Zacatecas Silver Options Lourdes Gold Project for US$825K

VANCOUVER, British Columbia, Oct. 05, 2026 -- Zacatecas Silver Corp. (TSXV: ZAC | OTCQB: ZCTSF | FRA: 7TV) announced on 5 October 2026 that it entered an option agreement with Guanajuato Silver Company Ltd. (TSXV: GSVR) and its subsidiary Mina Bolanitos, S.A. de C.V. to acquire a 100% interest in the Lourdes gold-silver project in Guanajuato State, Mexico. Total consideration is US$825,000 over two years, split into US$225,000 cash and US$600,000 in common shares, with no minimum exploration expenditure commitments. The 509-hectare project has seen only seven shallow drill holes.

Context — Why Lourdes Matters Now

The Lourdes project sits within the El Cubo mineralized district of the Sierra del Cubo, roughly 40 km northeast of Guanajuato City. The company said the asset hosts a low sulphidation epithermal vein system across three concessions totalling 509 hectares, with at least six mapped vein structures. That geological setting places Lourdes in the same class of deposit that has historically supported mining in the broader Guanajuato region.

The catalyst for the transaction is straightforward. Previous operators left the project with almost no modern exploration. Seven shallow core holes totalling 1,424 metres were drilled in 2003 and 2004 by Minera Hochschild, testing five veins to roughly 100 to 150 metres below surface. The best intercept returned 0.7 g/t gold and 82 g/t silver over 0.4 metres core length in the El Tigre vein, with core recovery below 50% in the vein zones.

Zacatecas Silver frames Lourdes as the third near-term drill target alongside Oso Negro and Cumaro, both in Sonora. The company said it already holds two mineral resources at Panuco and Esperanza, which it describes as the foundation separating it from other explorers of similar size.

"With Lourdes, our strategy is taking shape," said Eric Vanderleeuw, Chief Executive Officer and Director. He said the company is building a pipeline of near-term drill targets where a single discovery could change the scale of the business.

The macro backdrop for precious metals explorers remains a factor in how such deals are read. Neither the report nor the available market data provides a gold or silver price level for the announcement date, so the direct commodity linkage cannot be quantified from the disclosed material.

What changed is ownership. Guanajuato Silver and its subsidiary held the concessions, and the option structure transfers operational control during the option period. Zacatecas Silver will act as operator and cover all costs of maintaining the concessions in good standing until the option is exercised.

Data — What the Numbers Show

The headline consideration is US$825,000 over two years. That breaks into three equal cash installments of US$75,000 and three equal share installments of US$200,000, payable on TSX Venture Exchange approval, the first anniversary, and the second anniversary.

Payment Trigger	Cash	Shares
TSXV approval	US$75,000	US$200,000
First anniversary	US$75,000	US$200,000
Second anniversary	US$75,000	US$200,000
Total	US$225,000	US$600,000

The share mechanics carry conditions. Consideration Shares issued on TSXV approval are priced at the Market Price as defined by exchange policies. The deferred shares issued on the first and second anniversaries are priced at the greater of the Market Price on the announcement date less the maximum permitted discount, and the 10-day volume weighted average price immediately prior to issuance. Any shortfall between the VWAP and the Market Price is payable in cash. All Consideration Shares carry a four-month-and-one-day statutory hold period.

On exercise, Zacatecas Silver will grant Mina Bolanitos a 2.0% net smelter return royalty, half of which can be bought back for US$1,000,000 before production starts. The project also carries an existing 3.0% NSR royalty, of which 2.0% can be purchased for US$2,000,000.

The exploration case rests on the El Tigre vein, mapped over roughly 770 metres of strike at surface with widths of 0.35 to 6.0 metres. A silicified footwall stockwork zone measures about 400 metres long and 15 to 30 metres wide. Endeavour Silver Corp., a previous holder of the concessions, reviewed the historical core and concluded the El Tigre holes did not intersect that footwall stockwork zone.

Analysis — What It Means for Markets and Sectors

The transaction is small in absolute dollar terms but carries structural signal for junior exploration equities. A US$825,000 option with no minimum exploration commitment keeps Zacatecas Silver's capital exposure limited while giving it operational control of a 509-hectare district with mapped surface grade. That structure matters because the cost of maintaining concessions in good standing sits with the operator during the option period, not with a joint venture partner.

The peer read-through runs to other TSXV-listed precious metals explorers with Mexican assets. Guanajuato Silver, as the vendor, receives deferred share consideration rather than upfront cash, which ties part of its recovery to Zacatecas Silver's equity performance. That structure is common in junior-to-junior asset transfers and means GSVR shareholders hold indirect exposure to Lourdes exploration results.

The acknowledged limitation is the historical data itself. The company stated that the 2003-2004 drill and 2012-2013 rock chip results were generated by previous operators, have not been verified by Zacatecas Silver, and should not be relied upon. A Qualified Person has not done sufficient work to verify the historical information, and the company is not treating it as current. The best historical intercept, 0.7 g/t gold and 82 g/t silver over 0.4 metres, came with core recovery below 50%, which limits its geological weight.

Endeavour's 2012-2013 work included geological mapping over 157.5 hectares, 1,093 rock chip samples, and trenching along four veins. Rock chip results ranged from below detection to 39.9 g/t gold and to 378 g/t silver, with El Tigre footwall stockwork samples returning 0.015 to 3.91 g/t gold. The company noted rock chip samples are selective by nature and may not represent the grade of the mineralization.

Positioning in junior explorers typically follows drill-result flow rather than option announcements. The transaction is arm's length with no finder's fees payable, and remains subject to TSX Venture Exchange acceptance.

Outlook — What to Watch Next

The immediate gate is TSX Venture Exchange acceptance of the agreement, which triggers the first US$75,000 cash payment and US$200,000 in shares. Until that clearance lands, the transaction is not effective.

After closing, the company's stated plan is to compile historical data, review drill core and assay records where available, run confirmation sampling of the El Tigre vein and footwall stockwork, and refine drill targets below the depth of the historical holes. The company did not disclose a timeline for that work or a budget.

The first and second anniversary payments set a two-year decision window. Zacatecas Silver said it may accelerate the option payments at its discretion, which would pull the acquisition forward if exploration results justify it.

Investors watching the name should track the confirmation sampling results on El Tigre and the footwall stockwork, since those will determine whether the historical grade holds up under modern QA/QC. The company also flagged Oso Negro and Cumaro as parallel near-term drill targets, so news flow may arrive from multiple projects rather than Lourdes alone.

Frequently Asked Questions

What does the Lourdes option mean for Zacatecas Silver shareholders?

The deal adds a third near-term drill target to the company's pipeline without a minimum exploration spend requirement. Zacatecas Silver pays US$825,000 over two years in cash and shares while operating the 509-hectare project. Shareholders gain exposure to a mapped epithermal vein system that has seen only seven shallow holes, but also take on the cost of maintaining the concessions and funding any confirmation work.