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.
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Panuco Project Resource Summary – February 2022 (150 g/t AgEq cut-off)
Classification Tonnes Average Grade Contained Metal
Ag Au Pb Zn AgEq Ag Au Pb Zn AgEq
(Mt) (g/t) (g/t) (%) (%) (g/t) (koz) (koz) (kt) (kt) (koz)
Indicated 6.9 150 1.64 0.27 0.53 370 33,178 363 18 36 81,619
Inferred 5.3 156 1.51 0.16 0.35 334 26,604 256 8 19 56,929
Panuco Project Indicated & Inferred Resource Summary by Vein (150 g/t AgEq cut-off)
Classification Tonnes Average Grade Contained Metal
Ag Au Pb Zn AgEq Ag Au Pb Zn AgEq
(Mt) (g/t) (g/t) (%) (%) (g/t) (koz) (koz) (kt) (kt) (koz)
Indicated:
Napoleon 3.9 106 1.73 0.36 0.66 358 13,365 218.3 14.1 26.1 45,130
*Includes
Gallinero 0.7 268 4.04 0.39 0.62 702 5,750 86.8 2.6 4.2 15,079
Josephine 0.3 173 1.93 0.29 0.69 437 1,503 16.8 0.8 1.9 3,798
Napoleon HW 0.6 104 0.93 0.19 0.51 259 2,003 17.9 1.2 3.0 4,959
NP Area Total 4.8 110 1.64 0.33 0.65 350 16,871 253.0 16.0 31.0 53,888
Tajitos 1.2 269 1.64 0.14 0.25 443 9,951 60.8 1.6 2.9 16,400
Copala 0.4 280 2.12 0.04 0.08 462 3,967 30.1 0.2 0.4 6,558
Tajitos HW3 0.3 202 1.33 0.10 0.33 358 1,912 12.5 0.3 1.0 3,382
TJ Area Total 1.9 261 1.71 0.11 0.22 435 15,830 103.5 2.0 4.2 26,341
Rosarito 0.2 69 0.99 0.18 0.53 230 364 5.2 0.3 0.9 1,204
San Antonio 0.0 127 1.00 0.01 0.02 212 112 0.9 0.0 0.0 187
Total Indicated 6.9 150 1.64 0.27 0.53 370 33,178 362.6 18.4 36.1 81,619
Inferred:
Napoleon 1.5 70 1.64 0.26 0.53 290 3,444 81.2 4.1 8.1 14,301
Josephine 0.3 213 2.14 0.28 0.67 490 1,858 18.7 0.8 1.8 4,281
Napoleon HW 0.8 93 0.98 0.18 0.50 248 2,526 26.7 1.6 4.2 6,759
NP Area Total 2.7 92 1.48 0.24 0.53 297 7,828 126.5 6.4 14.2 25,341
Tajitos 0.7 201 1.17 0.17 0.29 344 4,700 27.3 1.2 2.1 8,049
Copala 1.4 256 1.86 0.03 0.07 416 11,736 85.5 0.4 1.0 19,091
Tajitos HW3 0.4 172 1.14 0.09 0.28 305 1,973 13.0 0.3 1.0 3,492
TJ Area Total 2.5 228 1.56 0.08 0.16 379 18,409 125.8 1.9 4.1 30,632
Rosarito 0.1 78 1.01 0.17 0.49 234 259 3.3 0.2 0.5 778
San Antonio 0.0 114 0.87 0.01 0.03 188 108 0.8 0.0 0.0 178
Total Inferred 5.3 156 1.51 0.16 0.35 334 26,604 256.5 8.5 18.8 56,929
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 cutoff was also used for this subzone.
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Panuco Project Indicated & Inferred Resource Sensitivity Table
Classification
COG AgEq
Tonnes Average Grade Contained Metal
Ag Au Pb Zn AgEq Ag Au Pb Zn AgEq
(Mt) (g/t) (g/t) (%) (%) (g/t) (koz) (koz) (kt) (kt) (koz)
Indicated:
>=300 ppm 2.9 257 2.84 0.30 0.54 578 24,317 268.6 8.9 16.0 54,666
>=250 ppm 3.9 217 2.41 0.30 0.55 504 27,143 301.2 11.6 21.4 62,996
>=200 ppm 5.0 186 2.05 0.29 0.54 442 29,800 328.0 14.3 27.0 70,748
>=150 ppm 6.9 150 1.64 0.27 0.53 370 33,178 362.6 18.4 36.1 81,619
>100 ppm 8.7 125 1.35 0.25 0.50 316 35,063 376.3 21.5 43.1 88,259
Inferred:
>=300 ppm 2.0 276 2.60 0.14 0.32 536 17,519 165.3 2.8 6.4 34,047
>=250 ppm 2.8 228 2.22 0.15 0.35 462 20,202 196.4 4.2 9.6 40,864
>=200 ppm 3.8 190 1.85 0.16 0.36 395 23,284 226.4 6.0 13.5 48,413
>=150 ppm 5.3 156 1.51 0.16 0.35 334 26,604 256.5 8.5 18.8 56,929
>100 ppm 6.7 132 1.25 0.16 0.34 287 28,594 271.5 10.5 22.7 62,214
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:
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o 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.
o 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.
o 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.
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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.
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 120,000 meters of drilling at Panuco leading to the discovery of several
new high-grade veins. For 2022, Vizsla has budgeted +120,000 meters of resource/discovery-based
drilling, designed to upgrade, and expand the maiden 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 independent Qualified Person for the Resource Estimate is Tim Maunula, P.Geo., Principal, T. Maunula
& Associates Consulting Inc., who has reviewed and approved the contents of this release. In accordance
with NI 43-101, Martin Dupuis, P.Geo., Vice President of Technical Services, is the Qualified Person for the
Company and has validated 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 in this video 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 in this video providing descriptions of our
mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public
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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 in this video 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.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Michael Konnert, President and Chief Executive Officer
Tel: (604) 364-2215
Email: info@vizslasilver.ca
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.
www.vizslasilvercorp.ca | 7
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain “ForwardLooking Statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forwardlooking 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 forwardlooking
statements or information. These forwardlooking statements or information relate to, among other things: the
exploration, development, and production at Panuco, including drilling programs and mobilization of drill rigs; and
the potential update to the Resource Estimate in the second half of 2022.
Forwardlooking statements and forwardlooking 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 forwardlooking 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 forwardlooking 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 forwardlooking 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.