Vancouver, British Columbia (January 24, 2023) – Vizsla Silver Corp. (NYSE: VZLA) (TSX-V: 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.
Highlights of the Updated Mineral Resource Estimate including comparison to the maiden mineral
resource estimate released in March 2022:
• 71% increase in indicated mineral resources from 61.1 to 104.8 Moz AgEq
• 150% increase in inferred mineral resources from 45.6 to 114.1 Moz AgEq
• 14% increase in average indicated mineral resource grade from 383 to 437 g/t AgEq
• 42% increase in average inferred mineral resource grade from 345 to 491 g/t AgEq
Copala Structure
• Copala indicated mineral resources hosts 51.1 Moz AgEq an increase of 701%, at a grade of 516
g/t AgEq
• Copala inferred mineral resources hosts 55.4 Moz AgEq an increase of 198%, at a grade of 617
g/t AgEq
• Copala wireframe averages 10m in thickness
Key Statistics
• 93% of the value of the Updated Mineral Resource Estimate is comprised of precious metals,
including 59% from silver
• A total of 10 epithermal veins were included in the Updated Mineral Resource Estimate,
representing ~10% of the known vein strike in the district
• Total all-in exploration cost of US$0.19/oz AgEq discovered (US$0.15/oz AgEq discovered since
March 2022)
Indicated Mineral Resources are estimated at 7.5 million tonnes (“Mt”) grading 243 grams per tonne
(“g/t”) silver, 2.12 g/t gold, 0.23% lead, and 0.71% zinc (437 g/t silver equivalent (“AgEq”)). The Updated
Mineral Resource Estimate includes indicated mineral resources of 58.3 million ounces (“Moz”) of silver,
508 thousand ounces (“koz”) of gold, 17.0 kilo tonnes (“kt”) of lead, and 53.3 kt of zinc (104.8 Moz AgEq).
www.vizslasilvercorp.ca | 2
Inferred Mineral Resources are estimated at 7.2 Mt grading 304 g/t silver, 2.14 g/t gold, 0.19% lead, and
0.54% zinc (491 g/t AgEq). The Updated Mineral Resource Estimate includes inferred mineral resources
of 70.7 Moz of silver, 496 koz of gold, 13.6 kt of lead, and 39.3 kt of zinc (114.1 Moz AgEq).
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 198 new infill/expansion holes (82,140 metres) completed by Vizsla Silver between December
2021 and September 2022. In total, the updated Mineral Resource Estimate is based on a total drill
database of 644 holes (202,709 metres) completed by Vizsla Silver since November 2019.
“We are very pleased to deliver this updated resource, representing yet another major milestone for Vizsla
Silver as we continue to grow and de-risk the high-grade mineralization at Panuco,” commented Michael
Konnert, President and CEO. “We have now delineated approximately 60 million ounces of silver and 508
thousand ounces of gold in the indicated category and 70 million ounces of silver and 496 thousand ounces
of gold in the inferred category with significant upside potential remaining in the district. Most impressive
is the material growth to the precious metals-rich Copala structure, where successful drilling throughout
2022 contributed to a 701% increase in indicated mineral resources to 51.1Moz AgEq and a 198% increase
in inferred mineral resources to 55.4 Moz AgEq. Additionally, the inclusion of the high-grade Cristiano
structure, which can conceptually be developed alongside Copala, represents a near surface high grade
feed source. The updated resource estimate comes only 10 months from the maiden resource estimate at
a discovery cost of US$0.15 per added ounce and is based on a total of 10 veins representing only 10% of
the known vein strike in the district. Going forward, the Company plans to continue its ongoing aggressive
exploration of the district with seven drill rigs focused on category conversion, incremental expansion and
testing new targets. This, along with previous drilling completed to date, will support a potential mineral
resource estimate update in the second half of 2023. This is an incredible achievement that required
substantial effort from the entire Vizsla Silver team, including our contractors and local communities. I
want to thank everyone involved for their commitment and contribution to this achievement and look
forward to another successful year of growth and discovery in 2023.”
Vizsla Silver will be hosting a webcast to discuss the Updated Mineral Resource Estimate at 8:00am PT
on Wednesday, January 25, 2023. 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 January 12, 2023.
Panuco Project Resource Summary – January 2023 (150 g/t AgEq cut-off)
see & read more on
https://vizslasilvercorp.com/site/assets/files/7464/2023-01-24_vizsla_silver_updated_mre_final1.pdf |
