Vizsla Silver Discovers New Vein Within the Napoleon Corridor Intersecting 1,169 G/T Ageq over 3.2 Metres at Panuco
VIZSLA SILVER DISCOVERS NEW VEIN
WITHIN THE NAPOLEON CORRIDOR
INTERSECTING 1,169 G/T AGEQ OVER 3.2
METRES AT PANUCO
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
March 17, 2022
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report results from five new drill holes
targeting the Cruz Negra Vein, located 250 metres west of the Napoleon resource area, at its
100%-owned, flagship Panuco silver-gold project ("
Panuco
" or the "
Project
") located in
Mexico
. The
results are a part of Vizsla's ongoing, fully funded 120,000-meter resource/discovery-based drill
program.
Highlights
NP-21-236 returned
1,169 grams per tonne (g/t) silver equivalent (AgEq) over 3.2 metres
downhole (mDH)
(160 g/t silver, 10.4 g/t gold, 0.55 % lead and 4.30 % zinc), including;
1,779 g/t AgEq over 1.1 mDH
(256 g/t silver, 14.80 g/t gold, 0.98 % lead and 8.27 %
zinc)
NP-21-232 returned
1,889 g/t AgEq over 1.7 mDH
(1,066 g/t silver, 9.85 g/t gold, 0.40 % lead
and 0.66 % zinc) including;
3,098 g/t AgEq over 0.9 mDH
(1,825 g/t silver, 15.45 g/t gold, 0.48 % Pb and 0.65 % Zn)
NP-21-
146B
returned
3,499 g/t AgEq over 0.7 mDH
(1,795 g/t silver, 21.00 g/t gold, 0.23 %
lead and 0.50 % zinc)
Results are from five of nine completed drill holes at Cruz Negra that define a mineralized zone
approximately 180 long by 240 metres deep, which remains open in all directions
"One of the most exciting aspects of
Panuco
is the tremendous growth potential remaining in the
district,"
commented
Michael Konnert
, President, and CEO.
"Today's results highlight this with a
new high-grade discovery, Cruz Negra, which is associated with the Josephine Vein in the
Napoleon Corridor. Of note is the particularly high gold grades intersected to date at Cruz Negra.
The Company now has eleven rigs on site, increasing to twelve by end of next week, with an equal
split of resource expansion and new exploration drilling. This fits with our 2022 strategy of
defining the full extent of mineralization in and around the initial resource areas while
simultaneously beginning to unlock the full district endowment."
About the Cruz Negra Vein results
In mid-2020, the Company undertook an electromagnetic survey that led to the discovery of the
Josephine Vein located ~120 metres to the west of the Napoleon Vein. To date, drilling along
Josephine has defined two zones of mineralization that currently contribute 3.0Moz AgEq of
indicated and 3.5Moz AgEq inferred to the Project's maiden resource estimate. A technical report is
being prepared in accordance with National Instrument 43-101 ("NI-43-101") and will be available on
the Company's website and SEDAR within 30 days of the date of the Company's
March 1, 2022
news release announcing the resource estimate.
Figure 1: Plan map of recent drilling targeting the Cruz Negra Vein along the Napoleon Vein Corridor
(CNW Group/Vizsla Silver Corp.)
Figure 2: Cruz Negra cross section (CNW Group/Vizsla Silver Corp.)
Follow-up mapping along the western edge of the Napoleon Vein Corridor, defined additional targets
including the north-west trending Cruz Negra Vein, located immediately to the west of Josephine.
This newly discovered vein may represent a splay off the Josephine Vein or a throughgoing structure
that is a splay of the main Napoleon Vein (Figure 1). Initial drilling successfully intersected both the
Josephine and Cruz Negra veins with multiple intercepts in each hole containing high levels of gold
mineralization.
Mineralized assay results received for the first five holes (Table 1) at Cruz Negra, highlight a range
of downhole widths from 0.7-4.45 metres with grades ranging from 335-3,499 g/t AgEq once at the
mineralized elevation.
Field mapping in the area suggests Cruz Negra continues off the Company's claims to the northwest,
before re entering onto Vizsla ground. The Company is currently gaining an understanding of the
local controls to mineralization prior to initial step-out drilling, designed to test the 1.5-kilometre
projected length of the Cruz Negra Vein withing Vizsla claims.
As Company geologists continue to expand the prospecting and mapping phases of the exploration
program, many new veins are being defined and sampled. These new targets are then advanced
through the Company's exploration matrix to ultimately become drill targets. This approach has
generated a large number of drill ready targets in the western portion of the district, many within
close proximity to the initial Napoleon and
Tajitos
resource areas. It is these proximal targets that
will be a near-term focus for exploration in 2022.
Drillhole
From
To
Downhole Length
Ag
Au
Pb
Zn
AgEq
Comments
(m)
(m)
(m)
(g/t)
(g/t)
%
%
(g/t)
NP-21-146B
193.80
194.50
0.70
1,795
21.00
0.23
0.50
3,499
NP-21-222
242.90
247.35
4.45
34
3.26
0.12
0.98
335
Incl.
244.00
245.20
1.20
59
9.94
0.25
2.13
941
NP-21-227
No significant values
NP-21-232
168.60
170.25
1.65
1,066
9.85
0.40
0.66
1,889
Incl.
168.60
169.50
0.90
1,825
15.45
0.48
0.65
3,098
And
292.55
296.25
3.70
440
3.74
0.46
2.25
837
Josephine
Incl.
294.05
295.55
1.50
707
5.27
0.32
1.55
1,196
NP-21-236
246.00
249.20
3.20
160
10.40
0.55
4.30
1,169
Incl.
246.55
249.20
2.65
185
12.11
0.65
5.05
1,361
Incl.
247.30
248.40
1.10
256
14.80
0.98
8.27
1,779
Table 1:
Downhole drill intersections from the holes completed at the Cruz Negra structure on the
Napoleon Vein Corridor. True widths have yet to be determined. Note: A full table of Josephine
intersections will be included with the next update of Napoleon resource drilling intersections.
Note: AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $20.70/oz silver, $1,655/oz gold,
$1,902/t lead, $2,505/t zinc.
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
NP-21-146B
403,276
2,587,055
497.4
253.0
-54
231.0
NP-21-222
403,275
2,587,060
497.7
245.4
-61
390.0
NP-21-227
402,987
2,587,131
516.2
85.4
-33
300.0
NP-21-232
402,986
2,587,131
516.2
94.2
-52
336.0
NP-21-236
402,986
2,587,131
516.3
94.2
-63
457.5
Table 2:
Cruz Negra 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 6,754-hectare, past producing district
benefits from over 75 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 61.1Moz AgEq and an
in situ inferred resource of 45.6Moz AgEq (see Company news release dated
March 1, 2022
).
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 140,000 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., Vice President of Technical Services, is the
Qualified Person for the Company and has validated 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 in this video 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 in this video
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 in this video 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 as well as test other high priority targets across the district; drilling
targets; and results from additional drill holes.
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.
SOURCE
Vizsla Silver Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2022/17/c0734.html
%SEDAR: 00045314E
For further 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], Website: www.vizslasilvercorp.ca
CO: Vizsla Silver Corp.
CNW 10:11e 17-MAR-22