Vizsla drills 1,544 g/t silver eq. over 8.2 metres in new discovery at Panuco project, Mexico (VZLA-TSX-V)
Vizsla drills 1,544 g/t silver eq. over 8.2 metres
in new discovery at Panuco project, Mexico
(VZLA-TSX-V)
VANCOUVER, BC
,
June 24, 2020
/CNW/ -
Vizsla Resources Corp. (TSX-V: VZLA)
("
Vizsla
" or
the "
Company
") is pleased to announce the first drilling results from the Napoleon Vein Corridor at
the Panuco silver-gold district in
Mexico
. Five holes have been completed to date and results have
been received for the mineralized intervals of two holes, NP-20-02 and NP-20-03, with high grade
intercepts returned. The company has restarted exploration and currently has two drill rigs
operating on the property.
Drilling Highlights
NP-20-02
1,544 g/t silver equivalent (738.9 grams per tonne ("g/t") silver and 11.06 g/t gold) over 8.2
metres ("m") from
108.6m
including;
3,348 g/t silver equivalent (1,527.5 g/t silver and 24.9 g/t gold) over
2.0m
from
108.6m
NP-20-03
1,133 g/t silver equivalent (453.8 g/t silver and 9.20 g/t gold) over
2.5m
from
76.0m
. And,
905 g/t silver equivalent (309.3 g/t silver and 8.00 g/t gold), 2.22% lead and 4.75% zinc over
5.1m
from
102.4m
including;
1,375 g/t silver equivalent (186.3 g/t silver and 15.63 g/t gold), 1.12% lead and 7.73% zinc
over
1.8m
from
103.5m
Note: All numbers are rounded and widths represent downhole lengths. True widths are estimated at between 46-66% of downhole lengths. All calculations assume 94%
recovery for silver and 96% recovery for gold. Silver equivalent is calculated using the following formula: Silver-equivalent = (0.94 * silver grade) +(80 * (0.96 * gold grade).
"This news can't come at a better time as silver and gold have been breaking out and the Napoleon
results mark our first major high-grade discovery at Panuco. The broad high-grade mineralization
in drill hole NP-20-02 attest to the significant potential at the underexplored district. The Company
is now fully financed with over
C$6 million
in the bank and has two drill rigs turning at the project
with more results pending.
stated President and CEO,
Michael Konnert
.
Vice President of Exploration
Charles Funk
commented
"These results are a very exciting discovery
for Vizsla with multiple veins intersected in drilling containing very high-grade silver, gold and base
metals. These holes are the first ever drilled on the Napoleon vein which extends over more than
2 km of strike and hosts multiple small-scale mines and mineralized outcrops. Drilling is ongoing
with two deeper holes and a hole in progress
60m
to the north of NP-20-03, all which have each
intersected veins. Vizsla is continuing to step out to expand and define the footprint of
mineralization at Napoleon".
The Napoleon Vein Corridor is located almost entirely on concessions optioned from
Rio Panuco
which Vizsla has the right to purchase 100% of including the 500 tonne per day
El Coco
mill, tailings
facility, roads, power and permits for a total of
US$23,000,000
.
Complete table of drillhole intersections
DRILLHOLE
FROM
TO
WIDTH
SILVER
EQUIVALENT
SILVER
GOLD
LEAD
ZINC
COMMENT
(M)
(M)
(M)
(G/T)
(G/T)
(G/T)
(%)
(%)
NP-20-02
99.80
116.80
17.0
769.2
369.1
5.50
0.70
1.28
Includes dilution
between veins
Incl.
99.80
101.80
2.0
145.1
72.5
1.00
0.32
0.40
Footwall Vein
And
108.60
116.80
8.2
1,544.2
738.9
11.06
1.34
2.38
Hangingwall Vein
Incl.
108.60
110.60
2.0
3,348.2
1,527.5
24.90
1.46
2.14
NP-20-03
76.00
110.25
34.25
260.5
106.4
2.10
0.49
1.35
Includes dilution
between veins
Incl.
76.00
78.50
2.5
1,133.4
453.8
9.20
0.80
1.77
And
82.50
84.45
1.95
400.0
262.2
2.00
0.69
7.15
And
89.50
92.05
2.55
98.9
69.6
0.44
0.17
0.17
And
102.40
107.50
5.10
905.3
309.3
8.00
2.22
4.75
Hangingwall Vein
Incl.
103.50
105.30
1.8
1,375.4
186.3
15.63
1.12
7.73
Table 1:
Downhole drill intersections from the holes completed at the Napoleon Vein,
Panuco.
Note: All numbers are rounded and widths represent downhole lengths. True widths are estimated at between 46-66% of downhole lengths. All calculations assume 94%
recovery for silver and 96% recovery for gold. Silver equivalent is calculated using the following formula: Silver-equivalent = (0.94 * silver grade) +(80 * (0.96 * gold grade). The
company is disclosing results on a silver equivalent basis due to the overall silver dominant nature of mineralization at the Panuco project.
Drilling detail
The Napoleon corridor is hosted in weakly magnetic fine-grained diorite and trends approximately
north – south. The structure hosts two main quartz veins that are separated by some 10 to
20m
metres and appears to dip very steeply to sub-vertical. So far it has been mapped along strike for
over
2,000 m
. Between the two main veins are a series of smaller splay veins with variable
orientations, that are related to dilation along the structure under strike slip movement.
Vizsla Resources - Napoleon - Plan map showing location of drillholes, mapped veins and surface
and underground sampling at Napoleon.
The over 2,000 metre long corridor has never previously
been drilled. (CNW Group/Vizsla Resources Corp.)
The two main veins are multi-episodal quartz veins, with sections of massive white to greyish quartz
as well as local brecciation with clasts of grey quartz, white vein quartz and / or wallrock pieces.
The greyish quartz is grey due to the presence of the very fine-grained silver rich sulphide mineral
argentite. A later breccia cuts these earlier phases comprising grey quartz supporting polymictic
clasts of grey and white quartz along with strong chlorite and common to abundant, fine to medium
grained pyrite, sphalerite and galena.
The main high-grade hangingwall vein intersected in holes NP-20-02 and NP-20-03 has a true width
of between 3.4-5.3 metres. Other veins intersected require further drilling to confirm true widths as
they may equally represent parallel veins or high angle structures to the hanging wall vein.
Hole NP-20-01 failed to reach the target depth when it intersected a void that is likely a decline built
at the southern end of the historic Napoleon Mine. The mine workings are inaccessible preventing
present day sampling; however, the mine is believed to have been worked up to a depth of
50m
below surface.
Hole NP-20-02 was drilled at a steeper angle and was the first intersection of the Napoleon veins.
Hole NP-20-03 was angled to the north and intersected the veins 30 metres to the north of hole NP-
20-02. Results from both veins are reported in this new release.
Hole NP-20-04 is a steeper vein beneath hole NP-20-03 and intersected the veins ~20-
25m
down
dip. Hole NP-20-04 is a steeper vein beneath hole NP-20-02 and intersected the veins at ~12-
20m
down dip as the vein steepened more than expected. Samples from both holes have been submitted
for analysis and assays are pending.
The drill rig has been moved north and is drilling beneath the old Napoleon mine in hole NP-20-06.
The hole is currently in progress and has intersected veins
60m
to the north of hole NP-20-03.
Vizsla Resources - Napoleon - Cross section through holes NP-20-03 and NP-20-04 with
intersections labelled. (CNW Group/Vizsla Resources Corp.)
Vizsla Resources - Napoleon - Drillcore photos of the Napoleon hangingwall vein in hole NP-20-02.
Photographs are of selected intervals and are not necessarily representative of the mineralization
hosted on the property. (CNW Group/Vizsla Resources Corp.)
PROSPECT
DRILLHOLE
EASTING
NORTHING
ELEVATION
DIP
AZIMUTH
HOLE DEPTH
COMMENT
Napoleon
NP-20-01
403286.0
2587344.0
470.0
-45
106
59.2
Hole lost in old workings prior to target depth
NP-20-02
403286.0
2587344.0
470.0
-55
105.3
169.5
NP-20-03
403286.0
2587344.0
470.0
-55
80
144
NP-20-04
403286.0
2587344.0
470.0
-60
80
147
NP-20-05
403286.0
2587344.0
470.0
-60
106
151.5
NP-20-06
403355.0
2587420.0
489.0
-60
258
In Progress
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, B.C.
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.
Overlimits 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 potential drill targets; future mineral exploration, development and production including the
identification of drill targets and commencement of drilling; 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; 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: satisfaction or waiver
of all applicable conditions to closing of the Acquisition including, without limitation, receipt of all
necessary approvals or consents and lack of material changes with respect to Vizsla and Canam
and their respective businesses, all as more particularly set forth in the Acquisition agreement; the
synergies expected from the Acquisition not being realized; business integration risks; fluctuations in
general macro–economic conditions; fluctuations in securities markets and the market price of
Vizsla's common shares; 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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Michael Konnert, President and Chief Executive Officer, Tel: (604) 838-4327, Email:
CO: Vizsla Resources Corp.
CNW 06:30e 24-JUN-20