VANCOUVER, BC, Dec. 1, 2022
/CNW/ - Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA)
(Frankfurt: 0G3) ("Vizsla"
or the "Company") is pleased to report results from seven
new drillholes targeting the southern extension of the Napoleon
Vein, at its 100%-owned flagship Panuco silver-gold project ("Panuco")
located in Mexico. The new drill
results are centered on the western portion of the district and are
a part of Vizsla's ongoing 120,000 metre resource
expansion/discovery-focused drill program.
Highlights
- NP-22-320 returned 2,305 grams per tonne (g/t) silver
equivalent (AgEq) over 1.55 metres true width (mTW) (279 g/t
silver, 24.01 g/t gold, 1.82 % lead and 7.58 % zinc)
including,
-
- 2,631 g/t AgEq over 1.18 mTW (267 g/t silver, 29.10 g/t
gold, 1.29 % lead and 7.18 % zinc)
- NP-22-329 returned 446 g/t AgEq over 6.70
mTW (222 g/t silver, 2.64 g/t gold, 0.34 % lead and 1.16 %
zinc) including,
-
- 875 g/t AgEq over 0.78 mTW (668 g/t silver, 2.22 g/t
gold, 0.49 % lead and 2.28 % zinc), and
- 815 g/t AgEq over 0.78 mTW (159 g/t silver, 9.14 g/t
gold, 0.08 % lead and 0.19 % zinc)
- NP-22-333 returned 696 g/t AgEq over 1.50 mTW (378 g/t
silver, 2.53 g/t gold, 0.40 % lead and 4.29 % zinc)
"The Napoleon Vein was the first major discovery made by
Vizsla at Panuco in 2020."
commented Michael Konnert, President
and CEO. "We have now expanded the mineralized footprint to over
two and a half kilometres long and outlined an initial Napoleon
Area resource of 36 million ounces AgEq Indicated and 17 million
ounces AgEq Inferred. With a local exploration model that continues
to be validated through ongoing drilling, and new high-grade
results from the footwall and hanging wall vein splays not included
in the initial March 2022 resource,
we continue to view the Napoleon Area as a primary target for
future resource growth and development. Of the nine drill rigs
currently turning on the property, expansion/conversion
drilling continues at Napoleon with two rigs, including one
direction rig."
Details of the Napoleon Southern
Extent
Infill and step-out (expansionary) drilling completed to date
has led to an improved understanding on the controls to
mineralization along the Napoleon vein corridor. Observations based
on metal zonation and alteration continue to suggest the corridor
has been tilted with the southern extent being at the top of the
mineralized horizon, near surface (Figure 5).
Previously reported high-grade gold values closer to surface
support the model (see press releases dated December 16, 2021 and March 29, 2022), while results disclosed in this
news release, show additional high precious metals grades on vein
splays at the hanging wall and footwall of the main Napoleon
structure. The vein splays are situated between 25-70 metres into
the hanging wall and footwall, respectively, and merge with the
main Napoleon Vein at depth. Results from recent drilling suggests
the hanging wall splay forms a cymoid loop with the main Napoleon
Vein as shown in figure 3.
Deeper directional drilling in hole NP-22-320 intersected the
main Napoleon Vein and footwall splay with high base metal
concentrations and relatively low precious metals, as predicted by
the model. Directional drilling remains ongoing at the southern end
of Napoleon, testing both the main Napoleon structure and its vein
splays to depth within the "precious metals rich" horizon.
These results serve to 1) further demonstrate the continuity of
high-grade silver and gold mineralization along the southern extent
of the main Napoleon Vein, outside of the March 2022 mineral resource boundary and, 2)
support ongoing exploration potential of the hanging wall and
footwall vein splays. Vizsla has completed structural and 3D
geologic modelling of the vein splays and plans to further drill
step-out holes specifically designed to test mineral continuity
along strike and to depth.
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-22-320
|
676.3
|
677.9
|
1.65
|
1.55
|
279
|
24.01
|
1.82
|
7.58
|
2,305
|
HW SPLAY 2
|
|
|
Includes
|
676.6
|
677.9
|
1.35
|
1.18
|
267
|
29.10
|
1.29
|
7.18
|
2,631
|
|
|
|
NP-22-320
|
733.5
|
734.3
|
0.80
|
0.80
|
113
|
0.69
|
0.65
|
6.17
|
390
|
NAPOLEON
|
|
|
NP-22-320
|
772.7
|
773.3
|
0.55
|
0.45
|
143
|
0.87
|
0.61
|
3.73
|
344
|
FW SPLAY 1
|
|
|
NP-22-322*
|
244.8
|
246.4
|
1.55
|
0.70
|
904
|
1.59
|
0.20
|
0.48
|
977
|
HW SPLAY 2
|
|
|
NP-22-322
|
388.1
|
391.5
|
3.45
|
2.25
|
32
|
0.62
|
0.22
|
0.64
|
103
|
HW SPLAY 1
|
|
|
NP-22-322*
|
416.8
|
420.1
|
3.30
|
1.50
|
50
|
1.00
|
0.74
|
3.63
|
267
|
NAPOLEON
|
|
|
NP-22-326
|
No significant
values
|
NAPOLEON
|
|
|
NP-22-326
|
No significant
values
|
FW SPLAY 1
|
|
|
NP-22-329
|
347.2
|
348.1
|
0.90
|
0.88
|
886
|
7.44
|
2.18
|
6.85
|
1,660
|
HW SPLAY 2
|
|
|
NP-22-329
|
364.5
|
377.4
|
12.95
|
6.70
|
222
|
2.64
|
0.34
|
1.16
|
446
|
HW SPLAY 1
|
|
|
Includes
|
367.6
|
369.1
|
1.50
|
0.78
|
668
|
2.22
|
0.49
|
2.28
|
875
|
|
|
|
Includes
|
370.6
|
372.1
|
1.50
|
0.78
|
159
|
9.14
|
0.08
|
0.19
|
815
|
|
|
|
NP-22-329
|
No significant
values
|
NAPOLEON
|
|
|
NP-22-329
|
435.7
|
436.1
|
0.35
|
0.25
|
843
|
13.5
|
5.89
|
8.22
|
2,204
|
FW SPLAY 1
|
|
|
NP-22-333
|
360.1
|
362.9
|
2.75
|
2.10
|
54
|
1.22
|
0.33
|
1.58
|
203
|
HW SPLAY 2
|
|
|
NP-22-333
|
416.9
|
419.6
|
2.65
|
1.50
|
378
|
2.53
|
0.40
|
4.29
|
696
|
HW SPLAY 1
|
|
|
NP-22-333
|
No significant
values
|
NAPOLEON
|
|
|
NP-22-337
|
No significant
values
|
HW SPLAY 1
|
|
|
NP-22-337
|
510.1
|
511.6
|
1.50
|
1.25
|
45
|
0.49
|
0.30
|
2.52
|
174
|
NAPOLEON
|
|
|
NP-22-343
|
Pending
assays
|
HW SPLAY 1
|
|
|
NP-22-343
|
Pending
assays
|
NAPOLEON
|
|
|
Table 1: Downhole drill intersections from the holes
completed along the Napoleon vein.
Note: AgEq = Ag ppm
x Ag rec. + (((Au ppm 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 $20.70/oz silver, $1,655/oz gold, $1,902/t
lead and$2,505/t zinc. Metallurgical recoveries applied in the
calculation (93% for silver, 90% for gold, 94% for lead and 94 %
for zinc), were determined for the Napoleon vein (see press release
dated February 17, 2022).
|
* Previously
reported.
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
NP-22-320
|
403,762
|
2,586,259
|
438
|
274
|
-57.4
|
465.0
|
NP-22-322
|
403,762
|
2,586,259
|
438
|
274
|
-57.4
|
465.0
|
NP-22-326
|
403,753
|
2,586,371
|
475
|
270
|
-53.0
|
501.0
|
NP-22-329
|
403,754
|
2,586,372
|
474
|
270
|
-56.5
|
558.0
|
NP-22-333
|
403,753
|
2,586,372
|
477
|
270
|
-60.2
|
609.0
|
NP-22-337
|
403,831
|
2,586,371
|
456
|
270
|
-55.0
|
615.0
|
NP-22-343
|
403,831
|
2,586,371
|
457
|
243
|
-62.7
|
680.5
|
Table 2: Napoleon 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 6,761-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.
Panuco hosts an estimated
in-situ indicated mineral resource of 61.1 Moz AgEq and an in-situ
inferred resource of 45.6 Moz AgEq. A NI 43-101 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, with an effective
date of March 1, 2022 was prepared by
Tim Maunula, P.Geo., Principal
Geologist, T. Maunula & Associates Consulting Inc and
Kevin Murray, P.Eng, Manager Process
Engineering, Ausenco.
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 210,000 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 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, designed to upgrade and expand
the maiden resource, and publication of a resource update in Q4
2022.
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'
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.