Zacatecas Silver closes file on increased financing

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VANCOUVER, British Columbia, February 5, 2024 (GLOBE NEWSWIRE) — Zacatecas Silver Corp. (« Zacatecas Silver » or the « Company », ZAC: TSX Venture; ZCTSF: OTC Markets; 7TV: Frankfurt) announces that it has increased its size and closed the file for its previously announced private placement financing (see press release of January 29, 2024). The financing, initially consisting of an issuance of 18,000,000 units at a price of $0.10 per unit for total proceeds of $1,800,000, was increased to 25,000,000 units at a price of 0.10 $ per Unit for total proceeds of $2,500,000 (the “Offering”). The Company will now proceed with the immediate closing of the financing, by way of receipt of subscription agreements and funds and intends to close within the next week.

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As noted above, in connection with the Offering, each Unit will consist of one common share (each, a “Common Share”); and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each warrant will entitle its holder to purchase one common share at an exercise price of $0.15 for a period of two years from the date of issue.

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The securities covered by the Offer will be subject to resale restrictions expiring four months and days after their issue. The Company may pay registered intermediaries a commission in cash and/or share subscription warrants. The Company intends to use the net proceeds to meet ongoing costs associated with its properties as well as for general working capital purposes.

The securities mentioned in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or on behalf of or for the benefit of U.S. persons without U.S. registration or an applicable exemption from U.S. registration requirements. This press release does not constitute an offer to sell or a solicitation of offers to buy any securities in the United States.

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Qualified person

The contents of this press release have been reviewed and approved by Chris Wilson, BSc (Hons), PhD, FAusIMM (CP), FSEG, FGS, COO of Zacatecas Silver. Dr. Wilson is a qualified person within the meaning of National Instrument 43-101.

About Zacatecas Silver Corp.

The Company has two key projects. The Esperanza Gold Project in Morelos State, Mexico and the Zacatecas Silver Project in Zacatecas State, Mexico.

The Zacatecas Silver Project is located in the state of Zacatecas, Mexico, in 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 highly prospective land for low and intermediate sulphidation silver base metal mineralization and potentially low sulfidation gold-dominated mineralization. The Company initially announced a mineral resource estimate for the Panuco deposit comprising 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 of silver and 15,000 ounces of gold) (see press release of December 14, 2021). On May 31, 2023, the Company announced an updated inferred mineral resource estimate of 3.41 million tonnes at 187 g/t AgEq (173 g/t Ag and 0.18 g/t Au) for 20.5 million ounces AgEq (19.0 million ounces of silver and 19.2 thousand ounces of gold) (see press release of May 31, 2023).

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The property is located 25 kilometers (km) southeast of MAG Silver Corp.’s Juanicipio mine. and Fresnillo Mine of Fresnillo PLC. The property shares common boundaries with the Pan American Silver Corp. claims. and El Orito, which is owned by Endeavor Silver.

Esperanza is an attractive, low-cost, low-capital-intensity, low-technical risk late-stage growth project located in the state of Morelos, Mexico. The Company announced a mineral resource estimate at Esperanza including a measured and indicated mineral resource estimate of 30.5 million tonnes at 0.97 g/t AuEq for 956,000 ounces AuEq and an inferred mineral resource estimate of 8. 7 million tonnes at 0.98 g/t AuEq for 277 thousand ounces AuEq (see press release of November 16, 2022).

In the name of the company
Bryan Slusarchuk
President, CEO and director

Forward-looking statements

The information presented in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They do not constitute guarantees of future performance. Zacatecas Silver cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by numerous important factors, many of which are beyond their respective control. These factors include, among other things: risks and uncertainties relating to Zacatecas Silver’s limited operating history, its proposed exploration and development activities on its Zacatecas properties and the need to comply with environmental and governmental. 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 laws, Zacatecas Silver undertakes no obligation to publicly update or revise any 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.

For further information: Adam Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1 (833) 923-3334, Email: info@zacatecassilver.com

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