Mr. Michael Konnert reports

VIZSLA SILVER TO ACQUIRE LARGE CLAIM PACKAGE ALONG HIGHLY PROSPECTIVE STRUCTURAL TREND, SOUTH OF PANUCO

Vizsla Silver Corp. has entered into an agreement to acquire two large claims comprising 10,667 hectares (the El Richard-San Enrique claims, or San Enrique prospect) located south and partially adjacent to the company's Panuco project. The San Enrique prospect is situated along the highly prospective Panuco-San Dimas corridor and is covered 100 per cent with lidar (light detection and ranging), and partially covered with high-resolution aero-magnetic and radiometric surveys.

Highlights:

• Large property package composed of 10,667 hectares just south of Panuco (almost 50 per cent larger than Panuco).
• The area is covered with a lidar survey, and partially covered (approximately 60 per cent) with high-resolution air magnetic and radiometric surveys.
• The prospect contains dome complexes and covers the southeast extensions of the northwest-trending Copala fault and Cordon del Oro-Animas veins.
• Preliminary recognizance mapping in the northeast has identified favourable andesite lithologies, quartz veining and breccias.
• The area has never been systematically mapped and prospected.
• Vizsla Silver has agreed to issue to the seller $650,000 (U.S.) in common shares.

"Vizsla Silver continues to expand its land position in the Sinaloa silver belt with the acquisition of the San Enrique prospect," stated Michael Konnert, president and chief executive officer. "These claims are located southeast along trend from several of our existing mineralized vein corridors, including the high-grade Copala structure and they add significant exploration upside potential to Vizsla's growing portfolio of projects. With preliminary geophysics and lidar complete, we intend to move forward with regional recognizance-mapping and a stream-sediment geochemical survey to aid in ongoing drill targeting. Although Vizsla Silver remains committed to the near-term development of the advanced-stage Panuco-Copala district, this acquisition, combined with the recently announced La Garra acquisition, further positions Vizsla Silver as a globally significant silver explorer-developer, with the potential to build a multigenerational asset base in Mexico."

About the San Enrique prospect

The San Enrique prospect area is adjacent to the southern boundary of the Panuco project. The prospect comprises two titled mining claims covering 10,667.0 hectares (El Richard with 3,688.6 hectares and San Enrique with 6,978.4 hectares) in the emerging silver-gold-rich Panuco-San Dimas corridor, with estimated past production plus current resources and reserves of 1.2 billion ounces (Boz) silver (Ag) and 15 million ounces (Moz) gold (Au).

The lidar and magnetic survey from the San Enrique prospect show strong northwest-trending lineaments, indicative of regional faults and fractures. Two of these lineaments are aligned and seem to be the southeast extensions of the Copala fault and the Cordon del Oro-Animas vein structures in Panuco. The main lithologies identified to date are predominantly rhyolite domes, which produce strong magnetic anomalies in the north, and felsic flows and tuffs (rhyolites and dacites). Recent 40Ar/39Ar age dating on adularia separates from veins in Panuco project indicates that epithermal mineralization postdates felsic volcanism in the area. Additionally, preliminary recognizance mapping in the northeast has revealed the presence of andesite tuffs and flows, quartz veining, and breccia structures. The Santa Fe mine, located three kilometres south of San Enrique, is owned and operated by Inca Azteca Gold, and is a small-scale mine producing high-grade silver and gold from a northwest-trending epithermal vein. This supports the hypothesis that the northwest-trending structures within San Enrique have the potential to host additional veins yet to be discovered.

The San Enrique prospect contains several indicators that suggest it is a highly prospective area, namely: location (Panuco-San Dimas corridor), high-grade deposits immediately north (Copala and Panuco), structural controls (southeast extensions of the Copala fault and Cordon-Animas lineament), domes, and an operating mine to the south along another northwest regional fault (Santa Fe mine, Inca Azteca).

Vizsla Silver is in the process of acquiring a multispectral World View III satellite image covering the whole Panuco and San Enrique claims to speed up the target-generation process. Furthermore, the company intends to conduct regional recognizance-mapping and a stream-sediment geochemical survey at San Enrique in the near future.

Terms of the acquisition

The company entered into an asset purchase agreement dated March 5, 2024, with Inca Azteca Gold SAPI de CV (the seller) and the company's wholly owned subsidiary, Minera Canam SA de CV, pursuant to which the company agreed to acquire, through Minera Canam, all of the seller's right, title and interest in and to the mineral concessions.

Pursuant to the acquisition agreement, the company has agreed to issue an aggregate of $650,000 (U.S.) in common shares in the capital of the company, at the exchange rate and market price applicable on the effective date plus any applicable value added tax to the seller. The consideration shares are subject to a four-month hold period pursuant to applicable Canadian securities laws, and the seller has agreed to voluntary resale restrictions, whereby 12.5 per cent of the consideration shares will become free trading on the date that is four months and one day from the effective date, and an additional 12.5 per cent will become free trading every three months thereafter.

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 17,856.5-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.

On Jan. 8, 2024, the company announced an updated mineral resource estimate for Panuco which includes an estimated in situ indicated mineral resource of 155.8 Moz silver equivalent (AgEq) and an in situ inferred resource of 169.6 Moz AgEq.

About Vizsla Silver Corp.

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, B.C., focused on advancing its flagship, 100-per-cent-owned Panuco silver-gold project, located in Sinaloa, Mexico. To date, Vizsla Silver has completed over 350,000 metres of drilling at Panuco, leading to the discovery of several new high-grade veins. For 2024, Vizsla Silver has budgeted over 65,000 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.

Qualified person

In accordance with National Instrument 43-101, Jesus Velador, PhD, MMSA QP, vice-president of exploration, is the qualified person for the company, and has reviewed and approved the technical and scientific content of this news release.

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