Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is pleased to report results from six new drillholes targeting the La Luisa Vein located ~700 metres west of the Napoleon Area resource, at its 100%-owned flagship Panuco silver-gold project in Mexico. Recently completed drilling continues to demonstrate continuity of high-grade mineralization.

Highlights

• NP-24-430 returned 788 grams per tonne silver equivalent over 1.30 metres true width (682 g/t silver, 2.07 g/t gold, 0.17% lead and 0.23% zinc)
• NP-24-433 returned 1,038 g/t AgEq over 0.75 mTW (827 g/t silver, 2.78 g/t gold, 0.57% lead and 1.80% zinc)
  • And, 338 g/t AgEq over 2.00 mTW (102 g/t silver, 2.94 g/t gold, 0.17 % lead and 1.08% zinc)
• NP-24-438 returned 7,307 g/t AgEq over 0.48 mTW (3,310 g/t silver, 61.60 g/t gold, 0.78% lead and 1.31% zinc)
  • And, 657 g/t AgEq over 1.10 mTW (103 g/t silver, 7.79 g/t gold, 0.24% lead and 78% zinc)

“Our ongoing exploration campaign continues to expand and convert near-surface mineralization at La Luisa,” commented Michael Konnert, President and CEO. “La Luisa is one of the newest discoveries Vizsla Silver has made in the Panuco district, and currently hosts 4 million ounces of indicated and 25 million ounces of inferred silver equivalent resources. Recent exploration has not only expanded the Luisa mineralized footprint well beyond the 2024 MRE boundary, but new mapping utilizing Terraspec® technology to identify alteration minerals, has helped validate our local exploration model. We have now identified two potential feeder zones within a target depth horizon, which we will test in the near future as we continue to expand and de-risk the Panuco project ahead of the maiden project PEA in Q3 2024.

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. To date, Vizsla Silver has reported 57 holes from La Luisa outlining a mineralized footprint approximately 1,670 metres long by 450 metres down dip with a weighted average grade of 407 g/t AgEq (150 g/t silver, 3.09 g/t gold, 0.36 % lead and 1.35 % zinc) and average width 2.56 mTW. La Luisa currently hosts Indicated Resources of 4.0 Moz AgEq at 459 g/t AgEq and Inferred Resources of 25.3 Moz AgEq at 386 g/t AgEq in the main La Luisa vein and the FW vein splay (please refer to our Technical Report on Updated Mineral Resource Estimate for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico, by Allan Armitage, Ben Eggers and Peter Mehrfert, dated February 12, 2024 and to our Company´s press release dated January 8, 2024).

The upper levels of the vein are hosted primarily by rhyolite tuffs, whereas some deeper vein-intercepts occur in the more favourable diorite host rock. Initial shallow drilling at La Luisa returned vein intercepts with higher gold concentrations relative to silver and low concentrations of base metals. The low silver to gold ratios and low concentrations of base metals observed are analogous to the previously reported shallow “gold rich” horizon at the southern end of Napoleon (see the Company’s press releases dated December 16, 2021, and October 12, 2022). Recent interpretations of the metal ratios observed along La Luisa Vein clearly define a tilted silver-rich band with silver to gold ratios greater than 100 (Ag/Au>100). The tilted silver-rich band is constrained by two Ag/Au=100 lines, an upper and lower boundary. The lower boundary line corresponds to the interface between a deeper, base metals rich zone and the silver-rich band above (Figure 5). Furthermore, preliminary analysis of trends on gold and base metals concentrations suggests two potential feeder zones (arrows pointing up in Figure 5).

Previous surface mapping and sampling at La Luisa has returned higher silver and gold anomalies at surface in the north. More recently, mapping with the use of Terraspec® has aided in the characterization of alteration minerals located along strike, supporting the hypothesis that mineralization is tilted to the southwest (see surface samples on Figure 2 and alteration minerals represented by dotted lines in Figure 5). Shallow drilling completed in the northwest have confirmed vein mineralization in the north and expanded the potential strike length of La Luisa to 1,670 m; with an intermediate ~400 m drilling-gap between the high-grade shoot in the south and the recent drill intercepts to the north (see Figure 2). New analysis of metal ratios and alteration mineralogy, now allow us to define a more favorable target elevation (silver rich target) in the 400m gap, constrained by the Ag/Au=100 isolines, between the northern holes and the mineral resource footprint in the south. Vizsla intends to explore this refined up section target between the Ag/Au=100 isolines in an effort to further expand mineral resources at La Luisa.

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 17,856.5-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.

On January 8, 2024, the Company announced an updated mineral resource estimate for Panuco which includes an estimated in-situ indicated mineral resource of 155.8 Moz AgEq and an in-situ inferred resource of 169.6 Moz AgEq (please refer to our Technical Report on Updated Mineral Resource Estimate for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico, by Allan Armitage, Ben Eggers and Peter Mehrfert, dated February 12, 2024 and to our Company´s press release dated January 8, 2024).

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 350,000 metres of drilling at Panuco leading to the discovery of several new high-grade veins. For 2024, Vizsla Silver has budgeted +30,000 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, Jesus Velador, Ph.D. MMSA QP., Vice President of Exploration, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Figure 1: Plan map of recent drilling along the La Luisa vein. (CNW Group/Vizsla Silver Corp.)

Figure 2: Longitudinal section of the La Luisa Vein. (CNW Group/Vizsla Silver Corp.)

Figure 3: Longitudinal section of the Footwall Vein at La Luisa. (CNW Group/Vizsla Silver Corp.)

Figure 4: Cross section highlighting recent drill intercepts on La Luisa vein. (CNW Group/Vizsla Silver Corp.)

Figure 5 : Exploration model for La Luisa vein. (CNW Group/Vizsla Silver Corp.)