# 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-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86

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, Metallurgy

- Extracted: 2026-09-17 06:32:52 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Zacatecas Silver has announced an updated Mineral Resource Estimate for the Esperanza Gold Project in Mexico, showing a 21% increase in Measured & Indicated gold equivalent ounces and a 49% increase in tonnes compared to the 2022 estimate. The M&I resource stands at 45.4 Mt at 0.79 g/t AuEq, with grades positioned in the upper quartile for global heap-leach operations.

Reasoning: Significant growth in both tonnage and contained metal for the M&I resource, with grades exceeding global heap-leach averages.

- Positive factor: 21% increase in M&I AuEq ounces

- Positive factor: 49% increase in M&I tonnes

- Positive factor: Grades are in the upper quartile for heap-leach peers

- Positive factor: Near-surface high-grade Measured category

- Positive factor: Low cut-off grade supports scalability

Facts used in scoring: 16

## Classification and evidence

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier 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

> a 21% increase in M&I AuEq ounces

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an updated Mineral Resource Estimate for the Esperanza Gold Project.

Evidence · text

> is pleased to announce an increase in the updated Mineral Resource Estimate

**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

> reviewed and approved by Chris Wilson... and by Eugene Puritch... Dr. Wilson and Mr. Puritch are Qualified Persons

**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 cut-off grade of 0.13 g/t AuEq is explicitly stated.

Evidence · text

> uses a cut-off of 0.13 g/t AuEq

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The release states the technical report supporting the MRE will be filed under NI 43-101.

Evidence · text

> will file the National Instrument 43-101 Technical Report

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: Metallurgical work supports heap leach processing.

Evidence · text

> conventional open-pit heap-leach operation

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: the document describes a heap\_leach route \("heap leach"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

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

## Resource Estimates (14)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-0)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:7e3c86afebc519ad1170
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 12850000
- Grade: 0.89
- Grade Unit: g/t
- Contained Metal: 367000
- Contained Unit: oz
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.92
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: High-grade near-surface measured material.

- Positive factor: High grade for heap-leach

Evidence · table

> 0.89

Context: 12.85

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-1)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:7e3c86afebc519ad1170
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 12850000
- Grade: 6.5
- Grade Unit: g/t
- Contained Metal: 2703000
- Contained Unit: oz
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Secondary metal component of measured resource.

Evidence · table

> 6.5

Context: 12.85

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-2)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:5bbcc05b3d19c344b41a
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 32560000
- Grade: 0.7
- Grade Unit: g/t
- Contained Metal: 737000
- Contained Unit: oz
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.74
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Indicated resource component.

Evidence · table

> 0.70

Context: 32.56

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-3)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:5bbcc05b3d19c344b41a
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 32560000
- Grade: 9.2
- Grade Unit: g/t
- Contained Metal: 9663000
- Contained Unit: oz
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Secondary metal component of indicated resource.

Evidence · table

> 9.2

Context: 32.56

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-4)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:ce20a09a3ec8a886f283
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 11200000
- Grade: 0.53
- Grade Unit: g/t
- Contained Metal: 190000
- Contained Unit: oz
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.57
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Inferred resource with expanded footprint.

- Positive factor: Tonnage increase vs prior

- Negative factor: Inferred category

Evidence · table

> 0.53

Context: 11.20

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-5)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:ce20a09a3ec8a886f283
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 11200000
- Grade: 11.2
- Grade Unit: g/t
- Contained Metal: 4023000
- Contained Unit: oz
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Secondary metal component of inferred resource.

Evidence · table

> 11.2

Context: 11.20

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-8)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:13fa78b41bce88c5846e
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 12.85
- Grade: 0.89
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.92
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: High-grade near-surface measured material. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High grade for heap-leach

Evidence · table

> 0.89

Context: 12.85

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-9)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:13fa78b41bce88c5846e
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: measured
- Tonnes: 12.85
- Grade: 6.5
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.92
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: High-grade near-surface measured material. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: High grade for heap-leach

Evidence · table

> 6.5

Context: 12.85

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-10)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:3acd658ea177aa5d1840
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 32.56
- Grade: 0.7
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.74
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Indicated resource component. \(Expanded from multi-commodity resource table for completeness.\)

Evidence · table

> 0.70

Context: 32.56

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-11)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:3acd658ea177aa5d1840
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 32.56
- Grade: 9.2
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.74
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Indicated resource component. \(Expanded from multi-commodity resource table for completeness.\)

Evidence · table

> 9.2

Context: 32.56

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-12)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:b941ac7ae44c73b64598
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 45.41
- Grade: 0.76
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.79
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Indicated resource component. \(Expanded from multi-commodity resource table for completeness.\)

Evidence · table

> 0.76

Context: 45.41

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-13)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:b941ac7ae44c73b64598
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 45.41
- Grade: 8.5
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.79
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Indicated resource component. \(Expanded from multi-commodity resource table for completeness.\)

Evidence · table

> 8.5

Context: 45.41

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-14)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:b586088c4b8fb6db9185
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 11.2
- Grade: 0.53
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.57
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Inferred resource with expanded footprint. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Tonnage increase vs prior

- Negative factor: Inferred category

Evidence · table

> 0.53

Context: 11.20

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-resource-facts-15)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Resource scope

- Estimate type: resource
- Effective date: 2026-04-06T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Chris Wilson, Eugene Puritch
- Resource group id: resource:b586088c4b8fb6db9185
- Deposit or zone: Esperanza
- Mining method: open\_pit
- Material type: oxide
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 11.2
- Grade: 11.2
- Grade Unit: g/t
- Cutoff Grade: 0.13
- Cutoff Unit: g/t AuEq

#### Prior Estimate

- Resource Date: 2026-04-06

#### Metal Equivalent

- Metal Eq. Grade: 0.57
- Metal Eq. Unit: g/t AuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Inferred resource with expanded footprint. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Tonnage increase vs prior

- Negative factor: Inferred category

Evidence · table

> 11.2

Context: 11.20

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

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

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is stated

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (2)

### heap leach

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-metallurgical-facts-6)

Esperanza Gold Project · gold

#### Identity

- Project: Esperanza Gold Project
- Commodity: gold
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Test Work

- Program Status: scoping
- Test Type: heap leach
- Sample: metallurgical work supports 75% gold and 25% silver recoveries via heap leach

#### Recovery

- Recovery: 75 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Standard heap leach recovery for oxide ore.

- Positive factor: Conventional heap leach route

Evidence · text

> 75% gold and 25% silver recoveries via heap leach

#### Tags used in scoring

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: processing\_route matches the heap\_leach signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 75% is at or above the exceptional band \(75%\)

### heap leach

[Link to this fact](https://atlas-extractions.minestarters.com/news/zacatecas-silver-announces-21-increase-in-high-grade-heap-leach-updated-gold-min--267b2110-4581-48b0-963e-973bc5ac7c86#fact-metallurgical-facts-7)

Esperanza Gold Project · silver

#### Identity

- Project: Esperanza Gold Project
- Commodity: silver
- Region: mexico
- Reported Region: Morelos State, Mexico
- Ticker: ZAC

#### Test Work

- Program Status: scoping
- Test Type: heap leach
- Sample: metallurgical work supports 75% gold and 25% silver recoveries via heap leach

#### Recovery

- Recovery: 25 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

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

Reasoning: Secondary metal recovery via heap leach.

Evidence · text

> 75% gold and 25% silver recoveries via heap leach

#### Tags used in scoring

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: processing\_route matches the heap\_leach signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 25% is below the weak band \(75%\)

## 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.