Zacatecas Silver Reports Multiple High Grade Silver Intercepts in Previously Undrilled Area of Project Including 2.17m at 823 gt Silver Eq in Hole PAN 2021-009

Vancouver - Zacatecas Silver Corp. ('Zacatecas Silver' or the 'Company', ZAC: TSX Venture; ZCTSF: OTCQB; 7TV: Frankfurt) is pleased to report multiple silver and gold assays in its initial diamond drilling program at Panuco Central Vein and the Tres Cruces (Panuco North) Vein.

In addition to the high-grade intercepts reported today, assays from multiple additional drill holes are pending.

Highlights

Completed 4 angled diamond drill holes in the Panuco Central Vein and 9 angled diamond holes in the Tres Cruces Vein (Panuco North Vein).

Assay results from the eastern part of the Tres Cruces vein, which has had no previous drilling, 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)

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)

Assay results for the bottom of Hole 2021-010 (which intercepted almost two metres of a brecciated quartz-sulphide vein) and holes PAN 2021-011 and PAN 2021-012 are pending. Holes PAN 2021-011 and 012 were drilled in eastern Tres Cruces and both intercepted brecciated quartz-sulphide veins.

Three holes targeted a historical high-grade intercept in Central Tres Cruces, over 1 km to the northwest and along strike of the eastern Tres Cruces holes. Assays for hole PAN 2021-013, which intercepted almost 5 metres of sulphidic quartz vein, are pending.

Dr. Chris Wilson, Chief Operating Officer and a Director of Zacatecas comments, 'The Tres Cruces vein system comprises two main veins with multiple splays, with a current strike length, within the concessions held by Zacatecas, of 1.7 km. Despite the very significant contiguous strike length of the veins, and presence of historical surface workings and shallow shafts, Tres Cruces was only tested by 5 historical drill holes, two of which were very deep step-backs that were unlikely to intercept the vein'.

'It is very encouraging that of the five holes for which we have partially received assays - three have intersected silver-gold mineralization over downhole widths of 1.85 to 3.00 m at grades above those of the historical Panuco resource. It is also significant that mineralization was intercepted near surface at vertical depths of between approximately 30 to 110 metres. This allows for cost-effective shallow drilling during this phase of exploration, with an increased number of holes now planned.'

Tres Cruces

Mineralization at Tres Cruces is of an intermediate sulphidation epithermal type, characterized by two main veins and a number of vein splays, with similar orientation to other silver-gold-base metal veins in the Zacatecas region.

Zacatecas's limited drilling to date at Tres Cruces has highlighted subtle, but significant, differences as compared to the Panuco and other vein systems. The Tres Cruces veins appear to have a steeper dip than Panuco veins and have highly significant dilation flexures and jogs that are more likely to stay open at depth in steeper dipping structures. This is consistent with the results of a historical drill hole (PA11-68) which assayed 0.4 m @ 2500 g/t Ag and 3.7 g/t Au from a down hole depth of 625.8 m (approximately 500 m vertical) - providing evidence of robust exploration depth potential.

It is also very encouraging that the assay results received to date by Zacatecas are for shallow to very shallow intercepts. The grades intercepted in the first few holes demonstrate excellent exploration potential, especially for a vein system that comprises multiple contiguous veins over a strike length of 1.7 km, that has demonstrated robust depth potential, and was only tested historically by 5 drill holes.

Preliminary assay results indicate that mineralization at Tres Cruces has a higher gold to silver ratio than at Panuco. For example, significant historical assays at Panuco generally have a silver-gold ratio of 1 to 0.1. At Tres Cruces limited assay results indicate an average silver to gold ratio of 1 to 0.227. Lead and zinc grades are of a very low tenor at Tres Cruces, which together with the gold silver ratio, and quartz vein textures observed in core, suggests that drilling to date has only intercepted the top of a mineralized intermediate sulphidation epithermal system which is a further indicator of excellent depth potential.

Additional drilling is required to determine true widths as all hole intercepted veins at an oblique angle. The assays are not capped. Assumptions used in USD for the silver equivalent calculation were metal prices of $24/oz silver, $1,800/oz gold and recovery is assumed to be 100%. Drill holes PAN 2021_001-005 and 007 did not encounter any significant mineralization.

Drilling is ongoing at Tres Cruses east. It is being conducted by Major Drilling using a single diamond drill rig. Results pending for lower intersection of PAN 2021_010 and all intersections of PAN 2021_011-013. All of these holes were drilled in the Tres Cruses vein system and all holes intersected brecciated sulphidic quartz veins.

Panuco Central Vein

Four angled holes were drilled into the Panuco Central Vein at the eastern edge of Zacatecas concessions. The holes were designed to test the eastern extension of the historical resource estimate. Silver and gold mineralization in these holes were of low tenor and suggests that mineralization intercepted in historical drill holes, and modelled in the historical resource estimate, does not immediately extend to the east of the company's concessions.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zacatecas Silver cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zacatecas Silver's limited operating history, its proposed exploration and development activities on is Zacatecas Properties and the need to comply with environmental and governmental regulations. Accordingly, 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 under applicable securities legislation, Zacatecas Silver does not undertake to publicly update or revise forward-looking information.

Contact:

Adam Ross

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