Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is pleased to report new drill results from 20 expansion holes targeting the Copala resource area at its 100%-owned, flagship Panuco silver-gold project located in Mexico. The reported results expand the Copala mineralized footprint laterally by ~370m to the southeast and ~50m to the north.

Highlights

• CS-23-297 returned 445 grams per tonne silver equivalent over 18.50 metres true width (310 g/t silver and 2.32 g/t gold)
• CS-23-290 returned 760 g/t AgEq over 5.05 mTW (565 g/t silver and 3.48 g/t gold)
  • Including 3,469 g/t AgEq over 1.00 mTW (2,838 g/t silver and 12.29 g/t gold)
• CS-23-286 returned 640 g/t AgEq over 4.80 mTW (417 g/t silver and 3.74 g/t gold)
  • Including 2,568 g/t AgEq over 0.68 mTW (1,585 g/t silver and 16.20 g/t gold)
• CS-23-294 returned 7,512 g/t AgEq over 1.00 mTW (6,880 g/t silver and 16.50 g/t gold)

“Expansion drilling at Copala, both to the southeast and north, continue to highlight a robust precious metals structure well beyond the January 2023 resource boundary,” commented Michael Konnert, President & CEO. “The overall strike length now measures approximately 1,670 metres long and remains open in both directions. Additionally, drilling has expanded the high-grade Copala 2 vein situated between Tajitos and Copala main and identified a new near-surface structure called ‘El Habal’. Moving forward, we will continue to both expand and infill these high-grade zones with three drill rigs in preparation for an updated resource estimate planned for the fourth quarter of 2023. Q4/23.”

The precious metals dominant Copala Structure, located in the western portion of the Panuco district, is situated ~800m to the east of the Napoleon Structure. Copala currently hosts Indicated Resources of 51.1 Moz AgEq at 516 g/t AgEq and Inferred Resources of 55.4 Moz AgEq at 617 g/t AgEq within a broad envelope of vein-breccia interlayered with host rock, up to 82 metres thick. Interpretations by Vizsla geologists indicate Copala has an average dip of ~46° to the east (~35° in its northern sector and steepening to ~52° in the southern sector).

Ongoing drilling at Copala has now traced mineralization along ~1,670 metres of strike length and ~400 metres down dip. High-grade silver-gold mineralization remains open laterally to the southeast and north. The recently completed batch of resource expansion drilling consisted of 15 holes drilled at ~100 m centres in the southern extent of Copala and five holes in the north, targeting both the main Copala structure and the Copala 2 vein. Our results highlight the Copala structure is continuous to the southeast, beyond the January 2023 resource. Vizsla plans to drill infill holes in ~100m gaps to test and expand high-grade zones detected in the southeast.

The Copala 2 vein sits to the footwall of main Copala and is bounded up-dip by Copala, to the west by Tajitos and to the east by the Copala Fault. The vein strikes northeast, dips to the southeast at approximately 48° and has been traced for ~330 metres along strike and ~290 metres down dip. Refer to the Company’s  news release dated May 19, 2022, for previous drillhole results from Copala 2.

Additionally, Vizsla geologists have detected a new near-surface structure named “El Habal” in the southeast with hole CS-23-291. The team is in the process of a re-logging and sampling campaign of other holes in the area to model this new blind structure.

To date, Vizsla has completed ~55,000 m of its fully funded 90,000 m 2023 drill program.

Table 1: Downhole drill intersections from the holes reported for Copala structure and Cristiano vein.

Table 2: Drillhole details for the reported drillholes. 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 and rock 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.  The ALS Zacatecas and North Vancouver facilities 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.

Figure 1: Plan map of recent drilling centered on the Copala structure. (CNW Group/Vizsla Silver Corp.)

Figure 2: Inclined longitudinal section for Copala structure with drillhole pierce points. The section is 1x along strike to 1.4x along the dip to compensate for the average 46-degree dip of Copala. The black dash outline represents Copala 2 vein into the footwall of Copala. (CNW Group/Vizsla Silver Corp.)

Figure 3: Cross section showing Copala structure and Cristiano vein with completed drilling. (CNW Group/Vizsla Silver Corp.)

Figure 4: Inclined longitudinal section for Copala 2 structure with drillhole pierce points. The section is 1x along strike to 1.18x along the dip to compensate for the average 48-degree dip of Copala 2. (CNW Group/Vizsla Silver Corp.)

Figure 5: Cross section showing Copala 2, Copala and Tajitos veins with completed drilling. (CNW Group/Vizsla Silver Corp.)