ZACAPA RESOURCES EXPANDS MINERALIZED PORPHYRY FOOTPRINT AT RED TOP

VANCOUVER, BC, March 10, 2022 /CNW/ - Zacapa Resources (TSXV: ZACA) (DE: BH0) is pleased to announce that drill hole RT-22-002 cut porphyry style alteration, veins, and multiple intervals of copper mineralization to a total depth of 779 metres at its 100% owned Red Top porphyry copper project in the Superior Mining District, Arizona. Similar to RT-21-001, drill hole RT-22-002 was designed to test for porphyry copper mineralization beneath a large (>3.5 kilometre by 1.5 kilometre) outcropping quartz-sericite-pyrite alteration zone with a core of advanced argillic alteration (pyrophyllite-illite-sericite) (Figure 1). RT-22-002 intercepted hydrothermal alteration and veining from just below surface to end of hole at 779 metres, including numerous intervals containing visible sphalerite, galena, chalcopyrite, bornite, and locally molybdenite (Figure 2)1. The alteration mineralogy and intensity coupled with the base metal sulphide assemblages observed are consistent with the margins of a porphyry copper-molybdenum center. Assays from both drill holes are expected in the coming weeks.

Highlights:

• Porphyry style alteration and veining throughout RT-21-001 and RT-22-002 confirms the presence of a new copper and molybdenum bearing porphyry system in Arizona's Superior Mining District only 8 kilometres northwest of Rio Tinto/BHP's Resolution mine development project (1.8 Bt @ 1.5% Cu)2,4.
  
  
• Drill hole number three (RT-22-003) is underway 360 metres to the north of RT-21-001, currently at ~800 metre depth.
  
  
• Drilling contract with Ruen Drilling extended to May 2022.
  
  
• A combined airborne magnetotellurics (MT) and magnetic survey was completed by Expert Geophysics over the recently expanded Red Top land package with results anticipated within two weeks.

"The large volume of alteration observed in RT-21-001 and RT-22-002 and the presence of copper mineralization including chalcopyrite and bornite in the distal porphyry setting increases our confidence in the size potential and copper potential at Red Top," comments Adam Melnik, Chief Executive Officer. "Zacapa is leveraging newly collected lithological, alteration and structural data to vector toward the core of this newly identified copper-molybdenum porphyry system."

RT-22-002 Drill Hole Summary

Drill hole RT-22-002 collared in Precambrian Pinal Schist and transitioned near 465 metres into several phases of quartz-eye biotite granite porphyry containing primary sphene and magnetite, which continued to end of hole at 779 metres. Alteration principally consists of variably intense green sericitic (muscovite-illite-smectite±chlorite) to white sericite alteration, with chlorite occurring locally in vein selvages and as rims on biotite phenocrysts. Quartz-sulfide (pyrite, chalcopyrite, sphalerite, galena, bornite, molybdenite) -sericite veining and associated hydrothermal breccias are observed throughout RT-22-002, with an average volume of about 1.5% over the drill hole.

Pyrite mineralization is observed over the entirety of the drilled interval except where weathered near surface. Traces of chalcopyrite first occur near 85 metres and are regularly observed from 377 to 726 metres (349 metre interval), with intermittent intervals observed to 778 metres (693 metre interval). Traces of bornite mineralization first occur near 104 metres and are regularly observed from 534 to 696 metres (162 metre interval), with intermittent occurrences to 751 metres (total 647 metre interval).

Drill hole RT-22-003 has commenced, collared 360 metres north of RT-21-001, to expand Zacapa's understanding of alteration and mineral zonation within the newly identified hydrothermal system and assist in vectoring toward the associated porphyry center. Drill hole collar, orientation, and depth information for the first three drill holes are shown in Table 1.

|Table 1 – Red Top drill hole collar information

About the Red Top Porphyry Copper Project

The Red Top porphyry copper project is located in the Superior Mining District, 8 kilometres northwest of the Rio Tinto and BHP's Resolution mine development project and approximately 11 kilometres from the Carlota and Pinto Valley mining operations. Red Top is comprised of 431 unpatented mining claims covering 8,377 acres. The Red Top project area exhibits widespread porphyry style alteration with locally intense alteration spanning approximately 3.5 kilometres by 1.5 kilometres near Red Top hill. These intensely altered areas of quartz-sericite, as well as zones of pyrophyllite and illite are analogous to assemblages associated with mineralization at the upper levels of the Resolution deposit2,3. This alteration and mineralization at Red Top are interpreted as the expression of the upper levels of a now moderately tilted porphyry system that has only seen limited historical exploration and no previous drilling within the target area.

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 Alteration and sulphide mineralogy has been determined visually from drill core and confirmed where possible using Portable XRF ("pXRF") and short-wave infrared (SWIR) analytical devices. Petrographic samples have been collected and will be used expand upon visual observations.

2 References to other mines and deposits made in this news release provide context for the Red Top Project, which occurs in a similar geologic setting, but this is not necessarily indicative that Red Top hosts similar grades and tonnages of mineralization.

3 Manske, S.L., and Paul, A.H., 2002, Geology of a major new porphyry copper center in the Superior (Pioneer) district, Arizona: Economic Geology, v. 97, no. 2, p. 197-220.

4 Rio Tinto, 2020, Annual Report

Qualified Person

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.

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

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.

SOURCE Zacapa Resources

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