Step Out Drilling at Panuco Expands the San Antonio Vein Along Strike and Down Dip
STEP OUT DRILLING AT PANUCO EXPANDS
THE SAN ANTONIO VEIN ALONG STRIKE AND
DOWN DIP
VANCOUVER, BC
,
July 6, 2022
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report results from seven new drill holes
targeting the
San Antonio
vein along the Cordon del Oro Vein Corridor, at its 100%-owned,
flagship Panuco silver-gold project ("
Panuco
" or the "
Project
") located in
Mexico
. The results
expand mineralization at the San Antonio Vein beyond the boundary of the
March 2022
maiden
resource estimate by over 100 metres along strike and down dip.
Highlights
CO-22-51 returned
992 g/t AgEq over 6.40 mTW
(621 g/t silver and 5.76 g/t gold)
CO-22-53 returned
281 g/t AgEq over 7.50 mTW
(213 g/t silver and 1.15 g/t gold)
CO-22-54 returned
676 g/t AgEq over 4.50 mTW
(549 g/t silver and 2.29 g/t gold)
CO-22-56 returned
671 g/t AgEq over 2.00 mTW
(355 g/t silver and 4.75 g/t gold)
Acquisition of a key inset claim to control the entire
1,800m
length of the
San Antonio
vein
"Vizsla continues to test target areas in the Central portion of the district in parallel with resource
growth at Napoleon and
Tajitos
-
Copala
",
commented
Michael Konnert
, President and CEO.
"These
wide, high-grade intersections announced today are the reward for this strategy, with
San Antonio
demonstrating that the Cordon del Oro Corridor has significant potential to become another
important resource centre at
Panuco
. Drilling has now expanded
San Antonio
mineralization
outside of the maiden resource by over 100 metres in both strike length and depth, underpinned by
a high-grade precious metal rich shoot, which remains open. Furthermore, the acquisition of a key
inset claim now provides Vizsla with an additional approximately 250 metres of mapped vein strike
to be explored with drilling, which hosts historic workings and multiple high-grade surface results.
At the district scale, even with the rapid pace of discoveries and resource growth, today's results
reinforce that only a small percentage of the identified targets on the Project have been drilled and
that Vizsla remains in the initial stages of defining
Panuco's
full silver and gold endowment."
Figure 1: Plan map of recent drilling along the eastern end of the San Antonio Vein (CNW
Group/Vizsla Silver Corp.)
About the San Antonio Vein
The Cordon del Oro Vein Corridor is a fault-vein zone located in the central portion of the district that
trends roughly north-northwest and dips moderately to the east. Mapping and sampling have traced
the main structure over approximately 7.6 km of strike length, with local widths exceeding 15 meters.
Cordon del Oro is one of the major northwest trending vein corridors at
Panuco
and is interpreted to
be exposed at a shallower level of erosion compared to that of Napoleon and
Tajitos
. Artisanal-scale
mining has occurred within the corridor along select high-grade mineralized shoots, however, Vizsla
is not aware of any drilling completed by previous operators testing mineralization at depth.
Company geologists suspect that the intermittent silver and gold mineralization encountered at
shallow levels in the epithermal system deterred historic miners from going deeper and believe the
potential for preserved mineralization at depth remains high.
The San Antonio Vein represents a splay off the main Cordon del
Oro Vein
and currently hosts an
estimated in-situ indicated resource of 0.2Moz AgEq grading 210 g/t AgEq and an in-situ inferred
resource of 0.2Moz AgEq grading 186 g/t 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).
The San Antonio Vein has now been traced over 325 metres along strike and to a depth of
300 m
below surface. The Vein is predominantly hosted by rhyolite tuffs and is composed of banded and
massive epithermal quartz. Previously reported intercepts returned up to 705 g/t Ag and 6.64 g/t Au
(1,283 g/t AgEq) over 2.07 metres at shallow elevations (less than 100 metres below surface) (see
press release dated
July 28, 2021
).
Today's reported intercepts confirm the continuity of high-grade mineralization down dip to the east –
southeast, outlining a high-grade shoot with dimensions of over 200 metres by 150 metres. The
Company plans to continue exploring the mineralized shoot along trend of the high grades both to the
east and west, where surface sampling has returned values up to 4,244 g/t AgEq.
Claim Acquisition
Vizsla recently acquired the
San Antonio
claim (7 Ha) situated on the central portion of the San
Antonio Vein. This acquisition allows for ongoing exploration to continue immediately west of open,
high-grade drill intercepts and results in the Company owning 100% of the entire, 1,800 metre strike
length of
San Antonio
vein. The Company plans to mobilize a second drill rig in August to test the full
extent of mineralization along both the San Antonio Vein and greater Cordon del Oro Corridor.
Figure 2: San Antonio Vein Contour Longitudinal Section. The section is inclined along the dip of the
structure. (CNW Group/Vizsla Silver Corp.)
Figure 3: San Antonio cross section with significant intercepts. (CNW Group/Vizsla Silver Corp.)
Drillhole
From
To
Downhole
Length
Estimated
True Width
Ag
Au
AgEq
Comments
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
CO-22-51
129.35
144.55
15.20
6.40
621
5.76
992
San Antonio
Inc.
139.10
140.45
1.35
0.57
2,940
34.20
5,195
Inc.
140.45
141.80
1.35
0.57
1,410
16.25
2,481
CO-22-52
129.60
141.20
11.60
6.00
124
0.37
142
San Antonio
Inc.
129.60
130.90
1.30
0.67
538
1.19
586
Inc.
140.70
141.20
0.50
0.26
196
0.51
219
And
154.20
163.65
9.45
4.89
122
0.60
156
FW Splay
Inc.
154.20
155.10
0.90
0.47
131
1.07
198
Inc.
155.10
155.90
0.80
0.41
240
1.41
325
Inc.
156.85
157.80
0.95
0.49
183
0.80
227
Inc.
157.80
159.25
1.45
0.75
190
0.87
239
CO-22-53
153.05
164.25
11.20
7.50
213
1.15
281
San Antonio
Inc.
161.85
162.75
0.90
0.60
908
4.02
1,134
Inc.
163.40
164.25
0.85
0.57
750
4.04
988
CO-22-54
127.50
132.00
4.50
3.15
549
2.29
676
HW Splay
Inc.
129.50
130.95
1.45
1.01
1,250
4.96
1,519
And
159.50
160.25
0.75
0.53
87
1.00
153
San Antonio
CO-22-55
127.50
129.30
1.80
1.54
165
0.71
205
HW Splay
CO-22-55
142.75
147.65
4.90
4.20
202
1.19
273
San Antonio
Inc.
144.80
145.60
0.80
0.69
475
2.99
657
CO-22-56
167.55
170.45
2.90
2.00
355
4.75
671
San Antonio
Inc.
169.00
170.45
1.45
1.00
578
7.95
1,110
CO-22-58
154.90
157.65
2.75
2.01
226
1.29
303
San Antonio
Inc.
154.90
156.00
1.10
0.80
414
2.47
563
Table 1:
Downhole drill intersections from the holes completed along the San Antonio vein in the Cordon Colorado Vein Corridor.
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 were estimated for the Napoleon vein (see press release dated February
17, 2022).
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
CO-22-51
408,207
2,588,430
1086
320
-77
258
CO-22-52
408,213
2,588,431
1086
57
-77
216
CO-22-53
408,121
2,588,380
1100
48
-62
302
CO-22-54
408,121
2,588,380
1100
53
-70
218
CO-22-55
408,122
2,588,384
1100
13
-64
258
CO-22-56
408,122
2,588,384
1100
13
-70
279
CO-22-58
408,213
2,588,432
1086
91
-79
248
Table 2:
San Antonio vein drillhole details. Coordinates in WGS84, Zone 13.
Corporate Update
The Company also announces that
Stuart Smith
has resigned from the Board of Directors to focus
his efforts on other professional ventures.
"Stuart's contributions have been instrumental to Vizsla's success,"
said
Michael Konnert
,
President, and CEO.
"On behalf of the Board of Directors, I would like to thank Stuart for his
invaluable service over the years and wish him the best of luck in his future endeavours."
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.
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 (see Company news release dated
March 1, 2022
).
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 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 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, 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's 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.
Website:
www.vizslasilvercorp.ca
SOURCE
Vizsla Silver Corp.
View original content to download multimedia:
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For further information:
Michael Konnert, President and Chief Executive Officer, Tel: (604) 364-
2215, Email: [email protected]
CO: Vizsla Silver Corp.
CNW 08:00e 06-JUL-22