NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, June 12,
2024 /PRNewswire/ - Vizsla Silver Corp. (TSXV:
VZLA) (NYSE: VZLA) (Frankfurt:
0G3) ("Vizsla" or the "Company") is pleased to report
results from 12 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 mineralization, successfully
confirmed high-grade continuity throughout Copala.
Highlights
- CS-24-354 returned 1,503 grams per tonne (g/t) silver
equivalent (AgEq) over 13.00 metres true width (mTW) (1,017 g/t
silver and 8.19 g/t gold)
- Including 6,229 g/t AgEq over 1.40 mTW (4,124 g/t silver
and 35.11 g/t gold)
- And 3,813 g/t AgEq over 1.31 mTW (2,540 g/t silver and
21.30 g/t gold)
- CS-24-344 returned 1,363 g/t AgEq over 8.70 mTW (1,096
g/t silver and 5.18 g/t gold)
- Including 10,516 g/t AgEq over 0.66 mTW (8,720 g/t silver and
36.60 g/t gold)
- CS-24-352 returned 2,872 g/t AgEq over 5.00 mTW (1,378
g/t silver and 22.95 g/t gold)
- Including 4,681 g/t AgEq over 2.75 mTW (2,115 g/t silver and
39.10 g/t gold)
- CS-24-347 returned 2,440 g/t AgEq over 6.00 mTW (1,882
g/t silver and 10.31 g/t gold)
- Including 4,957 g/t AgEq over 2.39 mTW (3,859 g/t silver and
20.51 g/t gold)
"New drill results from our ongoing Copala infill program continue to demonstrate
excellent continuity of high-grade silver and gold
mineralization," commented Michael
Konnert, President & CEO. "As we reduce the drill
spacing at Copala, focused on
converting mineralization to higher confidence resource categories,
we continue to expand the high-grade precious metals core of the
main structure, and in-turn the overall potential minable
inventory. This is important as we progress through our 2024
de-risking initiatives including the delivery of a Preliminary
Economic Assessment planned for early Q3."
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 our 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).
Resource 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
drilling consisted of 11 holes drilled at ~50 m centres in the
shallow high-grade zone of north-central Copala and one hole drilled in a previously
identified deep high-grade zone in the southern extent. The infill
holes drilled in the north-central zone targeted only the main
Copala structure, but some holes
intercepted Copala 3 and
Copala 4 along the way.
Additionally, holes CS-24-348 and CS-24-352 intercepted broad
mineralized structures of 16.80 m and
17.50 m TW respectively, with
high-grade zones internally diluted by lower-grade crackle breccia
zones (see table 1). Broad intercepts consisting of mixed banded
vein, stockwork and crackle breccia zones are common in north
central Copala. Cymoid loops are
also common in some vein sectors, as shown by the multiple vein
intercepts on Copala 4 by
CS-24-345 (see table 1).
Infill drilling completed to date in various parts 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.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated
True width
|
Ag
|
Au
|
AgEq
|
Vein
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
|
|
CS-24-344
|
546.90
|
547.20
|
0.30
|
0.16
|
602
|
2.03
|
691
|
Copala 3
|
|
|
CS-24-344
|
561.95
|
573.90
|
11.95
|
8.70
|
1,096
|
5.18
|
1,363
|
Copala
|
|
|
Includes
|
563.10
|
564.00
|
0.90
|
0.66
|
8,720
|
36.60
|
10,516
|
|
|
|
CS-24-345
|
No significant
values
|
Copala 3
|
|
|
CS-24-345
|
401.45
|
406.85
|
5.40
|
5.00
|
414
|
1.85
|
508
|
Copala
|
|
|
Includes
|
402.50
|
404.55
|
2.05
|
1.89
|
844
|
4.04
|
1,054
|
|
|
|
CS-24-345
|
451.50
|
453.00
|
1.50
|
0.84
|
131
|
1.38
|
217
|
Copala 4
|
|
|
CS-24-345
|
456.00
|
457.50
|
1.50
|
0.84
|
153
|
1.25
|
227
|
Copala 4
|
|
|
CS-24-345
|
466.10
|
466.50
|
0.40
|
0.23
|
338
|
2.23
|
465
|
Copala 4
|
|
|
CS-24-346
|
No significant
values
|
Copala 3
|
|
|
CS-24-346
|
388.00
|
393.25
|
5.25
|
2.75
|
720
|
10.77
|
1,414
|
Copala
|
|
|
CS-24-346
|
441.00
|
444.00
|
3.00
|
1.30
|
177
|
0.81
|
219
|
Copala splay
|
|
|
CS-24-347
|
258.00
|
259.00
|
1.00
|
0.90
|
367
|
4.56
|
655
|
Copala 3
|
|
|
CS-24-347
|
287.85
|
294.00
|
6.15
|
6.00
|
1,882
|
10.31
|
2,440
|
Copala
|
|
|
Includes
|
289.00
|
291.45
|
2.45
|
2.39
|
3,859
|
20.51
|
4,957
|
|
|
|
CS-24-347
|
299.75
|
300.30
|
0.55
|
0.40
|
186
|
0.60
|
212
|
Copala splay
|
|
|
CS-23-348
|
333.85
|
337.50
|
3.65
|
3.45
|
439
|
3.89
|
674
|
Copala
|
|
|
Includes
|
335.25
|
336.00
|
0.75
|
0.71
|
946
|
10.80
|
1,622
|
|
|
|
CS-23-348
|
349.50
|
351.50
|
2.00
|
1.95
|
1,312
|
5.39
|
1,574
|
Copala
|
|
|
Includes
|
350.50
|
351.50
|
1.00
|
0.95
|
2,390
|
9.60
|
2,852
|
|
|
|
CS-23-349
|
338.15
|
340.75
|
2.60
|
2.45
|
130
|
0.82
|
176
|
Copala
|
|
|
CS-23-349
|
375.45
|
376.80
|
1.35
|
1.35
|
214
|
0.82
|
253
|
Copala splay
|
|
|
CS-23-350
|
328.50
|
334.55
|
6.05
|
4.05
|
636
|
1.97
|
717
|
Copala
|
|
|
Includes
|
333.05
|
334.55
|
2.50
|
1.67
|
1,265
|
3.50
|
1,398
|
|
|
|
CS-24-351
|
336.35
|
338.8
|
2.45
|
2.40
|
1,541
|
5.52
|
1,791
|
Copala
|
|
|
Includes
|
336.85
|
337.55
|
0.70
|
0.69
|
4,710
|
16.75
|
5,467
|
|
|
|
CS-24-351
|
343.05
|
343.75
|
0.70
|
0.65
|
208
|
0.885
|
252
|
Copala splay
|
|
|
CS-24-352
|
140.00
|
144.25
|
4.25
|
3.25
|
137
|
1.09
|
201
|
Copala 3
|
|
|
CS-24-352
|
198.00
|
201.00
|
3.00
|
2.80
|
572
|
4.53
|
840
|
Copala
|
|
|
Includes
|
199.50
|
201.00
|
1.50
|
1.40
|
1,050
|
8.46
|
1,553
|
|
|
|
CS-24-352
|
211.80
|
217.25
|
5.45
|
5.00
|
1,378
|
22.95
|
2,872
|
Copala
|
|
|
Includes
|
213.00
|
216.00
|
3.00
|
2.75
|
2,115
|
39.10
|
4,681
|
|
|
|
CS-24-353
|
No significant
values
|
Copala
|
|
|
CS-24-354
|
133.30
|
135.00
|
1.70
|
1.39
|
188
|
1.15
|
252
|
Copala 3
|
|
|
CS-24-354
|
153.50
|
168.30
|
14.80
|
13.00
|
1,017
|
8.19
|
1,503
|
Copala
|
|
|
Includes
|
153.50
|
155.10
|
1.60
|
1.40
|
4,124
|
35.11
|
6,229
|
|
|
|
Includes
|
157.55
|
159.05
|
1.50
|
1.31
|
2,540
|
21.30
|
3,813
|
|
|
|
CS-24-355
|
174.30
|
189.00
|
14.70
|
12.30
|
150
|
1.57
|
247
|
Copala
|
|
|
Includes
|
176.55
|
177.10
|
0.55
|
0.46
|
323
|
6.52
|
754
|
|
|
|
Includes
|
184.50
|
185.70
|
1.20
|
1.00
|
554
|
3.78
|
771
|
|
|
|
Table 1:
Downhole drill intersections from the holes reported for Copala
structure, Copala 3, FW Splay and Copala 4 veins.
|
|
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).
|
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
CS-24-344
|
405,210
|
2,586,350
|
661
|
257.4
|
-64.2
|
639.0
|
CS-24-345
|
404,910
|
2,586,771
|
678
|
269.0
|
-68.7
|
540.0
|
CS-24-346
|
404,843
|
2,586,894
|
651
|
291.0
|
-76.6
|
498.0
|
CS-24-347
|
404,758
|
2,587,035
|
597
|
288.4
|
-60.2
|
345.0
|
CS-24-348
|
404,842
|
2,586,894
|
651
|
286.8
|
-64.5
|
394.5
|
CS-24-349
|
404,846
|
2,587,119
|
573
|
267.5
|
-69.4
|
390.0
|
CS-24-350
|
404,835
|
2,587,002
|
596
|
272.7
|
-73.3
|
376.5
|
CS-24-351
|
404,846
|
2,587,119
|
573
|
275.7
|
-60.9
|
396.0
|
CS-24-352
|
404,653
|
2,587,159
|
568
|
242.7
|
-71.1
|
295.5
|
CS-24-353
|
404,653
|
2,587,159
|
568
|
251.9
|
-51.6
|
225.0
|
CS-24-354
|
404,653
|
2,587,160
|
568
|
289.0
|
-65.0
|
228.0
|
CS-24-355
|
404,674
|
2,587,217
|
533
|
318.9
|
-34.3
|
231.0
|
Table 2:
Drillhole details for the reported drillholes. Coordinates in
WGS84, Zone 13.
|
Stock Option and Restricted Share
Unit Grant
The Company announces that, pursuant to the Company's Omnibus
Equity Incentive Compensation Plan, it has granted 6,050,000 stock
options ("Options") at an exercise price of $2.26 and 775,000 restricted share units (each,
an "RSU") to directors, officers, employees and consultants
of the Company. The Options are exercisable for a period of five
years and will vest over the next two years and the RSUs will vest
in three equal annual instalments commencing on the first
anniversary of the grant date.
The Options are subject to the approval and policies of the TSX
Venture Exchange and the NYSE American.
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 (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 350,000 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.
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SOURCE Vizsla Silver Corp.