VZLA.TO · 2023-02-21 12:00:00

Vizsla Silver Provides 2022 Year-End Summary and 2023 Outlook

Shareholder Letters & Outlook

VIZSLA SILVER PROVIDES 2022 YEAR-END

SUMMARY AND 2023 OUTLOOK

NYSE: VZLA TSX-V: VZLA

VANCOUVER, BC

Feb. 21, 2023

/CNW/ -

Vizsla Silver Corp.

(TSXV: VZLA) (NYSE: VZLA)

(

Frankfurt

: 0G3) ("

Vizsla

" or the "

Company

") is pleased to provide a year

end summary of its

activities at its flagship

Panuco

silver-gold property (the "

Property

" or "

Panuco

") located in

Sinaloa,

Mexico

and outline the Company's key objectives/milestones for 2023.

2022 Year in Review:

"2022 was an exciting year of exploration and growth at

Panuco

commented

Michael Konnert

President & CEO.

"In March of 2022, we published our initial mineral resource estimate centered

on the western portion of the

Panuco

district. We then continued our aggressive exploration

campaign, which included over 121,000 metres of new diamond drilling, culminating in an updated

resource estimate released in

January 2023

. Relative to the maiden estimate, the latter update

highlighted a significant increase in both the Project's contained silver and gold ounces as well as

the overall grade. Additionally, newly discovered near-surface, high-grade structures continue to

demonstrate the growth potential outboard of the known resource boundaries. On the corporate

side, Vizsla successfully raised over

$35M

in equity financings in 2022 and an additional

$45M

early 2023 to fund ongoing exploration/development at

Panuco

. This, along with several new

additions to our technical and senior management team, put us in a position of strength as the

Project enters the next phase of development. For 2023, our focus is on incremental expansion

and de-risking of the current resource base. With a fully funded +90,000 metre drill program

utilizing seven drill rigs, we plan to update the current

Panuco

resource estimate in the second half

of 2023, which will be followed in due course by an initial Preliminary Economic Assessment."

2022 Highlights & Discoveries:

The bulk of 2022 drilling was centred on the western portion of the district, focused on upgrading

and expanding resources at the

Copala

and Napoleon areas. At

Copala

, mineralization has now

been traced over 1,150 meters along strike, 400 meters down dip, and remains open to the north

and southeast.

Copala

hosts an indicated resource of 51 Moz AgEq and inferred resource of 55 Moz

AgEq based on 80 holes completed to date.

At Napoleon, drilling throughout 2022 successfully expanded mineralization along strike and down

plunge to the south as well as identified several vein splays situated in the hanging wall and footwall

of the main structure. Napoleon hosts an indicated resource of 37 Moz AgEq and inferred resource

of 17 Moz AgEq based on 258 holes completed to date.

Other notable discoveries include the Cristiano Vein; marked by high precious metal grades up to

1,935 g/t Ag and 15.47 g/t Au over 1.46 metres, located immediately adjacent to

Copala

; and La

Luisa Vein, located ~700 metres west of Napoleon which continues to display similar silver and gold

zonation as that seen at Napoleon.

Table of Top 20 Drill Composites of 2022, ordered from highest to lowest grade AgEq.

From

Downhole

Length

Estimated

True width

AgEq

(g/t)*metre

Drillhole

(TW)

Vein

(m)

(g/t)

CS-22-191

370.95

374.85

3.90

3.28

4,804

14.23

5,428

17,804

Copala FW

NP-22-281

477.50

480.00

2.50

1.40

3,585

25.84

0.32

1.07

5,126

7,176

Napoleon HW

CS-22-161

226.10

229.80

3.70

2.65

2,461

13.16

3,177

8,419

Copala

CS-22-182

42.70

44.55

1.85

1.46

1,935

15.47

2,844

4,152

Cristiano

NP-22-316

390.00

391.05

1.05

1.00

2,642

1.60

1.87

4.08

2,768

Napoleon FW

CS-22-205

283.00

288.50

5.50

5.30

2,101

9.54

2,598

13,769

Copala

CS-22-159

187.70

192.20

4.50

2.66

2,011

8.60

2,451

6,520

Copala FW

NP-22-320

676.30

677.90

1.65

1.55

279

24.01

1.82

7.58

2,209

3,424

Napoleon HW

CS-22-193

171.40

184.90

13.50

10.20

1,404

10.94

2,044

20,849

Copala

NP-22-258

493.15

498.55

5.40

4.30

1,139

11.48

0.32

0.85

1,874

8,058

Napoleon

CS-22-217

325.50

330.35

4.85

2.71

1,495

6.56

1,833

4,967

Cristiano

CS-22-154

124.45

136.50

12.05

9.35

1,010

5.44

1,307

12,220

Copala

NP-22-300

347.95

353.85

5.90

3.90

913

5.28

0.15

0.25

1,219

4,754

Napoleon

CS-22-169

162.95

188.35

25.40

20.45

780

4.23

1,011

20,675

Copala

CS-22-191

348.20

363.10

14.90

12.52

706

4.93

989

12,382

Copala

CS-22-155

159.00

174.35

15.35

14.50

667

3.89

883

12,804

Copala

CS-22-200

150.00

166.00

16.00

14.24

632

4.30

878

12,503

Copala

CS-22-173

256.15

270.90

14.75

14.46

663

2.90

812

11,742

Copala

NP-22-271

456.05

465.25

9.20

7.00

223

2.76

1.54

5.01

621

4,347

Napoleon HW

NP-22-271

508.05

516.25

8.20

6.24

393

2.92

0.40

0.94

608

3,794

Napoleon

Note: AgEq = Ag ppm x Ag rec + (((Au ppm x Au price/gram x Au rec) + (Pb% x Pb price/t x Pb rec) + (Zn% x Zn price/t x Zn rec))/Ag price/gram). Metal price assumptions are

$24.00/oz silver, $1,800/oz gold, $2,425/t lead and $2,976/t zinc and 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 test results of the Napoleon vein (see press release dated February 17, 2022).

Aside from resource/discovery focused drilling, Vizsla continued to de-risk the Project through

ongoing engineering and environmental programs, including geotechnical and hydrological studies,

effectively laying the foundation for future development and subsequent production at

Panuco

Other notable project level accomplishments:

Detailed geological mapping focused on the western and central portions of the

Panuco

district

(45% of the district has been mapped at a scale of 1:1,000); Cumulative known/inferred vein

strike has increased by ~15% (75km to 86km).

A LiDar survey covering ~6,200 Ha of the property to be utilized in geologic-resource modelling

and future planning of mine and plant infrastructure. Additionally, these high-resolution products

(elevation model and orthophotos) are being used to speed up prospecting and mapping

activities.

Achieved a safety record of one million working hours without a lost time incident. Additionally,

Vizsla's Mexican subsidiary, Minera CANAM, was awarded the Socially Responsible Company

Distinction (ESR). This is

Mexico's

highest corporate social responsibility recognition, awarded

jointly by the Mexican Center for Philanthropy (CEMEFI) and the Foundation for Sustainability

and Equity (ALIARSE). It is given to companies that are leaders in their sector for their

commitment to integrating social and environmental values into their operations.

Continued property expansion through acquisition, eight claims for combined 290.6 ha.

Advanced discussions with local

Ejido

communities, now securing 30-year operating

agreements with four primary groups. Social baseline studies and public consultation completed

for the five ejidos proximal to the Panuco Project.

Vizsla and Minera CANAM outreach support programs included two community Health Fairs,

covering the main communities around the project, whereby more than 300 people were able to

access medical care from doctors, nurses, and other medical professionals.

On the corporate side, Vizsla further strengthened its management team and board in 2022 by

adding several experienced mining professionals including

David Cobbold

(Director),

Martin

Dupuis

(promoted to COO),

Jesus Velador

(VP, Exploration), and

Fernando Martinez

(Director,

Projects).

In late 2022, Vizsla announced it had entered into a definitive agreement with Prismo Metals Inc., a

local mineral exploration company co-founded and advised by Dr.

Peter Megaw

, whereby Vizsla

would make a strategic investment in Prismo in return for 4,000,000 Prismo units and a right of first

refusal on Prismo's flagship Palos Verde project (see press release dated

November 24, 2022

Additionally, in connection with the strategic investment, Prismo and Vizsla have agreed to form a

technical committee to pursue district-scale exploration of the

Panuco

silver-gold district. The

strategic investment closed in early 2023.

Figure 1: Plan map of the Panuco property highlighting major resource centers and primary

exploration targets. (CNW Group/Vizsla Silver Corp.)

2023 Outlook

While 2022 focused on broad exploration and growth, the primary focus for 2023 is incremental

expansion and de-risking of the Panuco Project's resource base. With a +90,000 meter fully funded

drill program designed to 1) grow the resources within the

Copala

and Napoleon areas located in the

western portion of the district and 2) test high priority targets proximal to current resource areas,

Vizsla aims to increase its potentially minable resources and identify new centers of mineralization

from which to delineate additional resources.

For 2023, a total of seven diamond drill rigs will be active on the property (four focused on upgrading

and expanding the current resource base in the western portion of the district and three devoted to

exploration). Exploration drills will focus on priority targets proximal to current resources in the west,

as well as on other high-priority targets in the central portion of the district. Vizsla recently acquired

a Terraspec ASD device to be able to map alteration minerals with more accuracy and define levels

of mineralization and vectors across the property. This new tool in combination with geologic

mapping, geochemistry and LiDar will help aid Vizsla geologists in unlocking Panuco´s full potential.

Resource Extension Targets

The

Copala

structure remains open along strike, north and south, and late last year, the team

identified exploration-potential for additional

Copala

mineralization in an uplifted block (faulted

block) east of the main

Copala

deposit.

Cristiano is a narrow epithermal vein located to the adjacent west of

Copala

. This year Vizsla

intends to continue the exploration and resource expansion to the northwest and southeast.

At Napoleon, Vizsla plans to conduct infill and resource expansion drilling targeting the southern

vein splays as well as the main Napoleon structure during 2023.

Proximal Targets

La Luisa a relatively new conceptual target, where initial near surface drilling shows narrow and

incipient veining hosted in rhyolite tuffs. Last year Vizsla geologists interpreted that the surface

expressions of La Luisa could be the top of the vein system, similar in zonation to that observed

at Napoleon. Based on encouraging results from deeper drilling, Vizsla plans to continue

exploring the resource potential at La Luisa.

4 de Mayo another relatively new target located west of Napoleon, was identified by Vizsla in

2022. Although still in early days, initial results justify further exploration to determine the

prospectivity of 4 de Mayo.

Cruz Negra

a northwest trending structure which splays off from Napoleon. Open-ended

intercepts completed in 2022 indicate the mineralization continues to the northwest in the

direction of the

Alacran

prospect. In 2023, Vizsla plans to drill test the gap between

Cruz Negra

and

Alacran

District Targets

Beyond the resource expansion and proximal exploration targets, the district remains vastly

underexplored. Notable district-wide targets include;

Santa Rosa

(Central Area), La Bomba (Central

Area), Verdosilla (Central Area), Oregano (East Area), Regina (East Area), and La Whicha (East

Area).

Figure 2: Exploration Matrix (CNW Group/Vizsla Silver Corp.)

Key objectives for 2023

Complete +90,000 meters of resource/discovery focused drilling

Complete preliminary metallurgical testing on representative samples from

Copala

in Q2 2023

Deliver initial company/project sustainability report in H2 2023

Provide updated resource estimate in H2 2023

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 is a Canadian mineral exploration and development company headquartered in

Vancouver,

, 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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/February2023/21/c8356.html

%SEDAR: 00045314E

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 21-FEB-23

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