NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, Sept. 11,
2023 /CNW/ - Vizsla Silver Corp. (TSXV:
VZLA) (NYSE: VZLA) (Frankfurt:
0G3) ("Vizsla Silver" or the "Company") is pleased to
report results from 13 new drillholes targeting the recently
discovered La Luisa Vein located ~700 metres west of the Napoleon
Area resource, at its 100%-owned flagship Panuco silver-gold project ("Panuco")
in Mexico. The new drill results
at La Luisa have expanded the local high-grade footprint by
approximately 350 metres to the south and confirmed shallow vein
mineralization located 500 metres along strike to the north.
Highlights
- NP-23-395 returned 764 grams per tonne (g/t) silver
equivalent (AgEq) over 11.20 metres true width (mTW) (229 g/t
silver, 7.14 g/t gold, 0.34 % lead and 1.64 % zinc)
- Including, 10,485 g/t AgEq over 0.64 mTW (3,140 g/t
silver, 102.00 g/t gold, 2.99 % lead and 16.30 % zinc)
- NP-23-376 returned 415 g/t AgEq over 5.65 mTW (340
g/t silver, 1.23 g/t gold, 0.15 % lead and 0.34 % zinc)
- NP-23-377 returned 342 g/t AgEq over
7.70 mTW (67 g/t silver, 1.80 g/t gold, 0.75 % lead
and 3.74 % zinc)
- Including, 1,612 g/t AgEq over 0.54 mTW (250 g/t silver,
12.35 g/t gold, 5.65 % lead and 10.45 % zinc)
- NP-23-381A returned 503 g/t AgEq over 5.00 mTW (155
g/t silver, 2.49 g/t gold, 0.91 % lead and 4.52 % zinc)
- Including, 1,194 g/t AgEq over 0.97 mTW (476 g/t silver,
9.29 g/t gold, 1.60 % lead and 2.11 % zinc)
"La Luisa continues to impress with very high precious metals
grades over increasingly broader widths," commented
Michael Konnert, President and CEO.
"We have now expanded the high-grade mineralized footprint at La
Luisa to ~700 metres along strike by 400 metres down dip and it
remains open in all directions. Moreover, new drilling
approximately 500 meters along strike to the north has discovered
shallow vein mineralization believed to be the continuation of La
Luisa. Not only does this add significant strike potential to La
Luisa, but it also supports our exploration model that the vein
corridor has been tilted, with the southern extent being at the top
of the mineralized horizon, near surface. Moving forward, we
continue to explore La Luisa with two drill rigs."
Figure 1: Plan map of recent drilling along the La Luisa
vein.
Details of the La Luisa vein
discovery
The La 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. La Luisa does not
currently host any resources. To date including this release,
Vizsla Silver has reported 33 holes from La Luisa outlining a
mineralized footprint approximately 700 metres along strike by 400
metres down dip with a weighted average grade of 449 g/t AgEq (175
g/t silver, 3.40 g/t gold, 0.28 % lead and 1.33 % zinc) and average
width 3.07 mTW. The upper level 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, respectively).
Deeper drilling at La Luisa, including holes NP-23-394 and
NP-23-395 intercepted wider vein mineralization marked by an
increase in lead and particularly zinc concentrations.
Recent surface mapping and sampling along strike to the
northwest at La Luisa has confirmed a wider vein expression with
higher silver and gold anomalies at surface (see surface samples on
figure 2). Surface sampling and mapping support the hypothesis that
mineralization is tilted to the southeast in a similar fashion to
Napoleon. Vizsla recently completed two shallow holes in the
northwest, which intercepted the vein structure between 100 and 150
metres below surface (NP-23-399 and NP-23-401, assays pending),
thus confirming our exploration model. Vizsla Silver is currently
exploring La Luisa with two drill rigs, one continues in the south
expanding the vein at depth and the second rig is in the north
exploring for high-grade mineralization closer to surface.
Figure 2: Longitudinal section of the La Luisa Vein.
Figure 3: Cross section highlighting recent drill
intercepts on La Luisa vein.
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-23-375
|
467.35
|
468.20
|
0.85
|
0.75
|
57
|
8.13
|
0.12
|
0.26
|
614
|
La Luisa
|
|
NP-23-375
|
492.00
|
494.45
|
2.45
|
1.40
|
593
|
0.78
|
2.05
|
1.91
|
734
|
FW splay
|
|
NP-23-376
|
474.50
|
484.00
|
9.50
|
5.65
|
340
|
1.23
|
0.15
|
0.34
|
415
|
La Luisa
|
|
NP-23-377
|
630.00
|
642.80
|
12.80
|
7.70
|
67
|
1.80
|
0.75
|
3.74
|
342
|
FW splay
|
|
Includes
|
633.00
|
634.80
|
1.80
|
1.08
|
171
|
1.48
|
1.65
|
11.16
|
712
|
|
|
Includes
|
636.65
|
637.55
|
0.90
|
0.54
|
250
|
12.35
|
5.65
|
10.45
|
1,612
|
|
|
NP-23-377
|
705.80
|
708.80
|
3.00
|
1.26
|
76
|
1.52
|
0.43
|
2.85
|
289
|
La Luisa
|
|
NP-23-379
|
577.15
|
587.60
|
10.45
|
6.50
|
45
|
1.29
|
0.24
|
1.07
|
175
|
La Luisa
|
|
NP-23-379
|
597.25
|
599.75
|
2.50
|
1.70
|
84
|
1.21
|
0.08
|
0.20
|
170
|
FW splay
|
|
NP-23-381A
|
578.55
|
583.80
|
5.25
|
3.55
|
41
|
0.96
|
0.14
|
1.20
|
150
|
La Luisa
|
|
NP-23-381A
|
619.25
|
627.00
|
7.75
|
5.00
|
155
|
2.49
|
0.91
|
4.52
|
503
|
FW splay
|
|
Includes
|
621.90
|
623.40
|
1.50
|
0.97
|
476
|
9.29
|
1.60
|
2.11
|
1,194
|
|
|
Includes
|
624.60
|
626.40
|
1.80
|
1.16
|
76
|
1.12
|
0.18
|
14.93
|
693
|
|
|
NP-23-382
|
608.35
|
610.30
|
1.95
|
1.70
|
119
|
3.70
|
0.98
|
6.41
|
622
|
La Luisa
|
|
NP-23-382
|
618.25
|
619.70
|
1.45
|
1.04
|
24
|
1.82
|
0.07
|
0.86
|
178
|
FW splay
|
|
NP-23-384
|
620.70
|
623.00
|
2.30
|
1.60
|
49
|
1.27
|
0.44
|
0.76
|
172
|
La Luisa
|
|
NP-23-384
|
No significant
values
|
FW splay
|
|
NP-23-385
|
No significant
values
|
La Luisa
|
|
NP-23-387
|
No significant
values
|
HW splay
|
|
NP-23-387
|
384.90
|
386.15
|
1.25
|
0.85
|
10
|
3.62
|
0.02
|
0.06
|
256
|
La Luisa
|
|
NP-23-389
|
582.65
|
594.30
|
11.65
|
8.85
|
67
|
0.98
|
0.15
|
0.96
|
167
|
La Luisa
|
|
Includes
|
585.65
|
586.40
|
0.75
|
0.57
|
205
|
1.04
|
0.63
|
3.78
|
416
|
|
|
Includes
|
592.80
|
594.30
|
1.50
|
1.14
|
99
|
2.39
|
0.41
|
1.69
|
327
|
|
|
NP-23-389
|
No significant
values
|
FW splay
|
|
NP-23-390
|
No significant
values
|
HW splay
|
|
NP-23-390
|
610.90
|
615.55
|
4.65
|
3.60
|
60
|
0.45
|
0.34
|
1.85
|
163
|
La Luisa
|
|
NP-23-390
|
No significant
values
|
FW splay
|
|
NP-23-394
|
604.55
|
615.00
|
10.45
|
8.90
|
61
|
2.85
|
0.14
|
2.22
|
333
|
La Luisa
|
|
Includes
|
608.00
|
608.90
|
0.90
|
0.77
|
98
|
10.35
|
0.44
|
16.85
|
1,414
|
|
|
Includes
|
611.50
|
612.45
|
0.95
|
0.81
|
83
|
8.21
|
0.22
|
1.05
|
676
|
|
|
NP-23-394
|
No significant
values
|
FW splay
|
|
NP-23-395
|
No significant
values
|
HW splay
|
|
NP-23-395
|
657.10
|
669.30
|
12.20
|
11.20
|
229
|
7.14
|
0.34
|
1.64
|
764
|
La Luisa
|
|
Includes
|
666.75
|
667.45
|
0.70
|
0.64
|
3,140
|
102.00
|
2.99
|
16.30
|
10,485
|
|
|
NP-23-395
|
No significant
values
|
FW splay
|
|
Table 1:
Downhole drill intersections from the holes completed along the
La Luisa vein. Holes NP-23-399 and NP-23-401 were drilled over 500
metres north of the main high-grade zone, see Figures 1 and
2.
|
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). *Previously reported March 20,
reinterpreted and re-reported.
|
Figure 4: Photo of NP-23-395 on La Luisa vein from 657.10
to 669.30 metres down the hole.
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
NP-23-375
|
403,149
|
2,586,445
|
442
|
245
|
-44.7
|
549.0
|
NP-23-376
|
403,149
|
2,586,445
|
442
|
245
|
-51.3
|
594.0
|
NP-23-377
|
402,392
|
2,586,307
|
424
|
74
|
-51.5
|
801.0
|
NP-23-379
|
403,078
|
2,586,547
|
480
|
241
|
-54.1
|
681.0
|
NP-23-381A
|
403,149
|
2,586,445
|
442
|
245
|
-57.2
|
732.0
|
NP-23-382
|
403,078
|
2,586,547
|
480
|
241
|
-60.0
|
702.0
|
NP-23-384
|
403,150
|
2,586,445
|
442
|
245
|
-63.5
|
810.0
|
NP-23-385
|
403,248
|
2,586,386
|
465
|
245
|
-43.0
|
561.0
|
NP-23-387
|
403,194
|
2,586,251
|
428
|
245
|
-51.2
|
516.0
|
NP-23-389
|
403,248
|
2,586,386
|
465
|
245
|
-50.9
|
646.5
|
NP-23-390
|
403,362
|
2,586,359
|
437
|
241
|
-44.1
|
730.0
|
NP-23-394
|
403,248
|
2,586,386
|
465
|
245
|
-57.5
|
747.0
|
NP-23-395
|
403,362
|
2,586,359
|
437
|
242
|
-50.9
|
794.0
|
Table 2: La
Luisa vein drillhole details. Coordinates in WGS84, Zone
13
.
|
*Previously reported
March 20, reinterpreted and re-reported.
|
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 Silver has completed over 250,000 metres of drilling at
Panuco leading to the discovery of
several new high-grade veins. For 2023, Vizsla Silver 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 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, 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
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to the activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including, without limitation, planned
exploration activities. Generally, but not always, forward-looking
information and statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof. Forward-looking
statements in this news release include, among others, statements
relating to: 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 the Company, future growth
potential for the Company 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; the Company's ability
to operate in a safe and effective manner and its ability to obtain
financing on reasonable terms.
These statements reflect the Company'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 the Company 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 the
Company's management discussion and analysis and other public
disclosure documents.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
SOURCE Vizsla Silver Corp.