VANCOUVER, BC, Dec. 14,
2022 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report
results from 19 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. Today's intercepts form
part of Vizsla's ongoing 2022 infill/expansionary drill program and
are centered on the Copala and
Cristiano structures in the western portion of the district. The
infill results support grade continuity in the south-central
portion of Copala structure, while
resource expansion drilling to the north and southeast continue to
highlight mineralization remains open.
Highlights
- CS-22-205 returned 2,640 grams per tonne (g/t) silver
equivalent (AgEq) over 5.30 metres true width (mTW) (2,101 g/t
silver and 9.54 g/t gold)
-
- Including 4,563 g/t AgEq over 0.58 mTW (3,080 g/t silver and
23.60 g/t gold)
- CS-22-210 returned 561 g/t AgEq over 15.50 mTW (425 g/t
silver and 2.31 g/t gold)
-
- And 2,044 g/t AgEq over 1.01 mTW (1,630 g/t silver and 7.34 g/t
gold)
- CS-22-216 returned 905 g/t AgEq over 8.09 mTW (626 g/t
silver and 4.48 g/t gold)
- CS-22-201 returned 3,340 g/t AgEq over 1.86 mTW (2,536
g/t silver and 13.65 g/t gold)
- CS-22-217 returned 1,862 g/t AgEq over 2.71 mTW (1,495
g/t silver and 6.56 g/t gold)
"The Copala structure
continues to impress with high precious metals grades over very
broad widths," commented Michael
Konnert, President and CEO. "Infill drilling within the
Tajitos-Copala resource area continues to highlight
exceptional mineral continuity marked by multiple intervals grading
well over 1,000 grams per tonne, while expansionary drilling to the
north and southeast demonstrate a growing high-grade footprint.
Additionally, at Cristiano, drilling has now traced mineralization
over 600 metres long by 300 metres deep. We note that Cristiano was
not included in the maiden resource, however, given its near
surface, high-grade continuity, we expect it will contribute
materially to the pending resource update. We have had a phenomenal
year of exploration success at Panuco and have expanded mineralization well
beyond the March 2022 resource
boundary at virtually every zone. Given the amount of new high
grade drill results, inclusion of new mineralized structures, and
the fast-approaching holiday season, we have elected to publish the
resource update in early 2023. We are extremely pleased with the
outcome of our 2022 programs and look forward to another
outstanding year as we continue to grow and de-risk the Panuco
Project in 2023."
The Copala Structure is located in the western portion of the
Panuco district at the northern
extent of the Tajitos structure.
Copala hosts high precious metals
grades (up to 11,053 g/t silver and 33.50 g/t gold over 1.26 mTW)
contained within a broader envelope of vein-breccia interlayered
with host rock, up to 82 metres thick. Ongoing interpretations by
Vizsla's geologists suggest Copala
has an average dip of ~46° to the east (~35° in its northern sector
and steepening to ~52° in the southern sector).
Drilling at Copala has now
traced mineralization along approximately 1,000 metres of strike
length and approximately 400 metres down dip. High-grade
silver-gold mineralization remains open to the north and southeast
with ongoing detailed structural and geologic interpretations
indicating the potential for mineralization to continue into the
footwall side of the Tajitos Vein. The ongoing infill-drilling
program, which consists of 25 holes drilled at 25 metre centers,
was designed to assess grade continuity and to provide sample
material for future metallurgical tests. To date, infill-holes
CS-22-201, CS-22-205, CS-22-214, CS-22-216 and CS-22-218 have
confirmed high-grade at tighter spacing. Additionally, step-out
holes drilled to the east, particularly holes CS-22-202, CS-22-207
and CS-22-219, suggest an uplifted block of basement metasediments
in fault-contact with andesites and diorite (see figures 2 and 4).
Vizsla´s team is working on interpretations to determine the amount
of displacement by the fault, to define a target elevation for
Copala type mineralization on the
footwall side (east) of the fault; i.e. an uplifted block on the
east creates potential for Copala
type mineralization at shallower elevation. Vizsla plans to test
this hypothesis with drill-holes collared on the footwall side of
the fault.
The Cristiano Vein is a precious metals rich structure located
at the southwestern margin of the Copala structure. Cristiano is marked by a
quartz-carbonate epithermal-vein striking N25°W that dips
sub-vertical (85°) to the NE. Drill-holes intersecting Cristiano to
date, highlight a high-grade zone plunging to the NW, with vertical
extent of 300 metres and approximate strike length of 600 metres.
The Cristiano Vein ranges in thickness from 0.7 mTW to 3.5 mTW,
with a weighted average grade of 542 g/t silver equivalent.
The Cristiano Vein was initially discovered while targeting the
Tajitos-Copala veins, where drilling intercepted the
well-mineralized, NW-SE trending fault. Ongoing drilling has now
led to new observations and interpretations allowing Vizsla
geologists to plan drill holes specifically designed to explore
Cristiano along strike and to depth. To the northwest, Cristiano
intersects and offsets the Tajitos Vein, suggesting Cristiano
post-dates Tajitos mineralization,
thus creating a drill target on the footwall of Tajitos (Figure 3). Additionally, open ended
intercepts to the southeast suggest mineralization continues in
this direction.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated True
width
|
Ag
|
Au
|
AgEq
|
Vein
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
|
|
CS-22-201
|
212.25
|
214.80
|
2.55
|
2.18
|
237
|
1.74
|
346
|
Copala
|
|
|
Includes
|
212.25
|
213.55
|
1.30
|
1.11
|
427
|
3.22
|
629
|
|
|
|
CS-22-201
|
392.15
|
396.00
|
3.85
|
1.86
|
2,536
|
13.65
|
3,340
|
Cristiano
|
|
|
Includes
|
392.90
|
393.30
|
0.40
|
0.19
|
7,740
|
57.60
|
11,343
|
|
|
|
Includes
|
393.70
|
394.60
|
0.90
|
0.43
|
6,220
|
27.20
|
7,742
|
|
|
|
CS-22-202
|
No significant
values
|
Copala
|
|
|
CS-22-203
|
No significant
values
|
Copala
|
|
|
CS-22-204
|
132.00
|
158.70
|
26.70
|
20.46
|
175
|
0.99
|
234
|
Copala
|
|
|
Includes
|
147.25
|
148.50
|
1.25
|
0.96
|
569
|
2.92
|
739
|
|
|
|
Includes
|
153.30
|
154.30
|
1.00
|
0.77
|
454
|
2.43
|
597
|
|
|
|
Includes
|
156.50
|
157.50
|
1.00
|
0.77
|
673
|
3.42
|
872
|
|
|
|
Includes
|
157.50
|
158.70
|
1.20
|
0.92
|
575
|
4.08
|
828
|
|
|
|
CS-22-205
|
283.00
|
288.50
|
5.50
|
5.30
|
2,101
|
9.54
|
2,640
|
Copala
|
|
|
Includes
|
284.60
|
285.20
|
0.60
|
0.58
|
3,080
|
23.60
|
4,563
|
|
|
|
CS-22-205
|
553.00
|
553.30
|
0.30
|
0.16
|
85
|
0.24
|
96
|
Cristiano
|
|
|
CS-22-206
|
181.10
|
185.80
|
4.70
|
3.11
|
168
|
0.90
|
221
|
Copala
|
|
|
CS-22-207
|
No significant
values
|
Copala
|
|
|
CS-22-208
|
No significant
values
|
Copala
|
|
|
CS-22-208
|
484.00
|
485.50
|
1.50
|
1.12
|
347
|
0.38
|
350
|
FW Splay
|
|
|
Includes
|
485.05
|
485.50
|
0.45
|
0.34
|
873
|
0.99
|
883
|
|
|
|
CS-22-209
|
148.00
|
166.05
|
18.05
|
10.00
|
74
|
0.56
|
109
|
Copala
|
|
|
Includes
|
163.45
|
164.20
|
0.75
|
0.42
|
639
|
5.22
|
970
|
|
|
|
CS-22-210
|
117.75
|
140.70
|
22.95
|
15.50
|
425
|
2.31
|
561
|
Copala
|
|
|
Includes
|
120.30
|
120.90
|
0.60
|
0.41
|
2,710
|
22.30
|
4,125
|
|
|
|
Includes
|
130.60
|
131.40
|
0.80
|
0.54
|
1,285
|
7.24
|
1,716
|
|
|
|
Includes
|
131.40
|
132.00
|
0.60
|
0.41
|
1,800
|
9.69
|
2,371
|
|
|
|
Includes
|
132.55
|
134.05
|
1.50
|
1.01
|
1,630
|
7.34
|
2,044
|
|
|
|
CS-22-211
|
No significant
values
|
Copala
|
|
|
CS-22-211
|
240.00
|
241.85
|
1.85
|
0.55
|
154
|
2.24
|
304
|
Cristiano
|
|
|
CS-22-211
|
283.25
|
284.50
|
1.25
|
1.25
|
1,103
|
3.76
|
1,296
|
Tajitos
|
|
|
CS-22-212
|
No significant
values
|
Copala
|
|
|
CS-22-213
|
545.10
|
548.60
|
3.50
|
3.20
|
294
|
1.19
|
358
|
Copala
|
|
|
Includes
|
546.50
|
547.95
|
1.45
|
1.33
|
308
|
2.08
|
436
|
|
|
|
CS-22-214
|
114.00
|
121.05
|
7.05
|
3.90
|
593
|
4.07
|
845
|
Copala
|
|
|
Includes
|
115.50
|
116.80
|
1.30
|
0.72
|
2,020
|
13.50
|
2,850
|
|
|
|
Includes
|
116.80
|
117.50
|
0.70
|
0.39
|
681
|
4.22
|
937
|
|
|
|
CS-22-215
|
112.50
|
115.50
|
3.00
|
2.35
|
216
|
0.66
|
248
|
Copala
|
|
|
Includes
|
114.00
|
115.50
|
1.50
|
1.18
|
335
|
1.03
|
385
|
|
|
|
CS-22-216
|
181.00
|
194.50
|
13.50
|
8.09
|
626
|
4.48
|
905
|
Copala
|
|
|
Includes
|
184.65
|
186.00
|
1.35
|
0.81
|
1,250
|
14.00
|
2,170
|
|
|
|
Includes
|
186.00
|
186.95
|
0.95
|
0.57
|
2,230
|
18.10
|
3,376
|
|
|
|
Includes
|
186.95
|
188.20
|
1.25
|
0.75
|
1,170
|
7.54
|
1,631
|
|
|
|
CS-22-217
|
No significant
values
|
Copala
|
|
|
CS-22-217
|
325.50
|
330.35
|
4.85
|
2.71
|
1,495
|
6.56
|
1,862
|
Cristiano
|
|
|
Includes
|
327.60
|
328.75
|
1.15
|
0.64
|
1,295
|
4.59
|
1,535
|
|
|
|
Includes
|
328.75
|
329.10
|
0.35
|
0.20
|
13,118
|
63.70
|
16,783
|
|
|
|
CS-22-218
|
209.60
|
215.30
|
5.70
|
4.88
|
197
|
1.86
|
317
|
Copala
|
|
|
Includes
|
211.50
|
213.00
|
1.50
|
1.28
|
283
|
3.19
|
493
|
|
|
|
Includes
|
213.00
|
214.15
|
1.15
|
0.98
|
280
|
2.58
|
446
|
|
|
|
CS-22-219
|
No
intercepted
|
|
|
|
Table 1: Downhole drill intersections from the holes
reported for the new splay vein at the foot wall of Copala. Note: AgEq = Ag g/t x Ag rec. +
(Au g/t x Au Rec x Au price/gram)/Ag price/gram. Metal price
assumptions are $20.70/oz silver and
$1,655/oz gold and metallurgical
recoveries assumed are 93% for silver and 90% for gold. Gold and
silver 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
|
CS-22-201
|
404,724
|
2,586,986
|
595
|
257
|
-57.7
|
462.0
|
CS-22-202
|
405,087
|
2,586,905
|
646
|
282
|
-63.6
|
634.5
|
CS-22-203
|
404,896
|
2,586,778
|
666
|
302
|
-75.0
|
556.5
|
CS-22-204
|
404,539
|
2,587,280
|
553
|
304
|
-30.8
|
250.2
|
CS-22-205
|
404,840
|
2,587,003
|
590
|
260
|
-50.0
|
596.5
|
CS-22-206
|
404,541
|
2,587,280
|
552
|
347
|
-35.0
|
237.0
|
CS-22-207
|
405,087
|
2,586,905
|
646
|
286
|
-68.2
|
628.0
|
CS-22-208
|
404,896
|
2,586,778
|
666
|
299
|
-67.9
|
505.5
|
CS-22-209
|
404,541
|
2,587,280
|
553
|
5
|
-43.3
|
257.0
|
CS-22-210
|
404,482
|
2,587,238
|
553
|
323
|
-30.0
|
451.0
|
CS-22-211
|
404,643
|
2,587,058
|
557
|
277
|
-39.5
|
349.5
|
CS-22-212
|
405,087
|
2,586,905
|
646
|
263
|
-64.9
|
658.5
|
CS-22-213
|
405,084
|
2,586,574
|
700
|
295
|
-58.8
|
637.5
|
CS-22-214
|
404,632
|
2,586,883
|
568
|
91
|
-89.1
|
208.5
|
CS-22-215
|
404,482
|
2,587,237
|
553
|
298
|
-30.0
|
300.0
|
CS-22-216
|
404,681
|
2,586,877
|
582
|
271
|
-87.0
|
234.0
|
CS-22-217
|
404,643
|
2,587,058
|
557
|
260
|
-54.0
|
452.0
|
CS-22-218
|
404,701
|
2,586,892
|
595
|
271
|
-84.6
|
270.0
|
CS-22-219
|
405,087
|
2,586,905
|
565
|
262
|
-71.4
|
681.0
|
Table 2: Drillhole details for the reported
drillholes. 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 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 61.1 Moz AgEq and an in-situ inferred resource of 45.6
Moz 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
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 as well as test other high priority targets
across the district.
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.
SOURCE Vizsla Silver Corp.