The company reported indicated mineral resources estimated at 6.9 million tonnes grading 150 grams per tonne silver, 1.64g/t gold, 0.27% lead, and 0.53% zinc. The silver-equivalent indicated resource was 370g/t.
The resource estimate includes indicated resources of 33.2 million ounces of silver, 362,600 ounces of gold, 18,000 tonnes of lead, and 36,000t of zinc (81.6Moz AgEq).
The inferred mineral resources are estimated at 5.3Mt grading 156g/t silver, 1.51g/t gold, 0.16% lead, and 0.35% zinc (334g/t AgEq). The resource estimate includes an inferred resource of 26.6Moz of silver, 256,500oz of gold, 8,500t of lead, and 18,800t of zinc (56.9Moz AgEq).
"This maiden resource estimate is a major milestone for Vizsla Silver," the company's president and CEO Michael Konnert said.
"It establishes Panuco as an extremely high-quality silver and gold district given its rare combination of size, grade and width, with significant room for growth," he said, noting that every vein in the estimate remains open for expansion.
Canaccord Genuity Capital Markets analyst Kevin MacKenzie noted that the maiden project resource far exceeded the management's initial targeted estimate of 55-65Moz AgEq.
"In our view, the scale and grade of this maiden estimate clearly differentiates Vizsla from the majority of the junior silver explorers. We believe that with ongoing exploration success, the Panuco project has the potential to develop into a top-tier silver development project," MacKenzie said.
"While still early days, we see the potential for an accelerated path to production to emerge in the medium term, this [is] based on high-grade, near-surface sub-zones of mineralisation, and a multitude of established mills within the region," he added.
Konnert noted that the resource comes 18-months after the initial discovery and at a total all-in exploration cost of US$0.18 per ounce.
"Looking ahead, the company plans to update this maiden resource in the second half of 2022 on the back of its ongoing 120,000m infill/discovery-based drill programme," he said.
Vizsla traded on the Toronto Stock Exchange at C$2.73/share on February 28. It had a market capitalisation of C$404.83 million.
