Vizsla Silver Corp. reported results from 15 new drillholes targeting the La Luisa Vein located ~700 metres west of the Napoleon Area resource, at its 100%-owned Panuco silver-gold project (Panuco) in Mexico. Recently completed shallow drilling has confirmed the northern continuation of the Luisa structure, expanding its potential strike-length to 1,670 metres.

Highlights: NP-23-419 returned 650 grams per tonne (g/t) silver equivalent (AgEq) over 3.25 metres true width (mTW) (58 g/t silver, 7.74 g/t gold, 0.73 % lead and 1.44 % zinc), Including, 1,220 g/t AgEq over 0.62 mTW (50 g/t silver, 16.74 g/t gold, 0.27 % lead and 0.99 % zinc); NP-23-397 returned 455 g/t AgEq over 3.55 mTW (137 g/t silver, 1.77 g/t gold, 0.39 % lead and 5.44 % zinc), Including, 1,228 g/t AgEq over 0.70 mTW (408 g/t silver, 2.64 g/t gold, 0.34 % lead and 18.20 % zinc); NP-23-420 returned 568 g/t AgEq over 2.80 mTW (95 g/t silver, 6.97 g/t gold, 0.11 % lead and 0.17 % zinc), Including, 888 g/t AgEq over 1.46 m TW (116 g/t silver, 11.50 g/t gold, 0.06 % lead and 0.07 % zinc); NP-23-401 returned 542 g/t AgEq over 1.35 mTW (386 g/t silver, 1.43 g/t gold, 0.86 % lead and 1.69 % zinc). The Luisa Vein is located approximately 700 metres to the west of Napoleon in the southwest portion of the Panuco district. The structure has been mapped on surface for approximately 1,500 metres with an average strike of N30°W and dip of 70° - 80° to the northeast.

La Luisa does not currently host any resources. To date, Vizsla Silver has reported 44 holes from La Luisa outlining a mineralized footprint approximately 1,670 metres long by 450 metres down dip with a weighted average grade of 497 g/t AgEq (200 g/t silver, 3.68 g/t gold, 0.30 % lead and 1.45 % zinc) and average width 3.21 mTW. The upper levels of the vein are hosted primarily by rhyolite tuffs (the upper part of the regional lower volcanic sequence), whereas deeper vein-intercepts occur in the more favorable diorite host rock.

Initial shallow drilling at La Luisa returned significant gold concentrations with relatively low silver and base metals values. The higher gold to silver and base metals ratios observed are analogous to the previously reported shallow "gold rich" horizon at the southern end of Napoleon. Interpretations based on metal zonation and alteration at Napoleon suggest that the vein corridor has been tilted, with the southern extent being at the top of the mineralized horizon, near surface.

Surface mapping and sampling along strike to the northwest at La Luisa confirmed a wider vein expression with higher silver and gold anomalies at surface supporting the hypothesis that mineralization is tilted in a similar fashion to. Recent shallow drill-holes completed in the northwest (NP-23-399, NP-23-401, NP-23-403 and NP-23-408) have confirmed mineralization in the north and expand the potential strike length of La Luisa to 1,670 m; with an intermediate ~400 m drilling-gap between the high-grade shoot in the south and the recent drill intercepts to the north. Vizsla Silver is currently exploring La Luisa with two drill rigs.

The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlán. The 7,189.5-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 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.

The Panuco Project hosts 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 was prepared by Allan Armitage, Ph. D., P. Geo., Ben Eggers, MAIG, P.Geo.

and Yann Camus, P.Eng. of SGS Geological Services.