VANCOUVER, BC, July 13,
2023 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report new
drill results from 20 expansion holes targeting the Copala resource area at its 100%-owned,
flagship Panuco silver-gold project ("Panuco" or the "Project") located
in Mexico. The reported results
expand the Copala mineralized
footprint laterally by ~370m to the southeast and ~50m to the
north.
Highlights
- CS-23-297 returned 445 grams per tonne (g/t) silver
equivalent (AgEq) over 18.50 metres true width (mTW) (310 g/t
silver and 2.32 g/t gold)
- CS-23-290 returned 760 g/t AgEq over 5.05 mTW (565
g/t silver and 3.48 g/t gold)
-
- Including 3,469 g/t AgEq over 1.00 mTW (2,838 g/t silver
and 12.29 g/t gold)
- CS-23-286 returned 640 g/t AgEq over 4.80 mTW (417
g/t silver and 3.74 g/t gold)
-
- Including 2,568 g/t AgEq over 0.68 mTW (1,585 g/t silver
and 16.20 g/t gold)
- CS-23-294 returned 7,512 g/t AgEq over 1.00 mTW
(6,880 g/t silver and 16.50 g/t gold)
"Expansion drilling at Copala, both to the southeast and north,
continue to highlight a robust precious metals structure well
beyond the January 2023 resource
boundary," commented Michael
Konnert, President & CEO. "The overall strike length
now measures approximately 1,670 metres long and remains open in
both directions. Additionally, drilling has expanded the high-grade
Copala 2 vein situated between
Tajitos and Copala main and identified a new near-surface
structure called 'El Habal'.
Moving forward, we will continue to both expand and infill these
high-grade zones with three drill rigs in preparation for an
updated resource estimate planned for the fourth quarter of 2023.
Q4/23."
The precious metals dominant Copala Structure, located in the
western portion of the Panuco
district, is situated ~800m to the east of the Napoleon Structure.
Copala currently hosts Indicated
Resources of 51.1 Moz AgEq at 516 g/t AgEq and Inferred Resources
of 55.4 Moz AgEq at 617 g/t AgEq within a broad envelope of
vein-breccia interlayered with host rock, up to 82 metres thick.
Interpretations by Vizsla geologists indicate Copala has an average dip of ~46° to the east
(~35° in its northern sector and steepening to ~52° in the southern
sector).
Ongoing drilling at Copala has
now traced mineralization along ~1,670 metres of strike length and
~400 metres down dip. High-grade silver-gold mineralization remains
open laterally to the southeast and north. The recently completed
batch of resource expansion drilling consisted of 15 holes drilled
at ~100 m centres in the southern extent of Copala and five holes in the north, targeting
both the main Copala structure and
the Copala 2 vein. Our results
highlight the Copala structure is
continuous to the southeast, beyond the January 2023 resource. Vizsla plans to drill
infill holes in ~100m gaps to test and expand high-grade zones
detected in the southeast.
The Copala 2 vein sits to the
footwall of main Copala and is
bounded up-dip by Copala, to the
west by Tajitos and to the east by
the Copala Fault. The vein strikes northeast, dips to the southeast
at approximately 48° and has been traced for ~330 metres along
strike and ~290 metres down dip. Refer to the Company's news
release dated May 19, 2022, for
previous drillhole results from Copala 2.
Additionally, Vizsla geologists have detected a new near-surface
structure named "El Habal" in the southeast with hole CS-23-291.
The team is in the process of a re-logging and sampling campaign of
other holes in the area to model this new blind
structure.
To date, Vizsla has completed ~55,000 m of its fully funded
90,000 m 2023 drill program.
Table 1: Downhole drill intersections from the holes
reported for Copala structure and
Cristiano vein.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated True
width
|
Ag
|
Au
|
AgEq
|
Vein
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
|
CS-23-280
|
353.55
|
355.00
|
1.45
|
1.27
|
1,240
|
3.64
|
1,399
|
Copala
|
|
CS-23-281
|
789.50
|
790.60
|
1.10
|
0.80
|
57
|
26.40
|
1,835
|
Copala
3
|
|
CS-23-282
|
No Significant
Values
|
Copala
|
|
CS-23-283
|
552.20
|
553.60
|
1.40
|
1.07
|
279
|
0.50
|
293
|
Cristiano
|
|
CS-23-284A
|
No Significant
Values
|
Copala
|
|
CS-23-285
|
No Significant
Values
|
Copala
|
|
CS-23-285
|
418.10
|
419.35
|
1.25
|
0.78
|
335
|
1.77
|
431
|
Cristiano
|
|
CS-23-286
|
639.50
|
645.85
|
6.35
|
4.80
|
417
|
3.74
|
640
|
Copala
|
|
Includes
|
643.50
|
644.40
|
0.90
|
0.68
|
1,585
|
16.20
|
2,568
|
|
|
CS-23-286
|
691.50
|
698.50
|
7.00
|
4.90
|
160
|
0.44
|
178
|
Copala
3
|
|
CS-23-287
|
No Significant
Values
|
Copala
|
|
CS-23-288
|
No Significant
Values
|
Copala
|
|
CS-23-289
|
No Significant
Values
|
Copala
|
|
CS-23-290
|
No Significant
Values
|
Copala
|
|
CS-23-290
|
557.80
|
588.70
|
30.90
|
5.05
|
565
|
3.48
|
760
|
Copala
2
|
|
Includes
|
557.80
|
563.95
|
6.15
|
1.00
|
2,838
|
12.29
|
3,469
|
|
|
CS-23-291
|
265.50
|
270.00
|
4.50
|
4.40
|
145
|
3.72
|
386
|
El
Habal
|
|
CS-23-291
|
No Significant
Values
|
Copala
|
|
CS-23-292
|
458.45
|
459.30
|
0.85
|
0.79
|
239
|
1.51
|
324
|
Copala
|
|
CS-23-293A
|
No Significant
Values
|
Copala
|
|
CS-23-294
|
561.70
|
562.80
|
1.10
|
1.00
|
6,880
|
16.50
|
7,512
|
Copala
|
|
CS-23-295
|
No Significant
Values
|
Copala
|
|
CS-23-296
|
No Significant
Values
|
Copala
|
|
CS-23-297
|
140.45
|
159.35
|
18.90
|
18.50
|
310
|
2.32
|
445
|
Copala
|
|
CS-23-297
|
290.00
|
294.00
|
4.00
|
3.65
|
244
|
1.77
|
347
|
Copala
2
|
|
CS-23-298
|
631.60
|
633.50
|
1.90
|
1.83
|
212
|
1.14
|
274
|
Copala
|
|
CS-23-299
|
694.75
|
695.75
|
1.00
|
0.90
|
972
|
3.36
|
1,131
|
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 93% for silver
and 90% for gold. Gold and silver metallurgical recoveries used in
this release are from metallurgical test results of the Napoleon
vein (see press release dated February 17, 2022).
|
Table 2: Drillhole details for the reported
drillholes. Coordinates in WGS84, Zone 13.
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
CS-23-280
|
404,775
|
2,587,802
|
572
|
234.7
|
-28
|
498
|
CS-23-281
|
405,277
|
2,586,491
|
677
|
278.3
|
-61.2
|
811.5
|
CS-23-282
|
405,025
|
2,586,223
|
641
|
265.5
|
-45.3
|
444
|
CS-23-283
|
405,119
|
2,586,386
|
646
|
258
|
-59.5
|
670.5
|
CS-23-284A
|
404,775
|
2,587,801
|
572
|
217
|
-26
|
543
|
CS-23-285
|
405,025
|
2,586,224
|
641
|
266.5
|
-63.5
|
504
|
CS-23-286
|
405,276
|
2,586,491
|
677
|
261
|
-60
|
766.5
|
CS-23-287
|
405,141
|
2,586,298
|
645
|
256.1
|
-62.9
|
700.5
|
CS-23-288
|
405,174
|
2,586,229
|
656
|
254
|
-58
|
702
|
CS-23-289
|
405,211
|
2,586,349
|
661
|
270
|
-62
|
714
|
CS-23-290
|
404,776
|
2,587,801
|
572
|
202
|
-25
|
688.5
|
CS-23-291
|
405,276
|
2,586,491
|
677
|
261.8
|
-66.6
|
807
|
CS-23-292
|
405,174
|
2,586,229
|
656
|
239.6
|
-47.7
|
570
|
CS-23-293A
|
404,775
|
2,587,802
|
572
|
246
|
-26
|
505.5
|
CS-23-294
|
405,210
|
2,586,347
|
648
|
246
|
-64.5
|
735
|
CS-23-295
|
405,276
|
2,586,491
|
677
|
288.3
|
-56
|
784.5
|
CS-23-296
|
405,261
|
2,586,245
|
665
|
239.7
|
-52.7
|
600
|
CS-23-297
|
404,674
|
2,587,217
|
533
|
290
|
-53
|
412.5
|
CS-23-298
|
405,440
|
2,586,181
|
629
|
255
|
-49
|
753
|
CS-23-299
|
405,401
|
2,586,489
|
618
|
252.3
|
-53.4
|
793.5
|
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.
The Panuco Project hosts an estimated in-situ indicated mineral
resource of 104.8 Moz AgEq and an in-situ inferred resource of
114.1 Moz AgEq. An updated NI 43-101 technical report titled
"Technical Report on the Mineral Resource Estimate Update for the
Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico" was filed on SEDAR on March 10, 2023, with an effective date of
January 19, 2023 was prepared
by Allan Armitage, Ph.D., P.Geo., Ben Eggers, MAIG,
P.Geo. and Yann Camus, P.Eng. of SGS Geological Services.
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 has completed over 250,000 metres of drilling at
Panuco leading to the discovery of
several new high-grade veins. For 2023, Vizsla has budgeted +90,000
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 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
In accordance with NI 43-101, Martin
Dupuis, P.Geo., COO, 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.