Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is pleased to report results from 16 new drillholes targeting the Napoleon Vein, at its 100%-owned flagship Panuco silver-gold project located in Mexico. The new drill results are centered on the western portion of the district and are part of Vizsla’s ongoing +30,000 metre resource conversion and expansion drill program.

Highlights

• NP-24-431 returned 2,561 grams per tonne (g/t) silver equivalent (AgEq) over 2.40 metres true width (1,551 g/t silver, 14.08 g/t gold, 0.97% lead and 3.84% zinc), including:
  • 4,121 g/t AgEq over 1.24 mTW (2,460 g/t silver, 23.20 g/t gold, 1.57% lead and 6.10% zinc), and
• NAP-2023-004 returned 696 g/t AgEq over 6.50 mTW (328 g/t silver, 4.32 g/t gold, 0.79% lead and 2.11% zinc), including:
  • 1,038 g/t AgEq over 3.65 mTW (505 g/t silver, 6.33 g/t gold, 2.89% lead and 0.10% zinc), and
• NP-24-429 returned 4,533 g/t AgEq over 1.30 mTW (2,390 g/t silver, 28.10 g/t gold, 2.19% lead and 9.61 % zinc), and:
• 4,525 g/t AgEq over 0.80 mTW (2,508 g/t silver, 28.04 g/t gold, 1.78% lead and 6.82% zinc).
• NP-24-435 returned 2,156 g/t AgEq over 1.40 mTW (1,429 g/t silver, 11.76 g/t gold, 0.32% lead and 0.68% zinc)

“Drilling at the Napoleon Vein and its high-grade splay structures continues to demonstrate excellent continuity,” commented Michael Konnert, President and CEO. “New drilling along the central and southern portions of the Napoleon resource area has successfully expanded known zones of high-grade mineralization, proximal to potential development. Additionally, expansion drilling targeting the Hanging Wall 4 structure and the recently discovered El Molino Vein, returned significant gold and silver values outboard of the current resource boundary. We are very pleased with how Luisa, Napoleon and Copala are responding to tighter spaced drilling. This supports increased potential for resource conversion as we de-risk the project ahead of the preliminary economic assessment planned for early Q3.”

Details of the Napoleon Southern Extent

Infill and step-out (expansionary) drilling completed to date has led to an improved understanding of the mineralization controls along the Napoleon vein corridor. Observations based on metal zonation and alteration continue to support the interpretation that the corridor is tilted, where the southern extent of drilling is at the top of the mineralized horizon, near surface (Figure 5). Ongoing analysis of core samples and 3D modelling of alteration minerals will further enhance our understanding of controls on mineralization and vectors.

Previously reported high-grade gold assay values near surface support the model (see press releases dated December 16, 2021, and March 29, 2022). Infill drilling assay results disclosed in this news release, show additional high-grade silver and gold values particularly in the shallow dipping Hanging Wall 4 (HW4) vein. The HW4 vein dips to the east at shallow angle (35° to 55°) and is situated into the hanging wall of main Napoleon vein (the vein splits off from Napoleon main vein) and it remains open to the east particularly in its southern extent where the vein shows higher silver and gold grades. The vein is typically narrow (1.00 metre in average) but at some locations it develops cymoid loops with more than one vein intercept as can be seen in holes NP-24-429 and NP-24-436 (Table 1). High-grade results from previously reported holes and results included herein warrant follow up expansion drilling at depth to the east along HW4 (Figures 3 and 4). Vizsla continues working on alteration and structural 3D modelling and interpretations to design specific drillholes for future exploration of the vein splays including the recently discovered northeast trending El Molino Vein, which is located in the southwest portion of the Panuco district between the Napoleon and Copala resource areas. Discovery of El Molino occurred approximately 250 metres west of the Copala and Tajitos veins but new interpretations and drilling confirmed that the vein extends southwest and intersects with Napoleon.

Table 1: Downhole drill intersections from the holes completed along the Napoleon main and vein splays. Note: AgEq = Ag g/t x Ag rec. + ((Au g/t x Au Rec x Au price/gram)+(Pb% x Pb rec. X Pb price/t) + (Zn% x Zn rec. X Zn price/t))/Ag price/gram. Metal price assumptions are $24.00/oz silver, $1,800/oz gold, $2,424.4/t lead and $2,975.4/t zinc. Metallurgical recoveries assumed are 93% for silver, 90% for gold, 94% for lead and 94% for zinc. Metallurgical recoveries used in this release are from metallurgical test results of the Napoleon vein (see press release dated February 17, 2022).

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 368,000 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 in central and southern Napoleon vein. Geotechnical drillholes have the “NAP” prefix. (CNW Group/Vizsla Silver Corp.)

Figure 2: Longitudinal section of the Napoleon Main Vein with Mineral Resources along main Napoleon and the overlapping hanging wall splays. The section is inclined along the dip of the structure. (CNW Group/Vizsla Silver Corp.)

Figure 3: Longitudinal section of the Hanging Wall 4 (HW 4) Vein splay with Mineral Resources along main Napoleon and the overlapping hanging wall splays. The section is inclined along the dip of the structure. (CNW Group/Vizsla Silver Corp.)

Figure 4: Cross section showing drillhole intercepts on Napoleon HW4 and Molino veins. (CNW Group/Vizsla Silver Corp.)

Figure 5: Napoleon Vein Corridor Exploration Model Longitudinal Section with pierce points on Napoleon main. (CNW Group/Vizsla Silver Corp.)