VIZSLA SILVER PROVIDES AN UPDATE ON THE COPALA TEST MINE AT ITS PANUCO PROJECT IN MEXICO

Rhea-AI Summary

Vizsla Silver Corp. (VZLA) has provided an update on its Copala test mine development at the Panuco silver-gold project in Sinaloa, Mexico. The company has advanced 125 meters along the Copala decline, which is progressing at 4 meters per day with plans to optimize to 8 meters daily. The decline, measuring 5.5m x 5.5m, will facilitate a 10,000-tonne bulk sample extraction from the 460 level, approximately 70 meters below surface. The test mine program, expected to complete by year-end, represents a crucial transition from exploration to development. The portal is strategically located 300 meters from the proposed processing facility, with waste and ore staging areas within 200 meters. The program will support backfill planning, mine design optimization, and grade reconciliation while enabling cost-effective underground resource drilling.

Positive

• Test mine development is progressing according to plan with favorable ground conditions
• Portal location is strategically positioned near proposed processing facility (300m) and staging areas (200m)
• Program will enable low-cost underground drilling for resource conversion
• Company is successfully growing local workforce and expanding infrastructure
• Project is fully funded through completion

Negative

• Current advance rate of 4 meters per day is below target of 8 meters
• Bulk sample testing and technical program results are still pending

Insights

Mining Development Engineer

Vizsla's Copala test mine progressing well with 125m of decline completed, demonstrating significant de-risking of the Panuco project.

Vizsla Silver's test mine update represents a significant development milestone as the company transitions from pure exploration to actual mine development at the Panuco project. The 125-meter advance of the Copala decline demonstrates material progress toward accessing the planned 10,000-tonne bulk sample zone. The portal development is progressing at 4 meters per day with optimization efforts targeting 8 meters daily - rates that align with industry standards for decline development.

The technical specifications of the decline (5.5m × 5.5m dimensions with a 15% grade) are appropriately sized for future production scenarios, indicating efficient capital deployment. This isn't merely a test - the company has strategically positioned this infrastructure to serve as the primary access point for future mining operations, showing foresight in development planning.

The planned bulk sample will provide critical technical data for paste fill and cemented rockfill testing, which will inform backfill methods and mining approach. Additionally, the rock competency analysis and grade reconciliation will significantly de-risk future mining operations by validating geotechnical assumptions and resource model accuracy.

The portal's proximity to the proposed processing facility (300m) and waste/ore staging areas (within 200m) indicates excellent infrastructure planning that should minimize haulage costs. Furthermore, the mention of underground drilling stations suggests a cost-effective approach to resource conversion that could significantly reduce future exploration costs while improving geological confidence.

VANCOUVER, BC, June 18, 2025 /PRNewswire/ - Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla Silver" or the "Company") is pleased to provide an update on the ongoing development of its Copala test mine at its 100%-owned Panuco silver-gold project, located in Sinaloa, Mexico.

The test mine program marks a major step forward in de-risking the Panuco Project, as the Company transitions from exploration to development. The Copala portal, established as part of this program, is expected to serve as the primary access to underground mining operations following a construction decision.

"We're now testing underground at Panuco and executing the test mine development according to plan, at the historic Copala district," commented COO Simon Cmrlec. "Our crews are performing well, advancing safely, installing all required ventilation and ground support, and we are meeting planned development rates.  Our team is currently focused on optimising advance rates and testing contractor capabilities.  

This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up. We are on track to complete the fully funded test mine program by year-end."

Test Mine Progress

Vizsla Silver has now advanced approximately 125 metres along the Copala decline. The decline is advancing in favorable ground conditions at a 15% grade with dimensions of 5.5 metres wide by 5.5 metres tall. A 10,000-tonne bulk sample will be taken from the 460 level which is approximately 70 metres vertically below the surface. The decline is currently progressing at a rate of 4 metres per day, with drilling and mucking currently being optimised to achieve two blasts per day and advance rates of around 8 metres per day.

Bulk Sampling & Technical Program

Upon reaching the ore zone, Vizsla Silver will extract a 10,000-tonne bulk sample and stockpile it on surface without impacting the environment by utilising previously disturbed areas. This material will ultimately be used for:

• Paste fill and cemented rockfill (CRF) testing to support backfill planning.
• Rock competency and structural consistency analysis to optimize mine design and cost models related to support requirements.
• Grade reconciliation with the block model.

Technical Observations & Future Opportunities

• The Copala test mine portal is situated approximately 300 metres north of the proposed processing facility. Waste stockpiles and ore staging areas are located within 200 metres of the portal, with all current activities using existing roads and confined to previously disturbed areas from historic mining.
• Underground access will enable low-cost drilling from underground stations, supporting the conversion of existing resources to higher-confidence categories. Several high-priority targets have already been outlined and are expected to be tested as the decline advances.
• Mapped parallel structures on the surface highlight near-mine exploration upside.

The onsite workforce continues to grow, with an emphasis on hiring from the local community. Newly constructed infrastructure – including first aid facilities, staff buildings, and workshops – not only supports operational efficiency, but also enhances safety protocols and emergency response capabilities.

About the Panuco Project

The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlán. The 7,189.5-hectare, past producing district benefits from over 86 kilometres of total vein extent, 35 kilometres of underground mines, roads, power, and permits.

The district contains intermediate to low sulfidation epithermal silver and gold deposits related to siliceous volcanism and crustal extension in the Oligocene and Miocene. Host rocks are mainly continental volcanic rocks correlated to the Tarahumara Formation.

On January 6, 2025, the Company announced an updated mineral resource estimate for Panuco which includes an estimated in-situ combined measured and indicated mineral resource of 222.4 Moz AgEq and an in-situ inferred resource of 138.7 Moz AgEq (please refer to Vizsla's press release dated January 6, 2025). 

About Vizsla Silver

Vizsla Silver is a Canadian mineral exploration and development company headquartered in Vancouver, BC, focused on advancing its flagship, 100%-owned Panuco silver-gold project located in Sinaloa, Mexico. The Company recently completed a Preliminary Economic Study for Panuco in July 2024 which highlights 15.2 Moz AgEq of annual production over an initial 10.6-year mine life, an after-tax NPV5% of US$1.1B, 86% IRR and a 9-month payback at US$26/oz Ag and US$1,975/oz Au. Vizsla Silver aims to become the world's leading silver company by implementing a dual track development approach at Panuco, advancing mine development, while continuing district scale exploration through low-cost means.

Quality Assurance / Quality Control

Drill core samples were shipped to ALS Limited in Zacatecas, Zacatecas, Mexico and in North Vancouver, Canada for sample preparation and for analysis at the ALS laboratory in North Vancouver and rock samples were shipped to SGS Lab in Durango Mexico for sample preparation and analysis.  The ALS Zacatecas, North Vancouver facilities and SGS lab are ISO 9001 and ISO/IEC 17025 certified. Silver and base metals were analyzed using a four-acid digestion with an ICP finish and gold was assayed by 30-gram fire assay with atomic absorption ("AA") spectroscopy finish. Over limit analyses for silver, lead and zinc were re-assayed using an ore-grade four-acid digestion with AA finish.

Control samples comprising certified reference samples, duplicates and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's quality assurance / quality control protocol.

Qualified Person

In accordance with NI 43-101, Jesus Velador, Ph.D., MMSA QP, Vice President of Exploration, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Information Concerning Estimates of Mineral Resources

The scientific and technical information in this news release was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used herein are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained herein providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

You are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Information regarding mineral resources contained or referenced herein may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release includes certain "Forward–Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward–looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward–looking statements or information.

Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Vizsla, future growth potential for Vizsla and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of silver, gold, and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Vizsla's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect Vizsla's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward–looking statements or forward-looking information and Vizsla has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities in Mexico; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in Vizsla's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward–looking statements or forward-looking information. Although Vizsla has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Vizsla does not intend, and does not assume any obligation, to update these forward–looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

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SOURCE Vizsla Silver Corp.

FAQ

What is the current progress of VZLA's Copala test mine development?

The Copala decline has advanced 125 meters, currently progressing at 4 meters per day with plans to optimize to 8 meters daily. The decline measures 5.5m x 5.5m and operates at a 15% grade.

What is the purpose of VZLA's 10,000-tonne bulk sample program?

The bulk sample will be used for paste fill and cemented rockfill testing, rock competency analysis to optimize mine design and cost models, and grade reconciliation with the block model.

Where is VZLA's Copala test mine portal located?

The Copala test mine portal is situated 300 meters north of the proposed processing facility at the Panuco project in Sinaloa, Mexico, with waste stockpiles and ore staging areas within 200 meters.

When will VZLA complete its test mine program?

Vizsla Silver expects to complete the fully funded test mine program by year-end 2025.

What are the key benefits of VZLA's underground access development?

Underground access will enable low-cost drilling from underground stations for resource conversion, provide bulk sample material for technical testing, and serve as the main access for future mining operations.