Vizsla Silver Discovers New High- Grade Structure Located 250 Metres WEST of the Copala Resource
VIZSLA SILVER DISCOVERS NEW HIGH-
GRADE STRUCTURE LOCATED 250 METRES
WEST OF THE COPALA RESOURCE
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
Oct. 24, 2023
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla Silver
" or the "
Company
") is pleased to report results from five new drill
holes completed at its 100%-owned flagship
Panuco
silver-gold project
("Panuco"
or the
"Project"
)
in
Mexico
. Recent drilling has intercepted precious metals rich mineralization close to surface at the
new El Molino Vein, located between the Napoleon and
Copala
resource areas, approximately 250
metres west of the
Copala
structure.
Highlights
NP-23-359 returned
2,066 grams per tonne (g/t) silver equivalent (AgEq) over 1.65 metres
true width (mTW)
(1,552 g/t silver, 8.37 g/t gold, 0.47 % lead and 1.22 % zinc)
Including, 3,480 g/t AgEq over 0.93 mTW (2,630 g/t silver, 14.20 g/t gold, 0.62 % lead and
1.57 % zinc)
NP-23-407 returned
1,110 g/t AgEq over 1.70 mTW
(1,000 g/t silver, 2.25 g/t gold, 0.33 %
lead and 0.52 % zinc)
Including, 2,033 g/t AgEq over 0.85 mTW (1,885 g/t silver, 3.61 g/t gold, 0.43 % lead and
0.66 % zinc)
NP-23-411 returned
395 g/t AgEq over 4.15 mTW
(179 g/t silver, 0.96 g/t gold, 0.19 % lead
and 4.38 % zinc)
"We are excited to announce yet another high-grade, near-surface discovery at the
Panuco
project,"
commented
Michael Konnert
, President and CEO. "
El Molino
was discovered while
conducting condemnation drilling between the
Copala
and Napoleon resource areas where future
mining infrastructure could potentially be situated. This discovery marks the second new discovery
of this year's drill program that is in close proximity to the Project's other major resource centres.
To date, we have traced high-grade mineralization at
El Molino
for approximately 170 metres
along strike and 200 metres down dip, and it remains open in all directions. Moving forward, we
intend to complete 2,500 metres of additional drilling at
El Molino
with the goal of expanding the
zone's mineralized footprint."
Figure 1: Plan map of recent drilling along El Molino vein. (CNW Group/Vizsla Silver Corp.)
Figure 1:
Plan map of recent drilling along
El Molino
vein.
Details of the El Molino Vein discovery
The Molino Vein is located in the southwest portion of the
Panuco
district between the Napoleon and
Copala
resource areas, approximately 250 metres west of the
Copala
and
Tajitos
veins.
Discontinuous outcrops of the vein have been mapped on surface along approximately 600 metres
with average strike of N55°E and average dip of 80° to the southeast. On surface, Molino varies in
thickness and contains sparse anomalous silver and gold grades up to 490 g/t and 1.2 g/t,
respectively.
El Molino
consists of alternating bands of quartz and sulfides (sphalerite, galena and
acanthite), and shows similar vein textures to those observed at Napoleon and La Luisa veins. The
vein is hosted by diorite which Vizsla has determined to be a favorable host rock in the district.
Discovery hole NP-23-359 was originally designed to condemn the area for potential mine and plant
infrastructure and intercepted the new
El Molino
vein ~80 metres below surface. To date, the
Company has completed five holes tracing high-grade mineralization for approximately 170 metres
along strike and 200 metres down dip. Vizsla plans to drill another 2,500 metres on a second phase
to expand the current high-grade footprint along strike and at depth.
Figure 2: Longitudinal section of El Molino Vein showing drillhole intercepts and surface samples
(vertical section). (CNW Group/Vizsla Silver Corp.)
Figure 2:
Longitudinal section of El Molino Vein showing drillhole intercepts and surface samples
(vertical section).
Figure 3: Cross section showing drillhole intercepts on El Molino, Tajitos, Copala 2 and Copala
veins. (CNW Group/Vizsla Silver Corp.)
Figure 3:
Cross section showing drillhole intercepts on
El Molino
,
Tajitos
,
Copala
2 and
Copala
veins.
Drillhole
From
To
Downhole
Length
Estimated
True width
Ag
Au
Pb
Zn
AgEq
Vein
(m)
(m)
(m)
(m)
(g/t)
(g/t)
%
%
(g/t)
NP-23-359
80.00
82.05
2.05
1.65
1,552
8.37
0.47
1.22
2,066
El Molino
Includes
80.90
82.05
1.15
0.93
2,630
14.20
0.62
1.57
3,480
NP-23-405
114.40
115.90
1.50
1.10
188
0.62
0.80
2.52
332
El Molino
NP-23-407
148.40
150.60
2.20
1.70
1,000
2.25
0.33
0.52
1,110
El Molino
Includes
148.40
149.50
1.10
0.85
1,885
3.61
0.43
0.66
2,033
El Molino
NP-23-410
No significant values
El Molino
NP-23-411
174.20
181.10
6.90
4.15
179
0.96
0.19
4.38
395
El Molino
Includes
176.90
178.10
1.20
0.72
576
3.13
0.42
1.99
831
Table 1:
Downhole drill intersections from the holes completed along the El Molino vein.
Note: AgEq = Ag g/t x Ag rec. + ((Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn price/t))/Ag price/gram. Metal price assumptions are
$24.00/oz silver, $1,800/oz gold, $2,424.4/t lead and $2,975.4/t zinc. Metallurgical recoveries assumed are 93% for silver, 90% for gold, 94% for lead and 94% for zinc. Metallurgical
recoveries used in this release are from metallurgical test results of the Napoleon vein (see press release dated February 17, 2022).
Figure 4: Photo of NP-23-359 showing El Molino vein from 80.00 to 82.05 metres down the hole.
(CNW Group/Vizsla Silver Corp.)
Figure 4:
Photo of NP-23-359 showing
El Molino
vein from 80.00 to 82.05 metres down the hole.
Figure 5: Photo of NP-23-411 showing El Molino vein from 174.20 to 181.10 metres down the hole.
Disseminated and semi-massive sulfides occur down to 181.10 metres. (CNW Group/Vizsla Silver
Corp.)
Figure 5:
Photo of NP-23-411 showing
El Molino
vein from 174.20 to 181.10 metres down the hole.
Disseminated and semi-massive sulfides occur down to 181.10 metres.
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
NP-23-359
404,202
2,587,243
499
272
-45.0
330.0
NP-23-405
404,185
2,587,149
545
321
-48.0
240.0
NP-23-407
404,185
2,587,149
545
345
-45.0
240.0
NP-23-410
404,185
2,587,149
545
297
-45.0
225.0
NP-23-411
404,185
2,587,149
545
349
-58.0
375.0
Table 2:
El Molino vein drillhole details. 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 7,189.5-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.
The Panuco Project hosts an estimated in-situ indicated mineral resource of 104.8 Moz AgEq and an
in-situ inferred resource of 114.1 Moz AgEq. An updated NI 43-101 technical report titled "Technical
Report on the Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa
State,
Mexico
" was filed on SEDAR on
March 10, 2023
, with an effective date of
January 19, 2023
was prepared by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo. and Yann Camus,
P.Eng. of SGS Geological Services.
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 310,000 metres of drilling at
Panuco
leading to the discovery of several new high-grade veins. For 2023, Vizsla Silver has budgeted
+90,000 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,
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.
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 mineral resource.
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 public health crises; 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 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 public health crises; the economic and financial
implications of public health crises 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; the ongoing military conflict in
Ukraine
; general economic facts; and the factors
identified under the caption "Risk Factors" in Vizsla Silver's management discussion and analysis and
other public disclosure documents. 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.
SOURCE
Vizsla Silver Corp.
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CO: Vizsla Silver Corp.
CNW 08:00e 24-OCT-23