Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) focused on advancing its flagship, 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. To date, Vizsla has completed over 210,000 meters of drilling at Panuco leading to the discovery of several new high-grade veins. For 2022, Vizsla has budgeted +120,000 meters of resource/discovery-based drilling, designed to upgrade, and expand the maiden resource as well as test other high priority targets across the district.
The newly consolidated Panuco silver-gold project represents one of the highest grade silver primary discoveries in the world. Comparable in size and geology to First Majestic’s San Dimas mine, containing more than 20 veins, several of which have demonstrated high silver and gold grades. The Panuco project is situated along a prolific silver trend in western Mexico that hosts First Majestic’s flagship San Dimas mine, only 80 km away.
The area first produced silver in the 1500s and has been producing intermittently ever since, with steady production over the last several decades. This is the first time the entire district will be consolidated, and it has seen only sparse past exploration. The past-producing district-scale camp has substantial infrastructure including roads, permits, power, and a skilled workforce in neighboring towns.
Exploration at Panuco led to the discovery of the high-grade Napoleon and Tajitos ore bodies and a Maiden Resource Estimate centering on the western portion of the project was released in March 2022.
Currently, a 120,000m, 9 drill rig exploration & resource expansion program is underway to expand and upgrade the initial resource base at the Napoleon and Tajitos veins.
Going into 2023, Vizsla Silver is positioned to deliver shareholder value following the exercise of the property option, now controlling 100% of the Panuco district. The company also has $11M in cash and no debt. To date only 30% of the known targets at Panuco have been drilled and, of the 9 drill rigs in operation, 3 are dedicated to exploration. The continued exploration potential bolsters the already strong investment thesis based on the current undervaluation compared to the peer group.