VZLA.TO · 2022-03-01 12:00:00

Vizsla Silver Restates Maiden Resource Estimate FOR Panuco Silver-GOLD Project

Resource Estimates

VIZSLA SILVER RESTATES MAIDEN

RESOURCE ESTIMATE FOR PANUCO

SILVER-GOLD PROJECT

NYSE: VZLA TSX-V: VZLA

VANCOUVER, BC

March 1, 2022

/CNW/ -

Vizsla Silver Corp.

(TSXV: VZLA) (NYSE: VZLA)

(

Frankfurt

: 0G3) ("

Vizsla

" or the "

Company

") announces a restated maiden mineral resource

estimate (the "Resource Estimate") for its flagship, 100% owned

Panuco

silver-gold project (the

"Project" or "Panuco") located in

Sinaloa, Mexico

"Vizsla Silver is retracting the maiden resource estimate published on

February 28

and restating

it in today's release," commented

Michael Konnert

, President and CEO. "An internal review of the

estimate identified a miscalculation made by an independent consultant in the conversion of lead

and zinc grades into the silver equivalent calculation. This in-turn lifted lower grade zones above

the economic cut-off, adding tonnes to the resource but lowering the overall grade. Today's

restatement corrects this, and the resource remains extremely robust. Vizsla management

acknowledge and apologize for the miscalculation and will publish data along with the technical

report within 30 days to allow investors to independently confirm the resource estimate. The Vizsla

board is conducting a review into the Company's disclosure processes and will implement a

technical committee for additional oversight moving forward."

Tim Maunula

, P.Geo., Principal of T. Maunula & Associates Consulting Inc. commented:

"We

sincerely regret the miscalculation. It needs to be emphasized, however, that the data used in the

model is sound and has been checked and verified and the grade estimation is also accurate."

Highlights of the Restated Resource Estimate:

Indicated Mineral Resources

are estimated at 5.0 million tonnes ("Mt") grading 191 grams per

tonne ("g/t") silver, 2.08 g/t gold, 0.26 % lead, and 0.50 % zinc (

383 g/t silver equivalent

("AgEq")). The Resource Estimate includes indicated resources of 30.5 million ounces ("Moz") of

silver, 331.1 thousand ounces ("koz") of gold, 13 kilo tonnes ("kt") of lead, and 24.6 kt of zinc (

61.1

Moz AgEq

Inferred Mineral Resources

are estimated at 4.1 Mt grading 187 g/t silver, 1.79 g/t gold, 0.13 %

lead, and 0.30 % zinc (

345 g/t AgEq

). The Resource Estimate includes inferred resource of 24.7

Moz of silver, 235.8 koz of gold, 5.3 kt of lead, and 12.4 kt of zinc (

45.6 Moz AgEq

The Resource Estimate is based on a total drill database of 445 holes (124,915 meters) completed

by Vizsla between

November 2019

and

December 2021

"This maiden resource estimate is a major milestone for Vizsla Silver,"

commented

Michael

Konnert

. "It establishes

Panuco

as an extremely high-quality silver and gold district given its rare

combination of size, grade and width, with significant room for growth. Every vein included in the

resource estimate remains open for expansion. The grade tonnage curve demonstrates the deposit

is relativity insensitive to higher cut-offs and within the Napoleon Vein, a high-grade subzone of

13.3 million ounces grading 648 g/t AgEq, named Gallinero, has been delineated. The resource

comes only 18 months from the initial discovery at a total all-in exploration cost of

US$0.23

per

ounce. Looking ahead, the Company plans to update this maiden resource in the second half of

2022 on the back of its ongoing 120,000 metre infill/discovery-based drill program. I would like to

thank the entire Vizsla Silver team, including our contractors and local communities, for their

commitment and contribution to this achievement."

Vizsla Silver will be hosting a webcast to discuss the Resource Estimate at

11:30am PT on

Thursday

, March 3

To register, please click

here.

A technical report is being prepared in accordance with National Instrument 43-101 ("NI-43-101")

and will be available on the Company's website and SEDAR within 30 days of the date of this

release. The effective date of the Resource Estimate is

March 1, 2022

The Resource Estimate included in the Company's

February 28, 2022

news release should not be

relied upon.

Panuco Project Resource Summary –

March 1, 2022

(150 g/t AgEq cut-off)

Classification

Tonnes

Average Grade

Contained Metal

AgEq

(Mt)

(g/t)

(%)

(g/t)

(koz)

(kt)

(koz)

Indicated

5.0

191

2.08

0.26

0.50

383

30,501

331.1

13.0

24.6

61,137

Inferred

4.1

187

1.79

0.13

0.30

345

24,704

235.8

5.3

12.4

45,555

Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off)

Classification

Tonnes

Average Grade

Contained Metal

AgEq

(Mt)

(g/t)

(%)

(g/t)

(koz)

(kt)

(koz)

Indicated

Napoleon

2.5

144

2.41

0.39

0.68

373

11,612

194.4

9.7

17.2

30,126

*Includes Gallinero

0.6

278

4.19

0.40

0.63

648

5,708

86.0

2.6

4.0

13,307

Josephine

0.2

194

2.16

0.29

0.71

402

1,440

16.0

0.7

1.6

2,983

Napoleon HW

0.4

131

1.17

0.19

0.49

249

1,585

14.2

0.7

1.8

3,007

NP Area Total

3.1

146

2.24

0.36

0.66

360

14,637

224.6

11.1

20.6

36,116

Tajitos

1.1

289

1.77

0.12

0.23

443

9,766

59.8

1.3

2.5

14,963

Copala

0.4

285

2.16

0.04

0.08

461

3,936

29.9

0.2

0.3

6,379

Tajitos HW3

0.2

251

1.65

0.09

0.23

395

1,770

11.6

0.2

0.5

2,777

TJ Area Total

1.7

283

1.85

0.09

0.19

441

15,472

101.3

1.6

3.3

24,120

Rosarito

0.1

1.13

0.19

0.54

191

281

4.3

0.2

0.6

719

San Antonio

0.0

128

1.01

0.01

0.02

210

111

0.9

0.0

183

Total Indicated

5.0

191

2.08

0.26

0.50

383

30,501

331.1

13.0

24.6

61,137

Inferred:

Napoleon

0.9

2.29

0.23

0.50

300

2,750

69.3

2.2

4.7

9,066

Josephine

0.2

235

2.34

0.30

0.71

457

1,803

17.9

0.7

1.7

3,501

Napoleon HW

0.6

110

1.21

0.17

0.45

228

1,990

21.7

0.9

2.5

4,120

NP Area Total

1.7

117

1.95

0.22

0.51

298

6,543

108.9

3.9

8.9

16,687

Tajitos

0.6

234

1.40

0.12

0.25

359

4,409

26.4

0.7

1.5

6,761

Copala

1.4

259

1.89

0.03

0.07

414

11,651

84.8

0.4

1.0

18,593

Tajitos HW3

0.3

208

1.39

0.07

0.21

329

1,764

11.8

0.2

0.6

2,788

TJ Area Total

2.2

247

1.70

0.06

0.14

390

17,824

122.9

1.3

3.0

28,142

Rosarito

0.1

1.06

0.18

0.52

188

230

3.1

0.2

0.5

553

San Antonio

0.0

115

0.87

0.01

0.03

186

107

0.8

0.0

173

Total Inferred

4.1

187

1.79

0.13

0.30

345

24,704

235.8

5.3

12.4

45,555

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

$20.70/oz silver, $1,655/oz gold, $1,902/t lead, $2,505/t zinc.

*Gallinero is a high-grade subzone of the Napoleon Vein constrained within a polygon. The 150 AgEq cut-off was also used for this subzone.

Panuco Project Indicated & Inferred Resource Sensitivity Table

Classification

COG AgEq

Tonnes

Average Grade

Contained Metal

AgEq

(Mt)

(g/t)

(%)

(g/t)

(koz)

(kt)

(koz)

Indicated:

>=300 ppm

2.2

305

3.28

0.27

0.49

594

22,068

237.2

6.1

11.0

42,927

>=250 ppm

2.8

273

2.94

0.27

0.49

535

24,232

260.4

7.5

13.6

47,394

>=200 ppm

3.7

232

2.50

0.27

0.49

458

27,253

294.2

9.8

18.0

53,848

>=150 ppm

5.0

191

2.08

0.26

0.50

383

30,501

331.1

13.0

24.6

61,137

>100 ppm

6.9

153

1.65

0.24

0.49

310

33,938

365.8

16.8

33.5

68,785

Inferred:

>=300 ppm

1.7

296

2.78

0.13

0.30

533

16,464

154.6

2.3

5.2

29,661

>=250 ppm

2.1

272

2.54

0.13

0.30

490

18,142

169.1

2.7

6.2

32,661

>=200 ppm

3.0

226

2.13

0.13

0.29

411

21,473

202.2

3.8

8.7

39,036

>=150 ppm

4.1

187

1.79

0.13

0.30

345

24,704

235.8

5.3

12.4

45,555

>100 ppm

5.8

150

1.43

0.13

0.31

280

28,076

268.1

7.8

18.0

52,415

Panuco Project Mineral Resource Estimate Notes:

The Resource Estimate is compliant with Canadian Institute of Mining, Metallurgy and Petroleum

("CIM") Definition Standards incorporated by reference in NI 43-101 The effective date for the

Resource Estimate is

March 1, 2022

Resources are presented undiluted and in situ and are considered to have reasonable

prospects for economic extraction assuming metals prices of

$20.7

per ounce of silver,

$1,650

per ounce of gold,

$1,902

per tonne of lead and

$2,505

per tonne of zinc.

The database comprises a total of 445 drill holes for 124,915 metres of drilling completed by

Vizsla Silver between

November 2019

and

December 2021

The Resource Estimate encompasses a total of 13 sub-vertical precious metals rich domains

each defined by individual wireframes with a minimum true thickness of 2.0 metres for Napoleon

(2 wireframes) and

Tajitos

(3 wireframes), and 1.5 metres thickness for the six other structures

(8 wireframes).

Samples were composited within the mineralized domains into 1.50 metre length composites.

High grade capping was done on composite data and established using a statistical analysis on

a per-zone basis for silver, gold, lead and zinc.

Cut-off grade of 150 g/t AgEq was used based on costs from mines with similar mineralization

Assumed costs

$45

mining,

$30

/tonne processing

$20

/tonnes G&A and recoveries of 93% for

silver, 90% for gold, 94% for both lead and zinc.

Average density values were assigned per zone based on 256 samples analysed by ALS in

Zacatecas, Mexico

Inverse Distance Squared (ID2) interpolation was utilized at for all structures. All estimates are

based on a block dimension of

2 m

10 m

5 m

and estimation search parameters determined

by variography.

The model has been depleted for historical mining and a

thick crown pillar.

The Resource Estimate is categorized into indicated and inferred categories as follows:

The Indicated mineral resource category is defined by areas where drill spacing is

generally less than 50 metres, blocks are informed by a minimum of two drill holes, and

reasonable geological and grade continuity is shown.

Copala

, Tajitos HW,

Rosarito

and

San Antonio

veins defined Indicated mineral resource based on drill spacing less than 30

metres.

The Inferred mineral resource category is defined by areas where drill spacing is less than

100 metres, blocks are informed by a minimum of two drill holes, and reasonable, but not

verified, geological and grade continuity is observed.

Copala

, Tajitos HW,

Rosarito

and

San

Antonio

veins defined Inferred mineral resource based on drill spacing less than 60 metres.

The Inferred Mineral Resource in this estimate has a lower level of confidence than that

applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve.

It is reasonably expected that the Inferred Mineral Resource could be upgraded to an

Indicated Mineral Resource with continued exploration.

Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy

ounces (metric tonne x grade / 31.10348).

T. Maunula & Associates Consulting Inc. is not aware of any known environmental, permitting,

legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not

reported in the technical report, that could materially affect the mineral resource estimate.

Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves

do not have demonstrated economic viability. There has been insufficient exploration to define

the inferred resources tabulated above as an indicated or measured mineral resource. There is

no guarantee that any part of the mineral resources discussed herein will be converted into a

mineral reserve in the future.

The Resource Estimate is centred on the western portion of

Panuco

, encompassing ~4.2 km of the

known 75 km of cumulative vein strike in the district. The 2022 drill program aims to utilize 13 drill

rigs to 1) upgrade and expand the initial project resource base and 2) test advanced exploration

targets located in the west, central and east areas of the Project. Dependent on ongoing exploration

success, the Company intends to publish an update to the Resource Estimate in the second half of

2022. There is no certainty that inferred mineral resources contained in the Resource Estimate will

be converted to higher confidence categories through further drilling.

Discovery Costs

To date, the Company has incurred an aggregate of approximately

US$24.5 million

in exploration

expenditures for the life of the Project. This equates to a discovery cost of approximately

US$0.23

per ounce of silver equivalent for resources defined in the Resource Estimate.

More broadly, the Company has incurred an aggregate of approximately

US$98.6 million

in total

expenditures since the Company was formed in

September 2018

. This includes all project acquisition

costs (shares and cash), exploration costs and corporate expenditures. This equates to a total

discovery cost of approximately

US$0.92

per ounce of silver equivalent for resources defined in the

Resource Estimate.

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 6,754-hectare, past producing district

benefits from over 75 kilometres of total vein extent, a 500 ton per day mill, 35 kilometres of

underground mines, tailings facilities, 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.

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

Sinaloa, Mexico

. To date, Vizsla has completed over 120,000 meters of drilling at

Panuco

leading

to the discovery of several new high-grade veins. For 2022, Vizsla has budgeted +120,000 meters

of resource/discovery-based drilling, designed to upgrade, and expand the maiden 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

The independent Qualified Person for the Resource Estimate is

Tim Maunula

, P.Geo., Principal,

Maunula

& Associates Consulting Inc., who has reviewed and approved the contents of this release.

In accordance with NI 43-101,

Martin Dupuis

, P.Geo., Vice President of Technical Services, is the

Qualified Person for the Company and has validated 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 in this video 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 in this video

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 in this video 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 info

rmation" 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 drilling programs and mobilization of drill rigs; the

potential update to the Resource Estimate in the second half of 2022; the implementation of a

technical committee for additional oversight moving forward; and the publication of data and a

technical report.

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/March2022/01/c9568.html

%SEDAR: 00045314E

For further 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], Website: www.vizslasilvercorp.ca

CO: Vizsla Silver Corp.

CNW 18:22e 01-MAR-22

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