(VZLA-TSX-V)
VANCOUVER, BC, Aug. 5th, 2020 /CNW/ - Vizsla Resources
Corp. (TSXV: VZLA) (OTCQB: VIZSF) (Frankfurt: 0G3) ("Vizsla" or the
"Company") is pleased to announce additional drilling
results from the Napoleon Vein Corridor ("Napoleon") at the
Panuco silver-gold project ("Panuco") in Mexico. A total of sixteen holes have been
completed to date at Napoleon with results from three new holes
reported in this release. The high-grade intersection is from
the deepest hole drilled to date (over 100m below the very high grades intersected in
NP-20-07). Importantly, the mineralization remains open at
depth, to the north and to the south.
Drilling Highlights
NP-20-08
- 737 g/t silver equivalent (494.9 grams per tonne
("g/t") silver, 2.52 g/t gold, 0.51% lead and 1.10 % zinc) over 4.5
metres ("m") from 173.5 m
including;
-
- 1,541 g/t silver equivalent (1,039 g/t silver, 5.22
g/t gold, 1.04% lead and 2.32 % zinc) over 2.0m from 175.0
m.
NP-20-09
- 261 g/t silver equivalent (141.4 g/t silver, 1.05
g/t gold, 0.48% lead and 0.83% zinc) over 22.6 m from 68.0 m
including;
-
- 1,228 g/t silver equivalent (619.0 g/t silver, 5.54
g/t gold, 2.55% lead and 3.05% zinc) over 1.0m from 68.0
m.
Note: All numbers are
rounded and widths represent downhole lengths. True widths
are estimated at between 22-54% of downhole lengths. Silver
equivalent is calculated using the following formula:
Silver-equivalent = ((Au_g/t x 52.48) + (Ag_g/t x 0.5289) + (Pb_ppm
x 0.0013) + (Zn_ppm x 0.0013)) / 0.5627). Metal price
assumptions are $17.50 g/t silver, $1,700 g/t gold, $0.75 pound
lead and $0.85 pound zinc, recoveries assumptions are 96% gold, 94%
silver, 78% lead and 70% zinc based on similar deposit
types.
|
Vizsla President and CEO, Michael
Konnert, commented: "The Napoleon discovery is continuing
to grow with hole NP-20-08, significantly extending high grade
mineralization to depth. These results have returned both high
grades and broad intervals. With the recently closed
C$30M bought deal financing, the
Company is well positioned to continue with the four drill rigs for
the rest of 2020. We are excited to continue expanding the Napoleon
discovery and to test our targets to demonstrate the "district
scale", high grade potential of Panuco."
The Napoleon Vein Corridor is located almost entirely on
concessions optioned from Rio
Panuco. That option provides Vizsla the right to purchase
100% of their assets, including the 500 tonne per day El Coco mill, a tailings facility, roads,
power and various permits for a total of US$23M.
Complete table of drillhole intersections
Drillhole
|
From
|
To
|
Width
|
Silver
|
Gold
|
Lead
|
Zinc
|
Silver
Equivalent
|
Comment
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(%)
|
(%)
|
(g/t)
|
NP-20-08
|
103.50
|
130.50
|
27.0
|
46.7
|
0.65
|
0.22
|
0.77
|
127.3
|
|
Incl.
|
108.90
|
109.80
|
1.8
|
44.9
|
2.61
|
0.25
|
1.19
|
318.6
|
Hanging wall
Vein
|
And
|
115.90
|
119.40
|
3.5
|
207.6
|
1.31
|
0.33
|
2.08
|
373.6
|
Hanging wall
Vein
|
And
|
143.00
|
151.50
|
8.5
|
47.6
|
0.32
|
0.36
|
1.11
|
108.6
|
|
Incl.
|
143.00
|
145.38
|
2.38
|
116.9
|
0.76
|
0.94
|
3.36
|
280.4
|
|
And
|
173.50
|
178.00
|
4.5
|
494.9
|
2.52
|
0.51
|
1.10
|
737.3
|
|
Incl.
|
175.00
|
177.00
|
2.0
|
1,039.0
|
5.22
|
1.04
|
2.32
|
1,540.8
|
|
NP-20-09
|
68.00
|
90.60
|
22.6
|
141.4
|
1.05
|
0.48
|
0.83
|
260.7
|
|
Incl.
|
68.00
|
69.00
|
1.0
|
619.0
|
5.54
|
2.55
|
3.05
|
1,227.9
|
Hanging wall
Vein
|
And
|
71.85
|
77.25
|
5.40
|
266.9
|
1.63
|
0.44
|
1.02
|
437.2
|
|
NP-20-10
|
72.55
|
75.95
|
3.4
|
41.2
|
1.39
|
0.09
|
0.39
|
179.1
|
|
Incl.
|
74.25
|
75.95
|
1.7
|
63.4
|
2.65
|
0.08
|
0.25
|
314.1
|
Hanging wall
Vein
|
Table 1: Downhole drill intersections from
the holes completed at Napoleon.
Note: All numbers are
rounded and widths represent downhole lengths. True widths
are estimated at between 22-54% of downhole lengths. Silver
equivalent is calculated using the following formula:
Silver-equivalent = ((Au_g/t x 52.48) + (Ag_g/t x 0.5289) + (Pb_ppm
x 0.0013) + (Zn_ppm x 0.0013)) / 0.5627). Metal price
assumptions are $17.50 g/t silver, $1,700 g/t gold, $0.75 pound
lead and $0.85 pound zinc, recoveries assumptions are 96% gold, 94%
silver, 78% lead and 70% zinc based on similar deposit types. The
Company is disclosing results on a silver equivalent basis due to
the overall silver dominant nature of mineralization at the Panuco
project.
|
Drilling detail
Hole NP-20-08 was drilled beneath the very high grade results
from hole NP-20-07 (see news release dated July 8th, 2020), intersecting a wide
zone with multiple fissure veins and intense silicification.
Stockworks are common between veins. A broad zone of
mineralization is defined over 27.0 metres from 103.5 metres
downhole averaging 127.3 g/t silver equivalent with discrete higher
grade veins in between. Further into the footwall two
additional veins were intersected, with a deeper intersection of
4.5 metres grading 737.3 g/t silver equivalent from 173.5 metres
downhole, including 2.0 metres grading 1,228 g/t silver
equivalent.
This intercept is the deepest drilled so far at Napoleon.
It is over 175m from surface and
100m beneath the high grade intercept
in hole NP-20-07. This provides significant room to continue
expanding the mineralization at depth.
Hole NP-20-09 tested the main vein ~25m south of NP-20-07.
It intersected a broad interval of well mineralized vein with
a very high grade sub-interval. It confirmed that the
60m zone between holes NP-20-03 and
NP-20-07 is in the heart of the mineralized body. Additional
drilling is planned to develop further mineralization beneath this
intersection.
NP-20-10 was drilled to the north of hole NP-20-07. It
intersected a single vein with good mineralization and remains open
to the north and to depth.
Overall, the vein has been intersected over a strike length of
145m and down to 175m below surface. It remains open to the
north, south and at depth. The Company will continue both
step out drilling to expand the footprint and infill drilling to
understand the controls and volumes of the very high grade
mineralization.
Prospect
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Dip
|
Azimuth
|
Hole
Depth
|
Comment
|
Napoleon
|
NP-20-08
|
403355
|
2587420
|
489
|
-82
|
258
|
201.4
|
|
|
NP-20-09
|
403355
|
2587420
|
489
|
-65
|
215
|
168.7
|
|
|
NP-20-10
|
403355
|
2587420
|
489
|
-65
|
300
|
150
|
|
Table 2: Drill hole details. Coordinates
in WGS84, Zone 13.
About the Panuco project
Vizsla has an option to acquire 100% of the newly-consolidated
9,386.5 Ha Panuco district in southern Sinaloa, Mexico, near the city of
Mazatlán. The option allows for the acquisition of over 75 km
of total vein extent, a 500 tpd mill, 35 kms of underground mines,
tailings facilities, roads, power and permits.
The district contains intermediate to low sulfidation epithermal
silver and gold deposits related to siliceous volcanism and crustal
extension in the Oligocene and Miocene. Host rocks are mainly
continental volcanic rocks correlated to the Tarahumara
Formation.
Quality Assurance / Quality Control
Drill core and rock samples were shipped to ALS Limited in
Zacatecas, Zacatecas, Mexico and in North Vancouver, Canada for sample preparation
and for analysis at the ALS laboratory in North Vancouver. The ALS Zacatecas and
North Vancouver facilities are ISO
9001 and ISO/IEC 17025 certified. Silver and base metals were
analyzed using a four-acid digestion with an ICP finish and gold
was assayed by 30-gram fire assay with atomic absorption ("AA")
spectroscopy finish. Over limit analyses for silver, lead and zinc
were re-assayed using an ore-grade four-acid digestion with AA
finish.
Control samples comprising certified reference samples,
duplicates and blank samples were systematically inserted into the
sample stream and analyzed as part of the Company's quality
assurance / quality control protocol.
Qualified Person
Panuco's disclosure of technical or scientific information in
this press release has been reviewed and approved by Stewart Harris, P.Geo., an independent
consultant for the Company. Mr. Harris is a Qualified Person as
defined under the terms of National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "Forward–Looking Statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward–looking information"
under applicable Canadian securities laws. When used in this news
release, the words "anticipate", "believe", "estimate", "expect",
"target", "plan", "forecast", "may", "would", "could", "schedule"
and similar words or expressions, identify forward–looking
statements or information. These forward–looking statements or
information relate to, among other things: the development of
Panuco, including drilling activities; future mineral exploration,
development and production; and completion of a maiden drilling
program.
Forward–looking statements and forward–looking information
relating to any future mineral production, liquidity, enhanced
value and capital markets profile of Vizsla, future growth
potential for Vizsla and its business, and future exploration plans
are based on management's reasonable assumptions, estimates,
expectations, analyses and opinions, which are based on
management's experience and perception of trends, current
conditions and expected developments, and other factors that
management believes are relevant and reasonable in the
circumstances, but which may prove to be incorrect. Assumptions
have been made regarding, among other things, the price of silver,
gold and other metals; no escalation in the severity of the
COVID-19 pandemic; costs of exploration and development; the
estimated costs of development of exploration projects; Vizsla's
ability to operate in a safe and effective manner and its ability
to obtain financing on reasonable terms.
These statements reflect Vizsla's respective current views with
respect to future events and are necessarily based upon a number of
other assumptions and estimates that, while considered reasonable
by management, are inherently subject to significant business,
economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause
actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward–looking statements or
forward-looking information and Vizsla has made assumptions and
estimates based on or related to many of these factors. Such
factors include, without limitation: the Company's dependence on
one mineral project; precious metals price volatility; risks
associated with the conduct of the Company's mining activities in
Mexico; regulatory, consent or
permitting delays; risks relating to reliance on the Company's
management team and outside contractors; risks regarding mineral
resources and reserves; the Company's inability to obtain insurance
to cover all risks, on a commercially reasonable basis or at all;
currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; risks relating to project
financing and equity issuances; risks and unknowns inherent in all
mining projects, including the inaccuracy of reserves and
resources, metallurgical recoveries and capital and operating costs
of such projects; contests over title to properties, particularly
title to undeveloped properties; laws and regulations governing the
environment, health and safety; the ability of the communities in
which the Company operates to manage and cope with the implications
of COVID-19; the economic and financial implications of COVID-19 to
the Company; operating or technical difficulties in connection with
mining or development activities; employee relations, labour unrest
or unavailability; the Company's interactions with surrounding
communities and artisanal miners; the Company's ability to
successfully integrate acquired assets; the speculative nature of
exploration and development, including the risks of diminishing
quantities or grades of reserves; stock market volatility;
conflicts of interest among certain directors and officers; lack of
liquidity for shareholders of the Company; litigation risk; and the
factors identified under the caption "Risk Factors" in Vizsla's
management discussion and analysis. Readers are cautioned against
attributing undue certainty to forward–looking statements or
forward-looking information. Although Vizsla has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be anticipated, estimated or intended. Vizsla does not
intend, and does not assume any obligation, to update these
forward–looking statements or forward-looking information to
reflect changes in assumptions or changes in circumstances or any
other events affecting such statements or information, other than
as required by applicable law.
SOURCE Vizsla Resources Corp.