# 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 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e Original source: https://money.tmx.com/en/quote/ZAC/news/4900412816848061/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min Publisher: tmx Original announcement: 2026-06-22T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: Grade Improvement - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed Facts used in scoring: 16 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-0) gold #### 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 factor: High Grade Evidence · table > 0.89 Context: 12.85 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-1) silver #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-2) gold #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-3) silver #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-4) gold #### 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 factor: Tonnage Growth - Positive factor: Contained Metal Growth Evidence · table > 0.76 Context: 45.41 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-5) silver #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-6) gold #### 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 factor: Tonnage Growth - Negative factor: Inferred Resource Evidence · table > 0.53 Context: 11.20 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-7) silver #### 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 factor: Inferred Resource Evidence · table > 11.2 Context: 11.20 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-8) gold #### 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 factor: High Grade Evidence · table > 0.89 Context: 12.85 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-9) silver #### 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 factor: High Grade Evidence · table > 6.5 Context: 12.85 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-10) gold #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-11) silver #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-12) gold #### 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 factor: High Grade Evidence · table > 0.76 Context: 45.41 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-13) silver #### 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 factor: High Grade Evidence · table > 8.5 Context: 45.41 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-14) gold #### 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 factor: Tonnage Growth - Negative factor: Inferred Resource Evidence · table > 0.53 Context: 11.20 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--237a09a2-e3a7-4da5-bd3d-4a3779d6b37e#fact-resource-facts-15) silver #### 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 factor: Tonnage Growth - Negative factor: 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.