Zacatecas Silver Corp. (TSX-V: ZAC) (OTC: ZCTSF) (FSE: 7TV) is pleased to report multiple silver assays from the ongoing diamond drilling at Panuco North. The recent assay results, including 1.83m at 235 g/t Ag Eq (224 g/t Ag and 0.15 g/t Au), identifies a new zone of near surface mineralisation in the previously untested central zone of Panuco North.

Highlights:

• Angled diamond drilling at Panuco North targeted the western strike extension of near surface mineralization reported by Zacatecas on April 7, 2022.
• Panuco North results include:
  • 1.83 m @ 235 g/t Ag Eq (224 g/t Ag and 0.15 g/t Au) from 53.7 m downhole (Hole PAN2022-057)
  • 3.71 m @ 163 g/t Ag Eq (151 g/t Ag and 0.16 g/t Au) from 54.49 m downhole (Hole PAN2022-056)
  • 1.28 m @ 263 g/t Ag Eq (231 g/t Ag and 0.22 g/t Au) from 147.53 m downhole (Hole Pan2022-061
• Drilling in the eastern and central part of the Panuco North Vein has now intercepted near-surface mineralization over a strike length of 700 m, with the vein remaining open along strike and open at depth.
• Assay results from 22 Panuco North holes are pending.

Dr. Chris Wilson, Chief Operating Officer and a Director of Zacatecas comments, “The most recent round of drilling tested the central zone of Panuco North and confirmed that high grade near surface silver mineralisation is present throughout the Panuco North vein system, extending the know mineralised strike length by over 300 meters across a previously untested area. The Panuco North Vein has continued to intercept strong silver grades The down dip extensions of this central zone extension remain open to depth and represent robust future targets.”

High-grade silver results from drill hole PAN 2022-057 included 1.83 m @ 235 g/t Ag Eq (224 g/t Ag and 0.15 g/t Au) from 53.7 m thereby confirming high-grade near surface mineralisation in the previously untested central zone, extending the strike length of know mineralisation. Diamond drill holes PAN 2022-053, 060 and 061 were carried out in the southeast of Panuco North (see Figure 1).  Strong silver assay results in drill holes PAN 2022-053, 060 and 061 confirmed the down dip extension of high-grade silver mineralisation in the southeast and results Included 3.71 m @ 163 g/t Ag Eq (151 g/t Ag and 0.16 g/t Au) from 54.49 m, 1.28 m @ 263 g/t Ag Eq (231 g/t Ag and 0.22 g/t Au) from 147.53 m (PAN2022-061), 1.35 m @ 179 g/t Ag Eq (159 g/t Ag and 0.26 g/t Au) from 100 m (PAN 2022-060) and 0.68 m @ 170 g/t Ag Eq (108 g/t Ag and 0.83 g/t Au) from 95.06 m (PAN 2022-053).

The Company has now completed 63 drill holes at Panuco North for a total of 7,240 meters. Results from 22 holes are pending and are anticipated to be received during June. While waiting for assay results from Panuco North, the Company is drilling at the high priority El Cristo target, which is an extension of the prolific Veta Grande Vein. Three holes have been completed in the ongoing program at El Cristo, all intersecting mineralisation with assays pending.

Table 1. Drill Results and Intercepts at Panuco North

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 and recovery is assumed to be 100%.  Assay results for three holes (PAN 2022-055, 054 and 062) located in the south-eastern Panuco North returned narrow zones of low-grade silver-gold mineralization. Three Holes (PAN 2022-048, 049, 050) were drilled to test an area of central Panuco south with no surface vein expression, no vein was intersected, and the holes returned no significant assay results.

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 17 half cut core samples, one field blank, one certified reference material 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 PQ diameter. Core recovery across all veins was better than 98%.

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.

Figure 1: Summary of recent assays results (shown blue) for Panuco North. (CNW Group/Zacatecas Silver Corp.)