Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is pleased to report results from seven drillholes targeting the recently discovered “La Luisa” Vein located ~700 metres west of the Napoleon Vein, at its 100%-owned flagship Panuco silver-gold project in Mexico. Today’s results expand the high-grade footprint at La Luisa by over ~150 metres down dip from previously reported hole NP-22-305 (see press release dated October 25, 2022).

Highlights

• NP-22-332 returned 4,227 grams per tonne silver equivalent over 2.30 metres true width (2,699 g/t silver, 24.99 g/t gold, 0.22 % lead and 0.65 % zinc)
  • Including, 18,950 g/t AgEq over 0.47 mTW (11,502 g/t silver, 120.50 g/t gold, 0.82 % lead and 2.63 % zinc)
• NP-23-358 returned 1,076 g/t AgEq over 5.60 mTW (257 g/t silver, 11.13 g/t gold, 0.42 % lead and 2.03 % zinc)
  • Including, 3,698 g/t AgEq over 1.11 mTW (659 g/t silver, 44.22 g/t gold, 0.53% lead and 2.33 zinc)
  • And, 1,761 g/t AgEq over 0.27 mTW (221 g/t silver, 22.68 g/t gold, 0.26% lead and 0.50% zinc)
• NP-22-345 returned 1,967 g/t AgEq over 2.50 mTW (1,286 g/t silver, 9.76 g/t gold, 0.90 % lead and 2.35 % zinc)
  • Including, 4,630 g/t AgEq over 0.99 mTW (2,982 g/t silver, 24.01 g/t gold, 1.82 % lead and 5.03 % zinc)

“A key focus for this year’s ongoing, fully funded 90,000 metre drill campaign is to explore high-priority targets proximal to the main resource centres in the western portion of the Panuco District,” commented Michael Konnert, President and CEO. “La Luisa is one of several such prospective targets that does not currently host a mineral resource. Drilling at La Luisa has now outlined a near-surface high-grade footprint approximately 350 metres long by 325 metres down dip and is open in all directions. Furthermore, the relatively high gold to silver ratios indicates the current drilling horizon may be at the top of the mineralized system, similar to the near surface gold rich zone at the southern extent of the Napoleon vein. This ultimately supports the potential for La Luisa to deliver improved grades and widths at depth.”

Figure 1: Plan map of recent drilling along the La Luisa vein.

Details of the La Luisa vein discovery

The La Luisa Vein is located approximately 700 metres to the west of Napoleon in the southwest portion of the Panuco district. The structure has been mapped on surface for almost 1,000 metres with an average strike of N35°W and dip of 70° – 80° to the NE. To date, Vizsla has reported 17 holes from La Luisa outlining a high-grade mineralized footprint approximately 350 metres long by 325 metres down dip and remains open in all directions. The upper portion of the vein is hosted primarily by rhyolite tuffs (the upper horizon of the regional lower volcanic sequence) whereas deeper vein-intercepts occur in the more favourable diorite host rock. Additionally, deeper drilling to date shows the vein changes dip direction from northeast to the southwest with increased depth (Figure 3).

Initial near surface drilling at La Luisa, returned significant gold concentrations with generally low silver and base metals. The relatively high gold to silver and base metals ratios observed, indicate this zone is analogous to the previously reported “Gold Rich-Shallow” horizon at the southern end of Napoleon. At Napoleon, initial interpretation, confirmed by subsequent drilling, used metal zonation and alteration to determine the block was tilted making the southern extent the top of the mineralized system (See press releases dated December 16, 2021 and October 12, 2022). Deeper drilling at La Luisa, including holes, NP-22-345 and NP-23-358, intercepted vein mineralization marked by higher silver concentrations, suggestive of shoot- or top-shoot elevation.

Going forward, Vizsla plans to mobilize a second drill-rig and continue drilling deeper holes at La Luisa to target the zone’s precious metals rich core, which given the ongoing success of the local exploration model utilized at Napoleon, there exists the potential for increased grades and widths along strike and down plunge to the south. Due to the observed dip-reversal at depth, Vizsla is preparing drill pads on the west side of the vein to be able to intersect the vein system at a more favourable angle.

Figure 2: Longitudinal section of the La Luisa Vein. The section is inclined along the dip of the structure.

Figure 3: Cross section highlighting recent drill intercepts on La Luisa vein.

Table 1: Downhole drill intersections from the holes completed along the La Luisa vein.

Table 2: La Luisa vein 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 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 has completed over 250,000 metres of drilling at Panuco leading to the discovery of several new high-grade veins. For 2023, Vizsla 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.