Vizsla Silver Reports Additional High-Grade Intercepts ON Copala and Its Splays
VIZSLA SILVER REPORTS ADDITIONAL HIGH-GRADE
INTERCEPTS ON COPALA AND ITS SPLAYS
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
March 20, 2024
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA) (
Frankfurt
: 0G3) ("
Vizsla
" or the
"
Company
") is pleased to report results from 27 new drill holes targeting the
Copala
resource area at its 100%-owned,
flagship Panuco silver-gold project ("
Panuco
" or the "
Project
") located in
Mexico
. The reported drilling, designed to both infill and expand
mineralization, successfully confirmed high-grade continuity throughout
Copala
and extended mineralization by ~100m down dip to the
southeast.
Highlights
CS-24-342 returned
703 grams per tonne (g/t) silver equivalent (AgEq) over 6.00 metres true width (mTW)
(487 g/t silver and
3.69 g/t gold)
Including 1,327 g/t AgEq over 2.26 mTW (832 g/t silver and 8.09 g/t gold)
COP-2023
-001 returned
332 g/t AgEq over 13.60 mTW
(240 g/t silver and 1.61 g/t gold)
Including 1,793 g/t AgEq over 1.10 mTW (1,075 g/t silver and 11.55 g/t gold)
COP-2023
-004 returned
658 g/t AgEq over 5.10 mTW
(318 g/t silver and 5.23 g/t gold)
Including 1,436 g/t AgEq over 0.28 mTW (338 g/t silver and 16.00 g/t gold)
And 2,104 g/t AgEq over 0.96 mTW (1,270 g/t silver and 13.45 g/t gold)
CS-24-339 returned
832 g/t AgEq over 2.92 mTW
(738 g/t silver and 2.28 g/t gold)
"Ongoing drilling at the high-grade
Copala
structure continues to demonstrate exceptional mineral continuity,"
commented
Michael
Konnert
, President & CEO.
"Since the delivery of the updated mineral resource estimate in
January 2024
, we have been focused on de-
risking
Copala
through infill and geotechnical drilling with two rigs ahead of the initial project PEA. Today's results further highlight that
Copala
is a precious metals dominant, very wide near-surface structure with a grade-width profile that can support a potential mining
scenario. Moving forward, we intend to continue infilling and expanding
Copala
main and its high-grade splay structures, as we look to
develop
Panuco
into the world's next tier one silver primary asset."
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 83.3 Moz AgEq at 573 g/t AgEq and Inferred Resources of 48.3 Moz AgEq
at 476 g/t AgEq within a broad envelope of vein-breccia interlayered with host rock, up to 82 metres thick (see Company's press release
dated
January 8, 2024
). Interpretations by Vizsla geologists indicate
Copala
has an average dip of ~46° to the east (~35° in its northern
sector and steepening to ~65° 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 infill, geotechnical and resource expansion drilling consisted of 20 holes drilled at ~50 m to ~100 m centres in the
southern extent of
Copala
and seven holes drilled in the north-central zone, including one hole on
Tajitos
. The infill and expansion holes in
the southeast targeted
Copala
3 on the hanging wall, main
Copala
and
Copala
4 situated on the footwall. The infill and geotechnical holes
drilled in the north-central zone targeted only the main
Copala
structure, except for hole
COP-2023
-002 that was drilled on the Tajitos Vein
(not shown on longitudinal section).
Infill and geotechnical drilling completed in the south and north-central areas of
Copala
have successfully confirmed high-grade mineral
continuity. Extension drilling completed in the south has expanded mineralization by ~100m downdip to the east, marked by hole CS-23-
330. Additionally, drilling along the southern extents of
Copala
has highlighted that the main structure gets steeper at depth (~65°) and
develops narrower vein splays carrying significant silver and gold grades (
Copala
3 and
Copala
4). The recently reported
Copala
4 splay
vein sits between Cristiano and
Copala
, approximately
75m
west of
Copala
, whereas
Copala
3 sits less than
50m
to the east of
Copala
main on the hanging wall side. Drilling to date has traced
Copala
4 for approximately
300 m
along strike and
400 m
down dip.
Copala
3 is
more irregular in terms of grade and thickness along strike (locally forms sparse high-grade pockets), but overall, the structure has been
traced over
400 m
long by
400 m
down dip.
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 Copala 4 vein in the
south. Hole COP-2023-002 was drilled for Tajitos and is not shown on this section. (CNW Group/Vizsla Silver Corp.)
Figure 3: Cross section showing Copala structure, Copala 3, Cristiano and Tajitos veins with completed drilling. (CNW Group/Vizsla Silver
Corp.)
Figure 4: Cross section showing Copala structure, Copala 3, Copala 4 and Cristiano 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-23-322
No significant values
Copala
CS-23-323
No significant values
Copala
CS-23-324
No significant values
Copala
CS-23-325
No significant values
Copala
CS-23-326
558.50
560.65
2.15
2.05
101
3.15
315
Copala 3
CS-23-326
No significant values
Copala
CS-23-326
742.50
743.50
1.00
0.95
695
5.05
988
FW Splay
CS-23-327
481.40
482.70
1.30
1.10
157
0.85
203
Copala 3
CS-23-327
493.50
495.00
1.50
1.25
231
0.93
276
Copala 3
CS-23-327
No significant values
Copala
CS-23-327
No significant values
FW Splay
CS-23-328A
No significant values
Copala
CS-23-329A
No significant values
Copala
CS-23-330
762.00
768.00
6.00
5.60
271
0.82
305
Copala
Includes
766.50
768.00
1.50
1.40
732
2.11
815
Copala
CS-23-331
No significant values
Copala 3
CS-23-331
No significant values
Copala
CS-23-331
370.80
372.00
1.20
0.83
612
3.48
802
Copala 4
CS-23-332
499.20
500.60
1.40
1.35
290
1.80
391
Copala 3
Includes
500.10
500.60
0.50
0.45
473
2.80
628
Copala 3
CS-23-332
548.50
550.90
2.40
1.92
707
1.53
751
Copala
CS-23-333
No significant values
Copala 3
CS-23-333
No significant values
Copala
CS-23-333
782.35
783.40
1.05
0.85
18
10.10
729
Copala 4
CS-23-334
No significant values
Copala 3
CS-23-335
No significant values
Copala
COP-2023-001
145.30
158.90
13.60
13.60
240
1.61
332
Copala
Includes
146.00
147.10
1.10
1.10
1,075
11.55
1,793
Copala
COP-2023-001
No significant values
Copala 2
COP-2023-001
310.00
311.00
1.00
0.80
508
1.19
547
FW Splay
COP-2023-002
196.60
201.00
4.40
3.95
415
2.01
520
Tajtos
COP-2023-003
85.50
87.00
1.50
1.40
1
2.40
170
Copala
COP-2023-004
195.75
202.10
6.35
5.10
318
5.23
658
Copala
Includes
197.65
198.00
0.35
0.28
338
16.00
1,436
Copala
Includes
200.90
202.10
1.20
0.96
1,270
13.45
2,104
Copala
COP-2023-005
252.75
254.80
2.05
2.00
541
2.47
666
Copala
CS-24-336
No significant values
Copala 3
CS-24-336
414.60
415.25
0.65
0.65
170
0.30
176
Copala
CS-24-337
No significant values
Copala 3
CS-24-337
No significant values
Copala
CS-24-337
727.15
727.90
0.75
0.56
551
4.48
817
FW Splay
CS-24-337
741.55
743.15
1.60
1.05
242
0.82
278
Copala 4
Includes
741.55
742.05
0.50
0.33
496
1.51
558
Copala 4
CS-24-338
No significant values
Copala 3
CS-24-339
663.00
666.65
3.65
2.92
738
2.28
832
Copala
CS-24-339
685.50
686.50
1.00
0.80
267
0.87
304
Copala 4
CS-24-340
No significant values
Copala
CS-24-341
No significant values
Copala
CS-24-342
627.60
634.25
6.65
6.00
487
3.69
703
Copala
CS-24-342
648.95
650.10
1.15
0.95
252
1.25
317
FW Splay
CS-24-342
655.90
656.60
0.70
0.55
304
1.01
347
FW Splay
CS-24-342
675.20
675.85
0.65
0.60
1,435
3.83
1,576
Copala 4
CS-24-343
No significant values
Copala
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 and
Tajitos
veins.
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
CS-23-322
405,518
2,586,347
563
260.0
-45.5
786.0
CS-23-323
405,087
2,586,573
710
281.4
-55.3
678.0
CS-23-324
405,276
2,586,490
677
282.5
-53.8
753.0
CS-23-325
405,073
2,586,909
649
246.0
-58.0
606.0
CS-23-326
405,275
2,586,491
677
288.0
-51.6
754.5
CS-23-327
405,073
2,586,909
648
246.7
-62.7
802.5
CS-23-328A
405,275
2,586,491
677
293.8
-51.8
765.0
CS-23-329A
405,073
2,586,909
648
240.4
-59.9
726.0
CS-23-330
405,518
2,586,347
563
260.0
-52.6
834.0
CS-23-331
404,879
2,586,597
659
277.8
-66.8
495.0
CS-23-332
405,073
2,586,909
648
273.5
-56.7
595.5
CS-23-333
405,401
2,586,489
618
263.7
-52.8
801.0
CS-23-334
404,879
2,586,597
659
271.2
-61.3
474.0
CS-23-335
404,829
2,586,685
654
250.0
-63.2
423.0
COP-2023-001
404,674
2,587,217
533
295.0
-50.0
321.0
COP-2023-002
404,504
2,587,120
547
310.0
-50.0
330.0
COP-2023-003
404,575
2,587,076
542
300.0
-55.0
351.0
COP-2023-004
404,724
2,586,986
594
245.0
-58.0
501.0
COP-2023-005
404,778
2,586,757
629
55.0
-55.0
363.0
CS-24-336
404,912
2,586,771
680
246.2
-62.5
501.0
CS-24-337
405,401
2,586,489
618
259.3
-50.9
783.0
CS-24-338
404,754
2,586,692
617
260.3
-67.8
300.0
CS-24-339
405,401
2,586,489
618
259.1
-46.2
789.0
CS-24-340
404,905
2,586,443
615
235.9
-61.2
415.0
CS-24-341
404,905
2,586,443
605
255.9
-59.9
450.0
CS-24-342
405,401
2,586,489
612
253.2
-48.2
735.0
CS-24-343
404,905
2,586,443
471
253.1
-67.5
471.0
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 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.
On
January 8, 2024
, the Company announced an updated mineral resource estimate for
Panuco
which includes an estimated in-situ
indicated mineral resource of 155.8 Moz AgEq and an in-situ inferred resource of 169.6 Moz AgEq.
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 Silver has completed over 350,000 metres of
drilling at
Panuco
leading to the discovery of several new high-grade veins. For 2024, Vizsla Silver has budgeted +65,000 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,
Jesus Velador
, Ph.D. MMSA QP., Vice President of Exploration, 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.
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CO: Vizsla Silver Corp.
CNW 08:00e 20-MAR-24