VIZSLA SILVER ANNOUNCES SIGNIFICANT INCREASE IN CONTAINED OUNCES AND INCREASE IN GRADE OF IN


VANCOUVER, BC, Jan. 8, 2024 /CNW/ – Vizsla Silver Corp. (NYSE: VZLA) (TSXV: VZLA) (Frankfurt: 0G3) (“Vizsla Silver” or the “Company”) is pleased to announce an updated mineral resource estimate (“Updated Mineral Resource Estimate”) for its flagship, 100% owned Panuco silver-gold project (the “Project” or “Panuco”) located in Sinaloa, Mexico. The Updated Mineral Resource Estimate was completed by Allan Armitage, Ph.D., P.Geo., of SGS Geological Services.

Vizsla Silver Corp. logo (CNW Group/Vizsla Silver Corp.)

Highlights of the Updated Mineral Resource Estimate, including a comparison to the previous mineral resource estimate released in January 2023:

48.7% increase in indicated mineral resources from 104.8 to 155.8 Moz AgEq

48.7% increase in inferred mineral resources from 114.1 to 169.6 Moz AgEq

17% increase in average indicated mineral resource grade from 437 to 511 g/t AgEq

New addition of La Luisa containing 4.0 Moz AgEq indicated and 25.3 Moz AgEq of Inferred Resources

Key Statistics:

The Updated Mineral Resource represents less than 10% of the known vein strike of the newly consolidated district

90% of the value of the Updated Mineral Resource Estimate is comprised of precious metals, including 56% from silver

A total of 11 epithermal veins were included in the Updated Mineral Resource Estimate

Total all-in exploration cost of US$0.32/oz AgEq discovered

Indicated Mineral Resources are estimated at 9.5 million tonnes (“Mt”) grading 289 grams per tonne (“g/t”) silver, 2.41 g/t gold, 0.27% lead, and 0.84% zinc (511 g/t silver equivalent (“AgEq”)). The Updated Mineral Resource Estimate includes indicated mineral resources of 88.2 million ounces (“Moz”) of silver, 736 thousand ounces (“koz”) of gold, 25.4 kilotonnes (“kt”) of lead, and 79.9 kt of zinc (155.8 Moz AgEq).

Inferred Mineral Resources are estimated at 12.2 Mt grading 239 g/t silver, 1.93 g/t gold, 0.29% lead, and 1.03% zinc (433 g/t AgEq). The Updated Mineral Resource Estimate includes inferred mineral resources of 93.7 Moz of silver, 758 koz of gold, 35.4 kt of lead, and 125.3 kt of zinc (169.6 Moz AgEq).

Story continues

The Updated Mineral Resource Estimate is centred on the western portion of Panuco, encompassing ~8 km of the known 86 km of cumulative vein strike in the district. The Updated Mineral Resource Estimate includes 178 new infill/expansion holes (100,222 metres) completed by Vizsla Silver between September 2022 and September 2023. In total, the Updated Mineral Resource Estimate is based on a total drill database of 822 holes (302,931 metres) completed by Vizsla Silver since November 2019.

“We are pleased to announce another significant resource update milestone for the high-grade Panuco silver gold district,” commented Michael Konnert, President and CEO. “Although substantial, this update represents only a moment in time at the Project, as drills continue to turn in 2024.”

“The Project’s indicated resource now stands at 88 million ounces of silver and 736 thousand ounces of gold, while the inferred resource contains 94 million ounces of silver and 758 thousand ounces of gold. This represents a 49% increase in both indicated and inferred ounces and a 17% increase in indicated grade relative to the previous estimate. Resource focused drilling throughout 2023 was successful in converting almost half of the January 2023 inferred resource to the indicated category while exploration drilling added new resources at both Copala and Napoleon. The bulk of this year’s resource growth came from the Napoleon Area, largely driven by the inclusion of La Luisa, which added an additional 25Moz AgEq in inferred mineralization.”

“What’s most impressive is that although we continue to expand the Project’s mineral inventory year after year, our current resource still accounts for less than 10% of the known veins we have in the district. Going forward, we will focus on de-risking and advancing the high-grade resource in the west towards development, taking advantage of the Project’s incredible infrastructure, while simultaneously hunting for the next epicenter of mineralization in the central and eastern portions of the district. This is an outstanding achievement that comes as a result of hard work and perseverance. I want to thank everyone from the entire Vizsla team, including our contractors and local communities, and look forward to another successful year in 2024.”

Vizsla Silver will be hosting a webcast to discuss the Updated Mineral Resource Estimate at 10:00am PT on Thursday, January 11th, 2024.  To register, please click here.

A technical report is being prepared on the Updated Mineral Resource Estimate in accordance with National Instrument 43-101 (“NI-43-101”) and will be available on the Company’s website and SEDAR within 45 days of the date of this release. The effective date of the Updated Mineral Resource Estimate is September 1, 2023.

Panuco Project Resource Summary (150 g/t AgEq cut-off)

Updated MRE

Previous MRE

Variance

Resource Class 

Indicated

Inferred

Indicated

Inferred

Indicated

Inferred

Tonnes (MT)

9.5

12.2

7.5

7.2

2.0

5.0

Au g/t

2.41

1.93

2.12

2.14

0.29

-0.21

Ag g/t

289

239

243

304

46

-65

Pb %

0.27

0.29

0.23

0.19

0.04

0.10

Zn %

0.84

1.03

0.71

0.54

0.13

0.49

AgEq (g/t)

511

433

437

491

74

-58

AuEq (g/t)

6.81

5.76

5.82

6.55

0.99

-0.79

Au (koz)

736

758

508

496

228

262

Ag (koz)

88,192

93,653

58,330

70,672

29,862

22,981

Pb (kt)

56.0

35.4

17.2

13.7

38.8

21.7

Zn (kt)

79.9

125.3

53.3

38.9

26.6

86.4

1AgEq (koz)

155,841

169,647

104,793

114,113

51,048

55,534

2AuEq (koz)

2,076

2,261

1,404

1,516

672

745

Panuco Project Indicated & Inferred Mineral Resource Summary by Vein (150 g/t AgEq cut-off)

Classification

Tonnes

Average Grade

Contained Metal

Ag

Au

Pb

Zn

AgEq 

Au Eq 

Ag

Au

Pb

Zn

1AgEq

2AuEq 

(Mt)

(g/t)

(g/t)

( %)

( %)

(g/t) 

(g/t) 

(koz)

(koz)

(kt)

(kt)

(koz)

(koz) 

Indicated

Copala

4.5

380

2.46

0.08

0.15

573

7.64

55,201

358

3.7

6.9

83,270

1,110

Tajitos

0.6

358

2.24

0.12

0.21

538

7.18

7,295

46

0.7

1.3

10,953

146

Cristiano

0.2

581

3.37

0.25

0.43

858

11.45

3,961

23

0.5

0.9

5,851

78

Copala Area
Total

5.4

385

2.48

0.09

0.17

580

7.74

66,457

427

5.0

9.2

100,074

1,343

Napoleon

3.3

162

2.39

0.52

1.73

425

5.66

17,276

255

17.2

57.4

45,223

603

Napoleon HW

0.4

164

1.72

0.42

1.53

365

4.87

2,259

24

1.8

6.5

5,029

67

Luisa

0.3

177

2.56

0.39

2.01

459

6.12

1556

22

1.1

5.5

4,027

54

Josephine

0.1

221

2.88

0.39

1.11

492

6.56

491

6

0.3

0.8

1,092

15

Cruz

0.0

144

2.01

0.37

1.71

373

4.97

153

2

0.1

0.6

396

5

NP Area
Total

4.1

164

2.34

0.50

1.72

421

5.66

21,735

309

20.4

70.7

55,767

743

Total
Indicated

9.5

289

2.41

0.27

0.84

511

6.81

88,192

736

25.4

79.9

155,841

2,076

Inferred

Copala

3.2

332

1.77

0.12

0.20

476

6.34

33,722

179

3.7

6.2

48,320

644

Tajitos

1.0

365

2.04

0.22

0.39

540

7.21

12,260

69

2.3

4.0

18,140

242

Cristiano

0.7

443

2.54

0.15

0.29

650

8.66

10,213

59

1.1

2.0

14,974

200

Copala Area
Total

4.9

355

1.94

0.15

0.25

515

6.86

56,195

307

7.1

12.3

81,434

1,081

Napoleon

3.2

137

1.64

0.45

1.76

342

4.57

14,045

168

14.4

55.9

35,063

467

Napoleon HW

0.8

220

2.17

0.59

2.02

479

6.39

5,976

59

5.0

17.0

13,027

174

La Luisa

2.0

159

2.13

0.30

1.51

386

5.15

10,439

139

6.0

30.8

25,326

338

Josephine

0.2

161

2.05

0.33

1.00

364

4.85

1161

15

0.7

2.2

2,618

35

Cruz

0.3

170

3.75

0.31

1.48

519

6.91

1698

37

1.0

4.6

5,169

69

NP Area
Total

6.6

157

1.97

0.41

1.68

383

5.10

33,319

418

27.1

110.6

81,203

1,082

San Antonio

0.3

226

1.30

0.01

0.03

325

4.33

2,038

12

0.0

0.1

2,936

39

*Animas

0.4

169

1.68

0.29

0.60

327

4.37

2,101

21

1.1

2.3

4,074

54

Total
Inferred

12.2

239

1.93

0.29

1.03

433

5.76

93,653

758

35.4

125.3

169,647

2,261

*Animas is Rosarito and Cuevillas veins 

Panuco Project Indicated & Inferred Mineral Resource Sensitivity Table

Classification 

Tonnes 

Average Grade

Contained Metal

COG AgEq

Ag

Au

Pb

Zn

AgEq 

AuEq

Ag

Au

Pb

Zn

1AgEq

2AuEq 

(Mt)

(g/t)

(koz)

( %)

( %)

(g/t) 

(g/t)

(koz)

(koz)

(kt)

(kt)

(koz)

(koz) 

Indicated:

300

5.58

415

3.41

0.31

0.96

718

9.57

74,501

612

17.2

53.5

128,810

1,716

250

6.54

375

3.09

0.3

0.95

653

8.70

78,809

651

19.5

62.2

137,286

1,830

200

7.86

331

2.75

0.29

0.9

581

7.75

83,610

694

22.2

70.8

146,774

1,958

150

9.48

289

2.41

0.27

0.84

511

6.81

88,192

736

25.4

79.9

155,841

2,076

120

10.75

263

2.2

0.25

0.79

467

6.22

91,066

759

26.8

85.3

161,308

2,149

100

11.74

246

2.05

0.24

0.75

437

5.82

92,965

773

27.7

88.5

164,833

2,195

Inferred:

300

6.47

355

2.82

0.36

1.23

634

8.34

73,931

587

23.1

79.4

131,930

1,734

250

7.9

317

2.54

0.34

1.17

565

7.51

80,365

644

26.8

92.1

143,338

1,908

200

9.7

278

2.24

0.32

1.12

499

6.66

86,784

698

30.9

108.4

155,748

2,076

150

12.19

239

1.93

0.29

1.03

433

5.76

93,653

758

35.4

125.2

169,647

2,261

120

14.04

216

1.75

0.28

0.97

393

5.25

97,502

791

38.6

136.1

177,648

2,368

100

15.47

201

1.63

0.26

0.92

367

4.89

99,985

812

40.8

142.9

182,671

2,433

Note:

1AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,425/t lead and $2,976/t zinc.

2AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,425/t lead and $2,976/t zinc.

Panuco Project Updated Mineral Resource Estimate Notes:

The classification of the Updated Mineral Resource Estimate into indicated and inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date for the Updated Mineral Resource Estimate is September 1, 2023.

All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.

All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.

Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. 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. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

The database comprises a total of 822 drill holes for 302,931 metres of drilling completed by Vizsla Silver between November 2019 and September 2023.

The mineral resource estimate is based on 28 three-dimensional (“3D”) resource models, constructed in Leapfrog, representing the Napoleon area (15 wireframes), the Copala area (7 wireframes), Tajitos (1 wireframe), Animas (5 wireframes) and San Antonio (1 wireframe).

Silver, gold, lead and zinc were estimated for each mineralization domain in the Panuco Project. Blocks within each mineralized domain were interpolated using 1.5 metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains. All estimates are based on variable block dimensions (by deposit area) and estimation search parameters (by domain).

Average density values were assigned per zone based on 1,919 samples analysed by ALS in Zacatecas, Mexico or inhouse with 5% checks by ALS.

It is envisioned that the Panuco Project deposits may be mined using underground mining methods. Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes.

The base-case AgEq Cut-off grade considers metal prices of $24.00/oz Ag, $1800/oz Au, $2425/t Pb and $2976/t Zn and considers metal recoveries of 93% for silver, 90% for gold, 94% for Pb and 94% for Zn.

The base case cut-off grade of 150 g/t AgEq considers a mining cost of US$45.00/t rock and processing, treatment and refining, transportation and G&A cost of US$50.00/t of mineralized material.

The Updated Mineral Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The Company remains well-funded for its ongoing +65,000 metre 2024 drill program with four drill rigs designed to upgrade and expand the Project’s resource base and test high priority targets located in the west, central and eastern areas of the district. Dependent on ongoing exploration success, the Company plans to publish a further update to the Updated Mineral Resource Estimate in the second half of 2024.

Discovery Costs

To date, the Company has incurred an aggregate of approximately US$103.0 million in exploration expenditures over the life of the Project.  This equates to an estimated discovery cost per silver equivalent ounce of US$0.32 for resources defined in the Updated Mineral Resource Estimate.

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.

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 310,000 metres of drilling at Panuco leading to the discovery of several new high-grade veins. For 2024, Vizsla Silver is focused on de-risking the resource base located in the western portion of the district ahead of a development decision. Additionally, Vizsla has budgeted +65,000 metres of resource/discovery-based drilling designed to upgrade and expand the Project’s 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

The Updated Mineral Resource Estimate was completed by Allan Armitage, Ph.D., P.Geo., of SGS Geological Services. Mr. Armitage is an independent Qualified Person as defined by NI 43-101. Mr. Armitage has reviewed and approved the technical contents 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…



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