Vizsla Silver Discovers New Mineralization WEST of Napoleon at LA Luisa
VIZSLA SILVER DISCOVERS NEW
MINERALIZATION WEST OF NAPOLEON AT
LA LUISA
VANCOUVER, BC
,
Oct. 25, 2022
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report results from 12 new drillholes
targeting the recently discovered "La Luisa" Vein located 700 metres west of the Napoleon Vein, at
its 100%-owned flagship
Panuco
silver-gold project
("Panuco"
) in
Mexico
. The geology and vein
geochemistry suggest the reported drill-hole intercepts correspond to shallow vein-levels, analogous
to the previously proposed "Gold Rich-Shallow" level at the southern end of Napoleon.
Figure 1: Plan map of recent drilling along the La Luisa Vein. (CNW Group/Vizsla Silver Corp.)
Highlights
NP-22-305 returned
404
grams per tonne (g/t) silver equivalent (AgEq)
over 6.13
metres
true width (mTW)
(133 g/t silver, 3.68 g/t gold, 0.17 % lead and 0.30 % zinc)
including,
2,567 g/t AgEq over 0.68 mTW
(595 g/t silver, 27.50 g/t gold, 0.51 % lead and 0.60 %
zinc)
And, 534 g/t AgEq over 2.59 mTW
(197 g/t silver, 4.60 g/t gold, 0.18 % lead and 0.43 % zinc)
including,
1,935 g/t AgEq over 0.57 mTW
(596 g/t silver, 18.50 g/t gold, 0.59 % lead and 0.94 %
zinc)
NP-22-303 returned
286 g/t AgEq over 1.00 mTW
(49 g/t silver,2.90 g/t gold, 0.23 % lead and
0.70 % zinc)
NP-22-321 returned
332 (g/t) AgEq over 0.84 mTW
(70 g/t silver, 1.41 g/t gold, 0.19% lead
and 4.53 % zinc) and,
246 g/t AgEq over 0.35 mTW
(188 g/t silver, 0.69 g/t gold, 0.17% lead and 0.48 % zinc)
"Exploration continues outboard of the major resource centers outlined in the
March 2022
MRE,"
commented
Michael Konnert
, President and CEO.
"La Luisa is one of several newly discovered
prospects in the western portion of the
Panuco
District that hosts significant potential to add
resources. We have now completed twelve drill holes at La Luisa and are encouraged by
similarities shared with the adjacent shallow gold rich zone at Napoleon. This may indicate that
results to date from La Luisa correlate to mineralization higher up in the system, with improved
grades and widths remaining at depth. Moving forward we will test this depth potential and
determine if La Luisa is as robust as Napoleon."
Details of the La Luisa Vein discovery
The La Luisa Vein is located approximately 700 metres to the west of Napoleon in the southwest
portion of the
Panuco
district. The structure has been mapped on surface for almost 1,000 metres
with an average strike of N35°W and dip of 70° - 80° to the NE. The Vein itself is hosted primarily by
rhyolite tuffs (the upper part of the regional lower volcanic sequence) and bears vein-textures
indicative of being at higher-levels in the epithermal profile.
Drilling completed at La Luisa, has returned significant gold concentrations with generally low silver
and base metals. The relatively high gold to silver and base metals ratios observed, suggest this
zone is analogous to the previously reported "Gold Rich-Shallow" level at the southern end of
Napoleon. At Napoleon, interpretations based on metal zonation and alteration, suggest that the vein
corridor has been tilted with the southern extent being at the top of the mineralized horizon, near
surface (See press release dated
December 16, 2021
and
October 12, 2022
).
Going forward, Vizsla plans to drill deeper holes at La Luisa to target the zone's precious metals rich
core, which given the ongoing success of the local exploration model utilized at Napoleon, there
exists the potential for increased grades and widths along strike and down plunge to the south.
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-22-297
No significant assays
La Luisa
NP-22-302
165.00
169.05
4.05
3.44
77
1.11
0.03
0.07
155
La Luisa
Includes
167.70
169.05
1.35
1.15
198
1.93
0.01
0.04
324
NP-22-302
172.05
176.00
3.95
2.93
94
0.65
0.28
0.87
172
FW1-Luisa
NP-22-303
162.10
163.30
1.20
1.00
49
2.90
0.23
0.70
286
La Luisa
Includes
162.10
162.60
0.50
0.42
35
5.69
0.11
0.18
451
NP-22-305
200.95
210.90
9.95
6.13
133
3.68
0.17
0.30
404
La Luisa
Includes
201.75
202.85
1.10
0.68
595
27.50
0.51
0.60
2,567
And
209.60
210.90
1.30
0.80
280
1.91
0.11
0.44
416
NP-22-305
221.50
226.50
5.00
2.59
197
4.60
0.18
0.43
534
FW1-Luisa
Includes
222.50
223.60
1.10
0.57
596
18.50
0.59
0.94
1,935
NP-22-309
217.35
218.80
1.45
0.70
182
0.56
0.04
0.12
215
La Luisa
NP-22-311
No significant assays
La Luisa
NP-22-311
269.00
271.70
2.70
0.83
69
0.50
0.09
0.29
113
FW1-Luisa
NP-22-312
261.80
263.30
1.50
0.76
233
0.30
0.09
0.22
249
La Luisa
NP-22-317
No significant assays
La Luisa
NP-22-321
347.40
348.70
1.30
0.84
70
1.41
0.19
4.53
332
La Luisa
Includes
347.80
348.70
0.90
0.58
88
1.19
0.25
6.31
397
NP-22-321
433.15
434.05
0.90
0.35
188
0.69
0.17
0.48
246
FW1-Luisa
NP-22-324
229.05
233.30
4.25
2.20
103
0.72
0.18
0.43
167
La Luisa
NP-22-327
Pending assays
La Luisa
NP-22-332
Pending assays
La Luisa
Table 1:
Downhole drill intersections from the holes completed along the La Luisa Vein.
Note: AgEq = Ag ppm x Ag rec. + (((Au ppm 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
$20.70
/oz
silver,
$1,655
/oz gold,
$1,902
/t lead and$2,505/t zinc. Metallurgical recoveries applied in the
calculation (93% for silver, 90% for gold, 94% for lead and 94 % for zinc), were determined for the
Napoleon vein (see press release dated
February 17, 2022
).
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
NP-22-297
402,769
2,586,743
386
231
-26.3
177.0
NP-22-302
402,769
2,586,743
386
231
-45.0
234.0
NP-22-303
402,767
2,586,745
388
260
-45.0
234.0
NP-22-305
402,769
2,586,743
386
210
-52.7
324.0
NP-22-309
402,705
2,586,809
430
278
-62.7
240.0
NP-22-311
402,705
2,586,809
430
278
-68.7
288.0
NP-22-312
402,706
2,586,810
430
206
-68.5
414.0
NP-22-317
402,859
2,586,581
467
222
-66.9
447.0
NP-22-321
402,859
2,586,581
467
296
-61.0
465.0
NP-22-324
402,859
2,586,581
467
254
-66.0
283.0
NP-22-327
403,025
2,586,785
450
251
-50.0
567.0
NP-22-332
403,025
2,586,785
450
229
-43.4
556.5
Table 2:
La
Luisa 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 6,761-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.
Panuco
hosts an estimated in-situ indicated mineral resource of 61.1 Moz AgEq and an in-situ
inferred resource of 45.6 Moz AgEq. A NI 43-101 technical report, titled "National Instrument 43-101
Technical Report for the Panuco Project Mineral Resource Estimate
Concordia, Sinaloa, Mexico
"
was filed on SEDAR on
April 7, 2022
, with an effective date of
March 1, 2022
was prepared by
Tim
Maunula
, P.Geo., Principal Geologist, T. Maunula & Associates Consulting Inc and
Kevin Murray
,
P.Eng, Manager Process Engineering, Ausenco.
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 has completed over 210,000 metres of drilling at
Panuco
leading
to the discovery of several new high-grade veins. For 2022, Vizsla has budgeted +120,000 metres
of resource/discovery-based drilling, designed to upgrade, and expand the maiden resource as well
as test other high priority targets across the district.
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
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.
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, and publication of a resource update in Q4 2022.
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' 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.
Figure 2: Longitudinal section of the La Luisa Vein. The section is inclined along the dip of the
structure. (CNW Group/Vizsla Silver Corp.)
Figure 3: Cross section highlighting recent drill intercepts on La Luisa Vein. (CNW Group/Vizsla
Silver Corp.)
SOURCE
Vizsla Silver Corp.
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For further information:
Michael Konnert, President and Chief Executive Officer, Tel: (604) 364-
2215, Email: [email protected], Website: www.vizslasilvercorp.ca
CO: Vizsla Silver Corp.
CNW 08:00e 25-OCT-22