Mr. Michael Konnert reports

VIZSLA SILVER INTERCEPTS 646 G/T AGEQ OVER 10.00 METRES AT NAPOLEON

Vizsla Silver Corp. has released results from 11 new drill holes targeting the southern extension of the Napoleon vein at its 100-per-cent-owned flagship Panuco silver-gold project located in Mexico. The new drill results are centred on the western portion of the district and are part of Vizsla's continuing 90,000-metre resource infill- and expansion/discovery-focused drill program.

Highlights:

• NP-23-388 returned 646 grams per tonne (g/t) silver equivalent (AgEq) over 10 metres true width (mTW) (217 g/t silver, 3.03 g/t gold, 1.44 per cent lead and 5.44 per cent zinc), including:
  • 3,625 g/t AgEq over 0.95 mTW (1,590 g/t silver, 25.50 g/t gold, 7.28 per cent lead and 5.80 per cent zinc);
  • 1,323 g/t AgEq over 0.78 mTW (159 g/t silver, 0.89 g/t gold, 4.97 per cent lead and 26.70 per cent zinc).
• NP-23-391 returned 1,568 g/t AgEq over 1.90 mTW (908 g/t silver, 7.37 g/t gold, 1.62 per cent lead and 4.91 per cent zinc), including:
  • 2,205 g/t AgEq over 0.65 mTW (1,500 g/t silver, 8.96 g/t gold, 2.05 per cent lead and 3.98 per cent zinc);
  • 648 g/t AgEq over 3.20 mTW (559 g/t silver, 1.53 g/t gold, 0.23 per cent lead and 0.49 per cent zinc), including:
    • 1,720 g/t AgEq over 0.96 mTW (1,500 g/t silver, 3.89 g/t gold, 0.61 per cent lead and 1.22 per cent zinc).
• NP-23-392 returned 989 g/t AgEq over 2.50 mTW (527 g/t silver, 3.78 g/t gold, 2.13 per cent lead and 4.98 per cent zinc), including:
  • 2,465 g/t AgEq over 0.69 mTW (1,500 g/t silver, 9.97 g/t gold, 5.25 per cent lead and 6.66 per cent zinc).

"Infill and expansionary drilling targeting the southern extent of Napoleon continues to intersect high silver and gold grades on both the main vein and its overlapping splay structures," commented Michael Konnert, president and chief executive officer. "We have now identified several splay veins branching off the main Napoleon structure located within both the footwall and hanging wall that remain open for future expansion. Most notable is the shallow-dipping hanging wall 4 structure, which returned 646 grams per tonne silver equivalent over 10 metres true width and is open down dip. We continue to view the Napoleon area as a primary target for future resource growth and development. Of the six drill rigs currently turning on the property, infill drilling continues at Napoleon with one rig. In addition to drilling, we are pleased to announce Vizsla has achieved 1.5 million work hours without a lost time incident at Panuco. This is yet another major milestone for the company, and is a testament to the focus and dedication of every Vizsla employee and contractor working on the project."

Details of the Napoleon southern extent

Infill and stepout (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.

Previously reported high-grade gold assay values near surface support the model (see press releases dated Dec. 16, 2021, and March 29, 2022). Infill drilling assay results disclosed in this news release show additional high-grade silver and gold values on vein splays at the hanging wall of the main Napoleon structure. The vein splays are situated between 25 m and 120 m into the hanging wall, and typically contain high lead and zinc concentrations in addition to the precious metal values. Results from recent drilling suggest that the shallow-dipping hanging wall 4 splay (HW splay 4) remains open down dip to the east. Results from hole NP-23-388 warrant follow-up drilling to the east and at depth along hanging wall 4. Vizsla continues working on structural and 3-D geologic modelling to design specific drill holes for the exploration of the vein splays (HW splay 2 and HW splay 4).

Safety milestone

Vizsla Silver is proud to report that it has achieved 1.5 million work hours without any lost time incidents at Panuco. The company commends the safety department, employees and contractors for their continuing focus on the safety culture built over the life of the project, and ensuring safe work conditions at the work sites.

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 sulphidation 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 million ounces (Moz) AgEq and an in situ inferred resource of 114.1 Moz AgEq. An updated National Instrument 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 Jan. 19, 2023, and was prepared by Allan Armitage, PhD, PGeo, Ben Eggers, MAIG, PGeo, and Yann Camus, PEng, of SGS Geological Services.

About Vizsla Silver Corp.

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, B.C., and focused on advancing its flagship, 100-per-cent-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 greater than 90,000 metres of resource-based/discovery-based drilling, designed to upgrade and expand the maiden resource, as well as test other high-priority targets across the district.

Quality assurance/quality control

Drill core samples were shipped to ALS Ltd. in 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 (inductively coupled plasma) finish, and gold was assayed by 30-gram fire assay with atomic absorption (AA) spectroscopy finish. Overlimit analyses for silver, lead and zinc were reassayed 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, PGeo, chief operating officer, 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.