Vizsla Silver Expands Copala with Bonanza-Grade Silver Outside of the 2023 Resource Boundary
VIZSLA SILVER EXPANDS COPALA WITH
BONANZA-GRADE SILVER OUTSIDE OF THE
2023 RESOURCE BOUNDARY
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
Feb. 13, 2023
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report drill results from 19 new holes
targeting the
Copala
structure at its 100%-owned, flagship Panuco silver-gold project ("
Panuco
" or
the "
Project
") located in
Mexico
. The reported results represent both step-out and infill drilling,
effectively expanding the
Copala
mineralized footprint beyond the 2023 updated resource boundary
as well as further demonstrating high-grade precious metal continuity within the
Copala
resource
wireframe.
Highlights
CS-22-225 returned
892
grams per tonne
(g/t)
silver equivalent (AgEq)
over 6.00
metres
true width (mTW)
(648 g/t silver and 4.29 g/t gold)
Including 2,271 g/t AgEq over 1.21 mTW (1,680 g/t silver and 10.50 g/t gold)
And 1,000 g/t AgEq over 1.45 mTW (756 g/t silver and 4.40 g/t gold)
CS-22-220 returned
1,920 g/t AgEq over 2.50 mTW
(1,673 g/t silver and 5.39 g/t gold)
Including 7,505 g/t AgEq over 0.44 mTW (6,400 g/t silver and 23.00 g/t gold)
CS-22-235 returned
1,039 g/t AgEq over 4.61 mTW
(453 g/t silver and 9.16 g/t gold)
Including 1,611 g/t AgEq over 0.90 mTW (502 g/t silver and 16.95 g/t gold)
And 1,439 g/t AgEq over 0.90 mTW (353 g/t silver and 16.45 g/t gold)
CS-22-229 returned
1,338 g/t AgEq over 2.90 mTW
(1,010 g/t silver and 5.91 g/t gold)
Including 1,540 g/t AgEq over 0.74 mTW (1,215 g/t silver and 6.07 g/t gold)
And 2,282 g/t AgEq over 0.87 mTW (1,655 g/t silver and 11.00 g/t gold)
"Today's results continue to de-risk
Copala
with tightly spaced infill drilling, while incremental step-
outs, beyond the recently announced updated mineral resource estimate, highlight the significant
expansion/discovery potential remaining in the district," commented
Michael Konnert
, President &
CEO. "We currently have three of our seven drill rigs targeting the
Copala
structure, which given
its broad widths (avg 10 metres) and high silver and gold grades continues to be a primary focus
for potential resource growth in the near-term. Additionally, we're very excited about the
prospectivity of an uplifted block to the east of
Copala
, which based on new interpretations, could
host
Copala
type mineralization at shallow elevations, close to surface. Moving forward, as part of
our fully-funded, 90,000 metre 2023 drill program, we will continue to expand the mineralized
footprint at
Copala
and test the possibility of an uplifted block, in the coming months."
Figure 1: Plan map of recent drilling centered on the Copala structure. (CNW Group/Vizsla Silver
Corp.)
The Copala Structure is located in the western portion of the
Panuco
district ~800m to the east of
the Napoleon structure.
Copala
hosts Indicated Resources of 51.1 Moz AgEq at 516 g/t AgEq and
Inferred Resources of 55.4 Moz AgEq at 617 g/t AgEq within a broad envelope of vein-breccia
interlayered with host rock, up to 82 metres thick. Interpretations by Vizsla geologists indicate
Copala
has an average dip of ~46° to the east (~35° in its northern sector and steepening to ~52° in
the southern sector).
Drilling at
Copala
has now traced mineralization along approximately 1,100 metres of strike length
and approximately 400 metres down dip. High-grade silver-gold mineralization remains open laterally
to the north and southeast, as well as down dip to the east. The recently completed infill-drilling
program consisted of 25 holes drilled at 25 metre centers designed to assess grade continuity and
to provide sample material for future metallurgical tests. Infill-holes CS-22-221, CS-22-222, CS-22-
224, CS-22-226, CS-22-229, CS-22-230 and CS-22-235, reported today, have confirmed strong
continuity of structures and high-grades at tighter drill spacing. Additionally, step-out holes CS-22-
220 and CS-22-225 have expanded the
Copala
structure's high-grade footprint to the southeast and
east, respectively.
Previously reported drillholes CS-22-202, CS-22-207 and CS-22-219, indicate an uplifted block of
basement metasediments in fault-contact with andesites and diorite (see figures 2 and 4) on the
east side of
Copala
. New interpretations suggest between ~300 to
350m
of vertical displacement by
the fault. This information, in conjunction with ongoing data collection, is being used to define a target
elevation for
Copala
type mineralization on the footwall side (east) of the fault. An uplifted block to
the east of the current
Copala
resource has the potential to host
Copala
type mineralization at a
shallower elevation, closer to surface. Vizsla plans to test this hypothesis with drillholes collared on
the footwall side of the fault during Q1 2023.
Figure 2: Inclined longitudinal section for Copala structure with drillhole pierce points. The section is
1x along strike to 1.4x along the dip to compensate for the average 46-degree dip of Copala. (CNW
Group/Vizsla Silver Corp.)
Figure 3: Cross section showing Copala and Cristiano veins and the concept of potential for Copala
on uplifted block to the east. (CNW Group/Vizsla Silver Corp.)
Figure 4: Cross section showing Copala, Cristiano and Tajitos veins. (CNW Group/Vizsla Silver
Corp.)
Table 1:
Downhole drill intersections from the holes reported for the new splay vein at the foot wall
of
Copala
.
Drillhole
From
To
Downhole
Length
Estimated
True width
Ag
Au
AgEq
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
CS-22-220
515.10
516.25
1.15
0.91
526
4.22
774
CS-22-220
560.20
563.35
3.15
2.50
1,673
5.39
1,920
Includes
561.85
562.40
0.55
0.44
6,400
23.00
7,505
CS-22-221
106.40
110.80
4.40
3.35
428
3.64
643
Includes
108.00
109.50
1.50
1.14
912
7.96
1,385
CS-22-222
131.90
135.00
3.10
2.40
288
1.73
385
Includes
132.75
133.75
1.00
0.77
697
4.44
948
CS-22-223
No Significant Results
CS-22-224
190.50
212.60
22.10
13.70
270
1.48
351
Includes
191.65
193.60
1.95
1.21
553
2.94
713
Includes
205.60
208.10
2.50
1.55
846
3.96
1,054
CS-22-225
517.50
523.70
6.20
6.00
648
4.29
892
Includes
519.25
520.50
1.25
1.21
1,680
10.50
2,271
Includes
520.50
522.00
1.50
1.45
756
4.40
1,000
CS-22-226
No Significant Results
CS-22-226
236.20
244.65
8.45
7.11
66
0.44
92
Includes
236.20
237.05
0.85
0.71
123
0.92
177
Includes
243.55
244.65
1.10
0.93
163
1.01
219
CS-22-227
No Significant Results
CS-22-228
141.40
143.00
1.60
1.60
97
0.44
120
CS-22-228
203.00
206.00
3.00
3.00
247
2.17
376
Includes
204.50
206.00
1.50
1.50
433
3.83
661
CS-22-229
242.65
246.00
3.35
2.90
1,010
5.91
1,338
Includes
242.65
244.50
1.85
1.60
1,453
8.73
1,941
CS-22-230
276.00
280.85
4.85
2.92
176
1.06
236
Includes
277.00
278.00
1.00
0.60
357
2.30
487
CS-22-230
288.20
298.50
10.30
6.20
242
1.15
302
CS-22-231
542.00
544.30
2.30
2.00
116
0.40
135
CS-22-232
475.50
477.00
1.50
1.45
175
1.09
236
CS-22-232
549.90
550.70
0.80
0.77
533
2.40
657
Includes
550.30
550.70
0.40
0.39
926
4.12
1,139
CS-22-233
No Significant Results
CS-22-234
74.35
75.55
1.20
0.95
67
0.76
114
CS-22-235
126.00
133.65
7.65
4.61
453
9.16
1,039
Includes
126.00
129.00
3.00
1.81
428
16.70
1,525
Includes
130.75
133.25
2.50
1.51
764
7.51
1,217
CS-22-236
No Significant Results
CS-22-237
No Significant Results
CS-22-237
571.40
577.60
6.20
5.56
161
0.38
175
Includes
576.55
577.60
1.05
0.94
513
1.20
558
CS-22-238
152.00
160.50
8.50
6.00
176
1.12
239
Includes
158.60
159.45
0.85
0.60
566
4.40
823
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 93%
for silver and 90% for gold. Gold and silver metallurgical recoveries used in this release are from
metallurgical test results of the Napoleon vein (see press release dated
February 17, 2022
).
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
CS-22-220
405,084
2,586,574
700
305.7
-61.1
659.4
CS-22-221
404,630
2,586,861
564
270.3
-89.7
261.3
CS-22-222
404,656
2,586,860
570
270.3
-89.7
267.0
CS-22-223
404,643
2,587,058
557
265.0
-64.0
543.0
CS-22-224
404,686
2,586,857
580
270.3
-87.7
252.0
CS-22-225
405,072
2,586,950
641
295.8
-48.8
661.5
CS-22-226
404,705
2,586,856
591
270.3
-85.7
340.5
CS-22-227
405,084
2,586,574
700
282.9
-49.3
714.0
CS-22-228
404,643
2,587,058
557
252.6
-67.1
668.0
CS-22-229
404,726
2,586,853
599
271.7
-84.1
403.5
CS-22-230
404,744
2,586,876
615
281.5
-80.8
376.5
CS-22-231
405,072
2,586,950
641
285.8
-52.8
610.5
CS-22-232
405,083
2,586,570
697
270.0
-52.1
667.5
CS-22-233
404,702
2,586,663
619
254.6
-58.2
231.0
CS-22-234
404,630
2,586,835
556
270.2
-89.7
262.5
CS-22-235
404,655
2,586,835
565
269.6
-87.0
325.5
CS-22-236
405,072
2,586,950
641
296.2
-54.2
591.0
CS-22-237
405,084
2,586,574
700
277.3
-52.3
652.5
CS-22-238
404,680
2,586,834
570
256.0
-85.2
322.0
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 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.
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 for the Panuco
Project with the updated Mineral Resource Estimate is being prepared and expected to be filed on
SEDAR within 45 days of our recent Mineral Resource Update published on
January 24, 2023
.
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 250,000 metres of drilling at
Panuco
leading
to the discovery of several new high-grade veins. For 2023, Vizsla 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 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 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.
SOURCE
Vizsla Silver Corp.
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For further 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 08:00e 13-FEB-23