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    DEF   CA2447672080

DEFIANCE SILVER CORP.

(DEF)
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Defiance to Drill Lucita at the Company's Zacatecas Project

10/04/2021 | 07:23am EST

Vancouver - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) ('Defiance' or the 'Company') is pleased to announce that it will be commencing a drill campaign on the regional exploration targets at Lucita on the company's Zacatecas project.

Drilling is scheduled to commence on or around October 10th and will initially be focused at Lucita South, which includes the Palenque, El Puerto, and the Tahuares vein structures.

Lucita Overview

The Lucita project is under option from Pan American Silver ('Pan American'). The Lucita project includes two licence areas - North and South - and contains numerous drill-ready exploration targets over a large (>20km2) project area. The Lucita North license area encompasses the Panuco vein system. The Panuco system is being drilled by nearby operator Zacatecas Silver Corp. on their portion of the Panuco vein system, located west of Defiance's licence area; Zacatecas Silver has recently published an historic Inferred 43-101 resource estimate for their portion of the Panuco vein system. That resource estimate is on strike with historical high-grade drilling done by Pan American within Defiance Silver's optioned tenure area. Pan American has previously drilled a number of holes in the Panuco area and returned encouraging results. At Panuco, there remain a number of undrilled vein targets marked by outcropping veins, stockworks, and breccias with historical shafts and underground workings.

The southern portion of the Lucita land package contains the multi-kilometre Palenque vein system, which is undrilled and remains a high-priority exploration target. Defiance Silver intends to test the Palenque structure with a series of drill holes. Other targets in the area include the El Puerto target, also under option from Pan American Silver, as well as the Tahuares Vein target, which lies within the San Acacio licenses.

Lucita Geologic Overview and Resource Potential

The Lucita project is characterized as a low to intermediate sulphidation Ag-Au vein, breccia, and stockwork system with historical high-grade drill results and drill-ready exploration targets. There are at least 10 known mineralized structures over a vein strike length of approximately 20 km, including the drilled on-strike extension of the Panuco Deposit (19m oz AgEq using a 100 g/t AgEq Cutoff), currently being drilled by Zacatecas Silver Corp. The veins in the northern license area have a continuous length of 4km and have widths from 0.20m to 4m. Historical drilling of these veins from 20 holes completed by Pan American in 2011-2012 returned encouraging results including 3.35m of 325 g/t Ag from hole LU11-16 and 1.25m of 775 g/t Ag from drill hole LU11-9. The composition of the epithermal veins at Lucita is quartz, calcite and occasionally minor barite, where colloform and crustiform-banded textures can be seen, belonging to various mineralization events. The company believes the previously-drilled structures intersected high-level epithermal mineralization, as mineral zonation at surface suggests that the top of the hydrothermal system is still present at the on-strike Panuco deposit.

Pan American has carried out geological mapping, sampling, and two drilling campaigns in the northern 'Panuco' license area. Phase I drilling in 1996 comprised 10 holes and 1,409.85 metres of drilling. Phase II drilling was carried out in late 2011 and early 2012, comprising 20 drill holes with 3,693.41 metres drilled. Both drill campaigns intersected mineralized veining typical of a high-level epithermal system.

Panuco hosts a historic Inferred mineral resource estimate of 3,954,729 tonnes at 153 g/t AgEq based on a 100 g/t AgEq for 19,472,901 Ag Eq ounces.

About Red Cloud Securities Inc.

Red Cloud Securities Inc. ('Red Cloud') is a 100%, principal-owned Canadian based IIROC investment dealer focused in the junior resource sector. Red Cloud's primary businesses include investment banking, equity research, and market stabilization and liquidity services. Red Cloud was founded by capital markets professionals with extensive experience in the junior mining industry. Red Cloud's goal is to become the leading global investment boutique in junior resources.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale Zacatecas silver project, located in the historic Zacatecas Silver District and the 100% owned Tepal gold/copper project in Michoacan state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing and developing several operating mines and advanced resource projects. Defiance's corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.

Contact:

Tel: +1 (604) 343-4677

Email: info@defiancesilver.com

Web: www.defiancesilver.com

This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Defiance Silver Corp. relies upon litigation protection for forward-looking statements.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
DEFIANCE SILVER CORP. -2.25% 0.435 Delayed Quote.-50.56%
PAN AMERICAN SILVER CORP. -0.49% 30.42 Delayed Quote.-30.36%
ZACATECAS SILVER CORP. 0.93% 1.08 Delayed Quote.0.00%
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Financials
Sales 2021 - - -
Net income 2021 -2,94 M -2,29 M -2,29 M
Net cash 2021 20,8 M 16,2 M 16,2 M
P/E ratio 2021 -45,7x
Yield 2021 -
Capitalization 98,0 M 76,6 M 76,3 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 97,5%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 0,44 CAD
Average target price 1,40 CAD
Spread / Average Target 222%
Managers and Directors
Christopher David Wright Chairman, President & Chief Executive Officer
Sherry Roberge Chief Financial Officer & Secretary
Ronald E. Sowerby Independent Director
Paul A. Smith Independent Director
Jamie Russel Bergin Independent Director
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