Vizsla Silver (TSXV: VZLA) has unveiled new drilling results from 16 extension holes at the Copala resource area within the company’s flagship Panuco silver-gold project in Mexico. The latest findings demonstrate a 150-meter lateral expansion of the Copala mineralized footprint to the southeast. The Copala structure, primarily composed of precious metals, is situated in the western part of the Panuco district, about 800 meters east of the Napoleon structure. Current indicated resources at Copala include 51.1 Moz AgEq at 516 g/t AgEq, with inferred resources of 55.4 Moz AgEq at 617 g/t AgEq, hosted in a broad envelope of vein-breccia and host rock up to 82 meters thick.

Michael Konnert, President & CEO, commented in a press release: “Step-out drilling along the southern extent of Copala continues to deliver high-grades over broad widths, beyond the January 2023 resource wireframes. Today’s results extend the Copala mineralized footprint by ~150m to the south of previously reported drilling and represents a potential shoot of new mineralization with a vertical profile of ~280m. We currently have four drill rigs targeting Copala, three focused on expanding the current resource base on the south and one exploration rig testing the lateral potential, to the north. With numerous open-ended intercepts containing very high silver and gold grades over large intervals up to 82m thick, the Copala structure remains a primary focus for both resource expansion and exploration ahead of the next resource update planned for the fourth quarter of 2023.”

Vizsla geologists have identified an average dip of approximately 46° to the east in the Copala structure, which varies from 35° in the northern sector to 52° in the southern sector. With ongoing drilling, mineralization has now been tracked along roughly 1,250 meters of strike length and 400 meters down dip. High-grade silver-gold mineralization remains open to the southeast and north. The recently completed resource expansion drilling, consisting of 16 holes spaced at around 100-meter intervals in Copala’s southern extent, revealed that the structure extends southeast beyond the January 2023 resource and has the potential to host additional high-grade shoots down dip. Holes CS-23-265, -270, -254, -273, and -269 all intersected precious metal-rich mineralization with grades exceeding 1,000 g/t m over a vertical distance of around 280 meters.

Vizsla has completed approximately 35,000 meters of its fully funded 90,000-meter 2023 drilling program. The Panuco silver-gold project, a recently consolidated high-grade discovery located in southern Sinaloa, Mexico, near Mazatlán, spans 7,189.5 hectares. The past-producing district boasts over 86 kilometers of total vein extent, 35 kilometers of underground mines, roads, power, and permits. The Panuco Project is home to 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 NI 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 January 19, 2023.

Highlights from the results are as follows:

• CS-23-265 returned 1,591 grams per tonne (g/t) silver equivalent (AgEq) over 5.89 metres true width (mTW) (1,403 g/t silver and 4.24 g/t gold)
  • Including 4,842 g/t AgEq over 1.62 mTW (4,245 g/t silver and 13.24 g/t gold)
• And 396 g/t AgEq over 4.90 mTW (345 g/t silver and 1.12 g/t gold)
  • Including 1,005 g/t AgEq over 1.24 mTW (923 g/t silver and 2.17 g/t gold)
• CS-23-254 returned 2,743 g/t AgEq over 2.14 mTW (1,319 g/t silver and 22.46 g/t gold)
  • Including 5,222 g/t AgEq over 1.03 mTW (2,320 g/t silver and 45.40 g/t gold)
• CS-23-269 returned 1,080 g/t AgEq over 1.45 mTW (789 g/t silver and 5.13 g/t gold) hosted within a broader interval grading 512 g/t AgEq over 3.35 mTW

Table 1: Downhole drill intersections from the holes reported for Copala structure and Cristiano vein.

Table 2: Drillhole details for the reported drillholes. Coordinates in WGS84, Zone 13.