Mr. Bryan Slusarchuk reports

ZACATECAS SILVER ANNOUNCES INCREASE IN SILVER RESOURCE AT ZACATECAS PROPERTY

Zacatecas Silver Corp. has provided an update on an increase to its inferred silver mineral resource estimate at the Panuco South and North deposits within the Zacatecas property. The updated mineral resource estimate was prepared by P&E Mining Consultants Inc. for Zacatecas Silver. P&E prepared the initial inferred mineral resource estimate that was disclosed in the technical report dated Jan. 28, 2022, titled "Independent NI 43-101 Technical Report, Zacatecas Properties, Zacatecas State, Mexico," filed on SEDAR on Jan. 28, 2022.

Highlights:

• Updated silver inferred mineral resource now consists of:
  • Panuco South deposit inferred mineral resource of 3.04 million tonnes at 179 grams per tonne silver equivalent for 17.5 million ounces silver equivalent;
  • Panuco North deposit inferred mineral resource of 370,000 tonnes at 255 grams per tonne silver equivalent for three million ounces silver equivalent;
• Silver inferred mineral resources have increased by 25 per cent compared with previous MRE completed in December, 2021;
• Zacatecas plans to restart drilling at El Cristo vein system with a goal of increasing silver resources at the Zacatecas properties.

Dr. Christopher Wilson, chief operating officer and director of Zacatecas Silver, commented: "The most recent drilling carried out, with assay results previously released, was a focused drill program intercepting numerous strong silver grades near surface and at depth. The along-strike and downdip extensions of Panuco South and Panuco North remain open to depth and continue to represent excellent targets for further near-surface and deep drilling."

The Panuco South and Panuco North underground mineral resource estimate now consists of 3.41 million tonnes at 187 grams per tonne silver equivalent (173 grams per tonne silver and 0.18 gram per tonne gold) for 20.5 million ounces silver equivalent (19 million ounces silver and 19,200 ounces gold) (see attached table).

Mineral resource estimate assumptions

The Mineral Resource Estimate was generated using inverse distance cubed for gold and silver for grade interpolation within a 3-D block model, constrained by mineralized zones defined by wireframes solid models. The bulk density value of 2.8 t/m3 used in the Mineral Resource Estimate were derived from a regression equation based on data measured from samples collected from re-assayed drill core completed by Zacatecas Silver.

The database for the Mineral Resource Estimate consisted of 138 drill holes totalling 30,684 m, and 183 trenches totalling 4,540 m, of which a total of 108 drill holes totalling 22,467 m and 113 trenches totalling 3,000 m intersected the mineralization wireframes used for the Mineral Resource Estimate. The drill hole database contained assays for silver and gold as well as other metals of no economic importance. Zacatacas Silver's seasoned exploration team carried out extensive data verification on the historical database by re-sampling 178 historical sample intervals, which added to the 243 new mineralized samples making a total of approximately 50% verified constrained sample intervals in the Mineral Resource Estimate.

Qualified Person

The contents of this news release have been reviewed and approved by Chris Wilson, B.Sc. (Hons), PhD, FAusIMM (CP), FSEG, FGS, Chief Operating Officer of Zacatecas Silver, and by Eugene Puritch, P.Eng, FEC, CET, President of P&E Mining Consultants Inc., who is independent of the Company. Dr. Wilson and Mr. Puritch are Qualified Persons as defined by NI 43-101. Dr. Wilson is the Qualified Person for all technical information in this news release, excluding the Mineral Resource Estimate.

About Zacatecas Silver Corp.

The Company has two key projects. The Esperanza Gold Project in Morelos State, Mexico and the Zacatecas Silver Project in Zacatecas State, Mexico.

Esperanza is an advanced stage, attractive low-cost, low-capital-intensity and low-technical-risk growth project located in Morelos state, Mexico. Alamos has progressed the project through advanced engineering, including metallurgical work, while also focusing on stakeholder engagement, including building community relations. The Company announced a Mineral Resource Estimate at Esperanza consisting of a Measured and Indicated Mineral Resource Estimate of 30.5 million tonnes at 0.97 g/t AuEq for 956 thousand ounces AuEq and an Inferred Mineral Resource estimate of 8.7 million tonnes at 0.98 g/t AuEq for 277 thousand ounces AuEq (see news release dated November 16, 2022).

The Zacatecas Silver Project is located in Zacatecas state, Mexico, within the highly prospective Fresnillo silver belt, which has produced over 6.2 billion ounces of silver. The Company holds 7,826 hectares (19,338 acres) of ground that is highly prospective for low-sulphidation and intermediate-sulphidation silver base metal mineralization and potentially low-sulphidation gold-dominant mineralization. Previous to this press release, the Company announced a Mineral Resource Estimate at the Panuco Deposit consisting of 2.7 million tonnes at 187 grams per tonne (g/t) silver equivalent (AgEq) (171 g/t silver (Ag) and 0.17 g/t gold (Au)) for 16.4 million ounces AgEq (15 million ounces silver and 15,000 ounces gold) (see news release dated December 14, 2021).

The Property is 25 kilometres (km) southeast of MAG Silver Corp.'s Juanicipio Mine and Fresnillo PLC's Fresnillo Mine. The Property shares common boundaries with Pan American Silver Corp. claims and El Orito, which is owned by Endeavour Silver.

We seek Safe Harbor.