(VZLA-TSX-V)
VANCOUVER, BC, July 15, 2021 /CNW/ - Vizsla Silver Corp.
(TSXV: VZLA) (OTCQB: VIZSF) (Frankfurt: 0G3) ("Vizsla" or the
"Company") is pleased to provide the results from the first
four holes at the Josephine vein at
the Panuco silver-gold project ("Panuco" or the "Project") in
Mexico. The vein was discovered
parallel to the Napoleon vein using ground electromagnetics
("EM") and remains open in all directions.
Highlights
- Hole NP-21-132 returns 797 g/t silver equivalent (AgEq)
over 2.5 metres downhole from 178.1 metres (m) including;
-
- 4,431 g/t silver equivalent over 0.30
m downhole from 179.2
- Hole NP-21-139 returns 869 g/t silver equivalent over
1.45 metres downhole from 197.55m
- Drilling intersected veining of 90m strike, 190m
depth where it remains open. EM has mapped the vein over 1.7
kilometres
Vizsla President and CEO, Michael
Konnert, commented: "The fact that we have confirmed
successful electromagnetic targeting of the high-grade veins in the
district, is ground-breaking for Vizsla and the Panuco district. This successful EM survey is
a testament to the high-grade nature of the district which features
massive to semi-massive sulphide mineralization which is typically
uncommon in Mexican vein fields. We have been successful in
drilling the very first EM target in the district resulting in a
brand-new discovery of a potentially 1.7km long vein parallel to
Napoleon, which may have otherwise remained undiscovered. This tool
grows our discovery potential and gives us the ability to target
high-grade, previously undiscovered veins in the district, growing
the over 80 kms of cumulative vein extent. In addition to
this newly discovered zone, only 200m
from Napoleon, we have commenced drilling multiple new untested EM
targets identified from the trial survey. Vizsla is drilling
aggressively to define the Company's maiden resource estimate and
demonstrate that Panuco can host a
globally significant silver resource."
Josephine Drilling Details
The Josephine vein was discovered during a trial fixed loop
ground EM survey completed along the Napoleon Vein Corridor.
The vein runs subparallel, approximately 200m to the west of the Napoleon vein and was not
known prior to the EM survey.
The vein is defined with three separated EM plate targets
however the vein is likely to be a continuous vein over 1,700
metres of strike. The separated targets either reflect zones
of increased massive sulphide along the vein or more likely
limitations in the survey design due to the overlap of the
transmitter loop and receiver lines.
The vein mineralogy, textures and style of mineralization are
very similar to the main Napoleon zone with multiple episodes of
vein formation. Quartz varies from massive, banded to
brecciated and has white to grey coloured phases.
Mineralization varies from disseminated to massive and is composed
of galena, sphalerite, argentite/acanthite and pyrite. All
three holes have subzones of massive sulphide believed to define
the EM anomaly and in hole NP-21-132 this sub-interval contains
very high grades of silver and gold (0.3m at 3,320g/t silver, 12.4g/t gold) with base
metals (1.77% lead and 4.9% zinc).
The Company is presently drilling at the northern end of the
Napoleon vein corridor (1,540m along
strike from the discovery holes) where the projected Josephine vein
and Napoleon veins are close enough to intersect with a single hole
(Figure 1). This drilling has successfully intersected both veins
with the Josephine vein occurring within metres of the modelled EM
plate target. Drilling is ongoing and assays are pending.
Drilling has also commenced on combined EM and mapping targets
in the La Colorada area, the
northern portion of the Cinco
Senores vein corridor (Figure 1). The area is host to
a historic resource within a flat-lying vein and EM anomalies have
been defined to the north and south. High grade samples have
been returned from surface and, underground sampling of historic
workings. A new geological interpretation suggesting the
northwest corridor as the dominant control on the flat-lying veins
makes this area a very high priority target for the Company.
Complete table of Josephine drill hole intersections
Drillhole
|
From
|
To
|
Down
Hole
Length
|
Gold
|
Silver
|
Lead
|
Zinc
|
Silver
Equivalent
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(%)
|
(%)
|
(g/t)
|
NP-21-132
|
178.1
|
180.6
|
2.5
|
2.16
|
598.6
|
0.45
|
1.00
|
797.4
|
Incl.
|
179.2
|
179.5
|
0.30
|
12.40
|
3,320
|
1.77
|
4.91
|
4,431.4
|
NP-21-137
|
170.4
|
172.9
|
2.5
|
0.73
|
99.6
|
0.43
|
1.84
|
214.2
|
NP-21-139
|
197.55
|
199.0
|
1.45
|
3.40
|
426.5
|
1.01
|
5.51
|
868.7
|
Incl.
|
197.55
|
198.7
|
1.15
|
3.91
|
502.0
|
1.25
|
6.80
|
1,020.3
|
NP-21-141
|
No significant
values
|
Table
1:
Downhole drill intersections from holes completed at the Josephine
Zone on the Napoleon Vein Corridor. Hole numbers are
non-sequential due to additional drilling along the vein corridor;
every hole with assays received has been reported.
Note: All numbers are
rounded. True widths are estimated to be 45% of downhole
widths. 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 oz silver, $1,700 oz 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.
|
Drill Collar Information
Prospect
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Dip
|
Azimuth
|
Hole Depth
|
Josephine
|
NP-21-132
|
403,276
|
2,587,055
|
497
|
-40
|
219
|
196
|
|
NP-21-137
|
403,276
|
2,587,056
|
497
|
-47
|
228
|
198
|
|
NP-21-139
|
403,277
|
2,587,056
|
497
|
-52.5
|
224
|
274
|
|
NP-21-141
|
403,277
|
2,587,055
|
497
|
-40
|
210
|
289
|
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-hectare Panuco district in
southern Sinaloa, Mexico, near the
city of Mazatlán. The option allows for the acquisition of over 75
kilometres of total vein extent, a 500 ton per day mill, 35
kilometres 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
Martin Dupuis, P.Geo., Vice
President of Technical Services for Vizsla Silver. Mr. Dupuis is a
Qualified Person as defined under the terms of National Instrument
43-101.
Stock Options
The Company would like to announce that it has granted a total
220,000 options to an officer at a strike price of $2.44. They are exercisable for a period of
five years and they will vest over the next two years. They
are subject to the policies of the TSX Venture Exchange.
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
programs and mobilization of drill rigs; 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 Silver Corp.