Zacatecas talks 2026 drill program at Zacatecas

Executive Summary

• Zacatecas Silver Corp. provided a corporate update highlighting operational progress, strategic portfolio positioning, and a catalyst-driven outlook for 2026, specifically focusing on the resumption of drilling at its flagship Zacatecas silver project and the strategic potential of the Esperanza gold project.
• The company emphasized a significant shift in Mexico's regulatory environment, citing the recent granting of an open-pit mining permit to Silver Tiger Metals as evidence that permitting for advanced projects is becoming viable again, which directly benefits Zacatecas Silver's open-pittable Esperanza asset.
• Key operational milestones include the execution of a 4,000-metre diamond drill contract with Major Drilling, the securing of community access agreements for the Zacatecas project, and the completion of strategic financings to strengthen the balance sheet for active exploration.

Key Details

• Zacatecas Silver Project (Zacatecas, Mexico):
  • Drill Program: Finalized a 4,000-metre diamond drill contract with Major Drilling; program designed to test high-priority targets along the Panuco and El Cristo vein systems with flexibility to expand based on results.
  • Community & Access: Secured unanimous approval and execution of a new community access agreement with the Ejido Panuco; finalized surface access agreements with private landowners at El Cristo.
  • Resource Data: Inferred mineral resource of 20.5 million ounces of silver equivalent (AgEq) from 3.41 million tonnes at 187 grams per tonne AgEq (173 g/t Ag and 0.18 g/t Au) at the Panuco vein system.
• Esperanza Gold Project (Morelos, Mexico):
  • Resource Data:
    • Measured and Indicated: 30.5 million tonnes at 0.97 g/t AuEq (0.93 g/t Au and 8.7 g/t Ag) for 956,000 ounces AuEq.
    • Inferred: 8.7 million tonnes at 0.98 g/t AuEq (0.91 g/t Au and 14.5 g/t Ag) for 277,000 ounces AuEq.
  • Strategic Positioning: Described as a rare, advanced, open-pittable oxide gold project with established metallurgy, significant development leverage, and strong community support within the Tetlama community.
  • Strategic Alternatives: Management is evaluating strategic alternatives for advancing the project under the improving regulatory climate, noting renewed corporate interest.
• Regulatory & Macro Environment:
  • Mexico Permitting: Highlighted the granting of an open-pit mining permit to Silver Tiger Metals Inc. for its El Tigre project as the first new open-pit permit in Mexico since 2020, signaling a shift in regulatory uncertainty.
  • U.S. Critical Minerals: Noted that silver was formally added to the U.S. critical minerals list in 2024, reinforcing Mexico's strategic importance as a source for approximately half of U.S. silver imports.
• Financial & Operational Status:
  • Completed strategic financings to strengthen the balance sheet.
  • Rebranded corporate profile with refreshed website and investor presentations.
  • Priorities for 2026 include commencing the 4,000-metre drill program, advancing strategic discussions for Esperanza, and assessing potential resource estimate optimizations due to higher gold and silver prices.

Notable Quotes

• Dr. Chris Wilson, Chief Geologist: "At Panuco, drilling will focus on high-reward strike and depth extensions around the existing 20.5 Moz mineral resource, while drilling at El Cristo will target near-surface strike extensions of previously intersected high-grade mineralization... Esperanza is an exceptional, scalable, open-pittable heap-leach deposit that benefits from several years of near-surface, higher-grade feed with a minimal strip ratio."
• Eric Vanderleeuw, CEO: "With drilling set to commence at our Zacatecas silver project and a clear shift under way in Mexico's permitting environment, we believe the market is beginning to rerate high-quality, buildable assets. Esperanza stands out as a rare, advanced, open-pittable gold project at a time when credible development opportunities in Mexico are increasingly scarce."