Vizsla Drills 2,889 G/T Silver and 107.9 G/T Gold over 3.7 Metres within 1,808 G/T Silver and 66.8 G/T Gold over 6.0 Metres at Panuco, Mexico (VZLA-TSX-V)
Vizsla Drills 2,889 G/T Silver and 107.9 G/T
Gold over 3.7 Metres within 1,808 G/T Silver
and 66.8 G/T Gold over 6.0 Metres at Panuco,
Mexico
(VZLA-TSX-V)
VANCOUVER, BC
,
July 8, 2020
/CNW/ -
Vizsla Resources Corp. (TSX-V: VZLA)
("
Vizsla
" or the
"
Company
") is pleased to announce additional drilling results from the Napoleon Vein Corridor at the
Panuco silver-gold project in
Mexico
. A total of eleven holes have been completed to date at
Napoleon with results returned for the mineralized intervals of four holes. High grade intercepts have
been returned. The Company has two drill rigs operating on the project testing multiple targets.
Drilling Highlights
NP-20-07
8,078 g/t silver equivalent
(1,808.2 grams per tonne ("g/t") silver, 66.8 g/t gold, 2.99% lead
and 3.30 % zinc) over 6.0 metres ("m") from 69.0 including;
12,992 g/t silver equivalent
(2,889.2 g/t silver, 107.9 g/t gold, 4.80% lead and 4.56 %
zinc) over
3.7m
from
69.5m
including;
21,034 g/t silver equivalent
(2,240.0 g/t silver, 199.0 g/t gold, 12.85% lead and 3.27%
zinc) over
0.85m
from
72.35m
NP-20-05
284 g/t silver equivalent
(134.3 g/t silver, 1.34 g/t gold, 0.49% lead and 0.91% zinc) over
10.65m
from
112.35m
including;
1,201 g/t silver equivalent
(719.0 g/t silver, 5.10 g/t gold, 0.71% lead and 1.42% zinc)
over
1.0m
from
118.6m
Note: All numbers are rounded and widths represent downhole lengths. True widths are estimated at between 51-71% 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
Vizlsa is reporting as silver equivalent due to the average ratio of metal value in the Panuco district
being 60:40 silver to gold. The company's geological interpretation of the results is that these high
grades in NP-20-07 is in the very core of the mineralization and broader drilling is reverting to the
silver dominant nature similar to observed in holes NP-20-04 and NP-20-05.
Vizsla President and CEO,
Michael Konnert
, commented:
"We are thrilled with these high grade
results as they support our understanding that the Napoleon vein system remains open along trend
to the north and south and at depth. With a 14,500 metre drill program underway, The Company
will continue to drill the Napoleon vein system and the multiple other drill targets in vein systems
across the Panuco district. Our second rig is currently turning at Cordon del
Oro
. Being fully-
funded, Vizsla intends to provide steady drilling news flow over the summer months."
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
Gold
Lead
Zinc
Silver Equivalent
Comment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(g/t)
NP-20-04
61.35
62.15
0.8
308.0
2.41
0.11
0.25
522.6
And
96.25
98.03
1.78
58.6
2.49
0.48
1.40
330.8
And
105.55
107.1
1.55
48.2
0.29
1.89
9.07
327.0
And
113.5
117.0
3.5
56.6
1.11
0.22
1.10
186.9
Incl
116.0
117.0
1.0
90.3
3.05
0.45
2.43
436.2
And
120.55
127.5
6.95
75.0
0.78
0.23
0.96
171.1
Hanging wall
Vein
Incl
125.37
126.25
0.88
169.0
1.69
0.43
3.98
418.5
NP-20-05
112.35
123.0
10.65
134.3
1.34
0.49
0.91
283.8
Hanging wall
Vein
Incl
118.6
119.6
1.0
719.0
5.10
0.71
1.42
1,200.8
NP-20-06
54.9
57.3
2.4
Void space due to mined out vein
And
58.0
58.6
0.6
Assays Pending
Residual non-
mined vein
And
125.1
126.0
0.9
150.0
0.88
0.07
0.30
231.4
NP-20-07
69.0
75.0
6.0
1,808.2
66.8
2.99
3.30
8,077.6
Hanging wall
Vein
Incl
69.5
73.2
3.7
2.889.2
107.9
4.80
4.56
12,991.6
72.35
73.2
0.85
2,240.0
199.0
12.85
3.27
21,034.2
And
80.6
82.7
2.1
127.1
1.09
0.23
4.11
322.3
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 51-71% 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
Vizsla Resources | Cross section through holes NP-20-06, NP-20-07 and NP-20-08. (CNW
Group/Vizsla Resources Corp.)
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.
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 20
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.
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.
Vizsal | Cross section through holes NP-20-06, NP-20-07 and NP-20-08. (CNW Group/Vizsla
Resources Corp.)
Figure 2:
Cross section through holes NP-20-06, NP-20-07 and NP-20-08.
Hole NP-20-06 is located
60m
to the north of NP-20-03 and intersected the old mine workings at the
target depth. A narrow interval of un-mined vein is awaiting assay results. Further down the hole (to
the west) a narrow well mineralized vein was intersected at
125.1m
.
Hole NP-20-07 was a steep hole that tested the main hanging wall vein
20m
downdip from hole NP-
20-06. The vein is dark grey with a semi-massive sulphide mineralization and little white or grey
quartz. Further down the hole a second mineralized vein was intersected. This bonanza grade
material was likely the focus of historical mining within the now inaccessible Napoleon mine.
Hole NP-20-08 was drilled steeper again and intersected the main vein and multiple additional veins
into the footwall of the Napoleon structural corridor. Assays are pending for this hole.
Holes NP-20-09 and NP-20-10 were drilled off section to the south and north (of holes NP-20-06, -
07 and -08), respectively and intersected veining. Lastly Hole NP-20-11 has just been completed to
the south of the discovery hole NP-20-02. It intersected the main vein. These holes are being
logged and sampled prior to shipping for assay.
Drilling has intersected the Napoleon vein over
150m
of strike and it remains open to the north, south
and at depth.
Prospect
Drillhole
Easting
Northing
Elevation
DIP
Azimuth
Hole
Depth
Comment
Napoleon
NP-20-04
403286
2587344
470
-60
80
147
NP-20-05
403286
2587344
470
-60
106
151.5
NP-20-06
403355
2587420
489
-60
258
150
Intersected
void at target
depth
NP-20-07
403355
2587420
489
-72
258
225
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
NP-20-11
403424
2587284
450
-43
280
160.8
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 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/July2020/08/c2372.html
%SEDAR: 00045314E
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 11:07e 08-JUL-20