Zacapa Resources Announces Results From Induced Polarization Geophysical Survey At South Bullfrog, Nevada

VANCOUVER, April 27, 2022 - Zacapa Resources Ltd. (TSXV: ZACA) (OTCQB: ZACAF) (DE: BH0) is pleased to announce the results of its 21.9 line-km induced polarization (IP) geophysical survey at its 100% owned South Bullfrog gold project in the center of the Beatty District, in the heart of the Walker Lane Trend, Nevada.

• High quality data retuned from 21.9 line-km induced polarization geophysical survey with multiple chargeability and conductivity anomalies
• Shingleback target area anomaly closely associated with known surface geochemical anomalies and nearby historical workings
• Geologists are in the field following-up the survey with mapping and sampling to refine drill targets
• Anticipate rapid permitting process on exploration friendly Bureau of Land Management ground following finalization of hole locations

Zacapa's recently completed pole-dipole induced polarization (IP) geophysical survey (see March 23, 2022 press release) has returned several prospective geophysical features including one in an area already identified as highly prospective due to surface geochemical anomalies and outcropping rock units known to host gold deposits in the district. This high chargeability, low resistivity features along Line 1, in what has been termed the Shingleback prospect, occurs in an area with several historic shafts some of which appear to have been actively permitted as recently as 2015 (Figure 1). The coincidence of a strong chargeability feature adjacent to a highly resistive rocks can be an indication of hydrothermal alteration involving pyrite and silicification or clay alteration. Several deposits in the district are known to contain gold-bearing disseminated pyrite and abundant silicate alteration^9,10. Initial geologic mapping in the Shingleback area has revealed a well-developed mineralized fault structure (Figure 2) with a chargeability high that appears to expand with depth. Zacapa's is actively mapping in this area and other significant zones of alteration along structures at the Cornerstone, Sledge, and Bottoms Up prospects with an emphasis on defining the ideal locations for initial drill testing.

"To have uncovered such an exciting target at an early stage in our exploration program is very encouraging. Alluvial cover makes South Bullfrog challenging to explore, but where others see difficulty we see opportunity, and the team has embraced the challenge and generated excellent results," commented Adam Melnik, Chief Executive Officer. "We look forward to further refining our understand of several other geophysical anomalies that lie under cover in the east and south of our property."

On April 21, 2022, Augusta Gold ("Augusta") announced its intention to acquire the Reward gold project from Waterton Nevada Splitter LLC ("Waterton") for a total consideration of US$45 million.⁸

Reward has a historical M&I mineral resource estimate of 417 koz at 0.75 g/t gold, a P&P mineral reserve estimate of 377 koz at 0.82 g/t gold, and has received the necessary permits to proceed to construction of the project. The historical estimate of projected gold recoveries is 81%. Augusta plans to update the historical estimates and proceed with development of the Reward Project shortly thereafter. Augusta anticipates significant synergies with the Bullfrog gold project, which contains M&I mineral resources of 1.2 Moz at 0.53 g/t gold and inferred mineral resources of 258 koz at 0.48 g/t gold, just 7 miles to the west of Reward.⁸ Augusta has also increased its land position in the district (Figure 3).

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 five 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$370M¹ 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 2)². 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. South Bullfrog is slated for drilling in 2022.

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.

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"

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