Vizsla Silver Reports Additional High- Grade Intercepts ON the Copala and Copala 2 Structures
VIZSLA SILVER REPORTS ADDITIONAL HIGH-
GRADE INTERCEPTS ON THE COPALA AND
COPALA 2 STRUCTURES
VANCOUVER, BC
,
Nov. 27, 2023
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report new drill results from 22
expansion and infill holes targeting the
Copala
resource area at its 100%-owned,
flagship Panuco silver-gold project ("
Panuco
" or the "
Project
") located in
Mexico
. The reported
results have successfully expanded
Copala
mineralization by ~100m to the southeast and identified
new vein splays situated in-between
Copala
and the high-grade Cristiano structure.
Highlights
CS-23-304 returned
1,722 grams per tonne (g/t) silver equivalent (AgEq) over 2.80 metres
true width (mTW)
(1,366 g/t silver and 6.80 g/t gold)
Including 6,618 g/t AgEq over 0.55 mTW (5,320 g/t silver and 25.20 g/t gold)
CS-23-300 returned
724 g/t AgEq over 3.10 mTW
(519 g/t silver and 3.57 g/t gold)
Including 1,749 g/t AgEq over 1.00 mTW (1,255 g/t silver and 8.61 g/t gold)
"Resource expansion drilling at
Copala
, both to the north and southeast, continue to highlight a
robust precious metals structure well beyond the
January 2023
resource boundary,"
commented
Michael Konnert
, President & CEO.
"New step out drilling has extended the total mineralized strike
length of
Copala
by approximately 100 metres to the south and it remains open in both directions.
Additionally, drilling has confirmed the continuity of the high-grade
Copala
2 vein located between
Tajitos
and
Copala
main which now measures a total of 600 metres in mineralized strike. Moving
forward, we intend to continue infilling and expanding these high-grade zones with two drill rigs, in
preparation for the updated resource estimate planned for January 2024."
Figure 1: Plan map of recent drilling centered on the Copala structure. (CNW Group/Vizsla Silver
Corp.)
The precious metals dominant Copala Structure, located in the western portion of the
Panuco
district, is situated ~800 m to the east of the Napoleon vein.
Copala
currently 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).
Ongoing drilling at
Copala
has now traced mineralization along ~1,770 metres of strike length and
~400 metres down dip. The recently completed batch of resource expansion drilling consisted of 21
holes drilled at ~50 m and ~100 m centres in the southern extent of
Copala
and one hole in the
north, targeting both the main
Copala
structure and the
Copala
2 vein to the footwall. At
Copala
,
hole CS-23-300 in the north, intercepted a broad mineralized structure (~30 mTW) consisting of two
high grade zones enveloping a low grade stockwork zone carrying anomalous silver and gold grades
throughout (see cross section on figure 5). Results from seven step-out holes in the south show that
the
Copala
structure gets steeper at depth (~70°) and develops vein splays carrying significant silver
and gold grades. The recently interpreted
Copala
4 and FW Splay vein sit between Cristiano and
Copala
, approximately
100 m
and
50 m
west of
Copala
, respectively. To date, drilling has traced
Copala
4 approximately
300 m
along strike and
400 m
down dip whereas the FW Splay has been
traced for ~350 m along strike and
250 m
down dip. The vein splays strike at 15° to 35° due
northwest and dip at 60° to 70° to the east. These new splays, like Cristiano, are relatively narrow
compared to the main
Copala
structure, and host precious metals rich epithermal mineralization. The
drilling completed in the southern extent of
Copala
was designed to explore and/or infill the
Copala
structure. Due to geometry those holes could not efficiently test the projection of the Cristiano vein,
which remains an open target. Vizsla is preparing an exploration program for next year that will
consider additional exploration on the southern extent of Cristiano and the newly identified splays.
The
Copala
2 vein sits at the footwall of the main
Copala
structure and is bounded to the west by
the
Tajitos
vein and to the east by the Copala Fault. The Vein strikes northeast, dips to the
southeast at approximately 48° and has been traced for ~330 metres along strike and ~290 metres
down dip. Refer to the Company's news releases dated
July 13, 2023
, and
May 19, 2022
, for
previous drillhole results from
Copala
2.
To date, Vizsla has completed ~89,800 m of its fully funded
90,000 m
2023 drill program.
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. The
black dash outlines represent Copala 2 in the north and the footwall vein (FW Splay) in the south.
(CNW Group/Vizsla Silver Corp.)
Figure 3: Cross section showing Copala structure, FW Splay, Copala 4 and Cristiano veins with
completed drilling. (CNW Group/Vizsla Silver Corp.)
Figure 4: Inclined longitudinal section for Copala 2 structure with drillhole pierce points. The section
is 1x along strike to 1.18x along the dip to compensate for the average 48-degree dip of Copala 2.
(CNW Group/Vizsla Silver Corp.)
Figure 5: Cross section showing Copala, Copala 2 and Tajitos veins with completed drilling. (CNW
Group/Vizsla Silver Corp.)
Drillhole
From
To
Downhole
Length
Estimated
True width
Ag
Au
AgEq
Vein
(m)
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
CS-23-300
148.10
150.00
1.90
1.73
247
2.28
385
Copala
CS-23-300
180.00
183.40
3.40
3.10
519
3.57
724
Copala
Includes
182.30
183.40
1.10
1.00
1,255
8.61
1,749
CS-23-300
276.70
278.10
1.40
1.25
190
0.69
221
Copala 2
CS-23-301
No significant values
Copala
CS-23-302A
667.90
669.95
2.05
1.80
355
1.41
423
Copala
CS-23-303
No significant values
Copala
CS-23-304
468.00
471.30
3.30
2.80
1,366
6.80
1,722
Copala
Includes
468.85
469.50
0.65
0.55
5,320
25.20
6,618
FW Splay
CS-23-304
No significant values
FW Splay
CS-23-304
560.80
561.95
1.15
1.00
249
1.23
313
Copala 4
CS-23-305
No significant values
Copala
CS-23-305
660.00
661.00
1.00
0.63
341
1.09
387
FW Splay
CS-23-306
No significant values
Copala
CS-23-307
608.10
609.25
1.15
0.98
287
1.72
382
Copala
CS-23-307
No significant values
FW Splay
CS-23-308
531.40
532.40
1.00
0.95
387
20.00
1,762
Copala
CS-23-308
537.00
538.50
1.50
1.41
846
0.76
824
Copala
CS-23-309
No significant values
Copala
CS-23-310
485.45
485.95
0.50
0.50
1,455
7.71
1,868
Copala
CS-23-310
517.75
520.50
2.75
1.74
89
0.81
138
FW Splay
CS-23-310
No significant values
Copala 4
CS-23-311A
No significant values
Copala
CS-23-312
No significant values
Copala
CS-23-312
591.95
593.35
1.40
1.05
138
0.53
163
Cristiano
CS-23-313
485.50
486.00
0.50
0.45
442
2.14
553
Copala
CS-23-314
665.65
666.25
0.60
0.50
94
1.00
156
Copala
CS-23-315
No significant values
Copala
CS-23-316
552.85
553.65
0.80
0.75
23
2.81
219
Copala
CS-23-317
No significant values
Copala
CS-23-317
No significant values
FW Splay
CS-23-318
748.55
750.95
2.40
1.95
205
0.86
247
Copala
CS-23-319
587.90
589.30
1.40
1.30
427
1.70
508
Copala
CS-23-319
606.40
606.75
0.35
0.27
626
3.61
824
FW Splay
CS-23-320
No significant values
Copala
CS-23-320
661.15
663.50
2.35
1.30
479
2.28
596
FW Splay
CS-23-321
No significant values
Copala
CS-23-321
654.00
655.50
1.50
0.99
631
6.29
1,018
FW Splay
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 91% for silver and 94% for gold. Gold and silver metallurgical recoveries used in this release are from metallurgical test results of the Copala vein (see press release
dated August 16, 2023).
Table 1:
Downhole drill intersections from the holes reported for
Copala
structure
Copala
2, FW
Splay and
Copala
4 veins.
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
CS-23-300
404,674
2,587,217
533
290.0
-35.0
411.0
CS-23-301
405,260
2,586,248
666
253.1
-60.2
648.0
CS-23-302A
405,440
2,586,177
637
253.3
-58.0
717.0
CS-23-303
405,399
2,586,492
633
251.7
-59.7
810.0
CS-23-304
405,081
2,586,569
714
260.6
-57.3
618.0
CS-23-305
405,275
2,586,500
678
267.1
-56.7
738.0
CS-23-306
405,440
2,586,177
637
251.2
-65.4
857.8
CS-23-307
405,273
2,586,490
680
277.8
-56.9
677.4
CS-23-308
405,086
2,586,574
696
284.3
-61.9
652.0
CS-23-309
405,441
2,586,177
637
250.0
-72.0
885.0
CS-23-310
405,086
2,586,574
696
259.8
-63.3
633.0
CS-23-311A
405,276
2,586,489
677
271.5
-63.0
798.0
CS-23-312
405,119
2,586,386
646
268.7
-51.8
622.5
CS-23-313
405,086
2,586,573
709
245.8
-62.6
624.0
CS-23-314
405,411
2,586,260
639
254.9
-55.7
750.0
CS-23-315
405,276
2,586,490
677
271.0
-60.0
777.0
CS-23-316
405,086
2,586,573
710
242.2
-54.0
676.5
CS-23-317
405,086
2,586,572
710
293.8
-64.0
666.0
CS-23-318
405,412
2,586,261
641
255.0
-62.5
809.0
CS-23-319
405,276
2,586,490
637
268.9
-51.1
730.5
CS-23-320
405,086
2,586,573
709
303.4
-64.9
723.0
CS-23-321
405,276
2,586,490
677
274.0
-53.7
718.5
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 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 310,000 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.
Website:
www.vizslasilvercorp.ca
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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CO: Vizsla Silver Corp.
CNW 08:00e 27-NOV-23