Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is pleased to report results from 13 new drillholes targeting the recently discovered La Luisa Vein located ~700 metres west of the Napoleon Area resource, at its 100%-owned flagship Panuco silver-gold project in Mexico. The new drill results at La Luisa have expanded the local high-grade footprint by approximately 350 metres to the south and confirmed shallow vein mineralization located 500 metres along strike to the north.

Highlights

• NP-23-395 returned 764 grams per tonne silver equivalent over 11.20 metres true width (229 g/t silver, 7.14 g/t gold, 0.34 % lead and 1.64 % zinc)
  • Including, 10,485 g/t AgEq over 0.64 mTW (3,140 g/t silver, 102.00 g/t gold, 2.99 % lead and 16.30 % zinc)
• NP-23-376 returned 415 g/t AgEq over 5.65 mTW (340 g/t silver, 1.23 g/t gold, 0.15 % lead and 0.34 % zinc)
• NP-23-377 returned 342 g/t AgEq over 7.70 mTW (67 g/t silver, 1.80 g/t gold, 0.75 % lead and 3.74 % zinc)
  • Including, 1,612 g/t AgEq over 0.54 mTW (250 g/t silver, 12.35 g/t gold, 5.65 % lead and 10.45 % zinc)
• NP-23-381A returned 503 g/t AgEq over 5.00 mTW (155 g/t silver, 2.49 g/t gold, 0.91 % lead and 4.52 % zinc)
  • Including, 1,194 g/t AgEq over 0.97 mTW (476 g/t silver, 9.29 g/t gold, 1.60 % lead and 2.11 % zinc)

“La Luisa continues to impress with very high precious metals grades over increasingly broader widths,” commented Michael Konnert, President and CEO. “We have now expanded the high-grade mineralized footprint at La Luisa to ~700 metres along strike by 400 metres down dip and it remains open in all directions. Moreover, new drilling approximately 500 meters along strike to the north has discovered shallow vein mineralization believed to be the continuation of La Luisa. Not only does this add significant strike potential to La Luisa, but it also supports our exploration model that the vein corridor has been tilted, with the southern extent being at the top of the mineralized horizon, near surface. Moving forward, we continue to explore La Luisa with two drill rigs.”

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 approximately 1,500 metres with an average strike of N30°W and dip of 70° – 80° to the northeast. La Luisa does not currently host any resources. To date including this release, Vizsla Silver has reported 33 holes from La Luisa outlining a mineralized footprint approximately 700 metres along strike by 400 metres down dip with a weighted average grade of 449 g/t AgEq (175 g/t silver, 3.40 g/t gold, 0.28 % lead and 1.33 % zinc) and average width 3.07 mTW. The upper level of the vein are hosted primarily by rhyolite tuffs (the upper part of the regional lower volcanic sequence), whereas deeper vein-intercepts occur in the more favourable diorite host rock.

Initial shallow drilling at La Luisa returned significant gold concentrations with relatively low silver and base metals values. The higher gold to silver and base metals ratios observed are analogous to the previously reported shallow “gold rich” horizon at the southern end of Napoleon. Interpretations based on metal zonation and alteration at Napoleon suggest that the vein corridor has been tilted, with the southern extent being at the top of the mineralized horizon, near surface (see the Company’s press releases dated December 16, 2021, and October 12, 2022, respectively). Deeper drilling at La Luisa, including holes NP-23-394 and NP-23-395 intercepted wider vein mineralization marked by an increase in lead and particularly zinc concentrations.

Recent surface mapping and sampling along strike to the northwest at La Luisa has confirmed a wider vein expression with higher silver and gold anomalies at surface (see surface samples on figure 2). Surface sampling and mapping support the hypothesis that mineralization is tilted to the southeast in a similar fashion to Napoleon. Vizsla recently completed two shallow holes in the northwest, which intercepted the vein structure between 100 and 150 metres below surface (NP-23-399 and NP-23-401, assays pending), thus confirming our exploration model. Vizsla Silver is currently exploring La Luisa with two drill rigs, one continues in the south expanding the vein at depth and the second rig is in the north exploring for high-grade mineralization closer to surface.

Figure 2: Longitudinal section of the La Luisa Vein.

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

Figure 4: Photo of NP-23-395 on La Luisa vein from 657.10 to 669.30 metres down the hole.

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 250,000 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.