NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, May 19, 2022
/PRNewswire/ - Vizsla Silver Corp. (TSX-V: VZLA) (NYSE:
VZLA) (Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report
results from 10 new drill holes targeting the Tajitos - Copala resource area, at its 100%-owned,
flagship Panuco silver-gold project ("Panuco" or the "Project") located
in Mexico. The results are
centered on a vein splay discovered at the northern end of
Tajitos, at the footwall of the
low angle Copala Vein.
Highlights
- CS-22-161 returned 3,513 grams per tonne (g/t) silver
equivalent (AgEq) over 2.65 metres true width (mTW) (2,461 g/t
silver and 13.16 g/t gold)
- CS-22-157 returned 1,013 g/t AgEq over 4.20 mTW (713 g/t silver
and 3.76 g/t gold)
- CS-22-154 returned 3,286 g/t AgEq over 1.70 mTW (2,400 g/t
silver and 11.08 g/t gold)
- CS-22-158 returned 1,671 g/t AgEq over 1.50 mTW (1,140 g/t
silver and 6.65 g/t gold)
"Tajitos and Copala continue to be a major focus for
near-term resource expansion at Panuco," commented Michael Konnert, President and CEO. "While
drilling the northern end of the Tajitos resource area, we discovered a new
high-grade splay, located between Tajitos and Copala. This newly discovered vein was not
included in the March 2022 resource
estimate and further demonstrates the robust nature of the
underlying mineralized system in the district. Vizsla currently has
three rigs targeting the Tajitos-Copala area focused on category conversion and
expanding the initial resource base."
The Copala Vein is a shallow dipping structure located within
the Tajitos hangingwall along the
northern extent of the Tajitos
resource area. Copala is marked by
high precious metals grades (up to 2,147 g/t silver and 18.04 g/t
gold over 2.31 mTW, see the Company's news release dated
January 19, 2022) hosted within a
broader lower grade envelope of vein-breccia up to 82 meters thick.
The area hosts additional precious metals-rich veins including
Cristiano and Vein-3, which have been reported previously.
Drilling conducted during Q1 2022 and a reinterpretation of
drill-holes from late 2021 along the northern portion of the
Tajitos – Copala resource area led to the discovery of a
new vein (blind to surface), between the Tajitos and Copala veins. The new vein, referred to as
Copala 2, is located at the
footwall of the shallow dipping Copala Vein and strikes north-south
and dips at 50° to the east. Preliminary interpretations of
drilling data highlight a southeast plunging shoot, with a strike
length of approximately 300 metres, that remains open to the north.
Copala 2 merges with the Copala
Vein towards surface, and narrows at depth before intersecting
Vein-3.
The Company is encouraged that the northern sector of the
Tajitos – Copala resource area continues to grow, and
the recent discovery of this new vein demonstrates the great
potential for additional blind to surface veins in the district.
Vizsla is currently negotiating land access and has prepared a
drill plan to advance the exploration of the Tajitos - Copala area to the north. Other target veins
that remain to be explored to the north, at the footwall of
Tajitos, include Agua Zarca and La Tlacuacha.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated
True width
|
Ag
|
Au
|
AgEq
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
|
|
CS-22-124
|
201.65
|
202.55
|
0.9
|
0.5
|
933
|
3.71
|
1230
|
|
|
CS-22-136
|
155.70
|
157.90
|
2.2
|
1.52
|
163
|
0.81
|
228
|
|
|
Inc.
|
155.70
|
156.40
|
0.7
|
0.5
|
181
|
0.59
|
228
|
|
|
Inc.
|
157.50
|
157.90
|
0.4
|
0.28
|
458
|
2.78
|
680
|
|
|
CS-22-140
|
96.85
|
98.65
|
1.8
|
1.07
|
662
|
3.96
|
978
|
|
|
Inc.
|
96.85
|
97.65
|
0.8
|
0.48
|
1415
|
8.45
|
2091
|
|
|
CS-22-145
|
372.15
|
374.00
|
1.9
|
1.40
|
48
|
0.16
|
61
|
|
|
Inc.
|
372.15
|
372.45
|
0.3
|
0.2
|
266
|
0.84
|
333
|
|
|
CS-22-152
|
No Significant
Values
|
|
|
CS-22-154
|
150.00
|
152.25
|
2.3
|
1.70
|
2400
|
11.08
|
3286
|
|
|
Inc.
|
150.55
|
151.50
|
0.9
|
0.7
|
4230
|
20.10
|
5837
|
|
|
Inc.
|
151.50
|
152.25
|
0.8
|
0.6
|
1400
|
6.76
|
1940
|
|
|
CS-22-155
|
285.90
|
289.10
|
3.2
|
2.04
|
675
|
2.40
|
867
|
|
|
Inc.
|
285.90
|
286.50
|
0.6
|
0.4
|
189
|
0.50
|
229
|
|
|
Inc.
|
286.95
|
287.60
|
0.7
|
0.4
|
2830
|
11.00
|
3709
|
|
|
CS-22-157
|
190.50
|
195.75
|
5.3
|
4.20
|
713
|
3.76
|
1013
|
|
|
Inc.
|
192.75
|
193.55
|
0.8
|
0.6
|
861
|
6.83
|
1407
|
|
|
Inc.
|
193.55
|
193.85
|
0.3
|
0.2
|
329
|
1.67
|
462
|
|
|
Inc.
|
193.85
|
194.25
|
0.4
|
0.3
|
1480
|
5.84
|
1947
|
|
|
Inc.
|
194.25
|
195.75
|
1.5
|
1.2
|
1420
|
6.35
|
1928
|
|
|
CS-22-158
|
250.50
|
252.70
|
2.2
|
1.50
|
1140
|
6.65
|
1671
|
|
|
Inc.
|
251.75
|
252.70
|
0.9
|
0.6
|
2610
|
15.30
|
3833
|
|
|
CS-22-161
|
226.10
|
229.80
|
3.7
|
2.65
|
2461
|
13.16
|
3513
|
|
|
Inc.
|
227.10
|
227.40
|
0.3
|
0.2
|
12424
|
96.30
|
20123
|
|
|
Inc.
|
227.40
|
228.00
|
0.6
|
0.4
|
1320
|
5.08
|
1726
|
|
|
Inc.
|
228.00
|
228.90
|
0.9
|
0.6
|
2940
|
11.55
|
3863
|
|
|
Inc.
|
228.90
|
229.80
|
0.9
|
0.6
|
2050
|
6.48
|
2568
|
|
|
CS-21-90
|
156.60
|
163.00
|
6.4
|
4.50
|
510
|
3.00
|
750
|
|
|
Inc.
|
156.60
|
157.85
|
1.3
|
0.9
|
1501
|
8.16
|
2153
|
|
|
Inc.
|
160.50
|
161.80
|
1.3
|
0.9
|
858
|
5.54
|
1301
|
|
|
Inc.
|
162.70
|
163.00
|
0.3
|
0.2
|
322
|
1.42
|
436
|
|
|
CS-21-94
|
321.20
|
323.30
|
2.1
|
1.8
|
535
|
1.94
|
690
|
|
|
Inc.
|
322.55
|
323.30
|
0.8
|
0.6
|
1205
|
4.34
|
1552
|
|
|
Table 1: Downhole drill intersections from the holes
reported for the new splay vein at the foot wall of Copala. Holes CS-21-90 and CS-21-94 drilled in
2021 were previously reported in the Company's news release dated
January 19, 2022.
Note: AgEq = Ag ppm +
(Au ppm x Au price/gram)/Ag price/gram. Metal price assumptions are
$20.70/oz silver and $1,655/oz gold
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
CS-22-124
|
404,573
|
2,587,156
|
568
|
307
|
-51.8
|
379.5
|
CS-22-136
|
404,528
|
2,587,186
|
558
|
306
|
-59.8
|
207.0
|
CS-22-140
|
404,482
|
2,587,236
|
554
|
275
|
-65.9
|
255.0
|
CS-22-145
|
404,775
|
2,587,191
|
554
|
302
|
-54.3
|
481.5
|
CS-22-152
|
404,775
|
2,587,191
|
554
|
321
|
-51.0
|
380.0
|
CS-22-154
|
404,535
|
2,587,285
|
555
|
306
|
-43.7
|
277.5
|
CS-22-155
|
404,672
|
2,587,223
|
540
|
317
|
-46.8
|
405.0
|
CS-22-157
|
404,535
|
2,587,285
|
555
|
317
|
-65.1
|
339.0
|
CS-22-158
|
404,535
|
2,587,285
|
555
|
349
|
-49.1
|
310.5
|
CS-22-161
|
404,624
|
2,587,248
|
547
|
307
|
-45.7
|
264.0
|
CS-21-90
|
404,483
|
2,587,237
|
554
|
346
|
-55.0
|
256.5
|
CS-21-94
|
404,653
|
2,587,161
|
568
|
320
|
-49.2
|
444.0
|
Table 2: Drillhole
details for the new vein splay. Coordinates in WGS84, Zone
13.
About the Panuco project
The newly consolidated Panuco
silver-gold project is an emerging high-grade discovery located in
southern Sinaloa, Mexico, near the
city of Mazatlán. The 6,754-hectare, past producing district
benefits from over 75 kilometres of total vein extent, 35
kilometres of underground mines, 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.
The Panuco Project hosts an estimated in-situ indicated mineral
resource of 61.1Moz AgEq and an in-situ inferred resource of
45.6Moz AgEq The Technical Report, titled "National
Instrument 43-101 Technical Report for the Panuco Project Mineral
Resource Estimate Concordia, Sinaloa,
Mexico" was filed on SEDAR on April 7, 2022, has an effective date of
March 1, 2022 and was prepared in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") by Tim Maunula, P.Geo., Principal Geologist, T.
Maunula & Associates Consulting Inc and Kevin Murray, P.Eng, Manager Process
Engineering, Ausenco.
About Vizsla Silver
Corp.
Vizsla Silver Corp. is a Canadian mineral exploration and
development company headquartered in Vancouver, BC, focused on advancing its
flagship, 100%-owned Panuco
silver-gold project located in Sinaloa,
Mexico. To date, Vizsla has completed over 140,000 metres of
drilling at Panuco leading to the
discovery of several new high-grade veins. For 2022, Vizsla has
budgeted +120,000 metres of resource/discovery-based drilling,
designed to upgrade, and expand the maiden resource as well as test
other high priority targets across the district.
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
In accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"), Martin Dupuis, P.Geo., COO, is the Qualified
Person for the Company and has reviewed and approved the technical
and scientific content of this news release.
Information Concerning Estimates
of Mineral Resources
The scientific and technical information in this news release
was prepared in accordance with NI 43-101 which differs
significantly from the requirements of the U.S. Securities and
Exchange Commission (the "SEC"). The terms "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" used in this video are in reference to the mining terms
defined in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards (the "CIM Definition Standards"), which
definitions have been adopted by NI 43-101. Accordingly,
information contained in this video providing descriptions of our
mineral deposits in accordance with NI 43-101 may not be comparable
to similar information made public by other U.S. companies subject
to the United States federal
securities laws and the rules and regulations thereunder.
You are cautioned not to assume that any part or all of mineral
resources will ever be converted into reserves. Pursuant to CIM
Definition Standards, "inferred mineral resources" are that part of
a mineral resource for which quantity and grade or quality are
estimated on the basis of limited geological evidence and sampling.
Such geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An inferred mineral
resource has a lower level of confidence than that applying to an
indicated mineral resource and must not be converted to a mineral
reserve. However, it is reasonably expected that the majority of
inferred mineral resources could be upgraded to indicated mineral
resources with continued exploration. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases.
Investors are cautioned not to assume that all or any part of an
inferred mineral resource is economically or legally mineable.
Disclosure of "contained ounces" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and
NI 43-101, differ significantly from standards in the SEC Industry
Guide 7. Effective February 25, 2019,
the SEC adopted new mining disclosure rules under subpart 1300 of
Regulation S-K of the United States Securities Act of 1933, as
amended (the "SEC Modernization Rules"), with compliance required
for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules
replace the historical property disclosure requirements included in
SEC Industry Guide 7. As a result of the adoption of the SEC
Modernization Rules, the SEC now recognizes estimates of "measured
mineral resources", "indicated mineral resources" and "inferred
mineral resources". Information regarding mineral resources
contained or referenced in this video may not be comparable to
similar information made public by companies that report according
to U.S. standards. While the SEC Modernization Rules are purported
to be "substantially similar" to the CIM Definition Standards,
readers are cautioned that there are differences between the SEC
Modernization Rules and the CIM Definitions Standards. Accordingly,
there is no assurance any mineral resources that the Company may
report as "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources" under NI 43-101 would
be the same had the Company prepared the resource estimates under
the standards adopted under the SEC Modernization Rules.
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 exploration,
development, and production at Panuco, including plans for
resource/discovery-based drilling, designed to upgrade, and expand
the maiden resource as well as test other high priority targets
across the district ; and the entering into of land access
agreements.
Forward‐looking statements and forward‐looking information
relating to any future mineral production, liquidity, enhanced
value and capital markets profile of Vizsla Silver, future growth
potential for Vizsla Silver 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
Silver's ability to operate in a safe and effective manner and its
ability to obtain financing on reasonable terms.
These statements reflect Vizsla Silver'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 Silver 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
Silver's management discussion and analysis. Readers are cautioned
against attributing undue certainty to forward‐looking statements
or forward-looking information. Although Vizsla Silver 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 Silver
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.
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