Vizsla Silver Confirms Exceptional Continuity of High-Grade Silver and GOLD Through Ongoing Infill Drilling at Copala Central
VIZSLA SILVER CONFIRMS EXCEPTIONAL CONTINUITY OF HIGH-GRADE
SILVER AND GOLD THROUGH ONGOING INFILL DRILLING AT COPALA
CENTRAL
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
Aug. 28, 2024
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA) (
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report
results from twenty-two new drill holes targeting the
Copala
resource area at its 100%-owned, flagship Panuco silver-gold project ("
Panuco
" or the "
Project
")
located in
Mexico
. The reported drilling, designed to infill near-surface Indicated Mineral Resources, has confirmed high-grade mineral continuity where initial
mining is likely to occur during the first two years of production at
Copala
central.
Highlights
CS-24-381A returned
6,270 grams per tonne (g/t) silver equivalent (AgEq) over 6.25 metres true width (mTW)
(3,698 g/t silver and 41.20 g/t gold)
Including 10,634 g/t AgEq over 3.22 mTW (6,304 g/t silver and 69.47 g/t gold)
CS-24-375 returned
1,212 g/t AgEq over 14.20 mTW
(978 g/t silver and 4.56 g/t gold)
Including 2,447 g/t AgEq over 0.41 mTW (1,775 g/t silver and 11.80 g/t gold)
And, 1,911 g/t AgEq over
0.57 m
TW (1,500 g/t silver and 7.74 g/t gold)
And, 6,983 g/t AgEq over
1.42 m
TW (5,894 g/t silver and 22.97 g/t gold)
And, 1,850 g/t AgEq over
0.37 m
TW (1,580 g/t silver and 5.85 g/t gold)
CS-24-377 returned
1,083 g/t AgEq over 10.00 mTW
(895 g/t silver and 3.81 g/t gold)
Including 4,669 g/t AgEq over 2.00 mTW (3,915 g/t silver and 15.69 g/t gold)
CS-24-380 returned
2,554 g/t AgEq over 13.30 mTW
(1,861 g/t silver and 12.20 g/t gold)
Including 6,037 g/t AgEq over 4.36 mTW (4,463 g/t silver and 28.02 g/t gold)
And, 4,863 g/t AgEq over 1.14 mTW (3,190 g/t silver and 27.80 g/t gold)
"Infill drilling at
Copala
continues to highlight excellent precious metals continuity,"
commented
Michael Konnert
, President & CEO.
"Our recent infill campaign
focused on upgrading resources within the area designated for the first two years of potential production. Not only has this program been successful in
demonstrating continuity of high grades but has also expanded the local high-grade footprint closer to surface. Based on these results, we have commenced
an
additional +5,000 metre program designed to both extend resources outboard of the current MRE and to upgrade additional inferred resources at
Copala
. This
additional drilling is expected to be completed in late September."
Figure 1: Plan map of recent drilling centered on the Copala structure. (CNW Group/Vizsla Silver Corp.)
The precious metals dominant
Copala
structure, located in the western portion of the
Panuco
district, is situated ~800 m to the east of the Napoleon Vein.
Copala
currently hosts Indicated Resources of 83.3 Moz AgEq at 573 g/t AgEq and Inferred Resources of 48.3 Moz AgEq at 476 g/t AgEq within a broad envelope of
vein-breccia interlayered with host rock, up to 82 metres thick (please refer to our Technical Report on Updated Mineral Resource Estimate for the Panuco Ag-
Au-Pb-Zn Project, Sinaloa State,
Mexico
, by
Allan Armitage
,
Ben Eggers
and Peter Mehrfert, dated
February 12, 2024
and to Vizsla's press release dated
January 8, 2024
). Interpretations by Vizsla geologists indicate
Copala
has an average dip of ~46° to the east (~35° in its northern sector and steepening to ~65°
in the southern sector).
Exploration and Resource drilling at
Copala
has traced mineralization along ~1,770 metres of strike length and ~400 metres down dip. The recently completed
infill program at
Copala
central consisted of 10,172 metres in 33 holes. The program was designed to convert near surface indicated mineral resources in the
central portion of the main
Copala
structure into the measured resource category. The twenty-two infill holes reported herein were drilled at approximately 25
metre centers from pre-existing holes and successfully confirm high-grade precious metals continuity along the main
Copala
structure. Based on recent mapping
with the aid of LiDAR, Vizsla discovered a historic mine adit on surface at
Copala
central. This, in combination with 3D interpretations of drilling data, supports the
potential for resource expansion up dip from the previously reported CS-24-356 hole containing visible gold (see press release dated
June 26, 2024
). This
prospective area for resource expansion is estimated to measure approximately 120 x 200 metres and hosts the possibility for additional near-surface target
areas located along strike of
Copala
and above the intersection between the
Copala
and Cristiano veins. To test this target, Vizsla has commenced an additional
+5,000 metre drill program designed to both expand resources outboard of the current MRE and to convert inferred resources into higher confidence categories
(see press release dated
August 21, 2024
). The +5,000 metre expansion-infill program is expected to be completed in late September.
Figure 2: Inclined longitudinal section for Copala structure with drillhole pierce points and location of the recently discovered historic adit on Copala. The section is
1x along strike to 1.4x along the dip to compensate for the average 46-degree dip of Copala. The black dash outlines represent Copala 3 sitting on the hanging
wall of Copala. (CNW Group/Vizsla Silver Corp.)
Figure 3: Cross section showing Copala structure, Cristiano, Copala 3, and Tajitos veins with completed drilling. (CNW Group/Vizsla Silver Corp.)
Drillhole
From
To
Downhole
Length
Estimated
True width
Ag
Au
AgEq
Vein
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
CS-24-365
346.50
352.50
6.00
4.10
395
2.37
527
Copala
Includes
351.00
352.50
1.50
1.03
1,160
6.77
1,533
CS-24-365
360.00
361.30
1.30
1.15
1,950
9.08
2,415
Copala
CS-24-368
340.90
342.30
1.40
1.40
2,372
9.06
2,797
Copala 3
Includes
340.90
341.70
0.80
0.80
3,950
15.60
4,694
CS-24-368
349.90
351.65
1.75
1.75
567
2.64
702
Copala 3
CS-24-368
363.00
364.40
1.40
1.40
171
0.76
209
Copala
CS-24-368
367.20
368.50
1.30
1.30
175
0.80
216
Copala
CS-24-369
318.75
319.75
1.00
0.90
94
0.66
132
Copala 3
CS-24-369
334.00
342.00
8.00
5.80
493
2.14
599
Copala
Includes
334.00
334.40
0.40
0.29
950
4.76
1,200
Includes
339.25
340.20
0.95
0.69
2,701
10.03
3,165
CS-24-370
196.50
198.00
1.50
1.40
191
1.02
245
Copala
CS-24-371A
218.80
225.25
6.45
4.60
235
1.45
317
Copala
CS-24-372
300.00
307.70
7.70
7.50
517
2.45
644
Copala
Includes
303.00
304.40
1.40
1.36
1,821
6.23
2,096
CS-24-372
311.20
314.40
3.20
3.00
1,166
5.12
1,422
Copala
CS-24-373
185.05
189.00
3.95
2.75
435
2.96
605
Copala
Includes
185.05
186.00
0.95
0.66
941
6.66
1,326
CS-24-374
198.90
201.70
2.80
2.30
532
3.92
761
Copala
Includes
200.05
201.00
0.95
0.78
1,120
8.78
1,638
CS-24-375
290.85
308.35
17.50
14.20
978
4.56
1,212
Copala
Includes
291.70
292.20
0.50
0.41
1,775
11.80
2,447
Includes
294.00
294.70
0.70
0.57
1,500
7.74
1,911
Includes
304.20
305.95
1.75
1.42
5,894
22.97
6,983
Includes
307.90
308.35
0.45
0.37
1,580
5.85
1,850
CS-24-376
221.70
226.65
4.95
4.00
627
4.32
875
Copala
Includes
224.10
225.50
1.40
1.13
1,500
6.84
1,847
CS-24-377
280.10
292.10
12.00
10.00
895
3.81
1,083
Copala
Includes
289.70
292.10
2.40
2.00
3,915
15.69
4,669
CS-24-378
211.95
216.15
4.20
3.95
1,663
12.09
2,366
Copala
Includes
214.15
216.15
2.00
1.88
2,988
22.02
4,271
CS-24-379A
209.50
213.15
3.65
3.40
592
4.20
835
Copala
Includes
211.90
213.15
1.25
1.16
1,280
8.96
1,796
CS-24-380
278.10
293.80
15.70
13.30
1,861
12.20
2,554
Copala
Includes
281.75
286.90
5.15
4.36
4,463
28.02
6,037
Includes
290.65
292.00
1.35
1.14
3,190
27.80
4,863
CS-24-381A
219.60
226.50
6.90
6.25
3,698
41.20
6,270
Copala
Includes
220.60
224.15
3.55
3.22
6,304
69.47
10,634
CS-24-382
309.70
320.60
10.90
10.20
438
2.64
584
Copala
Includes
312.00
312.55
0.55
0.51
1,970
11.70
2,618
Includes
314.35
316.70
2.35
2.20
910
5.26
1,199
CS-24-383
No Significant Values
Copala
CS-24-384
252.95
254.40
1.45
1.40
460
2.41
589
Copala
CS-24-385
337.05
338.20
1.15
1.10
558
6.00
931
Copala 3
CS-24-385
348.70
354.00
5.30
5.00
426
2.01
529
Copala
Includes
348.70
349.40
0.70
0.66
2,090
9.58
2,577
CS-24-385
359.65
370.40
10.75
9.70
349
1.86
449
Copala
Includes
369.00
370.40
1.40
1.35
1,235
5.40
1,505
CS-24-386
257.00
257.55
0.55
0.55
152
1.16
220
Copala
CS-24-387
314.65
315.50
0.85
0.85
332
2.58
484
Copala
CS-24-388
No Significant Values
Copala 3
CS-24-388
352.75
361.45
8.70
6.40
396
1.44
462
Copala
Includes
352.75
353.55
0.80
0.59
688
3.11
845
Includes
354.95
355.25
0.30
0.22
5,920
17.85
6,646
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 91% for silver and 94% for gold. Gold and silver metallurgical recoveries used in this release are from
metallurgical test results of the Copala vein (see press release dated August 16, 2023).
Table 1:
Downhole drill intersections from the holes reported for
Copala
and
Copala
3 veins.
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
CS-24-365
404,844
2,586,892
653
275.6
-66.3
372.0
CS-24-368
404,912
2,586,771
680
261.4
-54.0
387.0
CS-24-369
404,834
2,587,004
596
236.1
-64.0
349.5
CS-24-370
404,744
2,586,875
615
251.1
-55.1
223.5
CS-24-371A
404,744
2,586,875
615
253.3
-69.8
240.0
CS-24-372
404,834
2,587,004
596
255.6
-66.8
330.0
CS-24-373
404,701
2,586,892
595
280.2
-73.9
196.5
CS-24-374
404,702
2,586,892
595
288.4
-78.6
216.0
CS-24-375
404,834
2,587,004
596
251.8
-62.5
336.0
CS-24-376
404,724
2,586,986
595
222.7
-67.4
249.0
CS-24-377
404,834
2,587,004
596
250.8
-57.9
318.0
CS-24-378
404,724
2,586,986
594
239.0
-68.0
237.0
CS-24-379A
404,724
2,586,986
594
256.6
-64.6
231.0
CS-24-380
404,843
2,587,004
596
258.8
-55.7
304.5
CS-24-381A
404,724
2,586,986
594
242.1
-73.2
237.0
CS-24-382
404,834
2,587,004
596
244.8
-66.7
343.5
CS-24-383
404,758
2,587,035
597
249.8
-52.4
271.5
CS-24-384
404,759
2,587,035
597
257.0
-55.0
271.5
CS-24-385
404,912
2,586,770
680
269.7
-47.9
381.0
CS-24-386
404,759
2,587,035
597
250.8
-59.0
277.5
CS-24-387
404,848
2,587,120
573
244.0
-42.4
331.5
CS-24-388
404,843
2,586,892
653
239.1
-60.1
372.0
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
17,856.5-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.
On
January 8, 2024
, the Company announced an updated mineral resource estimate for
Panuco
which includes an estimated in-situ indicated mineral resource of
155.8 Moz AgEq and an in-situ inferred resource of 169.6 Moz AgEq (please refer to our Technical Report on Updated Mineral Resource Estimate for the Panuco
Ag-Au-Pb-Zn Project, Sinaloa State,
Mexico
, by
Allan Armitage
,
Ben Eggers
and Peter Mehrfert, dated
February 12, 2024
and to our Company´s press release
dated
January 8
, 2024).
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 Silver has completed over 380,000 metres of drilling at
Panuco
leading to the discovery of
several new high-grade veins. For 2024, Vizsla Silver has budgeted +45,000 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 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
and rock samples were shipped to SGS Lab in
Durango Mexico
for sample preparation and analysis. The ALS Zacatecas,
North Vancouver
facilities and SGS lab 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,
Jesus Velador
, Ph.D. MMSA QP., Vice President of Exploration, 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.
Website:
www.vizslasilvercorp.ca
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.
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Contact Information: For more information and to sign-up to the mailing list, please contact: Michael Konnert, President and Chief
Executive Officer, Tel: (604) 364-2215, Email: [email protected]
CO: Vizsla Silver Corp.
CNW 06:00e 28-AUG-24