Zacatecas Silver Corp. announced its initial silver Mineral Resource Estimate at the Panuco Deposit within the Zacatecas Property. The Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. ("P&E") for Zacatecas Silver. 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). See Table 1 on the breakdown of metal components that comprise the AgEq disclosure. Zacatecas Silver has completed the first six holes at the Panuco Deposit. A total of four angled drill holes were completed at the eastern edge of Panuco Central vein and three angled drill holes at the Panuco North vein system. Initial highlights from drilling at Tres Cruces in the northern part of the Panuco project (outside the Mineral Resource area, and not included in the Mineral Resource Estimate announced today) include 1.85 m @ 261 g/t Ag Eq (224 g/t Ag and 0.49 g/t Au) from 126.05 m downhole (Hole PAN 2021-008), 2.17 m @ 823 g/t Ag Eq (798 g/t Ag and 0.34 g/t Au) from 154.94 m downhole (Hole PAN 2021-009), and 3.00 m @ 267 g/t Ag Eq (203 g/t Ag and 0.85 g/t Au) from 46.50 m downhole (Hole Pan 2021-010). Zacatecas has also commenced exploratory diamond core drilling at the San Gill Breccia located with the Zacatecas Property. The San Gill Breccia is located in the southern part of the main Zacatecas concessions and is approximately 2 kilometres to the southwest of the Veta Grande vein. It is a zone of intense brecciation and quartz veining with an abundant matrix of iron oxides after sulphides. Veins are multiphase -- as evidenced by breccias, quartz vein stockworks, and crustiform and colloform banding. The San Gill Breccia is a robust exploration target that has not been effectively drill tested even though it is 800 metres long and up to 40 metres wide. Zacatecas Silver has now completed five holes at the San Gill Breccia, with results pending. The Mineral Resource Estimate was generated using inverse distance cubed for gold and silver for grade interpolation within a 3-D block model, constrained by mineralized zones defined by wireframes solid models. The bulk density values used in the Mineral Resource Estimate were derived from a regression equation based on data measured from samples collected from re-assayed drill core completed by Zacatecas Silver. The database for the Mineral Resource Estimate consisted of 75 drill holes totalling 23,444 m, and 183 trenches totalling 4,540 m, of which a total of 66 drill holes totalling 19,826 m and 135 trenches totalling 3,545 m intersected the mineralization wireframes used for the Mineral Resource Estimate. The drill hole database contained assays for silver and gold as well as other metals of no economic importance. Zacatacas Silver's seasoned exploration team carried out extensive data verification on the historical database by re-sampling 178 historical sample intervals, being approximately 15% of sample intervals in the Mineral Resource Estimate.