Vizsla Silver Reports More High- Grade Results at Copala and Copala 3, Demonstrating Strong Mineral Continuity
VIZSLA SILVER REPORTS MORE HIGH-
GRADE RESULTS AT COPALA AND COPALA
3, DEMONSTRATING STRONG MINERAL
CONTINUITY
NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC
,
July 9, 2024
/CNW/ -
Vizsla Silver Corp.
(TSXV: VZLA) (NYSE: VZLA)
(
Frankfurt
: 0G3) ("
Vizsla
" or the "
Company
") is pleased to report results from six 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 infill near-surface
Indicated Mineral Resources, continues to confirm high-grade continuity throughout
Copala
including
new high-grade intercepts on the
Copala
3 hanging-wall vein splay.
Highlights
CS-24-366 returned
2,398 grams per tonne (g/t) silver equivalent (AgEq) over 7.00 metres
true width (mTW)
(1,898 g/t silver and 9.51 g/t gold)
Including 5,385 g/t AgEq over 0.56 mTW (3,950 g/t silver and 25.40 g/t gold)
And, 4,457 g/t AgEq over 1.29 mTW (3,430 g/t silver and 18.95 g/t gold)
CS-24-359 returned
1,027 g/t AgEq over 7.80 mTW
(788 g/t silver and 4.40 g/t gold)
Including 6,343 g/t AgEq over 0.86 mTW (5,010 g/t silver and 25.30 g/t gold)
And, 1,749 g/t AgEq over
0.53 m
TW (1,360 g/t silver and 7.26 g/t gold)
CS-24-361 returned
2,023 g/t AgEq over 3.50 mTW
(1,617 g/t silver and 7.83 g/t gold)
Including 6,331 g/t AgEq over 0.39 mTW (5,230 g/t silver and 22.30 g/t gold)
CS-24-363 returned
2,193 g/t AgEq over 2.68 mTW
(1,831 g/t silver and 7.47 g/t gold)
Including 4,787 g/t AgEq over 0.78 mTW (4,040 g/t silver and 15.75 g/t gold)
"Ongoing infill drilling at
Copala
, where initial mining will likely take place, continues to
demonstrate exceptional mineral continuity,"
commented
Michael Konnert
, President & CEO.
"Tight-spaced drilling along Copala Main and its hanging-wall splay structures has now expanded
the high-grade footprint closer to surface, potentially reducing the overall development required to
access the minerlization. The more we drill on the property, the more confidence we have that
Panuco
will be a high-margin, low capex project. Moving forward, we will continue our conversion
drilling at
Copala
as we de-risk the Project ahead of the maiden PEA, slated for early Q3 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 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
(please refer to our Technical Report on Updated Mineral Resource Estimate for the Panuco Ag-Au-
Pb-Zn Project, Sinaloa State,
Mexico
, by
Allan Armitage
,
Ben Eggers
and Peter Mehrfert, dated
February 12, 2024
and to Vizsla'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).
Exploration and Resource drilling at
Copala
has traced mineralization along ~1,770 metres of strike
length and ~400 metres down dip. The infill holes reported herein are part of an ongoing ~10,000
program (~35 holes), planned to convert near surface Indicated Mineral Resources in the central
portion of main
Copala
into the Measured Resource category. The six infill holes reported were
drilled at approximately 25 metre centers from pre-existing holes and continue to successfully
confirm grade continuity along the main
Copala
structure. Additionally, some of these holes also
intercepted high-grades on
Copala
3, which sits between 10-45 metres to the east of
Copala
main,
on the hanging-wall side of the structure. The
Copala
3 vein is demonstrating good continuity with
many holes having previously intercepted the structure, as shown by the blue pierce points in Figure
3. The high grades seen in
Copala
3, may contribute to a further improved, overall grade profile as
more resources are converted to higher confidence categories in the central portion of
Copala
.
Vizsla plans to complete its ongoing ~10,000 infill program by mid to late July. Based on the results
received, Vizsla is analysing additional drilling metres to continue upgrading and expanding mineral
resources in high priority areas at
Copala
.
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
gray and black dash outlines represent Copala 2, Copala 3 and Copala 4 vein splays. (CNW
Group/Vizsla Silver Corp.)
Figure 3: Inclined longitudinal section for Copala 3 vein splay 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 4: Cross section showing Copala structure, Cristiano, Copala 3, Copala 4 and FW Splay
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-24-359
332.15
341.65
9.50
7.80
788
4.40
1,027
Copala 3
Includes
336.25
337.30
1.05
0.86
5,010
25.30
6,343
Includes
341.00
341.65
0.65
0.53
1,360
7.26
1,749
CS-24-359
369.30
373.75
4.45
3.76
242
1.18
303
Copala
Includes
371.00
371.60
0.60
0.51
1,015
3.60
1,177
CS-24-359
378.00
381.00
3.00
2.53
170
0.44
186
Copala
CS-24-361
346.05
351.60
5.55
5.25
547
6.58
962
Copala 3
Includes
346.05
346.50
0.45
0.43
2,370
59.70
6,366
Includes
347.25
348.20
0.95
0.90
1,110
5.03
1,365
CS-24-361
366.00
369.60
3.60
3.50
1,617
7.83
2,023
Copala
Includes
368.20
368.60
0.40
0.39
5,230
22.30
6,331
CS-24-363
325.40
328.15
2.75
2.68
1,831
7.47
2,193
Copala
includes
326.55
327.35
0.80
0.78
4,040
15.75
4,787
CS-24-364
344.55
346.40
1.85
1.80
131
0.71
169
Copala 3
CS-24-364
358.10
360.75
2.65
2.65
277
2.20
407
Copala
CS-24-366
348.85
357.00
8.15
7.00
1,898
9.51
2,398
Copala 3
Includes
348.85
349.50
0.65
0.56
3,950
25.40
5,385
Includes
351.00
352.50
1.50
1.29
3,430
18.95
4,457
Includes
352.80
354.00
1.20
1.03
3,200
13.00
3,829
CS-24-366
376.50
379.70
3.20
3.08
147
0.74
186
Copala
CS-24-367
352.30
355.50
3.20
2.75
124
0.72
164
Copala 3
CS-24-367
374.50
378.95
4.45
3.35
383
1.62
462
Copala
Includes
374.50
375.50
1.00
0.75
1,280
5.54
1,555
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 and Copala 3 veins. The two intercepts on main Copala for CS-24-359 occur within a broad (9.90 m) lower
grade vein-breccia structure.
Drillhole
Easting
Northing
Elevation
Azimuth
Dip
Depth
CS-24-359
404,912
2,586,771
680
261.7
-45.8
382.5
CS-24-361
404,912
2,586,771
680
265.5
-47.9
381.0
CS-24-363
404,844
2,586,892
653
277.7
-61.7
343.5
CS-24-364
404,912
2,586,771
680
270.4
-43.2
376.5
CS-24-366
409,912
2,586,771
680
266.2
-51.5
387.0
CS-24-367
404,844
2,586,892
653
274.7
-69.4
394.5
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 17,856.5-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 (please refer to our Technical Report on Updated Mineral
Resource Estimate for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State,
Mexico
, by
Allan Armitage
,
Ben Eggers
and Peter Mehrfert, dated
February 12, 2024
and to our Company´s press release
dated
January 8
, 2024).
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 368,000 metres of drilling at
Panuco
leading to the discovery of several new high-grade veins. For 2024, Vizsla Silver has budgeted
+30,000 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.
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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For further information:
Contact Information: For more 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]
CO: Vizsla Silver Corp.
CNW 06:00e 09-JUL-24