Mr. Michael Konnert reports

VIZSLA SILVER EXPANDS COPALA 150 METRES TO THE SOUTH, INTERCEPTING 1,591 G/T AGEQ OVER 5.89 METRES

Vizsla Silver Corp. has released new drill results from 16 expansion holes targeting the Copala resource area at its 100-per-cent-owned, flagship Panuco silver-gold project, located in Mexico. The reported results expand the Copala mineralized footprint laterally by ~150m to the southeast.

Highlights

• CS-23-265 returned 1,591 grams per tonne (g/t) silver equivalent (AgEq) over 5.89 metres true width (mTW) (1,403 g/t silver and 4.24 g/t gold)
  • Including 4,842 g/t AgEq over 1.62 mTW (4,245 g/t silver and 13.24 g/t gold)
• And 396 g/t AgEq over 4.90 mTW (345 g/t silver and 1.12 g/t gold)
  • Including 1,005 g/t AgEq over 1.24 mTW (923 g/t silver and 2.17 g/t gold)
• CS-23-254 returned 2,743 g/t AgEq over 2.14 mTW (1,319 g/t silver and 22.46 g/t gold)
  • Including 5,222 g/t AgEq over 1.03 mTW (2,320 g/t silver and 45.40 g/t gold)
• CS-23-269 returned 1,080 g/t AgEq over 1.45 mTW (789 g/t silver and 5.13 g/t gold) hosted within a broader interval grading 512 g/t AgEq over 3.35 mTW

"Step-out drilling along the southern extent of Copala continues to deliver high-grades over broad widths, beyond the January 2023 resource wireframes," commented Michael Konnert, President & CEO. "Today's results extend the Copala mineralized footprint by ~150m to the south of previously reported drilling and represents a potential shoot of new mineralization with a vertical profile of ~280m. We currently have four drill rigs targeting Copala, three focused on expanding the current resource base on the south and one exploration rig testing the lateral potential, to the north. With numerous open-ended intercepts containing very high silver and gold grades over large intervals up to 82m thick, the Copala structure remains a primary focus for both resource expansion and exploration ahead of the next resource update planned for the fourth quarter of 2023."

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 ~46degree to the east (~35degree in its northern sector and steepening to ~52degree in the southern sector).

Ongoing drilling at Copala has now traced mineralization along ~1,250 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 16 holes drilled at ~100 m centres in the southern extent of Copala. Results highlight the Copala structure is continuous to the southeast, beyond the January 2023 resource, with potential to host additional high-grade shoots down-dip. Holes CS-23-265, -270, -254, -273, and -269 all intersected precious metals rich mineralization grading >1,000 g/t m over a vertical distance of ~280 m.

To date, Vizsla has completed ~35,000 m of its fully funded 90,000 m 2023 drill program.

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 Mazatlan. 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.

Information Concerning Estimates of Mineral Resources

The scientific and technical information in this news release was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used herein are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained herein providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

We seek Safe Harbor.