Vizsla Silver intersects high-grade silver east of its Mexican Panuco project 

Vizsla Silver (TSXV: VZLA; NYSE: VZLA) has released assay results from seven new drill holes targeting the Copala and Christiano veins, located east of the Tajitos resource area, at its 100%-owned Panuco silver-gold project in Mexico. 

Highlights included 7.81 meters grading 1,559 grams silver per tonne and 7.29 grams gold per tonne starting from 274 meters in drill hole CS-21-116 and 2.09 meters grading 1,237 grams silver per tonne and 10.53 grams gold per tonne starting from 186.35 meters in drillhole CS-22-123.  

“Copala continues to grow rapidly with very high grades and impressive widths over a large area,” Michael Konnert, the company’s CEO said in a press release. “This recently discovered near-surface, shallow dipping structure has now been traced over 650 meters in length, 350 meters downdip, and remains open in all directions.”  

Vizsla describes the geology and mineralization style of the 5,433-hectare property near the city of Mazatlan in southern Sinaloa as near identical to First Majestic Silver‘s (TSX: FR; NYSE: AG) San Dimas mine, 80 km away in the state of Durango, which produced 7.64 million oz. of silver and 81,237 oz. of gold in 2021.  

The assay results were announced days after Vizsla reported its resource estimate for the project on Mar. 1. Panuco has an indicated resource of five million tonnes grading 191 grams silver per tonne, 2.08 grams gold per tonne, 0.26% lead, and 0.50% zinc for contained metal of 30.50 million oz. silver, 331,000 oz. gold, 13,000 tonnes lead and 24,600 tonnes zinc.  

Inferred resources add 4.1 million tonnes grading 187 grams silver per tonne, 1.79 grams gold per tonne, 0.13% lead, and 0.30% zinc for contained metal of 24.70 million oz. silver, 235,800 oz. gold, 5,300tonnes lead and 12,400 tonnes zinc. 

The company initially announced a resource estimate for the project on Feb. 28 but retracted it due to a “miscalculation made by an independent consultant.” The retracted resource estimate depicted a higher indicated and inferred resource estimate of 6.9 million and 5.3 million tonnes respectively, but lower grades of gold and silver.   

While the Copala vein contributed about 6.4 million silver-equivalent oz. of indicated and 18.6 million silver equivalent oz. of inferred to the project’s resource, the latest drill results are not included in the estimate, the company said.  

For 2022, Vizsla has budgeted for more than 120,000 meters of resource and exploration drilling, designed to upgrade the resource as well as test other high priority targets across the district. 

At presstime in Toronto, Vizsla was trading at $2.70 per share within a 52-week trading range of $3.45 and $1.32. The company has 147.9 million common shares outstanding for a market cap of $403.7 million.