form a sigmoid complex that merges northwest and southeast. The veins extend for more than 2.5 km along a direction of 120 ° to 130 ° for a width of up to 600 meters. Only eight holes have been drilled historically in El Cristo and the system is open in all directions.

Update on Panuco central borehole

The Company drilled 4 angular diamond holes (1,077 meters) in the eastern part of the central Panuco vein, along the eastern boundary of the Company’s concessions (Figure 3). Holes were drilled to hole depths of 224 to 371 meters (to a maximum vertical depth of approx. 250 meters) to determine the easterly continuity of the high grade mineralization modeled as part of the current inferred resource estimate.

All holes intersecting control faults at predicted vein intersections with low grade silver base metal analysis results. These holes were drilled outside of the current inferred resource estimate and suggest that the Panuco Central Vein mineralization terminates before the eastern boundary of the Company’s concession.

Qualified person

The contents of this press 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 in NI 43-101 and is responsible for all technical information contained in this press release.

About Zacatecas Silver Corp.

The Zacatecas Silver property is located in the state of Zacatecas, Mexico, in the highly promising Fresnillo Silver Belt, which has produced more than 6.2 billion ounces of silver. The Company owns 7,826 ha (19,338 acres) of very promising land for low- and intermediate-sulphide silver-based metal mineralization and potentially low-sulphide gold-dominant mineralization. At December 15, 2021, Zacatecas announced a mineral resource estimate for 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 of silver and 15,000 ounces of gold) (see press release from December 15, 2021).

The property is located 25 km southeast of MAG Silver Corp’s Juanicipio mine. and the Fresnillo mine from Fresnillo PLC. The property shares common boundaries with the Pan American Silver Corp. claims. and El Orito which is owned by Endeavor Silver. There are four main target areas of high grade silver in the Zacatecas concessions: the Panuco, Muleros, El Cristo and San Manuel-San Gill deposit. The Property also includes El Oro, El Orito, La Cantera, Monserrat, El Peñón, San Judas and San Juan silver-based metal lode targets. These targets are relatively unexplored and will be subject to rapid reconnaissance.

On behalf of the company
Bryan slusarchuk
Chairman and CEO and Director

Forward-looking statements

The information contained in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect the current estimates, beliefs, intentions and expectations of management. 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 important factors, many of which are beyond their respective control. These factors include, but are not limited to: risks and uncertainties associated with Zacatecas Silver’s limited operating history, its proposed exploration and development activities on the Zacatecas properties and the need to comply with environmental and government regulations. Therefore, 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 by applicable securities legislation, Zacatecas Silver does not undertake to publicly update or revise forward-looking information.

Neither the 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.

SOURCE Zacatecas Silver Corp.