Vizsla Silver Corp. has announced an updated mineral resource estimate for its flagship, 100% owned Panuco silver-gold project located in Sinaloa, Mexico. The updated mineral resource estimate was completed by Allan Armitage, Ph.D., P.Geo., of SGS Geological Services.
Highlights of the updated mineral resource estimate including comparison to the maiden mineral resource estimate released in March 2022:
- 71% increase in indicated mineral resources from 61.1 to 104.8 million oz AgEq.
- 150% increase in inferred mineral resources from 45.6 to 114.1 million oz AgEq.
- 14% increase in average indicated mineral resource grade from 383 to 437 g/t AgEq.
- 42% increase in average inferred mineral resource grade from 345 to 491 g/t AgEq.
- Copala indicated mineral resources hosts 51.1 million oz AgEq an increase of 701%, at a grade of 516 g/t AgEq.
- Copala inferred mineral resources hosts 55.4 million oz AgEq an increase of 198%, at a grade of 617 g/t AgEq.
- Copala wireframe averages 10 m in thickness.
- 93% of the value of the updated mineral resource estimate is comprised of precious metals, including 59% from silver.
- A total of 10 epithermal veins were included in the updated mineral resource estimate, representing approximately 10% of the known vein strike in the district.
- Total all-in exploration cost of US$0.19/oz AgEq discovered (US$0.15/oz AgEq discovered since March 2022).
Indicated mineral resources are estimated at 7.5 million t grading 243 g/t silver, 2.12 g/t gold, 0.23% lead, and 0.71% zinc (437 g/t silver equivalent (AgEq). The updated mineral resource estimate includes indicated mineral resources of 58.3 million oz of silver, 508 000 oz of gold, 17 000 t of lead, and 53 300 t of zinc.
Inferred Mineral Resources are estimated at 7.2 million t grading 304 g/t silver, 2.14 g/t gold, 0.19% lead, and 0.54% zinc (491 g/t AgEq).
The updated mineral resource estimate includes inferred mineral resources of 70.7 million oz of silver, 496 000 oz of gold, 13 600 t of lead, and 39 300 t of zinc. The updated mineral resource estimate is centred on the western portion of Panuco, encompassing approximately 8 km of the known 86 km of cumulative vein strike in the district. The updated mineral resource estimate includes 198 new infill/expansion holes (82 140 m) completed by Vizsla Silver between December 2021 and September 2022. In total, the updated mineral resource estimate is based on a total drill database of 644 holes (202 709 m) completed by Vizsla Silver since November 2019.
Michael Konnert, President and CEO, commented:
“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 mineralisation at Panuco.”
“We have now delineated approximately 60 million oz of silver and 508 000 ozs of gold in the indicated category and 70 million oz of silver and 496 000 oz of gold in the inferred category with significant upside potential remaining in the district. Most impressive is the material growth to the precious metals-rich Copala structure, where successful drilling throughout 2022 contributed to a 701% increase in indicated mineral resources to 51.1 million oz AgEq and a 198% increase in inferred mineral resources to 55.4 million oz 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 and is based on a total of 10 veins representing only 10% 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 2H23. This is an incredible achievement that required substantial effort from the entire Vizsla Silver team, including our contractors and local communities. I want to thank everyone involved for their commitment and contribution to this achievement and look forward to another successful year of growth and discovery in 2023.”
Read the article online at: https://www.globalminingreview.com/mining/27012023/vizsla-silver-increases-resources-at-its-panuco-silver-gold-project/