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Vizsla Resources Corp
Symbol VZLA
Shares Issued 59,403,573
Close 2020-07-07 C$ 1.12
Recent Sedar Documents

Vizsla drills six m of 8,077.6 g/t AgEq at Panuco

2020-07-08 11:22 ET - News Release

Mr. Michael Konnert reports

VIZSLA DRILLS 2,889 G/T SILVER AND 107.9 G/T GOLD OVER 3.7 METRES WITHIN 1,808 G/T SILVER AND 66.8 G/T GOLD OVER 6.0 METRES AT PANUCO, MEXICO

Vizsla Resources Corp. has released additional drilling results from the Napoleon vein corridor at the Panuco silver-gold project in Mexico. A total of 11 holes have been completed to date at Napoleon, with results returned for the mineralized intervals of four holes. High-grade intercepts have been returned. The company has two drill rigs operating on the project and testing multiple targets.

Drilling highlights

NP-20-07:

  • 8,078 g/t silver equivalent (1,808.2 grams per tonne silver, 66.8 g/t gold, 2.99 per cent lead and 3.3 per cent zinc) over six metres from 69 metres, including:
    • 12,992 g/t silver equivalent (2,889.2 g/t silver, 107.9 g/t gold, 4.8 per cent lead and 4.56 per cent zinc) over 3.7 m from 69.5 m, including:
      • 21,034 g/t silver equivalent (2,240 g/t silver, 199 g/t gold, 12.85 per cent lead and 3.27 per cent zinc) over 0.85 m from 72.35 m.

NP-20-05:

  • 284 g/t silver equivalent (134.3 g/t silver, 1.34 g/t gold, 0.49 per cent lead and 0.91 per cent zinc) over 10.65 m from 112.35 m, including:
    • 1,201 g/t silver equivalent (719 g/t silver, 5.1 g/t gold, 0.71 per cent lead and 1.42 per cent zinc) over one m from 118.6 m.

Vizlsa is reporting as silver equivalent due to the average ratio of metal value in the Panuco district being 60:40 silver to gold. The company's geological interpretation of the results is that these high grades in NP-20-07 are in the very core of the mineralization, and broader drilling is reverting to the silver-dominant nature similarly observed in holes NP-20-04 and NP-20-05.

Vizsla's president and chief executive officer, Michael Konnert, commented: "We are thrilled with these high-grade results, as they support our understanding that the Napoleon vein system remains open along trend to the north and south, and at depth. With a 14,500-metre drill program under way, the company will continue to drill the Napoleon vein system and the multiple other drill targets in vein systems across the Panuco district. Our second rig is currently turning at Cordon del Oro. Being fully funded, Vizsla intends to provide steady drilling news flow over the summer months."

The Napoleon vein corridor is located almost entirely on concessions optioned from Rio Panuco, which Vizsla has the right to purchase 100 per cent, including the 500-tonne-per-day El Coco mill, tailings facility, roads, power and permits, for a total of $23-million (U.S.).

Drilling detail

The Napoleon corridor is hosted in weakly magnetic, fine-grained diorite and trends approximately north-south. The structure hosts two main quartz veins that are separated by about 10 metres to 20 metres and appears to dip very steeply to subvertical. So far, it has been mapped along strike for over 2,000 m. Between the two main veins are a series of smaller splay veins with variable orientations related to dilation along the structure under strike-slip movement.

The two main veins are multiepisodal quartz veins, with sections of massive white-to-greyish quartz as well as local brecciation with clasts of grey quartz, white vein quartz and/or wallrock pieces. The greyish quartz is grey due to the presence of the very fine-grained, silver-rich sulphide mineral argentite. A later breccia cuts these earlier phases, comprising grey quartz supporting polymictic clasts of grey and white quartz, along with strong chlorite and common-to-abundant, fine-to-medium-grained pyrite, sphalerite and galena.

Hole NP-20-06 is located 60 m to the north of NP-20-03 and intersected the old mine workings at the target depth. A narrow interval of unmined vein is awaiting assay results. Farther down the hole (to the west), a narrow, well-mineralized vein was intersected at 125.1 m.

Hole NP-20-07 was a steep hole that tested the main hangingwall vein 20 m down dip from hole NP-20-06. The vein is dark grey with semi-massive sulphide mineralization and little white or grey quartz. Farther down the hole, a second mineralized vein was intersected. This bonanza-grade material was likely the focus of historical mining within the now inaccessible Napoleon mine.

Hole NP-20-08 was drilled steeper again and intersected the main vein and multiple additional veins into the footwall of the Napoleon structural corridor. Assays are pending for this hole.

Holes NP-20-09 and NP-20-10 were drilled off section to the south and north (of holes NP-20-06, NP-20-07 and NP-20-08), respectively, and intersected veining. Lastly, hole NP-20-11 has been completed to the south of discovery hole NP-20-02. It intersected the main vein. These holes are being logged and sampled prior to shipping for assay.

Drilling has intersected the Napoleon vein over 150 m of strike, and it remains open to the north, south and at depth.

About the Panuco project

Vizsla has an option to acquire 100 per cent of the newly consolidated, 9,386.5-hectare Panuco district in southern Sinaloa, Mexico, near the city of Mazatlan. The option allows for the acquisition of: over 75 kilometres of total vein extent; a 500-tonne-per-day mill; 35 kilometres of underground mines; tailings facilities; roads; power; and permits.

Quality assurance/quality control

Drill core and rock samples were shipped to ALS Ltd. in Zacatecas, Mexico, and in North Vancouver, B.C., Canada, for sample preparation and for analysis, respectively. 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 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

Panuco's disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, PGeo, an independent consultant for the company. Mr. Harris is a qualified person, as defined under the terms of National Instrument 43-101.

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