Vizsla Silver drills 1,503 g/t AgEq over 13 metres at Panuco project, Mexico

Vizsla Silver Corp. [NYSE, TSXV-VZLA; FSE-0G3] reported results from 12 new drill holes targeting the Copala resource area at its 100%-owned, flagship Panuco silver-gold project, Sinaloa, Mexico. The reported drilling, designed to infill near-surface mineralization, successfully confirmed high-grade continuity throughout Copala.

Highlights: CS-24-354 returned 1,503 g/t silver equivalent (AgEq) over 13.00 metres true width (mTW) (1,017 g/t silver and 8.19 g/t gold), including 6,229 g/t AgEq over 1.40 mTW (4,124 g/t silver and 35.11 g/t gold); and 3,813 g/t AgEq over 1.31 mTW (2,540 g/t silver and 21.30 g/t gold).

CS-24-344 returned 1,363 g/t AgEq over 8.70 mTW (1,096 g/t silver and 5.18 g/t gold), including 10,516 g/t AgEq over 0.66 mTW (8,720 g/t silver and 36.60 g/t gold).

CS-24-352 returned 2,872 g/t AgEq over 5.00 mTW (1,378 g/t silver and 22.95 g/t gold), including 4,681 g/t AgEq over 2.75 mTW (2,115 g/t silver and 39.10 g/t gold).

CS-24-347 returned 2,440 g/t AgEq over 6.00 mTW (1,882 g/t silver and 10.31 g/t gold), including 4,957 g/t AgEq over 2.39 mTW (3,859 g/t silver and 20.51 g/t gold).

“New drill results from our ongoing Copala infill program continue to demonstrate excellent continuity of high-grade silver and gold mineralization,” commented Michael Konnert, President & CEO. “As we reduce the drill spacing at Copala, focused on converting mineralization to higher confidence resource categories, we continue to expand the high-grade precious metals core of the main structure, and in-turn the overall potential minable inventory. This is important as we progress through our 2024 de-risking initiatives including the delivery of a Preliminary Economic Assessment planned for early Q3.”

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 83.3 Moz AgEq at 573 g/t AgEq and Inferred Resources of 48.3 Moz AgEq at 476 g/t AgEq within a broad envelope of vein-breccia interlayered with host rock, up to 82 metres thick.

Resource drilling at Copala has now traced mineralization along ~1,770 metres of strike length and ~400 metres down dip. The recently completed batch of infill drilling consisted of 11 holes drilled at ~50-metre centres in the shallow high-grade zone of north-central Copala and one hole drilled in a previously identified deep high-grade zone in the southern extent.

The infill holes drilled in the north-central zone targeted only the main Copala structure, but some holes intercepted Copala 3 and Copala 4 along the way. Additionally, holes CS-24-348 and CS-24-352 intercepted broad mineralized structures of 16.80 metres and 17.50 metres TW respectively, with high-grade zones internally diluted by lower-grade crackle breccia zones

Infill drilling completed to date in various parts of Copala have successfully confirmed high-grade mineral continuity. Extension drilling completed in the south has expanded mineralization by ~100m downdip to the east, marked by hole CS-23-330.

Under the company’s Omnibus Equity Incentive Compensation Plan, it has granted 6,050,000 stock options at an exercise price of $2.26 and 775,000 restricted share units (each, an RSU) to directors, officers, employees and consultants of the company. The options are exercisable for five years and will vest over the next two years and the RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date. The options are subject to regulatory approval.

The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlan. The 7,189.5-hectare, past producing district benefits from over 86 km of total vein extent, 35 km of underground mines, roads, power, and permits.

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.

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 +30,000 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.