Zacapa Resources Provides Exploration Update on Miller Mountain Project in Idaho

March 2, 2022Zacapa Resources (TSXV: ZACA, DE: BH0) announces an update on its exploration activities at the Miller Mountain project in Idaho. Since acquiring the project in 2021, Zacapa has completed initial reconnaissance scale mapping, sampling, and geophysical surveys to identify and refine targets in the area. In total, 1,028 geochemical samples were collected, comprised of 52 stream sediment samples, 725 soil samples, and 251 rock grab samples (Figures 1 and 2). Sampling was focused in and around the historic Miller and Specimen mine areas and returned up to 19 g/t Au confirming historical reports demonstrating high-grade outcropping gold mineralization of up to 27 g/t Au1.  Results of a 220 line-km magnetic and radiometric geophysical survey were received in November 2021 and are in the process of being interpreted in conjunction with geochemical results (Figure 2).  Initial fieldwork has identified several additional prospective areas for further investigation including the Spur 2, Specimen West, and Quartz Hill target areas.  A four-hole low-impact drilling proposal at the Specimen Mine has been accepted by the U.S. Forest Service and is designed to follow-up historic drill intercepts of more than 7 metres at 21 g/t Au1. An additional seven holes are also planned for the historic Miller Mine area.

Highlights:

  • Reconnaissance mapping and sampling completed including 52 stream sediment samples, 725 soil samples, and 251 rock grab samples
  • Grab samples containing up to 19 g/t Au confirms high-grade outcropping mineralization
  • 220 line-km magnetic and radiometric geophysical survey completed and being interpreted
  • Several new targets derived from 2021 exploration results
  • 2022 exploration program to focus on drilling at the historic Miller and Specimen mines
  • Phase one drilling proposal for the Specimen Mine area accepted by U.S. Forest Service

“The results of our geochemical and geophysical surveys have confirmed historic reports of high-grade gold at surface and provided compelling targets for our inaugural drill campaign commencing this summer season,” comments CEO and Director, Adam Melnik. “Our team has secured permission for important phase one drilling to follow-up excellent historic drilling intercepts at the Specimen Mine and intends to follow up with drilling at the historic Miller Mine for a total of up to 2,000 metres drilling in the initial program using low impact drilling technology.”

Figure 1 – Map of the Miller Mountain project showing anomalous gold and pathfinder elements in stream sediment and soil sampling results

Figure 2 – Map of the Miller Mountain project displaying strongly anomalous rock grab sample results overlain on magnetic geophysical survey results with target areas for 2022 exploration

 Figure 3 – Map of the Miller Mountain project area showing target areas and 2022 drill sites on shaded relief image of topography

About the Miller Mountain Epithermal Gold Project

The Miller Mountain epithermal gold project is located in the Miller Mountain Mining District along the highly prospective Trans-Challis fault system, twenty kilometres northeast of the Boise Basin District, which historically produced ~2.5Moz Au (Figure 4)2. Miller Mountain is comprised of 245 unpatented mining claims covering 5,103 acres (20.65 km2). Gold mineralization in the district is associated with large quartz veins and altered granodiorite wallrock with numerous occurrences through the project area. Miller Mountain is slated for drill testing in summer 2022.

Figure 4 – Location map of the Miller Mountain project displaying Zacapa’s land position in the Trans-Challis fault zone relative to the Boise Basin District

About Zacapa Resources

Zacapa is a copper and gold focused mineral exploration company engaged in responsible exploration for the new energy economy. Its projects are concentrated in world class jurisdictions in the southwest U.S., including Arizona, Nevada, and Idaho.  The portfolio includes porphyry copper projects at Red Top, Pearl, and Dewdrop Moon, and epithermal gold projects at South Bullfrog and Miller Mountain. These assets are being advanced by a highly disciplined and seasoned professional team with successful track records of discovery, resource development and mine permitting.

References

1 Close, T.J., 1993, Mineral Resources of the Red Mountain Roadless Area, Boise, Custer, and Valley Counties, Idaho: U.S. Bureau of Mines, Mineral Land Assessment Open File Report 4-93, 137 p.

2 Koschmann, A.H. and Bergendahl, M.H., 1968, Principal Gold-Producing Districts of the United States: US Geological Survey Professional Paper 610, 283 p.

For more information, please visit www.zacaparesources.com. All documents are available on Zacapa’s profile page on SEDAR at www.sedar.com.

On behalf of the Board of Directors,

Adam Melnik

Adam Melnik

Chief Executive Officer & Director 

Zacapa Resources

+1 604 227 5987

melnik@zacaparesources.com

All scientific and technical information contained in this press release was prepared under the supervision of Daniel MacNeil, MSc., P. Geo., and a “Qualified Person” as defined by National Instrument 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties.  All statements within, other than statements of historical fact, are to be considered forward looking. Although Zacapa believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Zacapa cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Zacapa’s control. 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. Readers are advised to rely on their own evaluation of such uncertainties. Except as required under applicable securities legislation, Zacapa undertakes no obligation to publicly update or revise forward-looking information.