Zacatecas Silver Reports High-Grade Gold and Silver Rock Chip Sampling at Cumaro, Sonora, with Assays up to 40.6 g/t Gold and 253 g/t Silver

Surface sampling at Cumaro shows high gold and silver grades, but drilling is not yet underway.

What the company is saying

Zacatecas Silver Corp. (TSXV:ZAC, OTCQB:ZCTSF) is highlighting strong surface assay results from 117 reconnaissance rock chip samples at its Cumaro project in Sonora, Mexico, with gold grades up to 40.6 g/t and silver up to 253 g/t. The company frames Cumaro as a largely unsampled, high-potential system, emphasizing that only 1.5 km of more than 10 km of known veins have been sampled. CEO Eric Vanderleeuw stresses the presence of outcropping veins, high-grade assays, and the early stage of exploration, stating that the company is moving quickly and has already submitted a drill permit application for up to ten pads. The announcement also references advanced-stage and resource-stage projects elsewhere in Mexico, such as Panuco (3.41 million tonnes at 187 g/t AgEq for 20.5 million ounces AgEq) and Esperanza (45.4 million tonnes at 0.79 g/t AuEq for 1.15 million ounces AuEq). The company is commissioning multispectral satellite imagery to guide further sampling and presents the narrative that Cumaro could host preserved high-grade mineralization at depth. Technical review and approval are attributed to Chief Geologist Chris Wilson.

What the data suggests

The Cumaro sampling program produced 117 grab samples from 1.5 km of outcropping veins, with 39 samples above 1 g/t gold, 12 above 5 g/t gold, and a peak value of 40.6 g/t gold. Thirty samples exceeded 1 oz/t silver (31.2 g/t), with a maximum of 253 g/t silver. High-grade samples were found over a 500 m strike length, and veins up to 4 m wide were observed. The property is described as having over 10 km of known veins, but most remain unsampled. No drilling has occurred at Cumaro, and no resource estimate exists for this project. The company has applied for a drill permit covering up to ten pads and is planning follow-up sampling guided by satellite imagery. Elsewhere, Zacatecas Silver holds 7,826 hectares in Zacatecas State and reports a resource at Panuco (3.41 Mt at 187 g/t AgEq for 20.5 Moz AgEq) and at Esperanza (45.4 Mt at 0.79 g/t AuEq for 1.15 Moz AuEq measured and indicated; 11.2 Mt at 0.57 g/t AuEq inferred). The Lourdes project (509 hectares) is under option for 100% acquisition. The data confirms high-grade potential at surface but does not yet demonstrate continuity or economic viability at depth.

Analysis

The announcement provides detailed and credible technical results from reconnaissance sampling at the Cumaro project, with specific grades, sample counts, and strike lengths disclosed. The tone is positive and emphasizes the potential of the largely unsampled vein system, but most realized progress is limited to early-stage surface sampling and resource estimates at other properties. Forward-looking statements focus on planned follow-up sampling, satellite imagery, and a pending drill permit, none of which guarantee near-term value creation. There is no evidence of large capital outlay or immediate earnings impact, and the company remains at the exploration stage for Cumaro. The narrative is somewhat inflated by highlighting the scale of unsampled veins and the potential for high-grade discoveries, but these are not yet substantiated by drilling or resource delineation. The data supports a positive outlook for exploration potential, but the gap between narrative and realized progress is moderate.

Risk flags

• ●Surface sampling results at Cumaro are selective and may not reflect the true grade or continuity of mineralization at depth, as acknowledged by the company. This introduces significant geological and economic uncertainty until drilling is completed.
• ●Permitting risk is present, as the drill permit application to SEMARNAT has been submitted but not yet approved. Delays or denials could stall project advancement.
• ●The company's narrative relies heavily on the potential of unsampled veins and the preservation of high-grade zones at depth, but no drilling or resource estimate at Cumaro has yet substantiated these claims. This creates a gap between surface results and any future economic assessment.
• ●The company is advancing multiple early-stage projects simultaneously, which may stretch technical and financial resources, especially if drilling at Cumaro or other properties encounters setbacks or lower-than-expected results.

Bottom line

Zacatecas Silver's Cumaro project has returned strong gold and silver grades from surface sampling, with 39 samples above 1 g/t gold and highs of 40.6 g/t gold and 253 g/t silver. The project remains at an early stage, with only 1.5 km of over 10 km of known veins sampled and no drilling yet conducted. The company is moving toward drilling, having submitted a permit application for up to ten pads, but the timeline for drilling and any resource estimate is still uncertain. Investors should recognize that surface samples are not representative of true widths or grades at depth, and economic potential will only become clear after drilling. The most important takeaway is that while Cumaro shows promising surface numbers, the investment case hinges on future drill results and successful permitting.

Announcement summary

(TSXV:ZAC, OTCQB:ZCTSF) Zacatecas Silver Corp. reported results from a reconnaissance rock chip sampling program at its Cumaro gold-silver project in Sonora, Mexico. A total of 117 rock chip grab samples were collected from outcropping low sulphidation veins, focused on approximately 1.5 km of vein outcrop. More than 10 strike kilometres of veins are known at Cumaro, with the property remaining largely unsampled. Thirty-nine samples assayed above 1 g/t gold, and 12 of these assayed above 5 g/t gold. The highest grade sample returned 40.6 g/t gold. Thirty samples assayed above 1 oz/t silver (31.2 g/t silver), with a maximum of 253 g/t silver. Veins sampled are up to 4 m wide and multiphase, with common vein breccias and pervasive iron oxides after sulphides. High grade samples were returned over a contiguous strike length of 500 m. The company has commissioned high-resolution multispectral satellite imagery to guide an extensive follow-up rock chip and channel sampling program, to be conducted concurrently with permitting. A drill permit application has been submitted to SEMARNAT for a program of up to ten drill pads. Eric Vanderleeuw, Chief Executive Officer and Director, stated that Cumaro has outcropping veins, high-grade surface assays, and a system that has barely been sampled, with only 1.5 km of more than 10 km of known veins sampled so far. The company holds 7,826 hectares of ground prospective for low-sulphidation and intermediate-sulphidation silver-base metal mineralization in Zacatecas State, Mexico. At the Panuco deposit, a Mineral Resource Estimate comprises 3.41 million tonnes at 187 g/t AgEq for 20.5 million ounces AgEq. At Esperanza, a Measured and Indicated Mineral Resource Estimate is 45.4 million tonnes at 0.79 g/t AuEq (0.76 g/t gold and 8.5 g/t silver) for 1.15 million ounces AuEq (1.11 million ounces gold and 12.37 million ounces silver), and an Inferred Mineral Resource Estimate is 11.2 million tonnes at 0.57 g/t AuEq (0.53 g/t gold and 11.2 g/t silver) for 208 thousand ounces AuEq (190 thousand ounces gold and 4.02 million ounces silver). The company also holds four exploration properties in Sonora and Oaxaca, including Oso Negro, La Lola (1,183-hectare property with a 5 km structure up to 40 m wide), and Ejutla (10,603 hectares). Zacatecas Silver has entered into an option to acquire a 100% interest in the Lourdes project (509 hectares) in Guanajuato. The technical information in the release was reviewed and approved by Chris Wilson, Chief Geologist of Zacatecas Silver.

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