Vizsla Drills 2,889 G/T Silver and 107.9 G/T Gold over 3.7 Metres
within 1,808 G/T Silver and 66.8 G/T Gold over 6.0 Metres at
Panuco, Mexico
VANCOUVER, BC, Canada -- July 8, 2020 -- InvestorsHub NewsWire
-- Vizsla Resources Corp. (TSX-V:
VZLA) ("Vizsla" or the
"Company") is pleased to announce additional
drilling results from the Napoleon Vein Corridor at the Panuco
silver-gold project in Mexico. A total of eleven holes have
been completed to date at Napoleon with results returned for the
mineralized intervals of four holes. High grade intercepts
have been returned. The Company has two drill rigs operating
on the project testing multiple targets.
Drilling Highlights
NP-20-07
- 8,078 g/t silver equivalent (1,808.2
grams per tonne ("g/t") silver, 66.8 g/t gold, 2.99% lead and 3.30
% zinc) over 6.0 metres ("m") from 69.0 including;
- 12,992 g/t silver equivalent (2,889.2 g/t
silver, 107.9 g/t gold, 4.80% lead and 4.56 % zinc)
over 3.7m from 69.5m including;
- 21,034 g/t silver equivalent (2,240.0 g/t
silver, 199.0 g/t gold, 12.85% lead and 3.27% zinc)
over 0.85m from 72.35m
NP-20-05
- 284 g/t silver equivalent (134.3 g/t
silver, 1.34 g/t gold, 0.49% lead and 0.91% zinc)
over 10.65m from 112.35m including;
- 1,201 g/t silver equivalent (719.0 g/t
silver, 5.10 g/t gold, 0.71% lead and 1.42% zinc)
over 1.0m from 118.6m
Note: All numbers are rounded and widths represent downhole
lengths. True widths are estimated at between 51-71% of
downhole lengths. Silver equivalent is calculated using the
following formula: Silver-equivalent = ((Au_g/t x 52.48) + (Ag_g/t
x 0.5289) + (Pb_ppm x 0.0013) + (Zn_ppm x 0.0013)) / 0.5627).
Metal price assumptions are $17.50 g/t silver, $1,700 g/t gold,
$0.75 pound lead and $0.85 pound zinc, recoveries assumptions are
96% gold, 94% silver, 78% lead and 70% zinc based on similar
deposit types
|
Vizlsa is reporting as silver equivalent due to the average
ratio of metal value in the Panuco district being 60:40 silver to
gold. The company's geological interpretation of the results
is that these high grades in NP-20-07 is in the very core of the
mineralization and broader drilling is reverting to the silver
dominant nature similar to observed in holes NP-20-04 and
NP-20-05.
Vizsla President and CEO, Michael Konnert,
commented: "We are thrilled with these high grade results
as they support our understanding that the Napoleon vein system
remains open along trend to the north and south and at depth. With
a 14,500 metre drill program underway, The Company will continue to
drill the Napoleon vein system and the multiple other drill targets
in vein systems across the Panuco district. Our second rig is
currently turning at Cordon del Oro. Being fully-funded,
Vizsla intends to provide steady drilling news flow over the summer
months."
The Napoleon Vein Corridor is located almost entirely on
concessions optioned from Rio Panuco which Vizsla has the
right to purchase 100% of including the 500 tonne per day El
Coco mill, tailings facility, roads, power and permits for a
total of US$23,000,000.
Complete table of drillhole intersections
Drillhole
|
From |
To |
Width |
Silver |
Gold |
Lead |
Zinc |
Silver
Equivalent |
Comment |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
(%) |
(g/t) |
NP-20-04 |
61.35 |
62.15 |
0.8 |
308.0 |
2.41 |
0.11 |
0.25 |
522.6 |
|
And |
96.25 |
98.03 |
1.78 |
58.6 |
2.49 |
0.48 |
1.40 |
330.8 |
|
And |
105.55 |
107.1 |
1.55 |
48.2 |
0.29 |
1.89 |
9.07 |
327.0 |
|
And |
113.5 |
117.0 |
3.5 |
56.6 |
1.11 |
0.22 |
1.10 |
186.9 |
|
Incl. |
116.0 |
117.0 |
1.0 |
90.3 |
3.05 |
0.45 |
2.43 |
436.2 |
|
And |
120.55 |
127.5 |
6.95 |
75.0 |
0.78 |
0.23 |
0.96 |
171.1 |
Hanging
wall
Vein |
Incl. |
125.37 |
126.25 |
0.88 |
169.0 |
1.69 |
0.43 |
3.98 |
418.5 |
|
NP-20-05 |
112.35 |
123.0 |
10.65 |
134.3 |
1.34 |
0.49 |
0.91 |
283.8 |
Hanging wall
Vein |
Incl. |
118.6 |
119.6 |
1.0 |
719.0 |
5.10 |
0.71 |
1.42 |
1,200.8 |
|
NP-20-06 |
54.9 |
57.3 |
2.4 |
Void space due to mined
out vein |
|
And |
58.0 |
58.6 |
0.6 |
Assays
Pending |
Residual non-mined
vein |
And |
125.1 |
126.0 |
0.9 |
150.0 |
0.88 |
0.07 |
0.30 |
231.4 |
|
NP-20-07 |
69.0 |
75.0 |
6.0 |
1,808.2 |
66.8 |
2.99 |
3.30 |
8,077.6 |
Hanging
wall
Vein |
Incl. |
69.5 |
73.2 |
3.7 |
2.889.2 |
107.9 |
4.80 |
4.56 |
12,991.6 |
|
|
72.35 |
73.2 |
0.85 |
2,240.0 |
199.0 |
12.85 |
3.27 |
21,034.2 |
|
And |
80.6 |
82.7 |
2.1 |
127.1 |
1.09 |
0.23 |
4.11 |
322.3 |
|
Table
1:
Downhole drill intersections from the holes completed at the
Napoleon Vein, Panuco.
Figure
1:
Plan map showing location of drillholes, mapped veins and surface
and underground sampling along the Napoleon vein. Inset shows
detail of drill collar locations.
Drilling detail
The Napoleon corridor is hosted in weakly magnetic fine-grained
diorite and trends approximately north – south. The structure
hosts two main quartz veins that are separated by some 10 to 20
metres and appears to dip very steeply to sub-vertical. So
far it has been mapped along strike for over 2,000 m.
Between the two main veins are a series of smaller splay veins with
variable orientations, that are related to dilation along the
structure under strike slip movement.
The two main veins are multi-episodal quartz veins, with
sections of massive white to greyish quartz as well as local
brecciation with clasts of grey quartz, white vein quartz and / or
wallrock pieces. The greyish quartz is grey due to the
presence of the very fine-grained silver rich sulphide mineral
argentite. A later breccia cuts these earlier phases
comprising grey quartz supporting polymictic clasts of grey and
white quartz along with strong chlorite and common to abundant,
fine to medium grained pyrite, sphalerite and galena.
Figure
2:
Cross section through holes NP-20-06, NP-20-07 and
NP-20-08.
Hole NP-20-06 is located 60m to the north of NP-20-03
and intersected the old mine workings at the target depth. A
narrow interval of un-mined vein is awaiting assay results.
Further down the hole (to the west) a narrow well mineralized vein
was intersected at 125.1m.
Hole NP-20-07 was a steep hole that tested the main hanging wall
vein 20m downdip from hole NP-20-06. The vein is
dark grey with a semi-massive sulphide mineralization and little
white or grey quartz. Further down the hole a second
mineralized vein was intersected. This bonanza grade material
was likely the focus of historical mining within the now
inaccessible Napoleon mine.
Hole NP-20-08 was drilled steeper again and intersected the main
vein and multiple additional veins into the footwall of the
Napoleon structural corridor. Assays are pending for this
hole.
Holes NP-20-09 and NP-20-10 were drilled off section to the
south and north (of holes NP-20-06, -07 and -08), respectively and
intersected veining. Lastly Hole NP-20-11 has just been
completed to the south of the discovery hole NP-20-02. It
intersected the main vein. These holes are being logged and sampled
prior to shipping for assay.
Drilling has intersected the Napoleon vein
over 150m of strike and it remains open to the north,
south and at depth.
Prospect |
Drillhole |
Easting |
Northing |
Elevation |
DIP |
Azimuth |
Hole
Depth |
Comment |
Napoleon |
NP-20-04 |
403286 |
2587344 |
470 |
-60 |
80 |
147 |
|
|
NP-20-05 |
403286 |
2587344 |
470 |
-60 |
106 |
151.5 |
|
|
NP-20-06 |
403355 |
2587420 |
489 |
-60 |
258 |
150 |
Intersected void at
target depth |
|
NP-20-07 |
403355 |
2587420 |
489 |
-72 |
258 |
225 |
|
|
NP-20-08 |
403355 |
2587420 |
489 |
-82 |
258 |
201.4 |
|
|
NP-20-09 |
403355 |
2587420 |
489 |
-65 |
215 |
168.7 |
|
|
NP-20-10 |
403355 |
2587420 |
489 |
-65 |
300 |
150 |
|
|
NP-20-11 |
403424 |
2587284 |
450 |
-43 |
280 |
160.8 |
|
Table
2:
Drill hole details. Coordinates in WGS84, Zone 13.
About the Panuco project
Vizsla has an option to acquire 100% of the newly-consolidated
9,386.5 Ha Panuco district in southern Sinaloa, Mexico, near
the city of Mazatlán. The option allows for the acquisition
of over 75 km of total vein extent, a 500 tpd mill, 35 kms 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.
Quality Assurance / Quality Control
Drill core and rock samples were shipped to ALS Limited
in Zacatecas, Zacatecas, Mexico and in North
Vancouver, B.C. 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. Overlimits 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
Panuco's disclosure of technical or scientific information in
this press release has been reviewed and approved by Stewart
Harris, P.Geo., an independent consultant for the Company. Mr.
Harris is a Qualified Person as defined under the terms of National
Instrument 43-101.
Contact Information: For more information and to
sign-up to the mailing list, please
contact:
Michael Konnert, President and Chief Executive
Officer
Tel: (604) 838-4327
Email: michael@vizslaresources.com
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 development of
Panuco, including drilling activities; future mineral exploration,
development and production; and completion of a maiden drilling
program.
Forward–looking statements and forward–looking information
relating to any future mineral production, liquidity, enhanced
value and capital markets profile of Vizsla, future growth
potential for Vizsla 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's
ability to operate in a safe and effective manner and its ability
to obtain financing on reasonable terms.
These statements reflect Vizsla'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 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's
management discussion and analysis. Readers are cautioned against
attributing undue certainty to forward–looking statements or
forward-looking information. Although Vizsla 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 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 Resources Corp.
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