Vizsla Silver Corp 6-K, filed Mar 10, 2023

Vizsla Silver Corp. (VZLA)

6-K 2023-03-10 For: 2023-01-19

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Vizsla Silver Corp filed this 6-K on March 10, 2023.

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Exhibit		Description

99.1		Technical Report on the Mineral Resource Estimate Update for the Panuco Ag-Au-Pb-Zn Project, Sinaloa State, Mexico

	VIZSLA SILVER CORP.
	(Registrant)

Date: March 10, 2023	By:	/s/ Michael Konnert

		Michael Konnert
	Title:	Chief Executive Officer

Qualified Persons	Company
Allan Armitage, Ph. D., P. Geo.,	SGS Geological Services ("SGS")
Ben Eggers, MAIG, P.Geo.	SGS Geological Services ("SGS")
Yann Camus, P.Eng.	SGS Geological Services ("SGS")

TABLE OF CONTENTS	PAGE
TABLE OF CONTENTS	i
LIST OF FIGURES	iii
LIST OF TABLES	v
1 SUMMARY	7
1.1 Property Description, Location, Access, and Physiography	7
1.2 History of Exploration, Drilling	8
1.3 Geology and Mineralization	10
1.4 Mineral Processing, Metallurgical Testing and Recovery Methods	11
1.4.1 Preliminary Metallurgical Testing on the Napoleon Deposit	11
1.4.2 Preliminary Metallurgical Testing on the Tajitos Deposit	12
1.5 Panuco Project Mineral Resource Estimate	14
1.5.1 Mineral Resource Statement	14
1.6 Recommendations	17
2 INTRODUCTION	19
2.1 Sources of Information	19
2.2 Site Visit	20
2.3 Units of Measure	21
2.4 Effective Date	21
2.5 Units and Abbreviations	21
3 Reliance on Other Experts	23
4 PROPERTY DESCRIPTION AND LOCATION	24
4.1 Location	24
4.2 Land Tenure and Mining Concessions	24
4.3 Underlying Agreements	29
4.3.1 Canam Alpine Ventures Ltd.	29
4.3.2 Silverstone Resources S.A. de C.V.	29
4.3.3 Minera Rio Panuco S.A. de C.V.	29
4.3.4 Strategic Investment in Prismo Metals	30
4.4 Surface Rights	30
4.4.1 Canam and Ejido Panuco	31
4.4.2 Silverstone Resources S.A. de C.V., Canam, and Ejido Platanar de los Ontiveros	31
4.4.3 Canam and Comunidad Copala	31
4.4.4 Canam and El Habal Ejido	31
4.4.5 Short-Term Ejido Agreements	31
4.5 Permits	31
4.6 Environmental Considerations	32
4.7 Other Relevant Factors	32
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY	33
5.1 Accessibility	33
5.2 Local Resources and Infrastructure	33
5.3 Climate	33
5.4 Physiography	33
5.5 Vegetation and Wildlife	33
6 HISTORY	34
6.1 Previous Mineral Resource Estimate	35
7 GEOLOGICAL SETTING AND MINERALIZATION	38
7.1 Regional Geology	38
7.2 Property Geology	42
7.3 Mineralization	46
7.3.1 Animas-Refugio Corridor	48
7.3.2 Cordon del Oro Corridor	55
7.3.3 Cinco Señores and Napoleon Corridor	56
7.3.4 Other Mineralized Structures	62
7.4 Structural Controls	61

7.5 Alteration	61
7.6 Mineral Petrology	62
8 DEPOSIT TYPES	64
8.1 Epithermal Systems	64
9 EXPLORATION	68
9.1 Geological Mapping	68
9.2 2019-2021 Rock and Soil Geochemistry	69
9.3 Geophysics	69
9.4 2023 LiDAR Survey	72
9.5 2022 Surface Sampling	73
10 DRILLING	75
10.1 2019 Drilling	76
10.2 2020 Drilling	77
10.3 2021 Drilling	80
10.4 2022 Drilling	84
11 SAMPLE PREPARATION, ANALYSES, AND SECURITY	86
11.1 Rock Samples	86
11.2 Core Samples	87
11.2.1 Sample Preparation and Security	87
11.2.2 Sample Analyses	88
11.2.3 Bulk Density	88
11.2.4 Data Management	88
11.3 Quality Assurance/Quality Control	88
11.3.1 Core Sampling	89
11.3.2 Certified Reference Material	89
11.3.3 Blank Material	99
11.3.4 Duplicate Material	101
11.3.5 Umpire Laboratory	104
11.4 Sample Storage and Security	105
11.5 QP's Comments	105
12 DATA VERIFICATION	106
12.1 Drill Sample Database	106
12.2 Metallurgical Test Work	106
12.3 Site Visit	106
12.4 Conclusion	114
13 MINERAL PROCESSING AND METALLURGICAL TESTING	115
13.1 Preliminary Metallurgical Testing on the Napoleon Deposit	115
13.1.1 Sample Origin and Sample Characteristics	115
13.1.2 Metallurgical Testing	117
13.1.3 Additional Metallurgical Testing	120
13.1.4 Conclusions and Recommendations (ALS, 2021)	121
13.2 Preliminary Metallurgical Testing on the Tajitos Deposit	123
13.2.1 Sample Origin and Sample Characteristics	124
13.2.2 Metallurgical Testing	125
13.2.3 Conclusions and Recommendations	130
14 MINERAL RESOURCE ESTIMATES	132
14.1 Introduction	132
14.2 Drill Hole Database	132
14.3 Mineral Resource Modelling and Wireframing	134
14.4 Bulk Density	137
14.5 Compositing	138
14.6 Grade Capping	141
14.7 Block Model Parameters	142
14.8 Grade Interpolation	144
14.9 Mineral Resource Classification Parameters	147
14.10 Reasonable Prospects of Eventual Economic Extraction	148

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Technical Report – 2023 Mineral Resource Estimate - Panuco Ag-Au-Pb-Zn Project, Mexico	Page ii

Technical Report – 2023 Mineral Resource Estimate - Panuco Ag-Au-Pb-Zn Project, Mexico	Page iii

14.11 Mineral Resource Statement	149
14.12 Model Validation and Sensitivity Analysis	153
14.12.1 Sensitivity to Cut-off Grade	155
14.13 Comparison of the updated MRE to the 2021 MRE	159
14.14 Disclosure	160
15 MINERAL RESERVE ESTIMATE	161
16 MINING METHODS	162
17 RECOVERY METHODS	163
18 PROJECT INFRASTRUCTURE	164
19 MARKET STUDIES AND CONTRACTS	165
20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT	166
21 CAPITAL AND OPERATING COSTS	167
22 ECONOMIC ANALYSIS	168
23 ADJACENT PROPERTIES	169
24 OTHER RELEVANT DATA AND INFORMATION	170
25 INTERPRETATION AND CONCLUSIONS	171
25.1 Diamond Drilling	171
25.2 Metallurgy	173
25.2.1 Preliminary Metallurgical Testing on the Napoleon Deposit	173
25.2.2 Preliminary Metallurgical Testing on the Tajitos Deposit	174
25.3 Mineral Resource Estimate	176
25.4 Risk and Opportunities	179
25.4.1 Risks	179
25.4.2 Opportunities	179
26 RECOMMENDATIONS	180
27 REFERENCES	183
28 DATE AND SIGNATURE PAGE	187
29 CERTIFICATES OF QUALIFIED PERSONS	188

Figure 4-1 Property Location Map	24
Figure 4-2 Mining Concessions (WGS 84 UTM Zone 13N)	25
Figure 4-3 Location of Ejidos and Outline of Panuco Project	30
Figure 7-1 Metallogenic Setting Map. Illustrates Geological Setting of Western Mexico with Main Porphyry and Epithermal Deposits of the Sierra Madre Occidental	39
Figure 7-2 Regional Geologic Setting Map. Illustrates Regional Geological Central Sierra Madre Occidental	40
Figure 7-3 Regional Geology Map	41
Figure 7-4 Stratigraphic Column for the Project Area	42
Figure 7-5 Property Geology Map Showing Claim Outline and Known Mineralized Structures	44
Figure 7-6 Schematic Cross-Section of Panuco Veining Illustrating that Veins May Be Listric Faults Developed from Reactivated Laramide Thrust Faults (Starling 2019)	45
Figure 7-7 Panuco Project Claims Showing Known Veins, Including the Four Resource Areas Comprising Eleven Veins Included in the Mineral Resource Estimate	47
Figure 7-8 Animas-Refugio Geology and Silver Geochemistry (Section A-A' Shown in Figure 7-10)	50
Figure 7-9 Animas-Refugio Geology and Gold Geochemistry (Section A-A' Shown in Figure 7-10)	51
Figure 7-10 Animas-Refugio Vein Cross-Section Looking Northwest	52
Figure 7-11 Cordon del Oro Geology and Silver Geochemistry	53
Figure 7-12 Cinco Señores-Napoleon Geology and Silver Geochemistry	54
Figure 7-13 Cinco Señores-Napoleon Geology and Gold Geochemistry	55
Figure 7-14 Descubridora Mine Geology and Geochemistry	56
Figure 7-15 Drill-hole intercepts showing tilted-mineralization on Napoleon main vein	57
Figure 7-16 Panuco Project Area with Veins and Surface Sampling	59
Figure 8-1 Genetic model for epithermal deposits	66
Figure 8-2 Schematic of Alteration and Mineralization in Low Sulphidation Precious Metal Deposits	67

Technical Report – 2023 Mineral Resource Estimate - Panuco Ag-Au-Pb-Zn Project, Mexico	Page iv

Figure 9-1 Panuco Property Mapped Areas at 1:40,000 Scale	68
Figure 9-2 Airborne Magnetics RTP from 2016 with Known Veining and Possible Fault Offset Shown in Diorite	71
Figure 9-3 Results from 2021 Airborne Magnetics RTP Geophysical Survey Over the Napoleon Area	72
Figure 9-4 Surface sampling at Panuco Project in 2022	74
Figure 10-1 Resource Models and Location of Drill Holes on the Panuco Project from 2019-2022	76
Figure 10-2 Resource Models and Location of 2019 - 2020 Drill Holes on the Panuco Project	77
Figure 10-3 Resource Models and Location of Drill Holes on the Panuco Project from 2021	80
Figure 10-4 Resource Models and Location of Drill Holes on the Panuco Project from 2022 (to September)	84
Figure 11-1 Vizsla Silver Core-Logging Facility in Concordia, Sinaloa. Left: Core logging area; Right: Long-Term, Covered and Fenced, Core Storage Area	87
Figure 11-2 Shewhart Chart for Gold-Animas (2021)	92
Figure 11-3 Shewhart Chart for Silver-Animas (2021)	92
Figure 11-4 Shewhart Chart for Gold-Cordon del Oro (2021)	93
Figure 11-5 Shewhart Chart for Silver-Cordon del Oro (2021)	93
Figure 11-6 Shewhart Chart for Gold-Napoleon (2021)	94
Figure 11-7 Shewhart Chart for Silver-Napoleon (2021)	94
Figure 11-8 Shewhart Chart for Gold-Tajitos (2021)	95
Figure 11-9 Shewhart Chart for Silver-Tajitos (2021)	95
Figure 11-10 Shewhart Chart for Gold-Animas (2022)	96
Figure 11-11 Shewhart Chart for Silver-Animas (2022)	96
Figure 11-12 Shewhart Chart for Gold-Cordon del Oro (2022)	97
Figure 11-13 Shewhart Chart for Silver-Cordon del Oro (2022)	97
Figure 11-14 Shewhart Chart for Gold-Napoleon (2022)	98
Figure 11-15 Shewhart Chart for Silver-Napoleon (2022)	98
Figure 11-16 Shewhart Chart for Gold-Tajitos (2022)	99
Figure 11-17 Shewhart Chart for Silver-Tajitos (2022)	99
Figure 11-18 Blank Sample Chart for Silver (2020)	100
Figure 11-19 Blank Sample Chart for Silver (2021)	100
Figure 11-20 Blank Sample Chart for Silver (2022)	101
Figure 11-21 Log X-Y plot of Vizsla-ALS Field Duplicate Samples: Ag ppm (2019-2022)	102
Figure 11-22 Log X-Y plot of Vizsla-ALS Field Duplicate Samples: Au ppm (2019-2022)	102
Figure 11-23 Log X-Y plot of Vizsla-ALS Pulp Duplicate Samples: Ag ppm (2019-2022)	103
Figure 11-24 Log X-Y plot of Vizsla-ALS Pulp Duplicate Samples: Au ppm (2019-2022)	103
Figure 11-25 Umpire Check Assays ALS - SGS: Ag ppm	104
Figure 11-26 Umpire Check Assays ALS - SGS: Au ppm	105
Figure 12-1 Stope as Found at the Location of the Napoleon Deposit (Center of the Picture)	108
Figure 12-2 Location of the Stope Above the Napoleon Zone (Blue Flag) with respect to Recent Drilling	108
Figure 12-3 Left: Tajito Trench Looking Upslope; Right: Tajito Trench Looking Downslope	109
Figure 12-4 Drill Hole Monument Found In The Field For Drillholes NP-21-215, NP-21-201, NP-21-205 and NP-21-209	110
Figure 12-5 Images of the Property Offices, Core Logging and Core Storage Facilities	111
Figure 12-6 A) Core from Drillhole CS-22-169 (Sulfide Minerals Visible with Metallic Lustre) and B) Core from Drillhole NP-22-300 (Silver Mineralisation Visible in Grey)	114
Figure 13-1 Results of Rougher Testing (ALS, 2021)	118
Figure 13-2 Sequential Rougher Flotation Flowsheet Results (ALS, 2022B)	128
Figure 14-1 Plan View: Distribution of Surface Drill Holes on the Property (WGS 84), on Topography	133
Figure 14-2 Isometric View Looking Northwest: Distribution of Surface Drill Holes on the Property (WGS84)	133
Figure 14-3 Plan View: Property Mineral Resource Models	135
Figure 14-4 Isometric View Looking Northeast: Property Mineral Resource Models	135
Figure 14-5 Isometric View Looking Northwest: Felsic Dyke and Sill Models	136

Technical Report – 2023 Mineral Resource Estimate - Panuco Ag-Au-Pb-Zn Project, Mexico	Page v

Figure 14-6 Plan View: Distribution of Mineral Resource Block Models and Mineralization Domains	143
Figure 14-7 Isometric View: Distribution of Mineral Resource Block Models and Mineralization Domains	144
Figure 14-8 Isometric View Looking Northeast: Mineral Resource Block Grades and Block Class for the Panuco Deposit Area	151
Figure 14-9 Isometric View Looking Northwest: Mineral Resource Block Grades and Block Class for the Copala-Tajitos Deposit Area	152
Figure 14-10 Comparison of ID³, ID² & NN Models for the Napoleon and Copala-Tajitos Deposit Areas	154
Figure 26-1 Exploration Targets on the Panuco Property	177

Table 1-1 Parameters used for Underground Cut-off Grade Calculation	15
Table 1-2 Panuco Project Mineral Resource Estimate, January 19, 2023	15
Table 1-3 Panuco Project Mineral Resource Estimate by Zone, January 19, 2023	16
Table 2-1 List of Abbreviations	21
Table 4-1 Property Mineral Concessions held 100% By Vizsla	25
Table 6-1 2022 Panuco Mineral Resource Estimate Summary by Resource Classification (150 g/t AgEq Cut-Off Grade), March 1, 2022 (Maunula and Murray, 2022)	36
Table 6-2: Panuco Mineral Resource Estimate Summary by Vein (150 g/t AgEq Cut-Off Grade), March 1, 2022 (Maunula and Murray, 2022)	36
Table 6-3: Cut-Off Grade Sensitivity (AgEq Cut-Off Grade), March 1, 2022 (Maunula and Murray, 2022)	37
Table 7-1 General Description of Estimated Veins Included in the Mineral Resources Estimate for the Panuco Project	46
Table 9-1 Summary of Surface and Underground Rock and Soil Geochemistry Samples between 2019 and 2022	69
Table 9-2 Panuco Project Surface Samples in 2022	73
Table 9-3 Shows High-Grade Samples Taken During The 2022 Surface Exploration	73
Table 10-1: Summary Drilling Conducted by Vizsla Silver on the Panuco Project, to September 2022	76
Table 10-2 Highlights of the 2021 Drilling	81
Table 10-3 Highlights of the 2022 Drilling (to September)	85
Table 11-1 QA/QC Sample Statistics for Core Sampling Programs	89
Table 11-2 Certified Reference Materials 2019-2022	91
Table 11-3 2020 Silver and Gold CRM Performance	91
Table 11-4 Average Relative Error of Duplicate Samples for Ag and Au (2019-2022)	101
Table 12-1 Field Measurement Compared to the Database Data	109
Table 13-1 Conclusions for Each Studied Option (Maunula and Murray, 2022)	122
Table 13-2 Potential Flowsheet Comparison	131
Table 14-1 Project Drill Hole Totals	132
Table 14-2 Property Domain Descriptions	136
Table 14-3 Statistical Analysis of the Drill Assay Data from Within the Deposit Mineral Domains - by Area	138
Table 14-4 Statistical Analysis of the 1.5 M Composite Data from Within the Deposit Mineral Domains - by Area	139
Table 14-5 Composite Capping Summary of the Deposit Mineral Domains - by Deposit Area	141
Table 14-6 Deposit Block Model Geometry	142
Table 14-7 Grade Interpolation Parameters by Area and Domain	145
Table 14-8 Parameters used for Underground Cut-off Grade Calculation	149
Table 14-9 Panuco Project Mineral Resource Estimate, January 19, 2023	149
Table 14-10 Panuco Project Mineral Resource Estimate by Zone, January 19, 2023	150
Table 14-11 Comparison of Average Composite Grades with Block Model Grades	153
Table 14-12 Panuco Project Underground Mineral Resource Estimate at Various AgEq Cut-off Grades, January 19, 2023	155
Table 14-13 Comparison of the updated MRE to the 2022 MRE for the Project	159
Table 25-1 Highlights of the 2022 Drilling (to September)	173

Technical Report – 2023 Mineral Resource Estimate - Panuco Ag-Au-Pb-Zn Project, Mexico	Page vi

Table 25-2 Parameters used for Underground Cut-off Grade Calculation	177
Table 25-3 Panuco Project Mineral Resource Estimate, January 19, 2023	178
Table 25-4 Panuco Project Mineral Resource Estimate by Zone, January 19, 2023	178

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Parameter	Value	Unit
Silver Price	$24.00	US$ per oz
Gold Price	$1,800.00	US$ per oz
Zinc Price	$1.35 ($2,976)	US$ per pound (US$/t)
Lead Price	$1.10 ($2,425)	US$ per pound (US$/t)
Underground Mining Cost	$45.00	US$ per tonne mined
Processing Cost (incl. crushing)	$30.00	US$ per tonne milled
Underground General and Administrative	$20.00	US$ tonne of feed
Silver Recovery	93.0	Percent (%)
Gold Recovery	90.0	Percent (%)
Lead Recovery	94.0	Percent (%)
Zinc Recovery	94.0	Percent (%)
Mining loss/Dilution (underground)	10/10	Percent (%) / Percent (%)
Base Case Cut-off grade	150 g/t AgEq

Classification	Tonnes	Average Grade					Contained Metal
	Tonnes	Ag	Au	Pb	Zn	AgEq	Ag	Au	Pb	Zn	AgEq
	(Mt)	(g/t)	(g/t)	(%)	(%)	(g/t)	(koz)	(koz)	(kt)	(kt)	(koz)
Updated Mineral Resource Estimate¹
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

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$	Dollar sign	m²	Square metres
%	Percent sign	m³	Cubic meters
°	Degree	masl	Metres above sea level
°C	Degree Celsius	mm	millimetre
°F	Degree Fahrenheit	mm²	square millimetre
µm	micron	mm³	cubic millimetre
AA	Atomic absorption	Moz	Million troy ounces
Ag	Silver	MRE	Mineral Resource Estimate
AgEq	Silver equivalent	Mt	Million tonnes