Mr. Michael Konnert reports

VIZSLA EXTENDS PAPAYO PROSPECT TO THE SOUTH AT PANUCO PROJECT, MEXICO

Vizsla Resources Corp. has provided results from eight new holes at the Papayo prospect at the Panuco silver-gold project in Mexico. These results extend the Papayo zone over 120 metres to the south where it remains open.

Drilling highlights

NP-20-50:

• 413 grams per tonne silver equivalent (198.0 g/t silver, 0.96 g/t gold, 1.43 per cent lead and 4.53 per cent zinc) over 1.91 m true width from 132.4 m including:
  • 1,009 g/t silver equivalent (477.9 g/t silver, 2.19 g/t gold, 3.67 per cent lead and 11.7 per cent zinc) over 0.69 m true width from 132.4 m.

NP-20-36:

• 321 g/t silver equivalent (144.3 g/t silver, 1.21 g/t gold, 0.75 per cent lead and 2.41 per cent zinc) over 2.46 m true width from 184.5 m.

Note

All numbers are rounded and widths represent downhole lengths. Silver equivalent is calculated using the following formula: silver equivalent is equal to ((Au g/t multiplied by 52.48) plus (Ag g/t multiplied by 0.5289) plus (Pb parts per million multiplied by 0.0013) plus (Zn ppm multiplied by 0.0013)) divided by 0.5627. Metal price assumptions are $17.50 g/t silver, $1,700 g/t gold, 75 cents per pound lead and 85 cents per pound zinc, recoveries assumptions are 96 per cent gold, 94 per cent silver, 78 per cent lead and 70 per cent zinc based on similar deposit types. The company is disclosing results on a silver equivalent basis due to the overall silver-dominant nature of mineralization at the Panuco project.

Vizsla president and chief executive officer, Michael Konnert, commented: "Papayo now extends over 240 metres of strike with two parallel veins containing mineralization and remains open. It is located approximately one km north of the Napoleon discovery and is one of a number of targets along the vein corridor. Based on these two successes, the company has commenced a systematic 100 m spaced program to test the entire 2.7 km length of the corridor to find new zones and define the total endowment of the Napoleon vein."

Papayo drilling detail

Drilling at Papayo has defined a central zone with mineralization that is better developed in the hangingwall vein (defined by holes NP-20-21, NP-20-28 and NP-20-36). Stepping to south, drilling has intersected another better developed zone of mineralization around hole NP-20-50 that is open for expansion with higher grades in both the hangingwall and footwall veins.

The broader Napoleon structure is hosted in weakly magnetic microdiorite and trends roughly north-south for over 2,700 m of strike. The structure hosts two main quartz veins that are separated by 10 to 20 m, and dips steeply to the east. Between the two main veins is a series of smaller splay veins with variable orientations, that are related to opening along the structure under strike slip movement. The two main veins have a variable true width of 0.4 to 15.3 m and are usually hosted next to the main fault structure, though occasionally also occur outside of the fault.

The two main veins are multiepisodal quartz veins, with sections of massive white to grey quartz as well as local brecciation with clasts of grey quartz, white vein quartz and/or wallrock fragments. The grey quartz is discoloured due to the presence of very fine-grained argentite. A later breccia cuts these earlier phases that is grey quartz supporting polymictic clasts of grey and white quartz along with strong chlorite and fine- to medium-grained pyrite, sphalerite and galena. Other smaller quartz veins have been cut in both the hangingwall and footwall that appear to be splays with less continuity.

About the Panuco project

Vizsla has an option to acquire 100 per cent of the recently 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 km of total vein extent, a 500-tonne-per-day mill, 35 km of underground mines, tailings facilities, 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.

                          COMPLETE TABLE OF PAPAYO DRILL HOLE INTERSECTIONS
  
Drill hole      From        To       Est. true width    Gold   Silver    Lead     Zinc     Silver equivalent
                 (m)       (m)                   (m)   (g/t)    (g/t)     (%)      (%)                 (g/t)

NP-20-34      188.85     191.6                  0.89    2.98    333.6    0.15     0.45                 605.0
and            211.5       213                  0.57    0.94    239.2    0.66     1.25                 356.5
NP-20-36       184.5       191                  2.46    1.21    144.3    0.76     2.41                 321.5
NP-20-40       256.5       258                  0.48    0.54     32.6    0.05     0.14                  85.4
and              276     277.5                  0.58    0.85     59.0    0.02     0.08                 136.8
NP-20-41A      171.3     178.5                  3.63    0.45     61.7    0.44     1.20                 137.9
and            204.9     207.6                  1.59    0.21     29.5    0.12     0.43                  60.5
NP-20-44       96.65      99.1                  0.76    0.32     36.2    0.11     0.54                  79.1
and            127.4    139.65                  0.41    0.22     40.5    0.07     0.18                  64.5
NP-20-45       120.2     123.9                  0.95    0.13     36.5    0.09     0.57                  61.6
and            152.7     163.3                  2.72    0.24     39.6    0.26     0.70                  82.4
NP-20-48                                                                         no significant intersection
NP-20-50       117.7     118.6                  0.51    1.82    257.0    0.63     4.26                 524.2
and            132.4    135.45                  1.91    0.96    198.0    1.43     4.53                 413.5
incl.          132.4     133.5                  0.63    2.19    477.8    3.66     11.7               1,008.6
NP-20-52                                                                                      assays pending
NP-20-57                                                                                      assays pending
NP-20-60                                                                                      assays pending
NP-20-63                                                                                      assays pending

Downhole drill intersections from the holes completed at the Papayo. All holes are 
reported and numbers are non-sequential due to drilling at the Napoleon discovery on 
the same vein.

Note

All numbers are rounded and widths represent downhole lengths. Silver equivalent is calculated using the following formula: silver equivalent is equal to ((Au g/t multiplied by 52.48) plus (Ag g/t multiplied by 0.5289) plus (Pb parts per million multiplied by 0.0013) plus (Zn ppm multiplied by 0.0013)) divided by 0.5627. Metal price assumptions are $17.50 g/t silver, $1,700 g/t gold, 75 cents per pound lead and 85 cents per pound zinc, recoveries assumptions are 96 per cent gold, 94 per cent silver, 78 per cent lead and 70 per cent zinc based on similar deposit types.

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 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

The company'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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