Vizsla Silver Corp T.VZLA

"... tremendous growth potential remaining in the district.”

[zack50]

VIZSLA SILVER DISCOVERS NEW VEIN WITHIN THE NAPOLEON CORRIDOR INTERSECTING 1,169 G/T AGEQ
OVER 3.2 METRES AT PANUCO

Vancouver, British Columbia (March 17, 2022) – Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) (“Vizsla” or the “Company”) is pleased to report results from five new drill holes targeting the Cruz Negra Vein, located 250 metres west of the Napoleon resource area, at its 100%-owned, flagship Panuco silver-gold project ("Panuco" or the "Project") located in Mexico. The results are a part of Vizsla’s ongoing, fully funded 120,000-meter resource/discovery-based drill program.

Highlights

• NP-21-236 returned 1,169 grams per tonne (g/t) silver equivalent (AgEq) over 3.2 metres downhole (mDH) (160 g/t silver, 10.4 g/t gold, 0.55 % lead and 4.30 % zinc), including;
  •  1,779 g/t AgEq over 1.1 mDH (256 g/t silver, 14.80 g/t gold, 0.98 % lead and 8.27 % zinc)

• NP-21-232 returned 1,889 g/t AgEq over 1.7 mDH (1,066 g/t silver, 9.85 g/t gold, 0.40 % lead and 0.66 % zinc) including;
  • 3,098 g/t AgEq over 0.9 mDH (1,825 g/t silver, 15.45 g/t gold, 0.48 % Pb and 0.65 % Zn)

• NP-21-146B returned 3,499 g/t AgEq over 0.7 mDH (1,795 g/t silver, 21.00 g/t gold, 0.23 % lead and 0.50 % zinc)

• Results are from five of nine completed drill holes at Cruz Negra that define a mineralized zone approximately 180 long by 240 metres deep, which remains open in all directions

“One of the most exciting aspects of Panuco is the tremendous growth potential remaining in the district,” commented Michael Konnert, President, and CEO. “Today’s results highlight this with a new high-grade discovery, Cruz Negra, which is associated with the Josephine Vein in the Napoleon Corridor. Of note is the particularly high gold grades intersected to date at Cruz Negra.  The Company now has eleven rigs on site, increasing to twelve by end of next week, with an equal split of resource expansion and new exploration drilling.  This fits with our 2022 strategy of defining the full extent of mineralization in and around the initial resource areas while simultaneously beginning to unlock the full district endowment.”

About the Cruz Negra Vein results

In mid-2020, the Company undertook an electromagnetic survey that led to the discovery of the Josephine Vein located ~120 metres to the west of the Napoleon Vein.  To date, drilling along Josephine has defined two zones of mineralization that currently contribute 3.0Moz AgEq of indicated and 3.5Moz AgEq inferred to the Project’s maiden resource estimate.  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 30 days of the date of the Company’s March 1, 2022 news release announcing the resource estimate.

Figure1: Plan map of recent drilling targeting the Cruz Negra Vein along the Napoleon Vein Corridor

Figure 2: Cruz Negra cross section

Follow-up mapping along the western edge of the Napoleon Vein Corridor, defined additional targets including the north-west trending Cruz Negra Vein, located immediately to the west of Josephine.  This newly discovered vein may represent a splay off the Josephine Vein or a throughgoing structure that is a splay of the main Napoleon Vein (Figure 1).  Initial drilling successfully intersected both the Josephine and Cruz Negra veins with multiple intercepts in each hole containing high levels of gold mineralization.

Mineralized assay results received for the first five holes (Table 1) at Cruz Negra, highlight a range of downhole widths from 0.7-4.45 metres with grades ranging from 335-3,499 g/t AgEq once at the mineralized elevation. 

Field mapping in the area suggests Cruz Negra continues off the Company’s claims to the northwest, before re entering onto Vizsla ground. The Company is currently gaining an understanding of the local controls to mineralization prior to initial step-out drilling, designed to test the 1.5-kilometre projected length of the Cruz Negra Vein withing Vizsla claims.

As Company geologists continue to expand the prospecting and mapping phases of the exploration program, many new veins are being defined and sampled.  These new targets are then advanced through the Company’s exploration matrix to ultimately become drill targets.  This approach has generated a large number of drill ready targets in the western portion of the district, many within close proximity to the initial Napoleon and Tajitos resource areas. It is these proximal targets that will be a near-term focus for exploration in 2022.

Table 1: Downhole drill intersections from the holes completed at the Cruz Negra structure on the Napoleon Vein Corridor. True widths have yet to be determined. Note: A full table of Josephine intersections will be included with the next update of Napoleon resource drilling intersections.

Note:    AgEq = 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 $20.70/oz silver, $1,655/oz gold, $1,902/t lead, $2,505/t zinc.

Table 2: Cruz Negra drillhole details. 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 Mazatln. The 6,754-hectare, past producing district benefits from over 75 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 61.1Moz AgEq and an in situ inferred resource of 45.6Moz AgEq (see Company news release dated March 1, 2022).