- Vizsla Silver (VZLA) is making major updates to the Mineral Resource Estimate at its flagship property
- The Vancouver-based mineral exploration firm’s flagship Panuco Silver-Gold Project is located in Sinaloa, Mexico
- The new MRE includes a 71-percent increase in the indicated mineral resource, from 61.1 million ounces of silver equivalent to 104.8
- The inferred mineral resource increased from 45.6 to 114.1 million ounces of silver equivalent
- Vizsla Silver is down 1.70 percent, trading at $1.73 at 2:22 p.m. EST
Vizsla Silver (VZLA) is making major updates to the Mineral Resource Estimate at its flagship property.
The Vancouver-based mineral exploration firm’s flagship Panuco Silver-Gold Project is located in Sinaloa, Mexico.
The company owns a 100-per-cent-interest in the project.
The new MRE includes a 71-percent increase in the indicated mineral resource, from 61.1 million ounces of silver equivalent to 104.8.
The inferred mineral resource increased from 45.6 to 114.1 million ounces of silver equivalent.
The company issued its most recent MRE last March.
A total of 93 percent of the value of the updated Mineral Resource Estimate is comprised of precious metals, including 59 percent from silver.
“We are very pleased to deliver this updated resource, representing yet another major milestone for Vizsla Silver as we continue to grow and de-risk the high-grade mineralization at Panuco,” said President and CEO Michael Konnert.
“We have now delineated approximately 60 million ounces of silver and 508 thousand ounces of gold in the indicated category and 70 million ounces of silver and 496 thousand ounces of gold in the inferred category with significant upside potential remaining in the district. Most impressive is the material growth of the precious metals-rich Copala structure, where successful drilling throughout 2022 contributed to a 701 percent increase in indicated mineral resources to 51.1Moz AgEq and a 198 percent increase in inferred mineral resources to 55.4 Moz AgEq. Additionally, the inclusion of the high-grade Cristiano structure, which can conceptually be developed alongside Copala, represents a near-surface high-grade feed source.
The updated resource estimate comes only 10 months from the maiden resource estimate at a discovery cost of US$0.15 per added ounce. It is based on a total of 10 veins representing only 10 percent of the known vein strike in the district.
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 to date, will support a potential mineral resource estimate update in the second half of 2023.
This is an incredible achievement that required substantial effort from the entire Vizsla Silver team, including our contractors and local communities.”
Vizsla Silver is down 1.70 percent, trading at $1.73 at 2:22 p.m. EST.