(VZLA-TSX-V)
VANCOUVER, BC, July 28, 2021
/CNW/ - Vizsla Silver Corp. (TSX-V: VZLA) (OTCQB: VIZSF)
(Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report new
results from its ongoing, fully-funded 100,000 metre drill program
at its flagship Panuco silver-gold
project ("Panuco" or the
"Project") in Mexico.
Today's results are from ten holes completed at Cordon del Oro,
located 4.6km east of the high-grade Napoleon discovery.
Highlights of the new drill results include:
- 9 out of 10 completed drill holes intersected a new east-west
trending vein on the Cordon del Oro corridor known as the San
Antonio Vein.
- Hole CO-21-44 returned 1,283 g/t silver equivalent
(AgEq) over 2.07 metres true width (mTW) from 99.0 metres (m)
including;
-
- 2,649 g/t AgEq over 0.78 mTW from 100.5
m
- Hole CO-21-50 returned 943 g/t AgEq over 2.17 mTW from
129.0m including;
-
- 1,551 g/t AgEq over 1.18 mTW from 130.0m
- In total, drilling has traced this new mineralization over 200
metres of strike, to a depth of 100 metres below surface and it
remains open to expansion
Vizsla President and CEO, Michael
Konnert, commented: "Panuco is a much larger district beyond the
current areas of resource drilling and this new discovery within
the Cordon del Oro corridor emphasises the exploration upside
potential of the Project. Cordon del Oro had never been
drilled prior to Vizsla's consolidation of the district and
represents an excellent near-surface target within proximity to
other mineralized structures. The Company currently has ten
rigs on site: six completing resource drilling at Napoleon and
Tajitos and four focused on
exploration including the recent Josephine EM discovery and this
new zone."
Longsection of Cordon del Oro
Drilling
Figure
1:
Longitudinal section of drilling at Cordon del Oro with selected
holes labelled.
Complete table of Cordon del Oro drill hole
intersections
Drillhole
|
From
|
To
|
Estimated
True Width
|
Gold
|
Silver
|
Silver
Equivalent
|
Comment
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
CO-21-41
|
91.75
|
92.85
|
1.00
|
0.77
|
167
|
228.9
|
|
CO-21-42
|
No Significant
values
|
|
CO-21-43
|
103.8
|
106.1
|
|
Intercepted
mine workings
|
CO-21-44
|
99.0
|
101.4
|
2.07
|
6.64
|
705.5
|
1,282.7
|
|
Incl.
|
100.5
|
101.4
|
0.78
|
14.65
|
1,365.0
|
2,649.3
|
|
CO-21-45
|
No Significant
values
|
|
CO-21-46
|
118.85
|
120.3
|
1.08
|
1.41
|
310.4
|
423.6
|
|
CO-21-47
|
No Significant
values
|
|
CO-21-48
|
83.7
|
87.0
|
3.22
|
0.48
|
81.9
|
121.7
|
|
CO-21-49
|
97.8
|
99.0
|
0.98
|
1.06
|
199.8
|
286.3
|
|
CO-21-50
|
129
|
131.2
|
2.17
|
2.59
|
746.8
|
943.2
|
|
Incl.
|
130
|
131.2
|
1.18
|
4.23
|
1,230.0
|
1,550.6
|
|
Table
1: Downhole
drill intersections from holes completed at the Cordon del Oro Vein
Corridor.
Note: All numbers are
rounded. Silver equivalent is calculated using the following
formula: Silver-equivalent = ((Au_g/t x 52.48) + (Ag_g/t x 0.5289))
/ 0.5627. Metal price assumptions are $17.50 oz silver, and
$1,700 oz gold, recoveries assumptions are 96% gold, and 94%
silver, based on similar deposit types.
|
Figure
2: Plan
map showing location of drill holes, mapped veins and surface
sampling at the Cordon del Oro Vein Corridor. Inset shows
detail of San Antonio Vein drill collar locations.
Cordon del Oro Details
The assay results have been received from a near east-west
trending splay vein off the Cordon del Oro corridor known as the
San Antonio Vein. Cordon del Oro is one of the major
northwest trending corridors on the Panuco property and is interpreted based on
vein textures and geochemistry to be preserved at a shallower level
of erosion relative to surrounding vein corridors including the
Napoleon and Tajitos
discoveries.
The Company initially focused drilling on the main Cordon del
Oro vein, intercepting locally high grades from splay veins in the
Aguita Zarca area 530 metres to
the south of San Antonio. It was this same targeting approach
which led to the discovery of a new zone of mineralization at the
San Antonio vein.
The San Antonio vein itself is
over 1,800 metres long and hosts three separate historic
underground workings. 130 metres of vein strike, to the west of
current drilling, is owned by a third party and the remainder on
Vizsla claims. Surface samples along the vein to the west of
the current drilling have returned grades up to 4,244g/t AgEq and
remain to be drill tested, while limited underground sampling has
highlighted anomalous to high-grade silver-gold veins between 0.5
to 3.0 metres wide.
The San Antonio vein is hosted
in rhyolite tuffs with a thin sliver of andesite forming the
footwall in shallower holes. The vein is dominantly composed
of massive to weakly banded crystalline quartz with minor manganese
on oxidised fracture surfaces.
With encouraging initial results highlighting a zone of
near-surface mineralization (currently traced over 200m along strike, 100m down dip and remains open in all
directions), the Company will look to expand this new zone both at
depth and laterally.
Figure
3:
Cross section through drilling, looking to west, with drillholes
and intervals labelled.
Drill Collar Information
Prospect
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Dip
|
Azimuth
|
Hole
Depth
|
San
Antonio
|
CO-21-41
|
408216
|
2588429
|
1100
|
-32.0
|
52
|
252
|
|
CO-21-42
|
408216
|
2588429
|
1100
|
-33.0
|
358
|
186
|
|
CO-21-43
|
408216
|
2588429
|
1100
|
-30.0
|
336
|
174
|
|
CO-21-44
|
408216
|
2588429
|
1100
|
-57.0
|
336
|
153
|
|
CO-21-45
|
408216
|
2588429
|
1100
|
-62.0
|
25
|
228
|
|
CO-21-46
|
408216
|
2588429
|
1100
|
-54.6
|
72
|
189
|
|
CO-21-47
|
408216
|
2588429
|
1100
|
-25.0
|
72
|
193.5
|
|
CO-21-48
|
408141
|
2588456
|
1102
|
-48.5
|
360
|
136.5
|
|
CO-21-49
|
408141
|
2588456
|
1102
|
-38.4
|
336
|
157.5
|
|
CO-21-50
|
408122
|
2588384
|
1100
|
-50.5
|
8
|
198
|
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 Standard of Disclosure for Mineral
Projects.
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; and future mineral
exploration, development and production.
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.