NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, March 20,
2023 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report
results from seven drillholes targeting the recently discovered "La
Luisa" Vein located ~700 metres west of the Napoleon Vein, at its
100%-owned flagship Panuco
silver-gold project ("Panuco") in Mexico. Today's results expand the high-grade
footprint at La Luisa by over ~150 metres down dip from previously
reported hole NP-22-305 (see press release dated October 25, 2022).
Highlights
- NP-22-332 returned 4,227 grams per tonne (g/t) silver
equivalent (AgEq) over 2.30 metres true width (mTW) (2,699 g/t
silver, 24.99 g/t gold, 0.22 % lead and 0.65 % zinc)
-
- Including, 18,950 g/t AgEq over 0.47 mTW (11,502 g/t silver,
120.50 g/t gold, 0.82 % lead and 2.63 % zinc)
- NP-23-358 returned 1,076 g/t AgEq over 5.60 mTW
(257 g/t silver, 11.13
g/t gold, 0.42 % lead and 2.03 %
zinc)
-
- Including, 3,698 g/t AgEq over 1.11 mTW (659 g/t silver, 44.22
g/t gold, 0.53% lead and 2.33 zinc)
- And, 1,761 g/t AgEq over 0.27 mTW (221 g/t silver, 22.68 g/t
gold, 0.26% lead and 0.50% zinc)
- NP-22-345 returned 1,967 g/t AgEq over
2.50 mTW (1,286 g/t silver, 9.76 g/t gold, 0.90 % lead
and 2.35 % zinc)
-
- Including, 4,630 g/t AgEq over 0.99 mTW (2,982 g/t silver,
24.01 g/t gold, 1.82 % lead and 5.03 % zinc)
"A key focus for this year's ongoing, fully funded 90,000
metre drill campaign is to explore high-priority targets proximal
to the main resource centres in the western portion of the
Panuco District," commented
Michael Konnert, President and CEO.
"La Luisa is one of several such prospective targets that does
not currently host a mineral resource. Drilling at La Luisa has now
outlined a near-surface high-grade footprint approximately 350
metres long by 325 metres down dip and is open in all directions.
Furthermore, the relatively high gold to silver ratios indicates
the current drilling horizon may be at the top of the mineralized
system, similar to the near surface gold rich zone at the southern
extent of the Napoleon vein. This ultimately supports the potential
for La Luisa to deliver improved grades and widths at
depth."
Figure 1: Plan map of recent drilling along the La Luisa
vein.
Details of the La Luisa vein
discovery
The La Luisa Vein is located approximately 700 metres to the
west of Napoleon in the southwest portion of the Panuco district. The structure has been mapped
on surface for almost 1,000 metres with an average strike of N35°W
and dip of 70° - 80° to the NE. To date, Vizsla has reported 17
holes from La Luisa outlining a high-grade mineralized footprint
approximately 350 metres long by 325 metres down dip and remains
open in all directions. The upper portion of the vein is hosted
primarily by rhyolite tuffs (the upper horizon of the regional
lower volcanic sequence) whereas deeper vein-intercepts occur in
the more favourable diorite host rock. Additionally, deeper
drilling to date shows the vein changes dip direction from
northeast to the southwest with increased depth (Figure 3).
Initial near surface drilling at La Luisa, returned significant
gold concentrations with generally low silver and base metals. The
relatively high gold to silver and base metals ratios observed,
indicate this zone is analogous to the previously reported "Gold
Rich-Shallow" horizon at the southern end of Napoleon. At Napoleon,
initial interpretation, confirmed by subsequent drilling, used
metal zonation and alteration to determine the block was tilted
making the southern extent the top of the mineralized system (See
press releases dated December 16,
2021 and October 12, 2022).
Deeper drilling at La Luisa, including holes, NP-22-345 and
NP-23-358, intercepted vein mineralization marked by higher silver
concentrations, suggestive of shoot- or top-shoot elevation.
Going forward, Vizsla plans to mobilize a second drill-rig and
continue drilling deeper holes at La Luisa to target the zone's
precious metals rich core, which given the ongoing success of the
local exploration model utilized at Napoleon, there exists the
potential for increased grades and widths along strike and down
plunge to the south. Due to the observed dip-reversal at depth,
Vizsla is preparing drill pads on the west side of the vein to be
able to intersect the vein system at a more favourable angle.
Figure 2: Longitudinal section of the La Luisa Vein. The
section is inclined along the dip of the structure.
Figure 3: Cross section highlighting recent drill
intercepts on La Luisa vein.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated
True width
|
Ag
|
Au
|
Pb
|
Zn
|
AgEq
|
Vein
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
%
|
%
|
(g/t)
|
|
|
NP-22-327
|
469.80
|
472.00
|
2.20
|
1.68
|
104
|
1.08
|
0.12
|
0.33
|
185
|
HW 1
|
|
|
NP-22-327
|
503.75
|
504.60
|
0.85
|
0.65
|
97
|
0.38
|
2.13
|
3.98
|
323
|
La Luisa
|
|
|
NP-22-332
|
449.30
|
451.45
|
2.15
|
1.68
|
92
|
0.65
|
0.11
|
0.27
|
142
|
HW 1
|
|
|
NP-22-332
|
455.30
|
458.25
|
2.95
|
2.30
|
2,699
|
24.99
|
0.22
|
0.65
|
4,227
|
La Luisa
|
|
|
Includes
|
456.45
|
457.05
|
0.60
|
0.47
|
11,502
|
120.50
|
0.82
|
2.63
|
18,950
|
|
|
|
NP-22-332
|
472.90
|
476.20
|
3.30
|
2.57
|
74
|
0.76
|
0.30
|
0.52
|
148
|
FW 1
|
|
|
NP-22-332
|
481.40
|
488.50
|
7.10
|
5.54
|
92
|
0.69
|
0.42
|
0.60
|
166
|
FW 2
|
|
|
Includes
|
481.40
|
482.20
|
0.80
|
0.62
|
227
|
1.11
|
3.12
|
3.97
|
522
|
|
|
|
NP-22-341
|
443.40
|
452.60
|
9.20
|
6.30
|
61
|
0.92
|
0.10
|
0.71
|
147
|
La Luisa
|
|
|
Includes
|
443.40
|
445.10
|
1.70
|
1.16
|
146
|
1.30
|
0.03
|
1.26
|
270
|
|
|
|
Includes
|
450.00
|
452.60
|
2.60
|
1.78
|
87
|
1.99
|
0.26
|
1.38
|
273
|
|
|
|
NP-22-345
|
511.65
|
515.70
|
4.05
|
2.50
|
1,286
|
9.76
|
0.90
|
2.35
|
1,967
|
La Luisa
|
|
|
Includes
|
511.65
|
513.25
|
1.60
|
0.99
|
2,982
|
24.01
|
1.82
|
5.03
|
4,630
|
|
|
|
NP-22-345
|
556.10
|
558.50
|
2.40
|
1.48
|
42
|
1.55
|
0.51
|
2.17
|
237
|
FW 1
|
|
|
NP-22-345
|
586.40
|
590.50
|
4.10
|
2.53
|
42
|
4.05
|
0.24
|
2.93
|
426
|
FW 2
|
|
|
NP-22-345
|
597.55
|
600.30
|
2.75
|
1.70
|
65
|
2.21
|
0.09
|
2.59
|
306
|
FW 3
|
|
|
NP-23-352
|
456.00
|
457.90
|
1.90
|
1.20
|
382
|
1.17
|
0.31
|
0.64
|
467
|
La Luisa
|
|
|
NP-23-358
|
501.30
|
513.90
|
12.60
|
5.60
|
257
|
11.13
|
0.42
|
2.03
|
1,076
|
La Luisa
|
|
|
Includes
|
505.15
|
507.65
|
2.50
|
1.11
|
659
|
44.22
|
0.53
|
2.33
|
3,698
|
|
|
|
Includes
|
508.90
|
509.50
|
0.60
|
0.27
|
221
|
22.68
|
0.26
|
0.50
|
1,761
|
|
|
|
NP-23-358
|
527.70
|
530.30
|
2.60
|
1.16
|
174
|
0.77
|
0.43
|
0.46
|
243
|
FW 1
|
|
|
NP-23-358
|
537.85
|
540.70
|
2.85
|
1.27
|
226
|
1.45
|
1.16
|
8.00
|
633
|
FW 2
|
|
|
NP-23-362
|
Pending
Assays
|
|
|
Table 1: Downhole drill intersections from the holes
completed along the La Luisa vein.
Note: AgEq = Ag g/t x
Ag rec. + ((Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb
price/t) + (Zn% x Zn rec. X Zn price/t))/Ag price/gram.
Metal price assumptions are $24.00/oz
silver, $1,800/oz gold, $2,424.4/t lead and $2,975.4/t zinc.
Metallurgical recoveries assumed are 93% for silver, 90% for gold,
94% for lead and 94% for zinc. Metallurgical recoveries used in
this release are from metallurgical test results of the Napoleon
vein (see press release dated February 17, 2022).
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
NP-22-327
|
403,025
|
2,586,785
|
450
|
251
|
-50.0
|
567.0
|
NP-22-332
|
403,025
|
2,586,785
|
450
|
229
|
-43.4
|
556.5
|
NP-22-341
|
403,077
|
2,586,547
|
480
|
240
|
-47.5
|
519.0
|
NP-22-345
|
403,026
|
2,586,786
|
450
|
234
|
-52.1
|
624.0
|
NP-23-352
|
403,025
|
2,586,786
|
450
|
219
|
-37.0
|
618.0
|
NP-23-358
|
403,025
|
2,586,786
|
450
|
219
|
-42.0
|
651.0
|
NP-23-362
|
403,165
|
2,587,117
|
526
|
304
|
-60.0
|
414.0
|
Table 2: La Luisa vein drillhole
details. 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 7,189.5-hectare, past producing district
benefits from over 86 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 104.8 Moz AgEq and an in-situ inferred resource of
114.1 Moz AgEq. An updated NI 43-101 technical report titled
"Technical Report on the Mineral Resource Estimate Update for the
Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico" was filed on SEDAR on March 10, 2023, with an effective date of
January 19, 2023 was prepared
by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG,
P.Geo. and Yann Camus, P.Eng. of SGS Geological Services.
About Vizsla Silver
Vizsla Silver 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 250,000 metres of drilling at
Panuco leading to the discovery of
several new high-grade veins. For 2023, Vizsla has budgeted +90,000
metres of resource/discovery-based drilling designed to upgrade and
expand the mineral resource, as well as test other high priority
targets across the district.
Quality Assurance / Quality
Control
Drill core 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 and rock samples were shipped
to SGS Lab in Durango Mexico for
sample preparation and analysis. The ALS Zacatecas,
North Vancouver facilities and SGS
lab 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 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 herein 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
herein 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 herein 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 and the release of results
related to such activities.
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; general economic
factors; 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; the
ongoing military conflict in Ukraine; and the factors identified under the
caption "Risk Factors" in Vizsla' management discussion and
analysis and other public disclosure documents. 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.