Mr. Michael Konnert reports

VIZSLA SILVER EXTENDS HIGH-GRADE MINERALIZATION AT LA LUISA AND DEFINES NEW EXPLORATION TARGET TO THE NORTH

Vizsla Silver Corp. has released results from five new drill holes targeting the recently discovered La Luisa vein, located approximately 700 metres west of the Napoleon area resource, at its 100-per-cent-owned flagship Panuco silver-gold project in Mexico. The new drill results expand the high-grade footprint at La Luisa to 350 metres long by 450 metres down dip. Additionally, surface mapping and sampling has identified a near surface exploration target located ~600 metres along strike to the northwest.

Highlights

• NP-23-362 returned 916 grams per tonne (g/t) silver equivalent (AgEq) over 3.05 metres true width (mTW) (372 g/t silver, 5.82 g/t gold, 2.15 % lead and 3.15 % zinc)
• Including, 3,162 g/t AgEq over 0.59 mTW (1,418 g/t silver, 21.54 g/t gold, 5.35 % lead and 6.37 % zinc)
• And 410 g/t AgEq over 3.20 mTW (93 g/t silver, 2.91 g/t gold, 1.37 % lead and 2.37 % zinc)
• Including, 1,054 g/t AgEq over 0.76 mTW (283 g/t silver, 7.41 g/t gold, 5.05 % lead and 3.91 % zinc)
• NP-23-373 returned 426 g/t AgEq over 4.30 mTW (69 g/t silver, 3.62 g/t gold, 0.60 % lead and 2.75 % zinc)
• Including, 1,032 g/t AgEq over 0.77 mTW (210 g/t silver, 8.09 g/t gold, 1.21 % lead and 7.03 % zinc); and
• NP-22-375 returned 734 g/t AgEq over 1.40 mTW (593 g/t silver, 0.78 g/t gold, 2.05 % lead and 1.91 % zinc)

"The high-grade zone at La Luisa continues to grow at depth, where new drilling has now extended mineralization by an additional 125 metres down dip," commented Michael Konnert, President and CEO. "We remain encouraged by the high gold to silver ratios, which may suggest the top of a more extensive mineralized system at depth. Additionally, rock samples taken approximately 600 metres to the north of current drilling have discovered a wide high-grade vein expression, representing the possible continuation of La Luisa. Given the zone's developing grade width profile and excellent exploration potential to the north, there are currently two drill rigs turning at La Luisa."

Details of the La Luisa vein discovery

The 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 N30degreeW and dip of 70degree - 80degree to the northeast. La Luisa does not currently host any resources. To date, Vizsla Silver has reported 20 holes from La Luisa outlining a mineralized footprint approximately 350 metres long by 450 metres down dip with a weighted average grade of 577 g/t AgEq (246 g/t silver, 4.37 g/t gold, 0.33 % lead and 1.18 % zinc) and average width 1.85 mTW. The upper levels of the vein are hosted primarily by rhyolite tuffs (the upper part of the regional lower volcanic sequence) , whereas deeper vein-intercepts occur in the more favourable diorite host rock.

Initial shallow drilling at La Luisa returned significant gold concentrations with relatively low silver and base metals values. The higher gold to silver and base metals ratios observed are analogous to the previously reported shallow "gold rich" horizon at the southern end of Napoleon. Interpretations based on metal zonation and alteration at Napoleon suggest that the vein corridor has been tilted, with the southern extent being at the top of the mineralized horizon, near surface (see the Company's press releases dated December 16, 2021, and October 12, 2022, respectively). Deeper drilling at La Luisa, including holes NP-22-345 and NP-23-358 intercepted vein mineralization marked by higher silver concentrations, suggestive of shoot- or top-shoot elevation.

In addition to drilling, recent surface mapping and sampling along strike to the northwest at La Luisa has confirmed a wider vein expression with higher silver and gold concentrations at surface (up to 428 g/t Ag and 1.54 g/t). This discovery further supports the hypothesis that mineralization is tilted to the southeast in a similar fashion to Napoleon (Figure 2). Vizsla Silver plans to mobilize a drill rig to test this high-priority target in the near-term.

Vizsla Silver is currently exploring La Luisa with two drill rigs. Given the ongoing success of the local exploration model, the Company added a second rig to drill from the west side of the vein (Figure 3). This drilling from the west provided data to further refine our interpretations of previously reported vein intercepts for hole NP-22-345 (see the Company's press release dated March 20, 2023). The revised interpretation shows the high-grade intercept of 1,967 g/t AgEq over 2.45 mTW is a hanging-wall vein splay and not the main La Luisa vein. The estimated true widths ("TW") were recalculated for this hole considering the new interpretation.

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 Silver has completed over 250,000 metres of drilling at Panuco leading to the discovery of several new high-grade veins. For 2023, Vizsla Silver 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 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, 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.

We seek Safe Harbor.