NYSE: VZLA TSX-V: VZLA
- 71% increase in indicated mineral resources from 61.1 to 104.8 Moz AgEq
- 150% increase in inferred mineral resources from 45.6 to 114.1 Moz AgEq
- 14% increase in average indicated mineral resource grade from 383 to 437 g/t AgEq
- 42% increase in average inferred mineral resource grade from 345 to 491 g/t AgEq
Copala indicated mineral resources hosts 51.1 Moz AgEq an increase of 701%, at a grade of 516 g/t AgEqCopala inferred mineral resources hosts 55.4 Moz AgEq an increase of 198%, at a grade of 617 g/t AgEqCopala wireframe averages 10m in thickness
- 93% of the value of the Updated Mineral Resource Estimate is comprised of precious metals, including 59% from silver
- A total of 10 epithermal veins were included in the Updated Mineral Resource Estimate, representing ~10% of the known vein strike in the district
- Total all-in exploration cost of
US$0.19 /oz AgEq discovered (US$0.15 /oz AgEq discovered sinceMarch 2022 )
Indicated Mineral Resources are estimated at 7.5 million tonnes ("Mt") grading 243 grams per tonne ("g/t") silver, 2.12 g/t gold, 0.23% lead, and 0.71% zinc (437 g/t silver equivalent ("AgEq")). The Updated Mineral Resource Estimate includes indicated mineral resources of 58.3 million ounces ("Moz") of silver, 508 thousand ounces ("koz") of gold, 17.0 kilo tonnes ("kt") of lead, and 53.3 kt of zinc (104.8 Moz AgEq).
Inferred Mineral Resources are estimated at 7.2 Mt grading 304 g/t silver, 2.14 g/t gold, 0.19% lead, and 0.54% zinc (491 g/t AgEq). The Updated Mineral Resource Estimate includes inferred mineral resources of 70.7 Moz of silver, 496 koz of gold, 13.6 kt of lead, and 39.3 kt of zinc (114.1 Moz AgEq).
The Updated Mineral Resource Estimate is centred on the western portion of
"We are very pleased to deliver this updated resource, representing yet another major milestone for
A technical report is being prepared on the Updated Mineral Resource Estimate in accordance with National Instrument 43-101 ("NI-43-101") and will be available on the Company's website and SEDAR within 45 days of the date of this release. The effective date of the Updated Mineral Resource Estimate is
Panuco Project Resource Summary –
Classification | Tonnes | Average Grade | Contained Metal | ||||||||
Ag | Au | Pb | Zn | AgEq | Ag | Au | Pb | Zn | AgEq | ||
(Mt) | (g/t) | (g/t) | ( %) | ( %) | (g/t) | (koz) | (koz) | (kt) | (kt) | (koz) | |
Maiden Mineral Resource Estimate1 | |||||||||||
Indicated | 5.0 | 191 | 2.08 | 0.26 | 0.50 | 383 | 30,501 | 331 | 13.0 | 24.6 | 61,137 |
Inferred | 4.1 | 187 | 1.79 | 0.13 | 0.30 | 345 | 24,704 | 236 | 5.3 | 12.4 | 45,555 |
Updated Mineral Resource Estimate2 | |||||||||||
Indicated | 7.5 | 243 | 2.12 | 0.23 | 0.71 | 437 | 58,330 | 508 | 17.0 | 53.3 | 104,793 |
Inferred | 7.2 | 304 | 2.14 | 0.19 | 0.54 | 491 | 70,672 | 496 | 13.6 | 39.3 | 114,113 |
1 AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are |
2 AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are |
Panuco Project Indicated & Inferred Mineral Resource Summary by Vein (150 g/t AgEq cut-off)
Classification | Tonnes | Average Grade | Contained Metal | ||||||||||
Ag | Au | Pb | Zn | AgEq | Au Eq | Ag | Au | Pb | Zn | AgEq | AuEq | ||
(Mt) | (g/t) | (g/t) | ( %) | ( %) | (g/t) | (g/t) | (koz) | (koz) | (kt) | (kt) | (koz) | (koz) | |
Indicated | |||||||||||||
3.1 | 343 | 2.22 | 0.06 | 0.12 | 516 | 6.88 | 33,999 | 220 | 1.9 | 3.6 | 51,106 | 681 | |
0.6 | 329 | 2.09 | 0.10 | 0.17 | 496 | 6.62 | 6,197 | 39 | 0.6 | 1.0 | 9,337 | 124 | |
Cristiano | 0.2 | 414 | 2.54 | 0.08 | 0.19 | 614 | 8.19 | 2,022 | 12 | 0.1 | 0.3 | 3,003 | 40 |
Copala Area Total | 3.8 | 344 | 2.21 | 0.07 | 0.13 | 517 | 6.89 | 42,218 | 271 | 2.6 | 4.9 | 63,446 | 846 |
Napoleon | 3.3 | 135 | 1.99 | 0.41 | 1.39 | 351 | 4.68 | 14,186 | 209 | 13.5 | 45.2 | 36,814 | 491 |
Napoleon HW | 0.3 | 151 | 1.45 | 0.22 | 0.79 | 298 | 3.97 | 1,407 | 14 | 0.6 | 2.3 | 2,767 | 37 |
Josephine | 0.1 | 179 | 5.13 | 0.33 | 0.94 | 610 | 8.13 | 519 | 15 | 0.3 | 0.8 | 1,766 | 24 |
NP Area Total | 3.6 | 138 | 2.02 | 0.40 | 1.33 | 353 | 4.71 | 16,112 | 237 | 14.4 | 48.3 | 41,347 | 551 |
Total Indicated | 7.5 | 243 | 2.12 | 0.23 | 0.71 | 437 | 5.83 | 58,330 | 508 | 17.0 | 53.3 | 104,793 | 1,397 |
Inferred | |||||||||||||
2.8 | 433 | 2.31 | 0.11 | 0.21 | 617 | 8.23 | 38,838 | 207 | 3.2 | 5.7 | 55,409 | 739 | |
0.7 | 340 | 2.08 | 0.20 | 0.32 | 514 | 6.85 | 7,740 | 47 | 1.4 | 2.3 | 11,713 | 156 | |
Cristiano | 0.4 | 604 | 3.82 | 0.18 | 0.32 | 908 | 12.11 | 7,494 | 47 | 0.7 | 1.2 | 11,273 | 150 |
Copala Area Total | 3.9 | 433 | 2.42 | 0.14 | 0.24 | 627 | 8.36 | 54,072 | 302 | 5.3 | 9.3 | 78,395 | 1,045 |
Napoleon | 1.7 | 149 | 1.59 | 0.29 | 1.06 | 318 | 4.24 | 8,129 | 87 | 4.9 | 18.1 | 17,393 | 232 |
Napoleon HW | 0.4 | 176 | 1.58 | 0.23 | 1.00 | 341 | 4.54 | 2,025 | 18 | 0.8 | 3.6 | 3,910 | 52 |
Josephine | 0.2 | 110 | 3.28 | 0.24 | 0.67 | 389 | 5.19 | 817 | 24 | 0.5 | 1.6 | 2,891 | 39 |
Cruz | 0.4 | 123 | 2.62 | 0.24 | 1.16 | 371 | 4.95 | 1,490 | 32 | 0.9 | 4.4 | 4,514 | 60 |
NP Area Total | 2.7 | 145 | 1.88 | 0.27 | 1.03 | 335 | 4.46 | 12,461 | 161 | 7.2 | 27.6 | 28,708 | 383 |
0.3 | 226 | 1.30 | 0.01 | 0.03 | 325 | 4.33 | 2,038 | 12 | 0.0 | 0.1 | 2,936 | 39 | |
*Animas | 0.4 | 169 | 1.68 | 0.29 | 0.60 | 327 | 4.37 | 2,101 | 21 | 1.1 | 2.3 | 4,074 | 54 |
Total Inferred | 7.2 | 304 | 2.14 | 0.19 | 0.54 | 491 | 6.55 | 70,672 | 496 | 13.6 | 39.3 | 114,113 | 1,521 |
*Animas is | |||||||||||||
Note: | |
AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are | |
AuEq = Au ppm + (((Ag ppm x Ag price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Au price/gram). Metal price assumptions are |
Panuco Project Indicated & Inferred Mineral Resource Sensitivity Table
Classification | Tonnes | Average Grade | Contained Metal | ||||||||
Ag | Au | Pb | Zn | AgEq | Ag | Au | Pb | Zn | AgEq | ||
(Mt) | (g/t) | (koz) | ( %) | ( %) | (g/t) | (koz) | (koz) | (kt) | (kt) | (koz) | |
Indicated: | |||||||||||
>=300 ppm | 3.8 | 380 | 3.28 | 0.24 | 0.70 | 661 | 45,989 | 397 | 9.1 | 26.5 | 79,969 |
>=250 ppm | 4.6 | 339 | 2.92 | 0.24 | 0.73 | 594 | 49,543 | 428 | 10.8 | 33.2 | 86,858 |
>=200 ppm | 5.7 | 294 | 2.54 | 0.24 | 0.73 | 520 | 53,574 | 464 | 13.4 | 41.4 | 94,831 |
>=150 ppm | 7.5 | 243 | 2.12 | 0.23 | 0.71 | 437 | 58,330 | 508 | 17.0 | 53.3 | 104,793 |
>=120 ppm | 9.0 | 213 | 1.86 | 0.22 | 0.69 | 386 | 61,400 | 537 | 19.5 | 61.7 | 111,255 |
>100 ppm | 10.2 | 194 | 1.70 | 0.21 | 0.66 | 354 | 63,419 | 554 | 21.1 | 67.3 | 115,469 |
Inferred: | |||||||||||
>=300 ppm | 4.0 | 456 | 3.13 | 0.20 | 0.47 | 716 | 59,148 | 406 | 8.3 | 18.9 | 92,784 |
>=250 ppm | 4.8 | 410 | 2.83 | 0.20 | 0.48 | 647 | 62,677 | 433 | 9.6 | 23.1 | 98,968 |
>=200 ppm | 5.7 | 362 | 2.51 | 0.20 | 0.52 | 576 | 66,412 | 461 | 11.1 | 29.5 | 105,757 |
>=150 ppm | 7.2 | 304 | 2.14 | 0.19 | 0.54 | 491 | 70,672 | 496 | 13.6 | 39.3 | 114,113 |
>=120 ppm | 8.6 | 268 | 1.89 | 0.18 | 0.53 | 436 | 73,709 | 519 | 15.3 | 45.5 | 119,802 |
>100 ppm | 9.8 | 241 | 1.71 | 0.17 | 0.52 | 394 | 75,803 | 538 | 17.1 | 50.7 | 124,190 |
- The classification of the Updated Mineral Resource Estimate into indicated and inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date for the Updated Mineral Resource Estimate is
January 12, 2023 . - All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
- All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.
- Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- The database comprises a total of 644 drill holes for 202,709 metres of drilling completed by
Vizsla Silver betweenNovember 2019 andSeptember 2022 . - The mineral resource estimate is based on 21 three-dimensional ("3D") resource models, constructed in Leapfrog, representing the Napoleon area (10 wireframes), the
Copala area (4 wireframes),Tajitos (1 wireframe), Animas (5 wireframes) andSan Antonio (1 wireframe). - Silver, gold, lead and zinc were estimated for each mineralization domain in the
Panuco Project . Blocks within each mineralized domain were interpolated using 1.5 metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains. All estimates are based on variable block dimensions (by deposit area) and estimation search parameters (by domain). - Average density values were assigned per zone based on 511 samples analysed by ALS in
Zacatecas, Mexico or inhouse with 5% checks by ALS. - It is envisioned that the
Panuco Project deposits may be mined using underground mining methods. Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes. - The base-case AgEq Cut-off grade considers metal prices of
$24.00 /oz Ag,$1800 /oz Au,$2425 /t Pb and$2976 /t Zn and considers metal recoveries of 93% for silver, 90% for gold, 94% for Pb and 94% for Zn. - The base case cut-off grade of 150 g/t AgEq considers a mining cost of
US$45.00 /t rock and processing, treatment and refining, transportation and G&A cost ofUS$50.00 /t of mineralized material. - The Updated Mineral Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
The Company remains well-funded to complete its ongoing 90,000-metre 2023 drill program with seven drill rigs designed to upgrade and expand the Project's resource base and test high priority targets located in the west, central and eastern areas of the district. Dependent on ongoing exploration success, the Company plans to publish a further update to the Updated Mineral Resource Estimate in the second half of 2023.
To date, the Company has incurred an aggregate of approximately
The newly consolidated
The district contains intermediate to low sulfidation 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.
Drill core and rock samples were shipped to ALS Limited in
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.
The Updated Mineral Resource Estimate was completed by
The scientific and technical information in this news release was prepared in accordance with NI 43-101 which differs significantly from the requirements of the
You are cautioned not to assume that any part or all of the mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the
The
Neither
This news release includes certain "Forward–Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward–looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward–looking statements or information. These forward–looking statements or information relate to, among other things: the exploration, development, and production at ; and the potential for underground mining methods; the preparation of a technical report on the Updated Mineral Resource Estimate; and the potential further update to the Updated Mineral Resource Estimate in the second half of 2023.
Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of
These statements reflect
SOURCE
© Canada Newswire, source