(VZLA-TSX-V)
VANCOUVER, BC, Aug. 27, 2020 /CNW/ - Vizsla Resources
Corp. (TSX-V: VZLA) (OTCQB: VIZSF) (Frankfurt: 0G3) ("Vizsla" or the
"Company") is pleased to announce a third new discovery with
the Company's first step-out drill results along the Napoleon Vein
Corridor at the Panuco silver-gold
project ("Panuco" or the
"Project") in Mexico. A
total of three holes have been completed to date at the Papayo
Zone, located over one kilometre ("km") north of the initial
Napoleon discovery with results from the first hole reported in
this release. The Papayo Zone has never previously been
drilled and has high-grade outcropping samples along a jog in the
vein similar to the initial Napoleon discovery.
Drilling Highlight
NP-20-18
- 1,019 g/t silver equivalent (689.5 grams per tonne ("g/t")
silver, 3.76 g/t gold, 0.25% lead and 0.63 % zinc) over 2.5 metres
("m") from 141.5m including;
-
- 2,206 g/t silver equivalent (1,515.0 g/t silver, 7.96 g/t gold,
0.5% lead and 1.2 % zinc) over 1.0m
from 141.5m
Note: All numbers are
rounded and widths represent downhole lengths. True widths
are estimated at 78% 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
|
Vizsla President and CEO, Michael
Konnert, commented: "I am very pleased to announce that
we have made a new, high-grade discovery a kilometre north from the
original discovery at Napoleon. To have hit a high-grade discovery
on the first hole at Papayo is a clear demonstration of the scale
and potential of both the Napoleon Vein Corridor and the
Panuco district. The Papayo zone
has been defined over 90 metres of strike length in the current
holes and drilling will continue to step-out to define the full
extent of the mineralization, which is open in all directions.
Vizsla is well-funded and we are rapidly progressing our
exploration drilling program across the project with 3,175m completed in July and three of the four
rigs now focused on new discoveries."
Drilling detail
The Papayo Zone was targeted as it has the same characteristics
as the initial discovery at Napoleon with high grades sampled at
surface, small scale mining and a northwest jog of the vein
creating a dilation zone to host mineralization.
Mineralization is hosted in a wide complex fault zone hosted by
andesite tuff. The zone contains milled breccias within a
clay matrix and narrower zones of clay gouge interspersed in larger
zones of crackle brecciation. The breccias show an early
massive white quartz event that is cut by a later grey quartz
veining event that entrains variable amounts of the white quartz
clasts.
The veins in each hole have similar textures with the quartz
breccia veins containing 3 to 5% fine grained disseminated pyrite
as well as minor fine-grained galena, sphalerite and probable
acanthite scattered across the interval. The pyrite content
is greater within the main vein in hole NP-20-19 than NP-20-18.
All three completed holes have intersected veining at
approximately 80-110m below surface
and the total distance is over 90m
between hole NP-20-19 and NP-20-21. The drilling plan is to
continue expanding the footprint of mineralization to understand
the size potential of the mineralized veins and the controls on
vein widths and silver grades.
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-20-18
|
141.50
|
144.00
|
2.5
|
689.5
|
3.76
|
0.25
|
0.63
|
1,019.4
|
Main Vein
|
Incl
|
141.50
|
142.50
|
1.0
|
1,515.0
|
7.96
|
0.50
|
1.21
|
2,206.0
|
Main Vein
|
NP-20-19
|
Assays
Pending
|
|
NP-20-21
|
Assays
Pending
|
|
Table 1: Downhole drill intersections
from the holes completed at the Papayo Zone on the Napoleon Vein
Corridor.
Note: All numbers are
rounded and widths represent downhole lengths. True widths
are estimated at 78% 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
|
Drill Collar Information
Prospect
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Dip
|
Azimuth
|
Hole Depth
|
Papayo
|
NP-20-18
|
403330
|
2588071
|
546
|
-50
|
260
|
200.0
|
|
NP-20-19
|
403330
|
2588071
|
546
|
-49.5
|
222
|
198.8
|
|
NP-20-21
|
403330
|
2588071
|
546
|
-46
|
210
|
200.5
|
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
The Company'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.