Mr. Michael Konnert reports

VIZSLA SILVER REPORTS ADDITIONAL HIGH-GRADE INTERCEPTS ON THE COPALA AND COPALA 2 STRUCTURES

Vizsla Silver Corp. has released new drill results from 22 expansion and infill holes targeting the Copala resource area at its 100-per-cent-owned, flagship Panuco silver-gold project located in Mexico. The reported results have successfully expanded Copala mineralization by approximately 100 metres to the southeast and identified new vein splays situated in between Copala and the high-grade Cristiano structure.

Highlights:

• CS-23-304 returned 1,722 grams per tonne (g/t) silver equivalent (AgEq) over 2.80 metres true width (mTW) (1,366 g/t silver and 6.80 g/t gold):
  • Including 6,618 g/t AgEq over 0.55 mTW (5,320 g/t silver and 25.20 g/t gold).
• CS-23-300 returned 724 g/t AgEq over 3.10 mTW (519 g/t silver and 3.57 g/t gold):
  • Including 1,749 g/t AgEq over one mTW (1,255 g/t silver and 8.61 g/t gold).

"Resource expansion drilling at Copala, both to the north and southeast, continue to highlight a robust precious metals structure well beyond the January, 2023, resource boundary," commented Michael Konnert, president and chief executive officer. "New stepout drilling has extended the total mineralized strike length of Copala by approximately 100 metres to the south and it remains open in both directions. Additionally, drilling has confirmed the continuity of the high-grade Copala 2 vein located between Tajitos and Copala main, which now measures a total of 600 metres in mineralized strike. Moving forward, we intend to continue infilling and expanding these high-grade zones with two drill rigs, in preparation for the updated resource estimate planned for January, 2024."

The precious-metals-dominant Copala structure, located in the western portion of the Panuco district, is situated approximately 800 metres to the east of the Napoleon vein. Copala currently hosts indicated resources of 51.1 million ounces (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 approximately 46 degrees to the east (approximately 35 degrees in its northern sector and steepening to approximately 52 degrees in the southern sector).

Continuing drilling at Copala has now traced mineralization along approximately 1,770 metres of strike length and approximately 400 metres down dip. The recently completed batch of resource expansion drilling consisted of 21 holes drilled at approximately 50 m and approximately 100 m centres in the southern extent of Copala, and one hole in the north, targeting both the main Copala structure and the Copala 2 vein to the footwall. At Copala, hole CS-23-300, in the north, intercepted a broad mineralized structure (approximately 30 mTW) consisting of two high-grade zones enveloping a low-grade stockwork zone carrying anomalous silver and gold grades throughout. Results from seven stepout holes in the south show that the Copala structure gets steeper at depth (approximately 70 degrees) and develops vein splays carrying significant silver and gold grades. The recently interpreted Copala 4 and FW splay vein sits between Cristiano and Copala, approximately 100 m and 50 m west of Copala, respectively. To date, drilling has traced Copala 4 approximately 300 m along strike and 400 m down dip, whereas the FW splay has been traced for approximately 350 m along strike and 250 m down dip. The vein splays strike at 15 degrees to 35 degrees due northwest and dip at 60 degrees to 70 degrees to the east. These new splays, like Cristiano, are relatively narrow compared with the main Copala structure, and host precious-metals-rich epithermal mineralization. The drilling completed in the southern extent of Copala was designed to explore and/or infill the Copala structure. Due to geometry, those holes could not efficiently test the projection of the Cristiano vein, which remains an open target. Vizsla is preparing an exploration program for next year that will consider additional exploration on the southern extent of Cristiano and the newly identified splays.

The Copala 2 vein sits at the footwall of the main Copala structure, and is bounded to the west by the Tajitos vein and to the east by the Copala fault. The vein strikes northeast, dips to the southeast at approximately 48 degrees, and has been traced for approximately 330 metres along strike and approximately 290 metres down dip. Refer to the company's news releases dated July 13, 2023, and May 19, 2022, for previous drill hole results from Copala 2.

To date, Vizsla has completed approximately 89,800 m of its fully financed 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-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 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 and rock samples were shipped to ALS Ltd. 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 (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 National Instrument 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.