NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, March 1,
2023 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report
drill results from 14 infill holes targeting the Copala resource area at its 100%-owned,
flagship Panuco silver-gold project ("Panuco" or the "Project") located
in Mexico. The reported results
correspond to infill drilling in the southeast-central portion of
the Copala structure,
demonstrating high-grade precious-metals continuity within the
Copala resource wireframe.
Highlights
- CS-22-246 returned 1,548 grams per tonne (g/t) silver
equivalent (AgEq) over 15.00 metres true width (mTW) (1,142 g/t
silver and 7.20 g/t gold)
-
- Including 3,872 g/t AgEq over 3.07 mTW (2,878 g/t silver and
17.72 g/t gold)
- And 3,356 g/t AgEq over 2.31 mTW (2,331 g/t silver and 17.60
g/t gold)
- CS-22-248 returned 787 g/t AgEq over 20.60 mTW (643 g/t
silver and 2.80 g/t gold)
-
- Including 1,099 g/t AgEq over 1.02 mTW (912 g/t silver and 3.71
g/t gold)
- And 3,195 g/t AgEq over 0.26 mTW (2,670 g/t silver and 10.55
g/t gold)
- And 2,573 g/t AgEq over 4.84 mTW (2,099 g/t silver and 9.20 g/t
gold)
- CS-22-251 returned 731 g/t AgEq over 18.00 mTW (602 g/t
silver and 2.53 g/t gold)
-
- Including 1,032 g/t AgEq over 0.55 mTW (897 g/t silver and 2.93
g/t gold)
- And 4,161 g/t AgEq over 2.27 mTW (3,421 g/t silver and 14.51
g/t gold)
- And 1,099 g/t AgEq over 0.52 mTW (931 g/t silver and 3.45 g/t
gold)
- CS-22-241 returned 1,287 g/t AgEq over
4.30 mTW (758 g/t silver and 8.62 g/t gold)
-
- Including 1,616 g/t AgEq over 1.05 mTW (798 g/t silver and
12.93 g/t gold)
- And 3,653 g/t AgEq over 0.86 mTW (2,347 g/t silver and 21.77
g/t gold)
- CS-23-253 returned 2,522 g/t AgEq over 2.10 mTW (1,920
g/t silver and 10.91 g/t gold)
-
- Including 3,814 g/t AgEq over 1.10 mTW (2,900 g/t silver and
16.55 g/t gold)
"Ongoing drilling at Copala
continues to demonstrate exceptional continuity of high-grade
mineralization," commented Michael
Konnert, President & CEO. "The recently completed
infill-drilling program serves to incrementally de-risk the local
resource through tighter spaced drilling and provides
representative sample material for metallurgical testing.
Furthermore, recently announced step-out drilling beyond the
resource wireframe, continues to highlight Copala's near-term growth potential. We
currently have three drill rigs targeting the Copala/Cristiano area, where near-surface,
high-grade mineralization remains open laterally and at
depth."
The Copala Structure, located in the western portion of the
Panuco district, is situated ~800m
to the east of the Napoleon structure. Copala currently hosts Indicated Resources of
51.1 Moz AgEq at 516 g/t AgEq and Inferred Resources of 55.4 Moz
AgEq at 617 g/t AgEq within a broad envelope of vein-breccia
interlayered with host rock, up to 82 metres thick. Interpretations
by Vizsla geologists indicate 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 1,100 metres of strike
length and approximately 400 metres down dip. High-grade
silver-gold mineralization remains open laterally to the north and
southeast, as well as down dip to the east. The recently completed
infill-drilling program consisted of 25 holes drilled at 25 metre
centers designed to assess grade continuity and to provide sample
material for metallurgical tests. Infill-holes CS-22-241,
CS-22-246, CS-22-248 and CS-22-251 reported today, have confirmed
strong continuity of structures and high-grades at tighter
drill-hole spacing.
Previously reported drillholes CS-22-202, CS-22-207 and
CS-22-219, indicate an uplifted block of basement metasediments in
fault-contact with andesites and diorite on the east side of
Copala (see figures 2 and 3). New
interpretations suggest between ~300 to 350 metres of vertical
displacement by the fault. This information, in conjunction with
ongoing data collection, are being used to define a target
elevation for Copala type
mineralization on the footwall side (east) of the fault. An
uplifted block to the east of the current Copala resource has the potential to host
Copala type mineralization at a
shallower elevation, closer to surface. Vizsla plans to test this
hypothesis with drillholes collared on the footwall side of the
fault during Q1 2023.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated
True width
|
Ag
|
Au
|
AgEq
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
|
CS-22-239
|
No Significant
Results
|
|
CS-22-240
|
200.65
|
214.50
|
13.85
|
8.00
|
209
|
1.30
|
282
|
|
Includes
|
209.90
|
214.50
|
2.60
|
1.50
|
728
|
3.52
|
915
|
|
CS-22-240
|
229.50
|
234.00
|
4.50
|
2.60
|
246
|
1.33
|
318
|
|
Includes
|
229.50
|
231.00
|
1.50
|
0.87
|
342
|
1.63
|
428
|
|
CS-22-241
|
82.50
|
91.95
|
9.45
|
4.30
|
758
|
8.62
|
1,287
|
|
Includes
|
84.00
|
86.30
|
2.30
|
1.05
|
798
|
12.93
|
1,616
|
|
Includes
|
86.30
|
88.20
|
1.90
|
0.86
|
2,347
|
21.77
|
3,653
|
|
CS-22-242
|
540.90
|
542.45
|
1.55
|
1.40
|
145
|
0.50
|
169
|
|
CS-22-243
|
No Significant
Results
|
|
CS-22-244
|
112.50
|
124.50
|
12.00
|
6.95
|
316
|
2.19
|
442
|
|
Includes
|
117.00
|
119.40
|
2.40
|
1.39
|
792
|
4.86
|
1,064
|
|
Includes
|
123.00
|
124.50
|
1.50
|
0.87
|
647
|
4.91
|
933
|
|
CS-22-245
|
138.55
|
142.20
|
3.65
|
2.60
|
701
|
3.89
|
915
|
|
Includes
|
139.30
|
141.00
|
1.70
|
1.21
|
853
|
5.36
|
1,155
|
|
CS-22-246
|
136.85
|
163.20
|
26.35
|
15.00
|
1,142
|
7.20
|
1,548
|
|
Includes
|
138.00
|
143.40
|
5.40
|
3.07
|
2,878
|
17.72
|
3,872
|
|
Includes
|
150.85
|
154.90
|
4.05
|
2.31
|
2,331
|
17.60
|
3,356
|
|
CS-22-247
|
60.60
|
69.20
|
8.60
|
4.30
|
171
|
2.01
|
295
|
|
Includes
|
62.05
|
64.90
|
2.85
|
1.43
|
414
|
5.42
|
750
|
|
CS-22-248
|
141.60
|
146.75
|
5.15
|
3.89
|
227
|
1.17
|
290
|
|
Includes
|
142.50
|
144.00
|
1.50
|
1.13
|
424
|
2.05
|
533
|
|
CS-22-248
|
165.15
|
192.40
|
27.25
|
20.60
|
643
|
2.80
|
787
|
|
Includes
|
165.15
|
166.50
|
1.35
|
1.02
|
912
|
3.71
|
1,099
|
|
Includes
|
184.00
|
184.35
|
0.35
|
0.26
|
2,670
|
10.55
|
3,195
|
|
Includes
|
186.00
|
192.40
|
6.40
|
4.84
|
2,099
|
9.20
|
2,573
|
|
CS-22-249
|
No Significant
Results
|
|
CS-22-251
|
172.50
|
207.00
|
34.50
|
18.00
|
602
|
2.53
|
731
|
|
Includes
|
186.45
|
187.50
|
1.05
|
0.55
|
897
|
2.93
|
1,032
|
|
Includes
|
190.25
|
194.60
|
4.35
|
2.27
|
3,421
|
14.51
|
4,161
|
|
Includes
|
198.80
|
200.15
|
1.00
|
0.52
|
931
|
3.45
|
1,099
|
|
CS-22-252
|
287.50
|
290.60
|
3.10
|
2.70
|
487
|
1.62
|
562
|
|
Includes
|
287.50
|
288.95
|
1.45
|
1.26
|
971
|
3.12
|
1,114
|
|
CS-23-253
|
295.40
|
297.50
|
2.10
|
2.10
|
1,920
|
10.91
|
2,522
|
|
Includes
|
295.40
|
296.50
|
1.10
|
1.10
|
2,900
|
16.55
|
3,814
|
|
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 $24.00/oz silver and $1,800/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-22-239
|
404,702
|
2,586,663
|
619
|
254.7
|
-72.8
|
300.0
|
CS-22-240
|
404,705
|
2,586,834
|
584
|
270.3
|
-84.4
|
297.0
|
CS-22-241
|
404,631
|
2,586,810
|
544
|
90.2
|
-89.5
|
126.0
|
CS-22-242
|
405,084
|
2,586,574
|
700
|
286.8
|
-57.3
|
598.5
|
CS-22-243
|
404,731
|
2,586,834
|
593
|
270.0
|
-82.0
|
286.5
|
CS-22-244
|
404,656
|
2,586,810
|
555
|
268.9
|
-84.2
|
184.5
|
CS-22-245
|
404,680
|
2,586,785
|
553
|
275.9
|
-80.3
|
178.5
|
CS-22-246
|
404,656
|
2,586,810
|
555
|
90.7
|
-87.0
|
210.0
|
CS-22-247
|
404,631
|
2,586,785
|
542
|
270.0
|
-90.0
|
87.0
|
CS-22-248
|
404,706
|
2,586,784
|
567
|
271.9
|
-79.3
|
222.0
|
CS-22-249
|
404,657
|
2,586,785
|
558
|
271.0
|
-83.0
|
163.5
|
CS-22-251
|
404,706
|
2,586,784
|
566
|
274.0
|
-85.0
|
241.9
|
CS-22-252
|
404,778
|
2,586,757
|
441
|
303.0
|
-68.0
|
330.0
|
CS-23-253
|
404,834
|
2,587,002
|
596
|
259.5
|
-60.0
|
340.5
|
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 104.8 Moz AgEq and an in-situ inferred resource of
114.1 Moz AgEq. An updated NI 43-101 technical report for the
Panuco Project with the updated Mineral Resource Estimate is being
prepared and expected to be filed on SEDAR within 45 days of our
recent Mineral Resource Update published on January 24, 2023.
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 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.