| Zacapa Resources Provides Update on Exploration and Drill Program at South Bullfrog in the Beatty District, Nevada | | | August 24, 2022
Zacapa Resources Ltd. (TSXV: ZACA, OTCQB: ZACAF, DE: BH0) is pleased to provide an update on exploration activities (completed and ongoing) at its 100% owned South Bullfrog gold project in the Beatty District of Nevada. .
HIGHLIGHTS -
Follow up soil geochemistry at the newly identified Longtail target reveals strongly elevated pathfinder epithermal suite elements including gold, silver, and mercury associated with silicified, alunite-bearing, brecciated subcrop surrounded by alluvial cover
“The coincidence of gravity and magnetic anomalies in proximity to strongly altered outcrops and anomalous soil geochemistry reinforces our confidence in the value of Longtail as a significant new prospect in the Beatty District,” comments Adam Melnik, CEO and Director. “Zacapa’s technical team has been working efficiently to identify the most prospective drill targets for testing and the highly compelling Longtail target is representative of the success our approach can deliver when challenged with exploring through cover.”
Follow up soil sampling An infill soil sampling program was conducted at the recently identified Longtail target (see June 6, 2022). The new soil sampling was conducted between previously collected reconnaissance soil sampling points that cross through the Longtail target area to determine if a more closely spaced grid could help refine the soil anomaly and correlate it to structures visible in magnetic geophysical surveys. The strict adherence to Zacapa’s rigorous sampling protocol resulted in significantly elevated gold, silver, and mercury values relative to the prior survey. Of the 24 samples collected, 9 are among the top 50 in terms of gold concentration for the entire South Bullfrog Project area, which includes 963 soil samples (Table 1). To date more than a quarter of the 50 highest Au and Hg values at the South Bullfrog Project occur at Longtail. A detailed soil sampling campaign will commence at Longtail in mid-September to more fully resolve the extent of the anomaly and aid in identifying controlling structures that may be concealed under alluvial cover. Preparation and analysis of the soil samples was completed by ALS using their Super Trace Gold and Multi-element package. Lab inserted quality control materials included four standards, two blanks, and two duplicates.
In conjunction with the Longtail soils program additional follow-up soil sampling is slated at the Bottom’s Up target where reconnaissance lines showed anomalous pathfinder elements and mapping revealed zones of strong silicification. Additional soil sampling will also be completed at the Sourdough prospect to test the continuation of a major structure extending north off the Fluorspar Canyon detachment zone that is associated with significant alteration at the Vanderbilt Minerals clay mine.
Table 1: Longtail follow-up soil geochemistry results colored by percentile of all sampling to date
Gravity survey over Shingleback, Bottom’s Up, and Longtail target areas
A ground-based gravity geophysical survey was completed on northern portions of the South Bullfrog project. The gravity survey was targeted at identifying potential fault zones and other structural discontinuities that may have provided fluid pathways for mineralizing solutions. The survey was particularly useful in the Longtail area where coincident gravity and magnetic lows occur along interpreted fault zones and could potentially be related to hydrothermal alteration (Figure 2).
Integrated geophysical interpretation completed
Dr. Jon Woodhead has completed a full geophysical interpretation incorporating data from magnetic, radiometric, gravity, and induced polarization geophysical surveys with regional and local geologic mapping, surface geochemistry, and remote sensing to provide a robust new interpretation of the geophysical data that Zacapa has collected. The results of this study show a good correlation between existing targets and targets selected based on geophysics and also identifies other areas of interest (Figure 3).
 Figure 1 – Beatty District land tenure map with deposits and Zacapa target areas. Moz = Million ounces, M&I = Measured and Indicated, Inf. = Inferred. Table 2 summarizes the displayed resource estimates. The deposits/mines within the Beatty District provide geologic context for the South Bullfrog project but are not necessarily indicative that the South Bullfrog project hosts similar mineralization, grades, or tonnages of mineralization. Total production from the Bullfrog Mine is 2.33 Moz from 26,131,942 tonnes at 2.98 grade gold (1989-1996)3.
Table 2: Established Resources of the Beatty District 
 Figure 2 – Beatty District map, displaying magnetic geophysical domains overlain by ore deposits and interpreted structures noting some of Zacapa’s exploration targets. The deposits/mines within the Beatty District provide geologic context for the South Bullfrog project but are not necessarily indicative that the South Bullfrog project hosts similar mineralization, grades, or tonnages of mineralization.
Prospects being fast tracked for drilling in 2022
Work to date, including advice of consultants with decades of experience in the Beatty District, has indicated that Shingleback, Sledge, and Longtail are high priority target areas. Additional rock sampling is underway to aid in refining the most prospective zones along outcropping structures for drill testing.
Drill permitting is progressing, including the required surveys, and a drill contractor procurement process is nearing completion. Drilling is expected to commence in Q4 2022.
Figure 3 – South Bullfrog geophysical interpretations.
About the South Bullfrog Gold Project
The South Bullfrog gold project is centrally located in the Beatty District in the heart of the Walker Lane Trend. The Beatty District has seen rapid increases in gold resources, currently over 8.6 million ounces of gold. Zacapa’s project area is 5 kilometres south of AngloGold Ashanti’s North Bullfrog development project which is anticipated to be operational in the next 3 years, and the central hub in a hub-and-spoke development scenario outlined by AngloGold Ashanti following its US$370M6 acquisition of Corvus Gold. AngloGold has stated that the combined assets will help the Beatty District become a large, long life, low-cost operation with the potential to develop Tier-1 “company making” mines (Figure 1)7. South Bullfrog is comprised of 488 unpatented mining claims covering approximately 9,900 acres with a clear path to value creation by executing rigorous exploration in the middle of an increasingly active district where major gold mining companies are actively acquiring property and developing new mines. | | | 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. 2 https://augustacorp.com/_resources/presentations/corporate-presentation-augustagold.pdf?v=0.339 3 Downer, R., and House, A., 2021. NI 43-101 Technical Report Mineral Resource Estimate, Bullfrog Gold Project Nye County, Nevada. EFFECTIVE DATE: December 31, 2021. ISSUE DATE: March 16, 2022 PREPARED FOR: Augusta Gold Corp.BY Forte Dynamics, Inc.
4 Corvus Gold Inc., 2021, US Securities and Exchange Commission, Form 10-K
5 Nicholson et al, 2022, Technical Report Summary Silicon Project: An Initial Assessment Report: AngloGoldAshanti, 31 December 2021
6 AngloGold Ashanti Signs Definitive Agreement to Acquire Corvus and Consolidate the Beatty District of Nevada, September 13, 2021
7 Corvus Gold and AngloGold Ashanti Announce Completion of Acquisition of Corvus by AngloGold Ashanti, January 18, 2022 For more information, please visit www.zacaparesources.com. All documents are available on Zacapa’s profile page on SEDAR at www.sedar.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.
On behalf of the Board of Directors, Adam Melnik Chief Executive Officer & Director +1 604 227 5987 melnik@zacaparesources.com Michelle Borromeo Vice President Investor Relations +1 778 330 3835 borromeo@zacaparesources.com | | | Engage with us on social media channels. | | |