Mr. Craig Parry reports

VIZSLA COPPER ENTERS INTO AGREEMENT TO ACQUIRE RG COPPER CORP: ADDS STRATEGIC LAND POSITION BETWEEN WOODJAM AND MOUNT POLLEY

Vizsla Copper Corp. has agreed to acquire 100 per cent of the issued and outstanding shares of RG Copper Corp. pursuant to a share exchange agreement dated May 10, 2023.

RG Copper has the right to acquire up to a 70-per-cent interest in the Redgold copper-gold project pursuant to an option agreement entered into with the owners of the Redgold project (the underlying option agreement).

Highlights:

• District-scale opportunity: With the addition of the Redgold project, the company's combined Woodjam-Redgold project area will cover 74,604 hectares of prospective geology in the Quesnel terrane of south-central British Columbia.
• Strategic location: The Redgold project is contiguous with the company's Woodjam copper-gold project to the south and Imperial Metals' Mount Polley project to the north.
• Strongly mineralized: Five zones of copper-gold porphyry-related mineralization have been identified to date: East, Quarry, Northeast, North and Redgold.
• East zone target: Previous drilling at the East zone intersected 0.21 per cent copper (Cu) and 0.24 gram per tonne (g/t) gold (Au) over 152 metres in drill hole RG12-111. This mineralization is open for expansion.
• High-grade intersections: Previous drilling at the North zone intersected 2.87 per cent Cu and 2.07 g/t Au over 8.1 metres in drill hole SH07-032.

"Our team has worked hard to assemble a district-scale project in the heart of the prolific Quesnel terrane," commented Craig Parry, executive chairman of Vizsla Copper. "We believe British Columbia will have a significant role in the predicted long-term copper bull market, and we plan to continue to position ourselves accordingly with value accretive acquisitions."

"I'm very pleased to announce this important property acquisition in the Woodjam area," commented Steve Blower, vice-president of exploration of Vizsla Copper. "The Redgold project has some impressive, drill-ready, copper-gold porphyry-related targets that we will aggressively explore."

The Redgold project

The Redgold project consists of 58 mineral claims covering an area of 8,278 hectares contiguous with Imperial Metals' Mount Polley project and Vizsla Copper's Woodjam project.

A total of 49 drill holes have previously been completed on the Redgold project, together with numerous geochemical (that is, rock and soil) and geophysical (that is, induced polarization and magnetics) surveys. Porphyry-related copper-gold mineralization was initially discovered in the early 1970s and, over the course of subsequent exploration programs, at least five zones of copper-gold mineralization have been discovered. In each of the zones, copper-gold mineralization is associated with late-Triassic to early-Jurassic alkaline monzonite or syenite stocks, dikes or intrusive breccias. Redgold was most recently explored by Gold Fields in 2014 and the project has been largely dormant since. The most recent drilling was completed by Gold Fields in 2012. Drill hole RG12-11, drilled at the East zone, intersected 0.21 per cent Cu and 0.24 g/t Au over 152 metres, and cored 85.6 metres of syenite intrusive breccia, a common host rock for copper-gold ore at the adjacent Mount Polley mine. Mineralization at the East zone remains open to the northeast.

Acquisition agreement

Pursuant to the acquisition agreement, the company will issue 12 million common shares in the capital of the company to the shareholders of RG Copper (the vendors).

The consideration shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws. In addition, the vendors have agreed to voluntary resale restrictions whereby 25 per cent of the consideration shares will become free-trading every six months after closing of the acquisition, with the first such release date to occur on the date that is six months from closing of the acquisition.

The acquisition is subject to standard closing conditions, including the approval of the TSX Venture Exchange. Subject to receiving the approval of the TSX-V, and the satisfaction of the remaining closing conditions, the acquisition is expected to close on or about May 23, 2023.

All parties to the acquisition are arm's-length to the company. No finder's fee is payable in respect of the acquisition.

Underlying option agreement

Pursuant to the terms of the underlying option agreement, RG Copper may acquire up to 70 per cent of the Redgold project by meeting the following requirements:

• RG Copper will be the operator and must pay $500,000 ($50,000 paid), incur eligible expenditures of $2-million and issue 400,000 common shares, and an additional $400,000 in common shares prior to Oct. 1, 2026, to earn a 51-per-cent interest.
• RG Copper has the option to increase its interest in the Redgold project from 51 per cent to 70 per cent by paying an additional $500,000, incurring an additional $2-million of eligible expenditures and issuing an additional $500,000 in common shares prior to Oct. 1, 2028.
• RG Copper will grant the owners of the Redgold project (the underlying owners) a 2.5-per-cent net smelter royalty (subject to a buy-down to 1 per cent for $2-million), which will come into effect if and when the underlying owners' collective participating interest in the Redgold project is diluted to less than or equal to 15 per cent.
• After the initial option or the extended option, a definitive joint venture agreement will be entered into.

Technical information

All scientific and technical information in this news release has been prepared by, or reviewed and approved by, Ian Borg, PGeo, senior geologist for Vizsla Copper. Mr. Borg is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The data disclosed in this news release are related to historical drilling results. Vizsla Copper has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Vizsla Copper considers these historical drill results relevant as the company is using this data as a guide to plan exploration programs. The company's current and future exploration work includes verification of the historical data through drilling.

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Redgold project.

The Woodjam project

The 74,604-hectare Woodjam project is located 55 kilometres east of the community of Williams Lake in an area characterized by a low elevation, flat to gently undulating landscape that is well accessed by logging roads. Geologically, the Woodjam project is located within the prolific Quesnel terrane -- a large regional depositional belt commonly dominated by alkalic volcanic units and related volcaniclastic lithologies. The Quesnel terrane hosts both alkaline and calc-alkaline porphyry copper plus or minus gold plus or minus molybdenum deposits, including the Copper Mountain, New Afton, Highland Valley, Mount Polley, Mount Milligan and Kemess mines.

To date, six zones of porphyry-related mineralization (Megabuck, Deerhorn, Takom, Three Firs, Southeast and Megaton) have been identified at the Woodjam project by drilling (95,092 metres in 281 holes since 2009 and a further 30,092 metres in 114 holes, predominantly from 1998). These six mineralized zones form a cluster approximately five kilometres in diameter.

About Vizsla Copper Corp.

Vizsla Copper is a copper-gold-molybdenum mineral exploration and development company headquartered in Vancouver, Canada. The company is focused on its flagship Woodjam project, located within the prolific Quesnel terrane, 55 kilometres east of the community of Williams Lake, B.C. It has two additional copper exploration properties, the Blueberry and Carruthers Pass projects, well situated amongst significant infrastructure in British Columbia. The company will grow through the exploration and development of the copper properties within its portfolio in addition to value accretive acquisitions. Vizsla Copper's vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada, and is committed to socially responsible exploration and development, working safely, ethically and with integrity.

Vizsla Copper is a spin-out of Vizsla Silver Corp. and is backed by Inventa Capital Corp., a premier investment group founded in 2017 with the goal of discovering and financing opportunities in the resource sector.

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