Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq from 45.4 Mt at 0.79 g/t - Grades Above Global Heap-Leach Average & Highest Grades at Surface

Original announcement by tmx on

Company
Zacatecas Silver Corp.
Ticker
ZAC
Exchange
TSX
Region
Morelos State, Mexico
Primary commodity
Gold
Secondary commodities
Silver
Document categories
Resource update
Extracted
2026-08-24 18:31:38 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Zacatecas Silver has announced an updated Mineral Resource Estimate for the Esperanza Gold Project, reporting a 21% increase in Measured & Indicated gold equivalent ounces to 1.15 Moz. The update reflects a 49% increase in M&I tonnes compared to the December 2022 estimate, with grades (0.79 g/t AuEq) sitting above the global heap-leach average.

Reasoning: Significant increase in M&I tonnes (49%) and AuEq ounces (21%) compared to 2022 estimate, with grades positioned in the upper quartile for heap-leach peers.

Positive factors

  • Tonnage Growth
  • Contained Metal Growth
  • Grade Improvement
  • QP/CP Signed
  • Cut-off Disclosed

Facts used in scoring: 16

Atlas analysis — Zacatecas Silver Corp.: Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq from 45.4 Mt at 0.79 g/t - Grades Above Global Heap-Leach Average & Highest Grades at Surface. measured 12850000 tonnes; indicated 32560000 tonnes; inferred 11200000 tonnes

Classification and evidence

Tonnage Growthpositive

Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.

Why it applies: M&I tonnes increased by 49% vs the December 2022 MRE.

Evidence · text

“49% increase in M&I tonnes vs. the December 2022 MRE”

Contained Metal Growthpositive

True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: M&I AuEq ounces increased by 21% vs the December 2022 MRE.

Evidence · text

“21% increase in M&I AuEq ounces”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: Chris Wilson and Eugene Puritch are named as Qualified Persons.

Evidence · text

“Dr. Wilson and Mr. Puritch are Qualified Persons as defined by NI 43-101”

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The estimate uses a cut-off of 0.13 g/t AuEq.

Evidence · text

“uses a cut-off of 0.13 g/t AuEq”

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The estimate includes an Inferred component of 11.2 Mt.

Evidence · table

“11.20”

Context: 11.20

Extracted facts

Stored fact records: 16. Some facts used in scoring do not have a stored record.

Resource Estimates (16)

measuredgoldTonnes: 12850000Grade: 0.89Grade Unit: g/tContained Metal: 367000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
measured
Tonnes
12850000
Grade
0.89
Grade Unit
g/t
Contained Metal
367000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: High-grade near-surface material in the most densely drilled category.

Positive factors

  • High Grade

Evidence · table

“0.89”

Context: 12.85

measuredsilverTonnes: 12850000Grade: 6.5Grade Unit: g/tContained Metal: 2703000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
measured
Tonnes
12850000
Grade
6.5
Grade Unit
g/t
Contained Metal
2703000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Secondary metal component of the measured resource.

Evidence · table

“6.5”

Context: 12.85

indicatedgoldTonnes: 32560000Grade: 0.7Grade Unit: g/tContained Metal: 737000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
indicated
Tonnes
32560000
Grade
0.7
Grade Unit
g/t
Contained Metal
737000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Standard indicated resource component.

Evidence · table

“0.70”

Context: 32.56

indicatedsilverTonnes: 32560000Grade: 9.2Grade Unit: g/tContained Metal: 9663000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
indicated
Tonnes
32560000
Grade
9.2
Grade Unit
g/t
Contained Metal
9663000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Secondary metal component of the indicated resource.

Evidence · table

“9.2”

Context: 32.56

indicatedgoldTonnes: 45410000Grade: 0.76Grade Unit: g/tContained Metal: 1105000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
indicated
Tonnes
45410000
Grade
0.76
Grade Unit
g/t
Contained Metal
1105000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Combined M&I resource showing significant growth in tonnes and ounces vs 2022.

Positive factors

  • Tonnage Growth
  • Contained Metal Growth

Evidence · table

“0.76”

Context: 45.41

indicatedsilverTonnes: 45410000Grade: 8.5Grade Unit: g/tContained Metal: 12366000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
indicated
Tonnes
45410000
Grade
8.5
Grade Unit
g/t
Contained Metal
12366000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Secondary metal component of the combined M&I resource.

Evidence · table

“8.5”

Context: 45.41

inferredgoldTonnes: 11200000Grade: 0.53Grade Unit: g/tContained Metal: 190000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
inferred
Tonnes
11200000
Grade
0.53
Grade Unit
g/t
Contained Metal
190000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Inferred resource shows tonnage growth but remains speculative.

Positive factors

  • Tonnage Growth

Negative factors

  • Inferred Resource

Evidence · table

“0.53”

Context: 11.20

inferredsilverTonnes: 11200000Grade: 11.2Grade Unit: g/tContained Metal: 4023000Contained Unit: ozView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
inferred
Tonnes
11200000
Grade
11.2
Grade Unit
g/t
Contained Metal
4023000
Contained Unit
oz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Secondary metal component of the inferred resource.

Negative factors

  • Inferred Resource

Evidence · table

“11.2”

Context: 11.20

measuredgoldTonnes: 12.85Grade: 0.89Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
measured
Tonnes
12.85
Grade
0.89
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: High-grade near-surface material in the most densely drilled category. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High Grade

Evidence · table

“0.89”

Context: 12.85

measuredsilverTonnes: 12.85Grade: 6.5Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
measured
Tonnes
12.85
Grade
6.5
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: High-grade near-surface material in the most densely drilled category. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High Grade

Evidence · table

“6.5”

Context: 12.85

indicatedgoldTonnes: 32.56Grade: 0.7Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
indicated
Tonnes
32.56
Grade
0.7
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Standard indicated resource component. (Expanded from multi-commodity resource table for completeness.)

Evidence · table

“0.70”

Context: 32.56

indicatedsilverTonnes: 32.56Grade: 9.2Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
indicated
Tonnes
32.56
Grade
9.2
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Standard indicated resource component. (Expanded from multi-commodity resource table for completeness.)

Evidence · table

“9.2”

Context: 32.56

measuredgoldTonnes: 45.41Grade: 0.76Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
measured
Tonnes
45.41
Grade
0.76
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: High-grade near-surface material in the most densely drilled category. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High Grade

Evidence · table

“0.76”

Context: 45.41

measuredsilverTonnes: 45.41Grade: 8.5Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
measured
Tonnes
45.41
Grade
8.5
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: High-grade near-surface material in the most densely drilled category. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • High Grade

Evidence · table

“8.5”

Context: 45.41

inferredgoldTonnes: 11.2Grade: 0.53Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
gold
Ticker
ZAC

Resource Data

Category
inferred
Tonnes
11.2
Grade
0.53
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Inferred resource shows tonnage growth but remains speculative. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Tonnage Growth

Negative factors

  • Inferred Resource

Evidence · table

“0.53”

Context: 11.20

inferredsilverTonnes: 11.2Grade: 11.2Grade Unit: g/tView all details
Link to this fact

Identity

Commodity
silver
Ticker
ZAC

Resource Data

Category
inferred
Tonnes
11.2
Grade
11.2
Grade Unit
g/t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-06-22T00:00:00.000Z

Reasoning: Inferred resource shows tonnage growth but remains speculative. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Tonnage Growth

Negative factors

  • Inferred Resource

Evidence · table

“11.2”

Context: 11.20

How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.