Significant Increase In Contained Ounces And Increase In Grade At Panuco Project

VANCOUVER - Vizsla Silver Corp. announced an updated mineral resource estimate for the Panuco silver-gold project located in Sinaloa, Mexico. Highlights of the Updated Mineral Resource Estimate, including a comparison to the previous mineral resource estimate: 48.7% increase in indicated mineral resources from 104.8 to 155.8 Moz AgEq; 48.7% increase in inferred mineral resources from 114.1 to 169.6 Moz AgEq; 17% increase in average indicated mineral resource grade from 437 to 511 g/t AgEq, and New addition of La Luisa containing 4.0 Moz AgEq indicated and 25.3 Moz AgEq of Inferred Resources.

The Updated Mineral Resource represents less than 10% of the known vein strike of the newly consolidated district. 90% of the value of the Updated Mineral Resource Estimate is comprised of precious metals, including 56% from silver. A total of 11 epithermal veins were included in the Updated Mineral Resource Estimate. Total all-in exploration cost of US$0.32/oz AgEq discovered.

Indicated Mineral Resources are estimated at 9.5 million tonnes (Mt) grading 289 grams per tonne (g/t") silver, 2.41 g/t gold, 0.27% lead, and 0.84% zinc (511 g/t silver equivalent (AgEq)). The Updated Mineral Resource Estimate includes indicated mineral resources of 88.2 million ounces (Moz) of silver, 736 thousand ounces (koz) of gold, 25.4 kilotonnes (kt) of lead, and 79.9 kt of zinc (155.8 Moz AgEq).

Inferred Mineral Resources are estimated at 12.2 Mt grading 239 g/t silver, 1.93 g/t gold, 0.29% lead, and 1.03% zinc (433 g/t AgEq). The Updated Mineral Resource Estimate includes inferred mineral resources of 93.7 Moz of silver, 758 koz of gold, 35.4 kt of lead, and 125.3 kt of zinc (169.6 Moz AgEq).

The Updated Mineral Resource Estimate is centred on the western portion of Panuco, encompassing ~8 km of the known 86 km of cumulative vein strike in the district. The Updated Mineral Resource Estimate includes 178 new infill/expansion holes (100,222 metres) completed by Vizsla Silver between September 2022 and September 2023. In total, the Updated Mineral Resource Estimate is based on a total drill database of 822 holes (302,931 metres) completed by Vizsla Silver since November 2019.

"We are pleased to announce another significant resource update milestone for the high-grade Panuco silver gold district," said, Michael Konnert, President and CEO. "Although substantial, this update represents only a moment in time at the Project, as drills continue to turn in 2024. The Project's indicated resource now stands at 88 million ounces of silver and 736 thousand ounces of gold, while the inferred resource contains 94 million ounces of silver and 758 thousand ounces of gold. This represents a 49% increase in both indicated and inferred ounces and a 17% increase in indicated grade relative to the previous estimate. Resource focused drilling throughout 2023 was successful in converting almost half of the January 2023 inferred resource to the indicated category while exploration drilling added new resources at both Copala and Napoleon. The bulk of this year's resource growth came from the Napoleon Area, largely driven by the inclusion of La Luisa, which added an additional 25Moz AgEq in inferred mineralization.

What's most impressive is that although we continue to expand the Project's mineral inventory year after year, our current resource still accounts for less than 10% of the known veins we have in the district. Going forward, we will focus on de-risking and advancing the high-grade resource in the west towards development, taking advantage of the Project's incredible infrastructure, while simultaneously hunting for the next epicenter of mineralization in the central and eastern portions of the district. This is an outstanding achievement that comes as a result of hard work and perseverance. I want to thank everyone from the entire Vizsla team, including our contractors and local communities, and look forward to another successful year in 2024."