Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is pleased to report results from five new drill holes completed at its 100%-owned flagship Panuco silver-gold project in Mexico. Recent drilling has intercepted precious metals rich mineralization close to surface at the new El Molino Vein, located between the Napoleon and Copala resource areas, approximately 250 metres west of the Copala structure.

Highlights

• NP-23-359 returned 2,066 grams per tonne silver equivalent over 1.65 metres true width (1,552 g/t silver, 8.37 g/t gold, 0.47 % lead and 1.22 % zinc)
  • Including, 3,480 g/t AgEq over 0.93 mTW (2,630 g/t silver, 14.20 g/t gold, 0.62 % lead and 1.57 % zinc)
• NP-23-407 returned 1,110 g/t AgEq over 1.70 mTW (1,000 g/t silver, 2.25 g/t gold, 0.33 % lead and 0.52 % zinc)
  • Including, 2,033 g/t AgEq over 0.85 mTW (1,885 g/t silver, 3.61 g/t gold, 0.43 % lead and 0.66 % zinc)
• NP-23-411 returned 395 g/t AgEq over 4.15 mTW (179 g/t silver, 0.96 g/t gold, 0.19 % lead and 4.38 % zinc)

“We are excited to announce yet another high-grade, near-surface discovery at the Panuco project,” commented Michael Konnert, President and CEO. “El Molino was discovered while conducting condemnation drilling between the Copala and Napoleon resource areas where future mining infrastructure could potentially be situated. This discovery marks the second new discovery of this year’s drill program that is in close proximity to the Project’s other major resource centres. To date, we have traced high-grade mineralization at El Molino for approximately 170 metres along strike and 200 metres down dip, and it remains open in all directions. Moving forward, we intend to complete 2,500 metres of additional drilling at El Molino with the goal of expanding the zone’s mineralized footprint.”

Figure 1: Plan map of recent drilling along El Molino vein.

Details of the El Molino Vein discovery

The Molino Vein is located in the southwest portion of the Panuco district between the Napoleon and Copala resource areas, approximately 250 metres west of the Copala and Tajitos veins. Discontinuous outcrops of the vein have been mapped on surface along approximately 600 metres with average strike of N55°E and average dip of 80° to the southeast. On surface, Molino varies in thickness and contains sparse anomalous silver and gold grades up to 490 g/t and 1.2 g/t, respectively. El Molino consists of alternating bands of quartz and sulfides (sphalerite, galena and acanthite), and shows similar vein textures to those observed at Napoleon and La Luisa veins. The vein is hosted by diorite which Vizsla has determined to be a favorable host rock in the district.

Discovery hole NP-23-359 was originally designed to condemn the area for potential mine and plant infrastructure and intercepted the new El Molino vein ~80 metres below surface. To date, the Company has completed five holes tracing high-grade mineralization for approximately 170 metres along strike and 200 metres down dip. Vizsla plans to drill another 2,500 metres on a second phase to expand the current high-grade footprint along strike and at depth.

Figure 2: Longitudinal section of El Molino Vein showing drillhole intercepts and surface samples (vertical section).

Figure 3: Cross section showing drillhole intercepts on El Molino, Tajitos, Copala 2 and Copala veins.

Figure 4: Photo of NP-23-359 showing El Molino vein from 80.00 to 82.05 metres down the hole.

Figure 5: Photo of NP-23-411 showing El Molino vein from 174.20 to 181.10 metres down the hole. Disseminated and semi-massive sulfides occur down to 181.10 metres.

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 Mazatlán. The 7,189.5-hectare, past producing district benefits from over 86 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 104.8 Moz AgEq and an in-situ inferred resource of 114.1 Moz AgEq. An updated NI 43-101 technical report titled “Technical Report on the Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico” was filed on SEDAR on March 10, 2023, with an effective date of January 19, 2023 was prepared by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo. and Yann Camus, P.Eng. of SGS Geological Services.

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 Silver has completed over 310,000 metres of drilling at Panuco leading to the discovery of several new high-grade veins. For 2023, Vizsla Silver has budgeted +90,000 metres of resource/discovery-based drilling designed to upgrade and expand the mineral resource, as well as test other high priority targets across the district.

Quality Assurance / Quality Control

Drill core 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 and rock samples were shipped to SGS Lab in Durango Mexico for sample preparation and analysis.  The ALS Zacatecas, North Vancouver facilities and SGS lab 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

In accordance with NI 43-101, Martin Dupuis, P.Geo., COO, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.