VANCOUVER, BC, Nov. 27,
2023 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla" or the "Company") is pleased to report new
drill results from 22 expansion and infill 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 have successfully
expanded Copala mineralization by
~100m to the southeast and identified new vein splays situated
in-between Copala and the
high-grade Cristiano structure.
Highlights
- CS-23-304 returned 1,722 grams per tonne (g/t) silver
equivalent (AgEq) over 2.80 metres true width (mTW) (1,366 g/t
silver and 6.80 g/t gold)
- Including 6,618 g/t AgEq over 0.55 mTW (5,320 g/t silver
and 25.20 g/t gold)
- CS-23-300 returned 724 g/t AgEq over 3.10 mTW (519
g/t silver and 3.57 g/t gold)
- Including 1,749 g/t AgEq over 1.00 mTW (1,255 g/t silver
and 8.61 g/t gold)
"Resource expansion drilling at Copala, both to the north and southeast,
continue to highlight a robust precious metals structure well
beyond the January 2023 resource
boundary," commented Michael
Konnert, President & CEO. "New step out drilling has
extended the total mineralized strike length of Copala by approximately 100 metres to the
south and it remains open in both directions. Additionally,
drilling has confirmed the continuity of the high-grade
Copala 2 vein located between
Tajitos and Copala main which now measures a total of 600
metres in mineralized strike. Moving forward, we intend to continue
infilling and expanding these high-grade zones with two drill rigs,
in preparation for the updated resource estimate planned for
January 2024."
The precious metals dominant Copala Structure, located in the
western portion of the Panuco
district, is situated ~800 m to the east of the Napoleon vein.
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 ~1,770 metres of strike length and
~400 metres down dip. The recently completed batch of resource
expansion drilling consisted of 21 holes drilled at ~50 m and ~100
m centres in the southern extent of Copala and one hole in the north, targeting
both the main Copala structure and
the Copala 2 vein to the footwall.
At Copala, hole CS-23-300 in the
north, intercepted a broad mineralized structure (~30 mTW)
consisting of two high grade zones enveloping a low grade stockwork
zone carrying anomalous silver and gold grades throughout (see
cross section on figure 5). Results from seven step-out holes in
the south show that the Copala
structure gets steeper at depth (~70°) and develops vein splays
carrying significant silver and gold grades. The recently
interpreted Copala 4 and FW Splay
vein sit between Cristiano and Copala, approximately 100 m and 50 m west
of Copala, respectively. To date,
drilling has traced Copala 4
approximately 300 m along strike and
400 m down dip whereas the FW Splay
has been traced for ~350 m along strike and 250 m down dip. The vein splays strike at 15° to
35° due northwest and dip at 60° to 70° to the east. These new
splays, like Cristiano, are relatively narrow compared to the main
Copala structure, and host
precious metals rich epithermal mineralization. The drilling
completed in the southern extent of Copala was designed to explore and/or infill
the Copala structure. Due to
geometry those holes could not efficiently test the projection of
the Cristiano vein, which remains an open target. Vizsla is
preparing an exploration program for next year that will consider
additional exploration on the southern extent of Cristiano and the
newly identified splays.
The Copala 2 vein sits at the
footwall of the main Copala
structure and is bounded to the west by the Tajitos vein 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 releases
dated July 13, 2023, and May 19, 2022, for previous drillhole results from
Copala 2.
To date, Vizsla has completed ~89,800 m of its fully funded
90,000 m 2023 drill program.
Drillhole
|
From
|
To
|
Downhole
Length
|
Estimated
True width
|
Ag
|
Au
|
AgEq
|
Vein
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
|
|
CS-23-300
|
148.10
|
150.00
|
1.90
|
1.73
|
247
|
2.28
|
385
|
Copala
|
|
|
CS-23-300
|
180.00
|
183.40
|
3.40
|
3.10
|
519
|
3.57
|
724
|
Copala
|
|
|
Includes
|
182.30
|
183.40
|
1.10
|
1.00
|
1,255
|
8.61
|
1,749
|
|
|
|
CS-23-300
|
276.70
|
278.10
|
1.40
|
1.25
|
190
|
0.69
|
221
|
Copala 2
|
|
|
CS-23-301
|
No significant
values
|
Copala
|
|
|
CS-23-302A
|
667.90
|
669.95
|
2.05
|
1.80
|
355
|
1.41
|
423
|
Copala
|
|
|
CS-23-303
|
No significant
values
|
Copala
|
|
|
CS-23-304
|
468.00
|
471.30
|
3.30
|
2.80
|
1,366
|
6.80
|
1,722
|
Copala
|
|
|
Includes
|
468.85
|
469.50
|
0.65
|
0.55
|
5,320
|
25.20
|
6,618
|
FW Splay
|
|
|
CS-23-304
|
No significant
values
|
FW Splay
|
|
|
CS-23-304
|
560.80
|
561.95
|
1.15
|
1.00
|
249
|
1.23
|
313
|
Copala 4
|
|
|
CS-23-305
|
No significant
values
|
Copala
|
|
|
CS-23-305
|
660.00
|
661.00
|
1.00
|
0.63
|
341
|
1.09
|
387
|
FW Splay
|
|
|
CS-23-306
|
No significant
values
|
Copala
|
|
|
CS-23-307
|
608.10
|
609.25
|
1.15
|
0.98
|
287
|
1.72
|
382
|
Copala
|
|
|
CS-23-307
|
No significant
values
|
FW Splay
|
|
|
CS-23-308
|
531.40
|
532.40
|
1.00
|
0.95
|
387
|
20.00
|
1,762
|
Copala
|
|
|
CS-23-308
|
537.00
|
538.50
|
1.50
|
1.41
|
846
|
0.76
|
824
|
Copala
|
|
|
CS-23-309
|
No significant
values
|
Copala
|
|
|
CS-23-310
|
485.45
|
485.95
|
0.50
|
0.50
|
1,455
|
7.71
|
1,868
|
Copala
|
|
|
CS-23-310
|
517.75
|
520.50
|
2.75
|
1.74
|
89
|
0.81
|
138
|
FW Splay
|
|
|
CS-23-310
|
No significant
values
|
Copala 4
|
|
|
CS-23-311A
|
No significant
values
|
Copala
|
|
|
CS-23-312
|
No significant
values
|
Copala
|
|
|
CS-23-312
|
591.95
|
593.35
|
1.40
|
1.05
|
138
|
0.53
|
163
|
Cristiano
|
|
|
CS-23-313
|
485.50
|
486.00
|
0.50
|
0.45
|
442
|
2.14
|
553
|
Copala
|
|
|
CS-23-314
|
665.65
|
666.25
|
0.60
|
0.50
|
94
|
1.00
|
156
|
Copala
|
|
|
CS-23-315
|
No significant
values
|
Copala
|
|
|
CS-23-316
|
552.85
|
553.65
|
0.80
|
0.75
|
23
|
2.81
|
219
|
Copala
|
|
|
CS-23-317
|
No significant
values
|
Copala
|
|
|
CS-23-317
|
No significant
values
|
FW Splay
|
|
|
CS-23-318
|
748.55
|
750.95
|
2.40
|
1.95
|
205
|
0.86
|
247
|
Copala
|
|
|
CS-23-319
|
587.90
|
589.30
|
1.40
|
1.30
|
427
|
1.70
|
508
|
Copala
|
|
|
CS-23-319
|
606.40
|
606.75
|
0.35
|
0.27
|
626
|
3.61
|
824
|
FW Splay
|
|
|
CS-23-320
|
No significant
values
|
Copala
|
|
|
CS-23-320
|
661.15
|
663.50
|
2.35
|
1.30
|
479
|
2.28
|
596
|
FW Splay
|
|
|
CS-23-321
|
No significant
values
|
Copala
|
|
|
CS-23-321
|
654.00
|
655.50
|
1.50
|
0.99
|
631
|
6.29
|
1,018
|
FW Splay
|
|
|
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 91% for silver and 94% for
gold. Gold and silver metallurgical recoveries used in this release
are from metallurgical test results of the Copala vein (see press
release dated August 16, 2023).
|
Table 1: Downhole drill intersections from the holes
reported for Copala structure
Copala 2, FW Splay and
Copala 4 veins.
Drillhole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
CS-23-300
|
404,674
|
2,587,217
|
533
|
290.0
|
-35.0
|
411.0
|
CS-23-301
|
405,260
|
2,586,248
|
666
|
253.1
|
-60.2
|
648.0
|
CS-23-302A
|
405,440
|
2,586,177
|
637
|
253.3
|
-58.0
|
717.0
|
CS-23-303
|
405,399
|
2,586,492
|
633
|
251.7
|
-59.7
|
810.0
|
CS-23-304
|
405,081
|
2,586,569
|
714
|
260.6
|
-57.3
|
618.0
|
CS-23-305
|
405,275
|
2,586,500
|
678
|
267.1
|
-56.7
|
738.0
|
CS-23-306
|
405,440
|
2,586,177
|
637
|
251.2
|
-65.4
|
857.8
|
CS-23-307
|
405,273
|
2,586,490
|
680
|
277.8
|
-56.9
|
677.4
|
CS-23-308
|
405,086
|
2,586,574
|
696
|
284.3
|
-61.9
|
652.0
|
CS-23-309
|
405,441
|
2,586,177
|
637
|
250.0
|
-72.0
|
885.0
|
CS-23-310
|
405,086
|
2,586,574
|
696
|
259.8
|
-63.3
|
633.0
|
CS-23-311A
|
405,276
|
2,586,489
|
677
|
271.5
|
-63.0
|
798.0
|
CS-23-312
|
405,119
|
2,586,386
|
646
|
268.7
|
-51.8
|
622.5
|
CS-23-313
|
405,086
|
2,586,573
|
709
|
245.8
|
-62.6
|
624.0
|
CS-23-314
|
405,411
|
2,586,260
|
639
|
254.9
|
-55.7
|
750.0
|
CS-23-315
|
405,276
|
2,586,490
|
677
|
271.0
|
-60.0
|
777.0
|
CS-23-316
|
405,086
|
2,586,573
|
710
|
242.2
|
-54.0
|
676.5
|
CS-23-317
|
405,086
|
2,586,572
|
710
|
293.8
|
-64.0
|
666.0
|
CS-23-318
|
405,412
|
2,586,261
|
641
|
255.0
|
-62.5
|
809.0
|
CS-23-319
|
405,276
|
2,586,490
|
637
|
268.9
|
-51.1
|
730.5
|
CS-23-320
|
405,086
|
2,586,573
|
709
|
303.4
|
-64.9
|
723.0
|
CS-23-321
|
405,276
|
2,586,490
|
677
|
274.0
|
-53.7
|
718.5
|
Table 2: Drillhole details for the reported
drillholes. 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.
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 310,000 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.