UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE
ACT OF 1934
For the month
of August 2023
Commission File
Number: 001-41225
VIZSLA SILVER CORP.
(Registrant)
Suite 700, 1090 West Georgia
Street
Vancouver, British Columbia
V6E 3V7 Canada
(Address
of Principal Executive Offices)
Indicate by check mark whether the Registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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VIZSLA SILVER CORP. |
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(Registrant) |
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Date
August 16, 2023 |
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By |
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/s/ Michael Konnert |
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Michael Konnert |
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Chief Executive Officer |
EXHIBIT INDEX
EXHIBIT 99.1
VIZSLA REPORTS HIGH METALLURGICAL TEST RECOVERIES
FOR COPALA: 91% SILVER AND 94% GOLD
NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, Aug. 16, 2023 /CNW/ - Vizsla Silver
Corp. (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla" or the "Company") announces positive
preliminary metallurgical test results for the Copala Resource Area ("Copala") at its 100%-owned flagship Panuco silver-gold
project ("Panuco" or the "Project") located in Mexico.
"Based on representative samples from Copala,
the largest known structure in the Panuco district, we are pleased to report very high silver and gold recoveries," commented
Michael Konnert, President & CEO of Vizsla Silver. "This is a significant de-risking milestone for the Project and provides
positive implications for the ongoing development of the Panuco district. Additionally, these results complement high silver and gold
recoveries from the Napoleon and Tajitos resource areas using comparable grinding with both flotation and leaching methods independently.
We intend to confirm through the next phase of metallurgical testing and additional flowsheet optimization that the mineralized material
from all three primary zones, which make up the bulk of the current project resource base, is amenable to processing via the same flowsheet
utilizing the same extraction circuits by testing the combination of flotation and cyanide leaching at both Napoleon and Tajitos."
Testing Procedure:
The test program was designed and supervised by Ausenco
Engineering Canada Inc. and completed by ALS Canada Ltd. out of Kamloops, BC. The testing procedure consisted of drill core being first
crushed to -6 mesh and prepared into master composite test charges. A series of flotation tests were then conducted on the samples at
primary grind sizes of between P80 70 to 150μm. Simple bulk flotation conditions were applied which included 18 g/t of PAX over 8 minutes
of flotation time at natural pH. Precious metal recoveries to the concentrate ranged between 76 to 82% for gold and 78 to 85% for silver.
Flotation concentrate and tails were both subsequently
leached using sodium cyanide to maximize gold and silver extraction. Flotation concentrates were subject following varying levels of regrinding
prior to bottle roll leach tests using a sodium cyanide concentration of 3000 ppm. Pre-aeration was applied by bottle rolling the prepared
feed slurries with ambient air prior to adding cyanide. Flotation tails were subject to bottle roll leach tests using a sodium cyanide
concentration of 1000 ppm. Total circuit sodium cyanide consumptions averaged 1.3 kg/tonne for tests that included regrinding.
Gold and silver extractions from the flotation concentrates
averaged 96.4 and 98.1%, respectively, for tests that employed regrinding compared with 93.6 and 92.7% without regrinding. Gold extractions
appeared to be complete after 24 hours, while silver benefitted from extending the leach to 48 hours. Gold extractions from the rougher
tails ranged between 77 and 82%, while silver extractions ranged between 48 and 67% after 48 hours of leaching. The higher extractions
were achieved at the finer primary grind sizes. A summary of master composite test results is presented in Table 1.
Sample |
Ag
(g/t) |
Au
(g/t) |
Test |
PG
µm |
RoCon
mass% |
RoCon
RG µm |
Net Extraction % - Gold |
Residue
Au g/t |
Net Extraction % - Silver |
Residue
Ag g/t |
CN Cons
kg/t |
Leach
hrs |
RoCon |
RoTails |
Total |
RoCon |
RoTails |
Total |
Master
Composite |
352 |
2.44 |
T13 |
100 |
3.7 |
54 |
76.0 |
12.9 |
88.9 |
0.28 |
74.9 |
12.6 |
87.4 |
43 |
0.59 |
72 / 72 |
T14 |
100 |
3.1 |
18 |
73.6 |
18.7 |
92.3 |
0.18 |
78.2 |
10.8 |
89.0 |
37 |
0.93 |
72 / 72 |
T22 |
100 |
6.1 |
19 |
73.4 |
18.2 |
91.5 |
0.19 |
78.2 |
10.9 |
89.1 |
40 |
1.34 |
48 / 48 |
T25 |
150 |
5.3 |
23 |
73.3 |
19.1 |
92.4 |
0.18 |
75.8 |
10.8 |
86.5 |
49 |
1.08 |
48 / 48 |
T28 |
100 |
8.6 |
51 |
76.9 |
14.9 |
91.8 |
0.20 |
73.4 |
11.4 |
84.7 |
56 |
0.85 |
72 / 72 |
T55 |
70 |
6.5 |
15 |
78.5 |
14.0 |
92.5 |
0.17 |
84.1 |
9.7 |
93.7 |
21 |
1.80 |
48 / 48 |
T60* |
100 |
5.6 |
14 |
74.9 |
18.8 |
93.7 |
0.17 |
76.3 |
14.2 |
90.6 |
32 |
1.33 |
24 / 72 |
* T60 Rougher Con leach residue was added to the Rougher Tail leach |
Table 1: Flotation plus Cyanide Leach results on Master Composite. |
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A test was conducted in which the concentrate residue
was added to the rougher tail leach, 24 hours into the process, for an additional 48 hours of leaching of this product. This arrangement
is represented in Figure 1. In this test (T60), 93.7% and 90.6% of the gold and silver, respectively, were extracted to the combined leach
solutions as indicated in Table 2.
Test T55 used a finer primary grind of 70µm
P80 returned very good total recoveries of 93.0% and 93.8% for gold and silver, respectively. This test used was performed over a lower
leach residence time of 48 hours for both the rougher tails and concentrate. This result indicates that finer primary grinding may be
justified. Repeat testing and grinding circuit cost analysis needs to be completed to confirm.
Figure 1: Test T60 – Simulated Flowsheet (CNW
Group/Vizsla Silver Corp.)
Process Steps |
Stage |
Mass Recovery (%) |
Recovery (%) |
Ag |
Au |
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Flotation Concentrate |
Flotation + regrind + Cyanide Leach |
7.0 |
76.3 |
74.9 |
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Rougher Tails |
Cyanide Leach |
93.0 |
14.2 |
18.8 |
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Flotation Plus Cyanide leach |
Total |
100 |
90.6 |
93.7 |
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Table 2: Summary of results from optimized test work. |
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Comminution: The Copala composite material
is considered to be hard, returning a bond ball mill work index (BBWi) of 18.6 kWh/tonne, which is higher in comparison with Napoleon
deposit (16.8 kWh/tonne).
Future Work Programs
Based on these positive results from Flotation plus
Cyanide Leaching for the Copala deposit, further metallurgical testwork is being planned for the Napoleon and Tajitos deposits to further
confirm that they are amenable to the same treatment.
In addition, further test work of material from the
Napoleon, Tajitos and Copala deposits is planned to better understand and optimise grind size, cyanide consumption, leach kinetics, residence
times and recoveries.
Napoleon and Tajitos previous Metallurgical Testwork
Preliminary silver and gold recoveries for the Napoleon
and Tajitos resource areas were originally disclosed by Vizsla on February 17, 2022 and March 10, 2023, and are provided in Tables 3 and
4. The float and leach test work that was carried out on the Copala samples has not been specifically evaluated on Napoleon material however,
some of the Tajitos samples were tested using a similar arrangement, albeit not with the same application of regrinding or additional
leach residence times.
Process Option |
Stage |
Mass
Recovery
(%) |
Global Recovery (%) |
Product Grade (% or g/t) |
Ag |
Au |
Pb |
Zn |
Ag |
Au |
Pb |
Zn |
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Whole Ore
Leach |
Direct Cyanidation
Leach |
100 |
87 |
93 |
- |
- |
- |
- |
- |
- |
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Bulk Sulfide
Flotation* |
Rougher Conc. |
17.0 |
93 |
90 |
94 |
94 |
666 |
16 |
6.8 |
5.8 |
1 Stage Cleaner Conc |
7.1 |
89 |
88 |
87 |
90 |
1,524 |
36 |
15.1 |
13.2 |
2 Stage Cleaner Conc |
5.6 |
87 |
86 |
82 |
87 |
1888 |
45 |
18.1 |
16.2 |
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Sequential
Flotation* |
Lead Rougher Conc |
6.0 |
79 |
80 |
93 |
24 |
1,804 |
40 |
18.3 |
4.4 |
Zinc Rougher Conc |
6.2 |
9 |
8 |
3 |
72 |
194 |
4 |
0.5 |
12.8 |
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Gravity
Concentration |
Knelson Concentrate |
3.6 |
29 |
40 |
28 |
12 |
1,087 |
31 |
8.9 |
3.5 |
Tabled Knelson Conc |
0.6 |
12 |
26 |
13 |
2 |
2,670 |
122 |
24.8 |
2.9 |
Table 3: Napoleon Deposit. Summary of results from optimized test work. *Open circuit tests. |
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Composite |
Flowsheet |
Displayed Values |
Extraction (%) |
Reagent Cons – kg/tonne feed |
Au |
Ag |
NaCN |
Lime |
Diorite MC |
Separate Cyanidation of
Reground Flotation
Concentrate and Rougher
Tails |
Combined CN Extractions
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90.3
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89.7
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1.0
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1.0
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Salable Concentrate /
Cyanidation on Tails |
Float Con
Estimated Tail CN Extraction
Combined Float/CN |
63.7
30.6*
87.3* |
69.7
19.7*
89.4* |
0.4-0.6*
0.4-0.6* |
0.8*
0.8* |
Andesite MC |
Separate Cyanidation of
Reground Flotation
Concentrate and Rougher
Tails |
Combined CN Extractions
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94.2
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87.3
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1.0
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1.4
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Salable Concentrate /
Cyanidation on Tails |
Float Con
Estimated Tail CN Extraction
Combined Float/CN |
60.0
34.1*
94.1* |
72.5
17.3*
89.8* |
0.5*
0.4-0.6* |
1.2*
0.8* |
Andesite Low
MnOX MC |
Separate Cyanidation of
Flotation Concentrate (No
RG) and Rougher Tails |
Combined CN Extractions
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90.1
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80.8
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0.9 |
0.8
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*Estimated values. Testing will be required to confirm. |
Table 4: Tajitos Deposit. Potential flowsheet comparison. |
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Engagement of Rose & Co.
Vizsla would also like to announce that, subject to
regulatory approval, it has retained Rose & Company Holdings, LLC ("Rose & Co.") to provide certain investor relation
services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. Rose
& Co is a New York-based advisory firm that provides their clients with high quality investor access and outreach services.
Under the agreement, the Company will pay Rose &
Co. $15,000 per month during the term. The term of the engagement is for a period of one year, and Vizsla has a one-time right to terminate
the agreement after three (3) months. Rose & Co. will not receive any shares or options from the Company as compensation for services
it will render.
Rose & Co is at arm's length to the Company, and
neither holds any securities of the Company nor has any interest, direct or indirect, in the Company.
About Rose & Company
Rose & Co. is a strategic advisory firm dedicated
to helping clients successfully navigate the global capital markets. Rose & Co. works with its clients to evaluate, define and execute
strategies to enhance their presence in increasingly globalized and complex capital markets. For more information, please visit www.roseandco.com.
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.
About Ausenco
Ausenco is a global company redefining what's possible.
Their team is based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining their deep technical expertise
with a 30-year track record, they provide innovative, value-add consulting and engineering studies and project delivery, asset operations
and maintenance solutions to the mining & metals, oil & gas, and industrial sectors.
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
The Company's disclosure of metallurgical information
in this press release has been collated and reviewed by Peter Mehrfert, P. Eng, of Ausenco. All scientific and technical information in
this press release has been reviewed and approved by Martin Dupuis, P.Geo., COO for Vizsla. Messrs. Mehrfert and Dupuis are Qualified
Persons as defined under the terms of National Instrument 43-101.
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 mineral resource.
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
public health crises; 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 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 factors;
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 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 Silver Corp.
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%CIK: 0001796073
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contact: Michael Konnert, President and Chief Executive Officer, Tel: (604) 364-2215, Email: info@vizslasilver.ca
CO: Vizsla Silver Corp.
CNW 08:00e 16-AUG-23
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