Vizsla Silver Unveils Promising Drill Results & Expansion Potential at Copala

• Vizsla Silver reports high-grade silver and gold results from infill drilling at Copala
• Highlight intercepts include 4,573 g/t AgEq over 5.65 mTW and 3,368 g/t AgEq over 5.80 mTW
• Discovery of historic mine adit suggests potential for near-surface resource expansion
• Infill program completed, with focus shifting to discovery-based drilling in eastern district
• Updated 3D model reveals new interpretations and opportunities for resource growth

About Vizsla Silver

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) is a Canadian mineral exploration and development company focused on advancing its flagship Panuco silver-gold project in Mexico. The company has completed over 380,000 meters of drilling at Panuco, leading to the discovery of several high-grade veins. For 2024, Vizsla has budgeted over 45,000 meters of resource and discovery-based drilling to upgrade and expand the mineral resource, as well as test other high-priority targets across the district.

Drill Results Highlight Copala's High-Grade Potential

Vizsla Silver's latest press release details results from 11 new drill holes targeting the Copala resource area at its Panuco project. The drilling program, designed to upgrade and expand mineral resources within areas designated for initial production, has yielded impressive high-grade intercepts.

Standout results include:

• Hole CS-24-393: 4,573 g/t AgEq over 5.65 mTW (3,007 g/t silver and 26.06 g/t gold)
• Hole CS-24-390: 3,368 g/t AgEq over 5.80 mTW (2,551 g/t silver and 14.85 g/t gold)
• Hole CS-24-389: 5,224 g/t AgEq over 2.30 mTW (2,851 g/t silver and 37.30 g/t gold)

These results underscore the exceptional grades present within the Copala structure and provide further confidence in the continuity of mineralization. For investors, this demonstrates the potential for high-grade ore that could positively impact future production scenarios and project economics.

Copala: A Key Asset in the Panuco Project

The Copala structure is a precious metals-dominant vein system located in the western portion of the Panuco district, approximately 800 meters east of the Napoleon Vein. Current resources at Copala include:

• Indicated: 83.3 Moz AgEq at 573 g/t AgEq
• Inferred: 48.3 Moz AgEq at 476 g/t AgEq

Copala's mineralization has been traced along approximately 1,770 meters of strike length and 400 meters down dip. The structure's average dip of 46° to the east, with variations from 35° in the north to 65° in the south, provides geological diversity that could offer multiple mining options in the future.

Near-Surface Expansion Potential

One of the most exciting developments from the recent exploration work is the discovery of a historic mine adit at Copala Central. This finding, combined with new 3D interpretations of drilling data, suggests significant potential for resource expansion up-dip from previously reported high-grade intercepts.

The area surrounding the historic adit is currently outside both the PEA mine plan and the mineral resource estimate (MRE) boundary. This presents an excellent opportunity for Vizsla to expand high-grade mineralization closer to the surface, which could have positive implications for future mining operations and project economics.

Michael Konnert, President & CEO of Vizsla Silver, commented on the significance of these findings:

"It is very rare for an infill program to add such a significant amount of new mineralization, particularly at higher-than-average grades. This speaks to the exceptional quality of the Copala structure which remains open in all directions."

Updated 3D Model Reveals New Opportunities

Vizsla's updated 3D model of the Copala area has led to important new interpretations:

• Extension to surface: Previous interpretations suggested that the up-dip projection of Copala was truncated by the Cristiano Vein. New data indicates that Copala extends to the surface, creating potential for additional high-grade shoots above the intersection with the Cristiano Vein.
• Reinterpretation of vein intercepts: Two vein intercepts in holes CS-22-156 and CS-22-182, previously reported as part of the Cristiano Vein, are now interpreted to be on Copala. This reinterpretation could lead to an expansion of the Copala resource.
• Copala 3 Vein: The updated model also highlights the presence of the Copala 3 Vein in the hanging wall of the main Copala structure, providing another potential target for resource expansion.

These new interpretations demonstrate the evolving understanding of the Copala area's geology and the potential for further discoveries and resource growth.

Shifting Focus to Discovery-Based Drilling

With the completion of the infill drilling program at Copala, Vizsla Silver is now preparing to shift its focus to discovery-based drilling in the eastern portion of the Panuco district. This strategic move aims to test several high-priority targets and potentially uncover new mineralized zones.

For investors, this transition represents an important phase in the project's development. While the infill program has successfully confirmed and expanded known mineralization, the discovery-based drilling has the potential to significantly increase the overall resource base and demonstrate the district-scale potential of the Panuco project.

Implications for Investors

The latest results and developments at the Copala area of the Panuco project present several positive implications for investors considering Vizsla Silver:

• Resource growth potential: The combination of high-grade infill results and the discovery of near-surface expansion opportunities suggests that the current resource at Copala could see significant growth in future updates.
• Project economics: Higher grades and near-surface mineralization could positively impact the project's economics by potentially lowering mining costs and increasing recoverable metal.
• Exploration upside: The shift to discovery-based drilling in the eastern district highlights the unexplored potential of the broader Panuco project, offering the possibility of new discoveries that could further enhance the project's value.
• Technical expertise: The company's ability to reinterpret geological data and identify new opportunities demonstrates the strength of Vizsla's technical team, which is crucial for maximizing the value of the Panuco project.
• Systematic approach: The methodical progression from infill drilling to discovery-based exploration shows a well-planned strategy for advancing the project.

Risks & Considerations

While the recent results are encouraging, investors should also consider potential risks:

• Commodity price volatility: As with all precious metals projects, fluctuations in silver and gold prices can impact project economics and company valuation.
• Operational challenges: Mining in Mexico can present operational challenges, including security concerns and regulatory hurdles.
• Financing needs: As an exploration and development company, Vizsla may require additional financing to continue advancing the Panuco project.
• Geological uncertainties: Despite positive results, there is always uncertainty in resource estimation and the continuity of mineralization until further drilling and development work is completed.

Key Takeways

Vizsla Silver's recent drill results and geological interpretations at the Copala area of its Panuco project demonstrate the continuing potential for resource growth and high-grade mineralization. The discovery of near-surface expansion opportunities and the shift towards discovery-based drilling in the eastern district provide multiple avenues for potential value creation.

For investors, Vizsla Silver represents an opportunity to gain exposure to a rapidly advancing silver-gold project with strong grades, significant resource expansion potential, and a systematic approach to exploration and development. As the company continues to advance the Panuco project, close attention to drilling results, resource updates, and development milestones will be key to assessing the evolving investment thesis.

With a current indicated resource of 155.8 Moz AgEq and an inferred resource of 169.6 Moz AgEq, Vizsla Silver has already established a substantial resource base. The ongoing exploration success and the potential for further discoveries suggest that the Panuco project could become a significant precious metals district, potentially offering long-term value for investors willing to accept the risks associated with junior mining investments.