NYSE: VZLA TSX-V: VZLA
VANCOUVER, BC, Feb. 13,
2024 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla Silver" or the "Company") is pleased to
report results from seven new drillholes targeting the La Luisa
Vein ("La Luisa") located ~700 metres west of the Napoleon
Area resource, at its 100%-owned flagship Panuco silver-gold project ("Panuco")
in Mexico. Recently completed
shallow drilling has expanded high-grade mineralization at La Luisa
to the southeast.
Highlights
- NP-23-425 returned 498 grams per tonne (g/t) silver
equivalent (AgEq) over 1.30 metres true width (mTW) (42 g/t
silver, 6.76 g/t gold, 0.02% lead and 0.05% zinc)
- NP-23-423 returned 264 g/t AgEq over 4.60 mTW (73
g/t silver, 2.64 g/t gold, 0.15% lead and 0.38% zinc)
- and, 333 g/t AgEq over 2.10 mTW (136 g/t silver, 1.80 g/t
gold, 0.49 % lead and 1.97% zinc)
- NP-23-424 returned 652 g/t AgEq over 0.85 mTW (78
g/t silver, 7.78 g/t gold, 0.12% lead and 1.41% zinc)
- NP-24-427 returned 362 g/t AgEq over
1.00 mTW (37 g/t silver, 2.85 g/t gold, 0.71% lead
and 3.14% zinc)
- Including, 659 g/t AgEq over 0.34 mTW (69 g/t silver, 4.01
g/t gold, 1.26% lead and 7.91% zinc)
"Ongoing drilling continues to demonstrate mineralized
continuity at La Luisa," commented Michael Konnert, President and CEO. "La Luisa
is the newest structure to be included in the Panuco Project
resource base and hosts some of the highest gold grades discovered
to date in the district. Given it is situated within the same vein
corridor as the three-kilometer-long Napoleon, we continue to test
the extents of La Luisa mineralization, which has only been
traced for a kilometer and a half and remains open in all
directions beyond the January 2024
resource boundary. Moving forward, we will continue to explore La
Luisa with two drill rigs focused on expanding mineralization to
the south and closing the untested gap to the north."
The Luisa Vein is located approximately 700 metres to the west
of Napoleon in the southwest portion of the Panuco district. The structure has been mapped
on surface for approximately 1,500 metres with an average strike of
N30°W and dip of 70° - 80° to the northeast. To date, Vizsla Silver
has reported 51 holes from La Luisa outlining a mineralized
footprint approximately 1,670 metres long by 450 metres down dip
with a weighted average grade of 472 g/t AgEq (184 g/t silver, 3.53
g/t gold, 0.38 % lead and 1.41 % zinc) and average width 2.93 mTW.
La Luisa currently hosts Indicated Resources of 4.0 Moz AgEq at 459
g/t AgEq and Inferred Resources of 25.3 Moz AgEq at 386 g/t AgEq in
the main La Luisa vein and the FW vein splay.
The upper levels of the vein are hosted primarily by rhyolite
tuffs (the upper part of the regional lower volcanic sequence),
whereas deeper vein-intercepts occur in the more favourable diorite
host rock. Initial shallow drilling at La Luisa returned
significant gold concentrations with relatively low silver and base
metals values. The higher gold to silver and base metals ratios
observed are analogous to the previously reported shallow "gold
rich" horizon at the southern end of Napoleon. Interpretations
based on metal zonation and alteration at Napoleon suggest
that the vein corridor has been tilted, with the southern extent
being at the top of the mineralized horizon, near surface (see the
Company's press releases dated December 16,
2021 and October 12,
2022).
Surface mapping and sampling along strike to the northwest at La
Luisa confirmed a wider vein expression with higher silver and gold
anomalies at surface supporting the hypothesis that mineralization
is tilted in a similar fashion to Napoleon (see surface samples on
figure 2). Recent shallow drill-holes completed in the northwest
(NP-23-399, NP-23-401, NP-23-403 and NP-23-408) have confirmed
mineralization in the north and expand the potential strike length
of La Luisa to 1,670 m; with an
intermediate ~400 m drilling-gap between the high-grade shoot in
the south and the recent drill intercepts to the north (see figure
2). Vizsla Silver is currently exploring La Luisa with two
drill rigs, one testing the open strike potential to the southeast
and the second in filling the gap zone to the north of the current
mineral resource boundary.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated
True width
|
Ag
|
Au
|
Pb
|
Zn
|
AgEq
|
Vein
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
%
|
%
|
(g/t)
|
|
|
NP-23-421
|
No significant
values
|
HW
|
|
|
NP-23-421
|
722.80
|
723.90
|
1.10
|
0.50
|
57
|
0.88
|
0.03
|
0.69
|
138
|
Main
|
|
|
NP-23-421
|
No significant
values
|
FW
|
|
|
NP-23-422
|
376.15
|
378.55
|
2.40
|
2.15
|
93
|
1.17
|
3.19
|
0.93
|
293
|
Main
|
|
|
NP-23-422
|
No significant
values
|
FW
|
|
|
NP-23-423
|
No significant
values
|
HW
|
|
|
NP-23-423
|
417.90
|
423.50
|
5.60
|
4.60
|
73
|
2.64
|
0.15
|
0.38
|
264
|
Main
|
|
|
NP-23-423
|
431.50
|
434.50
|
2.80
|
2.10
|
136
|
1.80
|
0.49
|
1.97
|
333
|
FW
|
|
|
NP-23-424
|
476.50
|
476.90
|
0.40
|
0.30
|
58
|
0.15
|
4.25
|
2.26
|
271
|
HW
|
|
|
NP-23-424
|
507.40
|
507.70
|
1.30
|
0.85
|
78
|
7.78
|
0.12
|
1.41
|
652
|
Main
|
|
|
NP-23-424
|
No significant
values
|
FW
|
|
|
NP-23-425
|
445.50
|
447.00
|
1.50
|
1.30
|
42
|
6.76
|
0.02
|
0.05
|
498
|
Main
|
|
|
NP-23-425
|
No significant
values
|
FW
|
|
|
NP-23-426
|
No significant
values
|
HW
|
|
|
NP-23-426
|
526.40
|
527.75
|
1.35
|
0.70
|
62
|
0.80
|
1.16
|
1.84
|
212
|
Main
|
|
|
NP-23-426
|
No significant
values
|
FW
|
|
|
NP-24-427
|
626.45
|
629.50
|
3.05
|
1.00
|
37
|
2.85
|
0.71
|
3.14
|
362
|
Main
|
|
|
Includes
|
626.45
|
627.50
|
1.05
|
0.34
|
69
|
4.01
|
1.26
|
7.91
|
659
|
|
|
|
NP-24-427
|
642.30
|
645.70
|
3.40
|
1.10
|
45
|
0.67
|
2.70
|
0.93
|
201
|
FW Splay
|
|
|
NP-24-427
|
659.00
|
662.80
|
3.80
|
1.15
|
11
|
1.07
|
0.10
|
1.11
|
126
|
FW Splay
|
|
|
NP-24-427
|
689.40
|
690.35
|
0.95
|
0.45
|
27
|
2.71
|
0.23
|
3.83
|
353
|
FW
|
|
|
Table 1: Downhole drill intersections from the holes
completed along the La Luisa vein.
Note: AgEq = Ag g/t x Ag rec. + ((Au g/t x Au Rec x Au
price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn
price/t))/Ag price/gram. Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,424.4/t lead and $2,975.4/t zinc. Metallurgical recoveries assumed
are 93% for silver, 90% for gold, 94% for lead and 94% for zinc.
Metallurgical recoveries used in this release are from
metallurgical test results of the Napoleon vein (see press release
dated February 17, 2022).
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
NP-23-421
|
402,972
|
2,586,835
|
441
|
255
|
-58.3
|
768.0
|
NP-23-422
|
403,078
|
2,586,547
|
480
|
239
|
-33.2
|
486.0
|
NP-23-423
|
403,150
|
2,586,445
|
442
|
244
|
-37.9
|
534.0
|
NP-23-424
|
402,971
|
2,586,834
|
441
|
254
|
-47.6
|
636.0
|
NP-23-425
|
403,248
|
2,586,386
|
465
|
244
|
-33.0
|
498.0
|
NP-23-426
|
402,971
|
2,586,834
|
441
|
271
|
-44.8
|
607.5
|
NP-24-427
|
402,971
|
2,586,834
|
441
|
269
|
-50.1
|
738.0
|
Table 2: La Luisa vein drillhole details. 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 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.
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 +65,000 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.
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 mineral resource.
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 public
health crises; 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 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 public health crises; the economic and financial implications of
public health crises 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; the ongoing military conflict in Ukraine; general economic facts; and the
factors identified under the caption "Risk Factors" in Vizsla
Silver's management discussion and analysis and other public
disclosure documents. 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.