ZACAPA APPOINTS IAN SLATER AS CEO

VANCOUVER, BC, March 20, 2023 /CNW/ - Zacapa Resources Ltd. (TSXV: ZACA) (OTCQB: ZACAF) (DE: BH0) ("Zacapa") is pleased to announce the appointment of Zacapa's Founder and Chairman, Ian Slater, as Chief Executive Officer, effective immediately. To facilitate Mr. Slater's appointment, Adam Melnik has resigned as CEO and Director. Zacapa wishes Mr. Melnik well in his future endeavors.

"After nearly two years of systematic geophysics, geochemistry, and detailed mapping Zacapa's technical team has identified targets at South Bullfrog that are analogous to some of the largest discoveries in the Beatty district," comments Ian Slater, Chairman. "These targets have now been fully drill permitted and a drill contractor has been selected. It is an exciting time to be a Zacapa shareholder. I look forward to bringing my experience and working with our team to deliver shareholder value as we put Zacapa on track for future growth."

Zacapa is a 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 and Pearl 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.

For more information, please visit www.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. 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 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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