Vizsla Silver (TSXV: VZLA) hit the market with an updated mineral resource estimate for its flagship Panuco project this morning. The revised estimate is said to have improved indicated mineral resources by 71% versus the prior estimate, while inferred mineral resources improved by 150%.
The new resource estimate outlined indicated mineral resources of 58.3 million ounces of silver, 508,000 ounces of gold, 17.0 kilo tonnes of lead and 53.3 kilo tonnes of zinc, with indicated resources amounting to 437 g/t silver equivalent.
Inferred resources meanwhile are estimated at 70.7 million ounces of silver, 496,000 ounces of gold, 13.6 kilo tonnes of lead and 39.3 kilo tonnes of zinc at 491 g/t silver equivalent.
The significant increase in the estimate is attributed to the Copala Structure, which is said to host indicated mineral resources of 51.1 million ounces of silver equivalent at 516 g/t, and inferred resources of 55.4 million ounces of silver equivalent at 617 g/t, with the wireframe for the structure averaging 10 metres in thickness. The estimate as a whole is said to contain 10 epithermal veins in total, amounting to just 10% of the known vein strike in the district, with 8 kilometres of the known 86 kilometres of vein strike included in the estimate.
The estimate is said to be based on a total of 644 drill holes that have been conducted since November 2019, resulting in total discovery costs of US$41.8 million – or US$0.19 per silver equivalent ounce.
“Going forward, the Company plans to continue its ongoing aggressive exploration of the district with seven drill rigs focused on category conversion, incremental expansion and testing new targets. This, along with previous drilling completed toto date, will support a potential mineral resource estimate update in the second half of 2023,” said CEO Michael Konnert.
Vizsla currently has an ongoing 90,000 metre drill program being conducted at the Panuco silver-gold project, with seven rigs conducting the program. The focus of that program is currently high priority targets in the west, central, and eastern portions of the district.
Vizsla Silver last traded at $1.76 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
