Vizsla Silver Extends High-Grade Mineralization at LA Luisa; Intercepts 4,227 G/T Ageq over 2.30 Metres
VIZSLA SILVER EXTENDS HIGH-GRADE
MINERALIZATION AT LA LUISA; INTERCEPTS
4,227 G/T AGEQ OVER 2.30 METRES
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
March 20, 2023
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report results from seven 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
. Today's results expand
the high-grade footprint at La Luisa by over ~150 metres down dip from previously reported hole
NP-22-305 (see press release dated
October 25, 2022
).
Highlights
NP-22-332 returned
4,227 grams per tonne (g/t) silver equivalent (AgEq) over 2.30 metres
true width (mTW)
(2,699 g/t silver, 24.99 g/t gold, 0.22 % lead and 0.65 % zinc)
Including, 18,950 g/t AgEq over 0.47 mTW (11,502 g/t silver, 120.50 g/t gold, 0.82 % lead
and 2.63 % zinc)
NP-23-358 returned
1,076 g/t AgEq over 5.60 mTW
(257
g
/
t
silver, 11.13
g
/
t
gold, 0.42 %
lead and 2.03 % zinc)
Including, 3,698 g/t AgEq over 1.11 mTW (659 g/t silver, 44.22 g/t gold, 0.53% lead and
2.33 zinc)
And, 1,761 g/t AgEq over 0.27 mTW (221 g/t silver, 22.68 g/t gold, 0.26% lead and 0.50%
zinc)
NP-22-345 returned
1,967
g/t AgEq
over 2.50
mTW
(1,286 g/t silver, 9.76 g/t gold, 0.90 %
lead and 2.35 % zinc)
Including, 4,630 g/t AgEq over 0.99 mTW (2,982 g/t silver, 24.01 g/t gold, 1.82 % lead and
5.03 % zinc)
"A key focus for this year's ongoing, fully funded 90,000 metre drill campaign is to explore high-
priority targets proximal to the main resource centres in the western portion of the
Panuco
District,"
commented
Michael Konnert
, President and CEO.
"La Luisa is one of several such prospective
targets that does not currently host a mineral resource. Drilling at La Luisa has now outlined a
near-surface high-grade footprint approximately 350 metres long by 325 metres down dip and is
open in all directions. Furthermore, the relatively high gold to silver ratios indicates the current
drilling horizon may be at the top of the mineralized system, similar to the near surface gold rich
zone at the southern extent of the Napoleon vein. This ultimately supports the potential for La Luisa
to deliver improved grades and widths at depth."
Figure 1: Plan map of recent drilling along the La Luisa vein. (CNW Group/Vizsla Silver Corp.)
Figure 1:
Plan map of recent drilling along the La Luisa vein.
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. To date, Vizsla has reported 17
holes from La Luisa outlining a high-grade mineralized footprint approximately 350 metres long by
325 metres down dip and remains open in all directions. The upper portion of the vein is hosted
primarily by rhyolite tuffs (the upper horizon of the regional lower volcanic sequence) whereas
deeper vein-intercepts occur in the more favourable diorite host rock. Additionally, deeper drilling to
date shows the vein changes dip direction from northeast to the southwest with increased depth
(Figure 3).
Initial near surface drilling at La Luisa, returned significant gold concentrations with generally low
silver and base metals. The relatively high gold to silver and base metals ratios observed, indicate
this zone is analogous to the previously reported "Gold Rich-Shallow" horizon at the southern end of
Napoleon. At Napoleon, initial interpretation, confirmed by subsequent drilling, used metal zonation
and alteration to determine the block was tilted making the southern extent the top of the mineralized
system (See press releases dated
December 16, 2021
and
October 12, 2022
). Deeper drilling at La
Luisa, including holes, NP-22-345 and NP-23-358, intercepted vein mineralization marked by higher
silver concentrations, suggestive of shoot- or top-shoot elevation.
Going forward, Vizsla plans to mobilize a second drill-rig and continue drilling 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. Due to the observed dip-reversal at depth, Vizsla is
preparing drill pads on the west side of the vein to be able to intersect the vein system at a more
favourable angle.
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 2:
Longitudinal section of the La Luisa Vein. The section is inclined along the dip of the
structure.
Figure 3: Cross section highlighting recent drill intercepts on La Luisa vein. (CNW Group/Vizsla Silver
Corp.)
Figure 3:
Cross section highlighting recent drill intercepts on La Luisa vein.
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-22-327
469.80
472.00
2.20
1.68
104
1.08
0.12
0.33
185
HW 1
NP-22-327
503.75
504.60
0.85
0.65
97
0.38
2.13
3.98
323
La Luisa
NP-22-332
449.30
451.45
2.15
1.68
92
0.65
0.11
0.27
142
HW 1
NP-22-332
455.30
458.25
2.95
2.30
2,699
24.99
0.22
0.65
4,227
La Luisa
Includes
456.45
457.05
0.60
0.47
11,502
120.50
0.82
2.63
18,950
NP-22-332
472.90
476.20
3.30
2.57
74
0.76
0.30
0.52
148
FW 1
NP-22-332
481.40
488.50
7.10
5.54
92
0.69
0.42
0.60
166
FW 2
Includes
481.40
482.20
0.80
0.62
227
1.11
3.12
3.97
522
NP-22-341
443.40
452.60
9.20
6.30
61
0.92
0.10
0.71
147
La Luisa
Includes
443.40
445.10
1.70
1.16
146
1.30
0.03
1.26
270
Includes
450.00
452.60
2.60
1.78
87
1.99
0.26
1.38
273
NP-22-345
511.65
515.70
4.05
2.50
1,286
9.76
0.90
2.35
1,967
La Luisa
Includes
511.65
513.25
1.60
0.99
2,982
24.01
1.82
5.03
4,630
NP-22-345
556.10
558.50
2.40
1.48
42
1.55
0.51
2.17
237
FW 1
NP-22-345
586.40
590.50
4.10
2.53
42
4.05
0.24
2.93
426
FW 2
NP-22-345
597.55
600.30
2.75
1.70
65
2.21
0.09
2.59
306
FW 3
NP-23-352
456.00
457.90
1.90
1.20
382
1.17
0.31
0.64
467
La Luisa
NP-23-358
501.30
513.90
12.60
5.60
257
11.13
0.42
2.03
1,076
La Luisa
Includes
505.15
507.65
2.50
1.11
659
44.22
0.53
2.33
3,698
Includes
508.90
509.50
0.60
0.27
221
22.68
0.26
0.50
1,761
NP-23-358
527.70
530.30
2.60
1.16
174
0.77
0.43
0.46
243
FW 1
NP-23-358
537.85
540.70
2.85
1.27
226
1.45
1.16
8.00
633
FW 2
NP-23-362
Pending Assays
Table 1:
Downhole drill intersections from the holes completed along the La Luisa 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).
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
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
NP-22-341
403,077
2,586,547
480
240
-47.5
519.0
NP-22-345
403,026
2,586,786
450
234
-52.1
624.0
NP-23-352
403,025
2,586,786
450
219
-37.0
618.0
NP-23-358
403,025
2,586,786
450
219
-42.0
651.0
NP-23-362
403,165
2,587,117
526
304
-60.0
414.0
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 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 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 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.
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 and the release of results
related to such activities.
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; general economic factors; 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; the
ongoing military conflict in
Ukraine
; and the factors identified under the caption "Risk Factors" in
Vizsla' 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 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.
SOURCE
Vizsla Silver Corp.
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President and Chief Executive Officer, Tel: (604) 364-2215, Email: [email protected], Website:
www.vizslasilvercorp.ca
CO: Vizsla Silver Corp.
CNW 08:00e 20-MAR-23