Mr. Michael Konnert reports

VIZSLA SILVER INTERCEPTS 764 G/T AGEQ OVER 11.20 METRES AT LA LUISA AND COMMENCES DRILLING THE SHALLOW HORIZON 500 METRES NORTH

Vizsla Silver Corp. has released results from 13 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 at La Luisa have expanded the local high-grade footprint by approximately 350 metres to the south and confirmed shallow vein mineralization located 500 metres along strike to the north.

Highlights:

• NP-23-395 returned 764 grams per tonne silver equivalent over 11.20 metres true width (mTW) (229 g/t silver, 7.14 g/t gold, 0.34 per cent lead and 1.64 per cent zinc):
  • Including 10,485 g/t AgEq over 0.64 mTW (3,140 g/t silver, 102 g/t gold, 2.99 per cent lead and 16.30 per cent zinc).
• NP-23-376 returned 415 g/t AgEq over 5.65 mTW (340 g/t silver, 1.23 g/t gold, 0.15 per cent lead and 0.34 per cent zinc).
• NP-23-377 returned 342 g/t AgEq over 7.70 mTW (67 g/t silver, 1.80 g/t gold, 0.75 per cent lead and 3.74 per cent zinc):
  • Including 1,612 g/t AgEq over 0.54 mTW (250 g/t silver, 12.35 g/t gold, 5.65 per cent lead and 10.45 per cent zinc).
• NP-23-381A returned 503 g/t AgEq over five mTW (155 g/t silver, 2.49 g/t gold, 0.91 per cent lead and 4.52 per cent zinc):
  • Including 1,194 g/t AgEq over 0.97 mTW (476 g/t silver, 9.29 g/t gold, 1.60 per cent lead and 2.11 per cent zinc).

"La Luisa continues to impress with very high precious metals grades over increasingly broader widths," commented Michael Konnert, president and chief executive officer. "We have now expanded the high-grade mineralized footprint at La Luisa to approximately 700 metres along strike by 400 metres down dip, and it remains open in all directions. Moreover, new drilling approximately 500 metres along strike to the north has discovered shallow vein mineralization believed to be the continuation of La Luisa. Not only does this add significant strike potential to La Luisa, but it also supports our exploration model that the vein corridor has been tilted, with the southern extent being at the top of the mineralized horizon, near surface. Moving forward, we continue to explore La Luisa with two drill rigs."

Details of the La Luisa vein discovery

The La 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 a dip of 70 degrees to 80 degrees to the northeast. La Luisa does not currently host any resources. To date including this release, Vizsla Silver has reported 33 holes from La Luisa outlining a mineralized footprint approximately 700 metres along strike by 400 metres down dip with a weighted average grade of 449 g/t AgEq (175 g/t silver, 3.40 g/t gold, 0.28 per cent lead and 1.33 per cent zinc) and an average width 3.07 mTW. The upper level of the vein is 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 gold-to-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 Dec. 16, 2021, and Oct. 12, 2022, respectively). Deeper drilling at La Luisa, including holes NP-23-394 and NP-23-395, intercepted wider vein mineralization marked by an increase in lead and particularly zinc concentrations.

Recent surface mapping and sampling along strike to the northwest at La Luisa have confirmed a wider vein expression with higher silver and gold anomalies at surface. Surface sampling and mapping support the hypothesis that mineralization is tilted to the southeast in a similar fashion to Napoleon. Vizsla recently completed two shallow holes in the northwest, which intercepted the vein structure between 100 and 150 metres below surface (NP-23-399 and NP-23-401, assays pending), thus confirming the company's exploration model. Vizsla Silver is currently exploring La Luisa with two drill rigs, one continues in the south expanding the vein at depth and the second rig is in the north exploring for high-grade mineralization closer to surface.

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 and rock samples were shipped to ALS Ltd. in Zacatecas, Mexico, for sample preparation and in North Vancouver, Canada, for analysis. Rock samples were shipped to SGS in Durango, Mexico, for sample preparation and analysis. ALS's Zacatecas and North Vancouver facilities and the 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 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 National Instrument 43-101, Martin Dupuis, PGeo, chief operating officer, the qualified person for the company, has reviewed and approved the technical and scientific content of this news release.

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