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Vizsla Silver Corp V.VZLA

Alternate Symbol(s):  VZLA

Vizsla Silver Corp. is a Canada-based company. The Company's principal business activity is the exploration of mineral properties. The Company is engaged in operating Panuco silver-gold project, which is a high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlan. The project's mineralization occurs as silver sulphides, including argentite and acanthite, native gold, electrum and native silver associated with pyrite, minor galena, sphalerite and chalcopyrite. The Company's subsidiaries include Canam Alpine Ventures Ltd., Minera Canam S.A. de C.V., Operaciones Canam Alpine S.A. de C.V, Vizsla Royalty Corp., and Canam Royalties Mexico, S.A. de C.V.


TSXV:VZLA - Post by User

Post by zack50on Feb 28, 2022 10:22am
175 Views
Post# 34467503

Maiden Resource Estimate announced...

Maiden Resource Estimate announced...
VIZSLA SILVER ANNOUNCES MAIDEN RESOURCE ESTIMATE
FOR PANUCO SILVER-GOLD PROJECT
 
Vancouver, British Columbia (February 28, 2022) – Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) (“Vizsla” or the “Company”) is pleased to announce the maiden mineral resource estimate (the “Resource Estimate”) for its flagship, 100% owned Panuco silver-gold project (the “Project” or “Panuco”) located in Sinaloa, Mexico.

Highlights:

Indicated Mineral Resources are estimated at 6.9 million tonnes (“Mt”) grading 150 grams per tonne (“g/t”) silver, 1.64 g/t gold, 0.27 % lead, and 0.53 % zinc (370 g/t silver equivalent (“AgEq”)). The Resource Estimate includes indicated resources of 33.2 million ounces (“Moz”) of silver, 362.6 thousand ounces (“koz”) of gold, 18 kilo tonnes (“kt”) of lead, and 36 kt of zinc (81.6 Moz AgEq).

Inferred Mineral Resources are estimated at 5.3 Mt grading 156 g/t silver, 1.51 g/t gold, 0.16 % lead, and 0.35 % zinc (334 g/t AgEq). The Resource Estimate includes inferred resource of 26.6 Moz of silver, 256.5 koz of gold, 8.5 kt of lead, and 18.8 kt of zinc (56.9 Moz AgEq).

The Resource Estimate is based on a total drill database of 445 holes (124,915 meters) completed by Vizsla between November 2019 and December 2021.

“This maiden resource estimate is a major milestone for Vizsla Silver,” commented Michael Konnert, President and CEO of Vizsla Silver. “It establishes Panuco as an extremely high-quality silver and gold district given its rare combination of size, grade and width, with significant room for growth.  Every vein included in the resource estimate remains open for expansion. The grade tonnage curve demonstrates the deposit is relativity insensitive to higher cut-offs and within the Napoleon Vein, a high-grade subzone of 15.1 million ounces grading 702 g/t AgEq, named Gallinero, has been delineated. The resource comes only 18 months from the initial discovery at a total all-in exploration cost of US$0.18 per ounce. Looking ahead, the Company plans to update this maiden resource in the second half of 2022 on the back of its ongoing 120,000 metre infill/discovery-based drill program. I would like to thank the entire Vizsla Silver team, including our contractors and local communities, for their commitment and contribution to this achievement.”

Vizsla Silver will be hosting a webcast to discuss the Resource Estimate at 11:30am PT on Thursday, March 3rd.  To register, please click 
here

A technical report is being prepared 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 Resource Estimate is February 25, 2022.
 
Panuco Project Resource Summary – February 2022 (150 g/t AgEq cut-off)
 
 Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off)
Note:    AgEq = Capped Ag ppm + (((Capped Au ppm x Au price/oz) + (Capped Pb% x Pb price/t) + (Capped Zn% x Zn price/t))/Ag price/oz). Metal price assumptions are $20.70/oz silver, $1,655/oz gold, $1,902/t lead, $2,505/t zinc.

*Gallinero is a high-grade subzone of the Napoleon Vein constrained within a polygon. The 150 AgEq cut-off was also used for this subzone.


Panuco Project Indicated & Inferred Resource Sensitivity Table
Panuco Project Mineral Resource Estimate Notes:
  • The Resource Estimate is compliant with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards incorporate by reference in NI 43-101 The effective date for the Resource Estimate is February 25, 2022.
  • Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction assuming metals prices of $20.7 per ounce of silver, $1,650 per ounce of gold, $1,902 per tonne of lead and $2,505 per tonne of zinc.
  • The database comprises a total of 445 drill holes for 124,915 metres of drilling completed by Vizsla Silver between November 2019 and December 2021.
  • The Resource Estimate encompasses a total of 13 sub-vertical precious metals rich domains each defined by individual wireframes with a minimum true thickness of 2.0 metres for Napoleon (2 wireframes) and Tajitos (3 wireframes), and 1.5 metres thickness for the six other structures (8 wireframes).
  • Samples were composited within the mineralized domains into 1.50 metre length composites.
  • High grade capping was done on composite data and established using a statistical analysis on a per-zone basis for silver, gold, lead and zinc.
  • Cut-off grade of 150 g/t AgEq was used based on costs from mines with similar mineralization Assumed costs $45 mining, $30/tonne processing $20/tonnes G&A and recoveries of 93% for silver, 90% for gold, 94% for both lead and zinc.
  • Average density values were assigned per zone based on 256 samples analysed by ALS in Zacatecas, Mexico.
  • Inverse Distance Squared (ID2) interpolation was utilized at for all structures. All estimates are based on a block dimension of 2 m * 10 m * 5 m and estimation parameters determined by variography.
  • The model has been depleted for historical mining and a 5m thick crown pillar.
  • The Resource Estimate is categorized into indicated and inferred categories as follows:
    • The Indicated mineral resource category is defined by areas where drill spacing is generally less than 50 metres, blocks are informed by a minimum of two drill holes, and reasonable geological and grade continuity is shown. Copala, Tajitos HW, Rosarito and San Antonio veins defined Indicated mineral resource based on drill spacing less than 30 metres.
    • The Inferred mineral resource category is defined by areas where drill spacing is less than 100 metres, blocks are informed by a minimum of two drill holes, and reasonable, but not verified, geological and grade continuity is observed. Copala, Tajitos HW, Rosarito and San Antonio veins defined Inferred mineral resource based on drill spacing less than 60 metres.
    • The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  • Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
  • T. Maunula & Associates Consulting Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.
  • Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.
The Resource Estimate is centred on the western portion of Panuco, encompassing ~4.2 km of the known 75 km of cumulative vein strike in the district. The 2022 drill program aims to utilize 13 drill rigs to 1) upgrade and expand the initial project resource base and 2) test advanced exploration targets located in the west, central and east areas of the Project. Dependent on ongoing exploration success, the Company intends to publish an update to the Resource Estimate in the second half of 2022. There is no certainty that inferred mineral resources contained in the Resource Estimate will be converted to higher confidence categories through further drilling.

Discovery Costs

To date, the Company incurred an aggregate of approximately US$24.5 million in exploration expenditures for the life of the Project.  This equates to a discovery cost of approximately US$0.18 per ounce of silver equivalent for resources defined in the Resource Estimate.
 
More broadly, the Company has incurred an aggregate of approximately US$98.6 million in total expenditures since the Company was formed in September 2018. This includes all project acquisition costs (shares and cash), exploration costs and corporate expenditures.  This equates to a total discovery cost of approximately US$0.71 per ounce of silver equivalent for resources defined in the 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 Mazatln. The 6,754-hectare, past producing district benefits from over 75 kilometres of total vein extent, a 500 ton per day mill, 35 kilometres of underground mines, tailings facilities, 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.

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