PROJECTs
The Silver Project
Highlights
- The Zacatecas Silver Project covers 7826 ha (19,338 acres) of concessions hosting multiple, silver-gold-base metal mineralized, epithermal vein systems — and over 10 strike km of largely untested veins.
- Inferred Mineral Resource Estimate at Panuco Deposit 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 of AqEq — mineralization open in all directions.
- Drilling defined a new discovery at Panuco North with near surface silver mineralization over a strike of 500 m — with robust exploration potential along strike and at depth — mineralization open in all directions.
- New discovery at El Cristo where drilling has defined silver-zinc-lead mineralization in multiple veins over strike length of at least 2 km — mineralization open in all directions.
- The Zacatecas Silver Project is highly prospective for low-sulphidation and intermediate-sulphidation silver base metal mineralization and potentially low-sulphidation gold-dominant mineralization
MULTIPLE EPITHERMAL VEIN SYSTEMS
Limited Drilling to Date
The Panuco Vein System
Initial Inferred Mineral Resource Estimate 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. Robust explortion upside.
The El Cristo Vein System
Large number of silver-base metal mineralized veins with dilational zone that is 3 km in strike. Represents the NW strike extension of the Veta Grande vein system with reported historical production of >200 Moz Ag.
The Muleros Vein System
Three silver-gold-base metal mineralized veins over a strike length of at least 3 km.
San Manuel-San Gill
San Manuel — numerous relatively unexplored silver-base metal mineralized veins. San Gill – a gold-anomalous 800 m long hematitic breccia that is up to 40 m wide.
The Zacatecas Silver Project is located adjacent to the city of Zacatecas, in Zacatecas State, Mexico. The property consists of 149 mining concessions covering 7,826 hectares. The cities of Zacatecas and Guadalupe, which are nearby, are capable of providing a skilled workforce and infrastructure for exploration and development. All project areas are easily accessed by unpaved roads off paved public highways, and the climate allows for year-round operation.
The Zacatecas Mining District has a long history of mining dating back to pre-colonial times. Mining by the Spaniards commenced in 1548, and by the late 1800s, silver from the Zacatecas Mining District accounted for 60% of the value of all Mexican exports. Between 1994 and 2010, Golden Minerals completed geological mapping, and trench and surface rock-chip sampling, within the Zacatecas district. Santacruz Silver Mining Ltd completed historical resource estimates of the Panuco Deposit in 2016 and 2019. Zacatecas Silver Corp. acquired 100% of the property in 2020 and commenced drilling in 2021.
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About Zacatecas
Zacatecas Silver Corp. is a Mexico-based exploration company focused on advancing high-potential gold and silver projects within Mexico, one of the world’s premier mining regions.
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The Company 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).
Highlights
- Panuco Central Vein contains an Inferred Mineral Resource of 2.1 million tonnes at 171 g/t AgEq for 11.3 million ounces AgEq.
- High-grade Panuco North Vein contains an Inferred Mineral Resource of 0.7 million tonnes at 235 g/t AgEq for 5.1 million ounces AgEq.
- Zacatecas actively drilling Panuco Deposit targeting expansion along strike and at depth
- Multiple recently announced drill results (including intercept returning 2.17m at 823 g/t AgEq on November 23, 2021) are not included in this Mineral Resource calculation and were generated outside the dimensions of the historical Mineral Resource
The Panuco Deposit Mineral Resource Estimate consists 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) that is comprised of:
- The Panuco Central Vein that contains an Inferred Mineral Resource of 2.1 million tonnes at 171 g/t AgEq (156 g/t silver and 0.16 g/t gold) for 11.3 million ounces AgEq (10.3 million ounces silver and 11 thousand ounces gold), and
- Panuco North Vein which contains an Inferred Mineral Resource of 0.7 million tonnes at 235 g/t AgEq (216 g/t Ag and 0.21 g/t Au) for 5.1 million ounces AgEq (4.7 million ounces silver and 5 thousand ounces gold).
Qualified Person
The contents of this page have been reviewed and approved by Chris Wilson, B.Sc. (Hons), PhD, FAusIMM (CP), FSEG, FGS, Chief Operating Officer of Zacatecas Silver, and by Eugene Puritch, P.Eng, FEC, CET, President of P&E Mining Consultants Inc., who is independent of the Company. Dr. Wilson and Mr. Puritch are Qualified Persons as defined by NI 43-101. Dr. Wilson is the Qualified Person for all technical information in this news release, excluding the Mineral Resource Estimate.
The geology of the Zacatecas area consists of Triassic metamorphic rocks of the Zacatecas Formation overlain by basic volcanic rocks of the Upper Jurassic or Lower Cretaceous Chilitos Formation. Mineralization at Zacatecas relates to Tertiary magmatism and associated volcanic activity. Mineralization at Panuco, Muleros, El Cristo and San Manuel-San Gil is hosted in the Chilitos Formation. Mineralization is hosted in steeply dipping epithermal veins with a dominant northwest-southeast strike. Silver, gold, and base metal mineralization is hosted in multiphase quartz-calcite veins, vein breccias, and quartz vein stockworks within zones of strong argillic alteration.
Drilling by the Company and previous operators has identified two significant vein systems warranting further exploration and drilling:
Panuco Deposit
Extensive drilling and trench work at Panuco have returned high-grade silver results, including 1.25 metres at 1,440 grams per tonne silver equivalent (1,423.2 grams per tonne silver and 0.23 gram per tonne gold) (see News Release dated April 7, 2022) and 1.23 metres at 750 grams per tonne silver equivalent (723 grams per tonne silver and 0.36 gram per tonne gold) (see News Release dated February 16, 2022). On May 30, 2023, the Company announced an updated mineral resource estimate at Panuco, totaling 3.41 million tonnes at 187 grams per tonne silver equivalent (173 grams per tonne silver and 0.18 gram per tonne gold) for 20.5 million ounces of silver equivalent (19 million ounces silver and 19,200 ounces gold) (see News Release dated May 30, 2023). The vein system comprising the Panuco deposit remains open in all directions.
El Cristo Vein System
El Cristo is the northwestern extension of the well-known Veta Grande vein and is defined by multiple vein outcrops and extensive historical workings. The Company completed an initial 28-scout-drill-hole program, whereby 22 of the 28 holes intersected silver and base metal mineralization. With a strike length exceeding three kilometres, numerous targets remain to be drilled by the company.
In addition to the two flagship mineral deposits, Zacatecas Silver has identified two additional high-priority exploration targets:
San Gill Breccia Zone
Located in the southern part of the main Zacatecas concessions, approximately two kilometres southwest of the Veta Grande vein, this zone features intense brecciation and quartz veining with abundant iron oxides after sulfides.
Muleros Zone
Situated south of Panuco and north of El Cristo, this vein system extends over a three-kilometre strike length and comprises three main veins: the South Vein, North Vein, and El Rosario Vein.
panuco deposit
El Cristo
San Gill
Muleros
project
Company | Market Cap. | Project Name and Location | Resources and Reserves |
|---|---|---|---|
Rio Tinto | n/a
| Jadar, Serbia
| 85.4 Mt @ 1.76% LiO2 and 16.1% B2O3 (Ind.); 58.1 Mt @ 1.87% Li2O and 12.0% B2O3 (Inf.)¹. |
Ioneer Ltd. | AUD 510 million (12 month high of AUD 925 million)
| Rhyolite Ridge, CA
| 146.5 Mt @ 0.35 % LiO2 and 4.56 % B2O3 (M+I+I)².
|
5e Advanced Materials Inc. | AUD 214 million (12 month high of AUD 969 million) | Fort Cady, CA | 74.3 Mt @ 0.076 % LiO2 and 4.15% B2O3 (M+I); 96.9 Mt @ 0.069 % LiO2 and 4.75% B2O3 (Inf.)³. |
¹ Rio Tinto updates Ore Reserves and Mineral Resources at Jadar, Notice to ASX, 23 February 2022.
² IONEER USA Corp. Rhyolite Ridge Lithium-Boron Project Definitive Feasibility Study (DFS) Report (Li2CO3 and H3BO3 values converted to LiO2 and B2O3).
³ 5e Advanced Materials Inc., Form 8-K, May 11, 2023. Commission File Number 001-41279