- Viszla Resources (TSXV:VZLA) has announced the results from the first phase of its drilling program at the Panuco property in Mexico
- The company has identified four major veins at the property: the Honduras, Animas, Cordon del Oro and Napoleon
- The first phase of the drilling program focused mainly on the Honduras vein
- The best assay from Honduras was 4.35 metres at 275 grams per tonne of silver equivalent, with that silver equivalent value made up of 208.5 grams per tonne of silver 0.83 grams per tonne of gold
- Viszla Resources (VZLA) is down 3 per cent at C$0.435 per share with a market cap of $25 million
Viszla Resources (TSXV:VZLA) has provided its phase one update on the its exploration program at the Panuco silver-gold property in Mexico.
To date, the company has completed 25 per cent of its initial drill program, with 3,639 metres completed out of a 14,500 metre total. Drilling has been paused at Panuco, but is expected to resume once coronavirus restrictions are lifted.
The company has drilled seven holes, which have been completed in the Honduras vein with high grade intercepts across the drills.
The Honduras vein returned several high grade assays, including 4.35 metres at 275 grams per tonne of silver equivalent, with that silver equivalent value made up of 208.5 grams per tonne of silver 0.83 grams per tonne of gold.
The other highlight from Honduras was a 2.6 metre result at 232 grams per tonne of silver equivalent, made up of 150.6 grams per tonne of silver and 1.02 grams per tonne of gold.
Infill surface and underground sampling of the Animas, Cordon del Oro and Napoleon veins were also conducted throughout the program. The best result from the Animas vein was a 4.2 metres result netting 479.9 grams per tonne of silver equivalent, made up of 229.7 grams per tonne of silver and 3.13 grams per tonne of gold.
Viszla has determined that Cordon del Oro offers an excellent chance to hit a major discovery.
The company is “highly encouraged” by the results of the sampling done on the Cordon del Oro corridor, to the west of the Animas corridor. Cordon del Oro has never been drilled and is essentially unexplored.
The highlight result from the Cordon vein was 3.2 metres at 1,365 grams per tonne of silver equivalent, made up of 44.1 grams per tonne of silver and 16.52 grams per tonne of gold.
CEO of Viszla, Michael Konnert, said the Panuco silver district showed excellent results and had significant potential for development.
“Detailed mapping has still only been completed on 19 per cent of the cumulative vein strike length and both Vizsla and historical drilling on 10 per cent, demonstrating the impressive scale of this silver district.
“The Concordia district, where Panuco is located, is fortunate to have no COVID-19 cases and the company is working with local authorities to recommence drilling in mid to late May if infection rates remain low,” he added.
The bank balance looks healthy for Viszla, sitting on over $2.5 million in cash.
Viszla Resources (VZLA) is down 3 per cent to $0.435 per share at 12:44pm EDT.