Vizsla Drills 1,541 g/t Silver Equiv. Over 2 Metres and 261 g/t Silver Equiv. Over 22.6 Metres at Panuco, Mexico (VZLA-TSX-V)
Vizsla Drills 1,541 g/t Silver Equiv. Over 2
Metres and 261 g/t Silver Equiv. Over 22.6
Metres at Panuco, Mexico
(VZLA-TSX-V)
VANCOUVER, BC
,
Aug. 5th, 2020
/CNW/ -
Vizsla Resources Corp.
(TSXV: VZLA) (OTCQB:
VIZSF) (
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to announce additional drilling
results from the Napoleon Vein Corridor ("
Napoleon
") at the Panuco silver-gold project ("
Panuco
")
in
Mexico
. A total of sixteen holes have been completed to date at Napoleon with results from three
new holes reported in this release. The high-grade intersection is from the deepest hole drilled to
date (over
100m
below the very high grades intersected in NP-20-07). Importantly, the
mineralization remains open at depth, to the north and to the south.
Drilling Highlights
NP-20-08
737 g/t silver equivalent
(494.9 grams per tonne ("g/t") silver, 2.52 g/t gold, 0.51% lead and
1.10 % zinc) over 4.5 metres ("m") from
173.5 m
including;
1,541 g/t silver equivalent
(1,039 g/t silver, 5.22 g/t gold, 1.04% lead and 2.32 % zinc)
over
2.0m
from
175.0 m
.
NP-20-09
261 g/t silver equivalent
(141.4 g/t silver, 1.05 g/t gold, 0.48% lead and 0.83% zinc) over
22.6
m
from
68.0 m
including;
1,228 g/t silver equivalent
(619.0 g/t silver, 5.54 g/t gold, 2.55% lead and 3.05% zinc)
over
1.0m
from
68.0 m
.
Note: All numbers are rounded and widths represent downhole lengths. True widths are estimated at between 22-54% of downhole lengths. Silver equivalent is calculated using
the following formula: Silver-equivalent = ((Au_g/t x 52.48) + (Ag_g/t x 0.5289) + (Pb_ppm x 0.0013) + (Zn_ppm x 0.0013)) / 0.5627). Metal price assumptions are $17.50 g/t silver,
$1,700 g/t gold, $0.75 pound lead and $0.85 pound zinc, recoveries assumptions are 96% gold, 94% silver, 78% lead and 70% zinc based on similar deposit types.
Vizsla President and CEO,
Michael Konnert
, commented:
"The Napoleon discovery is continuing to
grow with hole NP-20-08, significantly extending high grade mineralization to depth. These results
have returned both high grades and broad intervals. With the recently closed
C$30M
bought deal
financing, the Company is well positioned to continue with the four drill rigs for the rest of 2020.
We are excited to continue expanding the Napoleon discovery and to test our targets to
demonstrate the "district scale", high grade potential of Panuco."
The Napoleon Vein Corridor is located almost entirely on concessions optioned from
Rio Panuco
.
That option provides Vizsla the right to purchase 100% of their assets, including the 500 tonne per
day
El Coco
mill, a tailings facility, roads, power and various permits for a total of
US$23M
.
Complete table of drillhole intersections
Drillhole
From
To
Width
Silver
Gold
Lead
Zinc
Silver Equivalent
Comment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(g/t)
NP-20-08
103.50
130.50
27.0
46.7
0.65
0.22
0.77
127.3
Incl.
108.90
109.80
1.8
44.9
2.61
0.25
1.19
318.6
Hanging wall Vein
And
115.90
119.40
3.5
207.6
1.31
0.33
2.08
373.6
Hanging wall Vein
And
143.00
151.50
8.5
47.6
0.32
0.36
1.11
108.6
Incl.
143.00
145.38
2.38
116.9
0.76
0.94
3.36
280.4
And
173.50
178.00
4.5
494.9
2.52
0.51
1.10
737.3
Incl.
175.00
177.00
2.0
1,039.0
5.22
1.04
2.32
1,540.8
NP-20-09
68.00
90.60
22.6
141.4
1.05
0.48
0.83
260.7
Incl.
68.00
69.00
1.0
619.0
5.54
2.55
3.05
1,227.9
Hanging wall Vein
And
71.85
77.25
5.40
266.9
1.63
0.44
1.02
437.2
NP-20-10
72.55
75.95
3.4
41.2
1.39
0.09
0.39
179.1
Incl.
74.25
75.95
1.7
63.4
2.65
0.08
0.25
314.1
Hanging wall Vein
Table 1:
Downhole drill intersections from the holes completed at Napoleon.
Note: All numbers are rounded and widths represent downhole lengths. True widths are estimated at between 22-54% of downhole lengths. Silver equivalent is calculated using
the following formula: Silver-equivalent = ((Au_g/t x 52.48) + (Ag_g/t x 0.5289) + (Pb_ppm x 0.0013) + (Zn_ppm x 0.0013)) / 0.5627). Metal price assumptions are $17.50 g/t silver,
$1,700 g/t gold, $0.75 pound lead and $0.85 pound zinc, recoveries assumptions are 96% gold, 94% silver, 78% lead and 70% zinc based on similar deposit types. The Company
is disclosing results on a silver equivalent basis due to the overall silver dominant nature of mineralization at the Panuco project.
Figure 1: Plan map showing location of drillholes, mapped veins and surface and underground
sampling along the Napoleon vein.
Inset shows detail of drill collar locations (Results in this release
have red labels). (CNW Group/Vizsla Resources Corp.)
Drilling detail
Hole NP-20-08 was drilled beneath the very high grade results from hole NP-20-07 (see news
release dated
July 8
th
, 2020), intersecting a wide zone with multiple fissure veins and intense
silicification. Stockworks are common between veins. A broad zone of mineralization is defined over
27.0 metres from 103.5 metres downhole averaging 127.3 g/t silver equivalent with discrete higher
grade veins in between. Further into the footwall two additional veins were intersected, with a
deeper intersection of 4.5 metres grading 737.3 g/t silver equivalent from 173.5 metres downhole,
including 2.0 metres grading 1,228 g/t silver equivalent.
This intercept is the deepest drilled so far at Napoleon. It is over
175m
from surface and
100m
beneath the high grade intercept in hole NP-20-07. This provides significant room to continue
expanding the mineralization at depth.
Hole NP-20-09 tested the main vein ~25m south of NP-20-07. It intersected a broad interval of well
mineralized vein with a very high grade sub-interval. It confirmed that the
60m
zone between holes
NP-20-03 and NP-20-07 is in the heart of the mineralized body. Additional drilling is planned to
develop further mineralization beneath this intersection.
NP-20-10 was drilled to the north of hole NP-20-07. It intersected a single vein with good
mineralization and remains open to the north and to depth.
Overall, the vein has been intersected over a strike length of
145m
and down to
175m
below
surface. It remains open to the north, south and at depth. The Company will continue both step out
drilling to expand the footprint and infill drilling to understand the controls and volumes of the very
high grade mineralization.
Figure 2: Cross section through holes NP-20-06, NP-20-07 and NP-20-08. (CNW Group/Vizsla
Resources Corp.)
Prospect
Drillhole
Easting
Northing
Elevation
Dip
Azimuth
Hole
Depth
Comment
Napoleon
NP-20-08
403355
2587420
489
-82
258
201.4
NP-20-09
403355
2587420
489
-65
215
168.7
NP-20-10
403355
2587420
489
-65
300
150
Table 2:
Drill hole details. Coordinates in WGS84, Zone 13.
About the Panuco project
Vizsla has an option to acquire 100% of the newly-consolidated 9,386.5 Ha Panuco district in
southern
Sinaloa, Mexico
, near the city of Mazatlán. The option allows for the acquisition of over 75
km of total vein extent, a 500 tpd mill, 35 kms of underground mines, tailings facilities, 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.
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
Panuco's disclosure of technical or scientific information in this press release has been reviewed and
approved by
Stewart Harris
, P.Geo., an independent consultant for the Company. Mr. Harris is a
Qualified Person as defined under the terms of National Instrument 43-101.
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 development of Panuco,
including drilling activities; future mineral exploration, development and production; and completion of
a maiden drilling program.
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.
SOURCE
Vizsla Resources Corp.
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For further information:
and to sign-up to the mailing list, please contact: Michael Konnert,
President and Chief Executive Officer, Tel: (604) 838-4327, Email: [email protected]
CO: Vizsla Resources Corp.
CNW 06:30e 05-AUG-20