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Vizsla Silver Enters Into Definitive Agreement For Strategic Investment In Prismo Metals
VANCOUVER, BC, Dec. 19, 2022 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla" or the "Company") is pleased to announce that it h
About this update from Vizsla Silver Corp.
[{"type":"text","content":" VANCOUVER, BC, Dec. 19, 2022 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) (\"Vizsla\" or the \"Company\") is pleased to announce that it has entered into a binding strategic investment agreement (the \"Definitive Agreement\") with Prismo Metals Inc. (CSE: PRIZ) (\"Prismo\"). Pursuant to the Definitive Agreement, the Company will make a strategic investment (the \"Strategic Investment\") with a right of first refusal to purchase the Palos Verdes project from Prismo, and acquire 4,000,000 units of Prismo, for aggregate consideration of C$2,000,000. The terms of the Strategic Investment are set out in the Company's news release dated November 24, 2022. The Strategic Investment is expected to close upon receipt of all required approvals. About the Palos Verdes concession The Palos Verdes concession sits in the eastern area of Vizsla's Panuco district and covers 700 metres of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (<100m) conducted in 2018 on the Palos Verdes Vein was targeted 30 to 50 metres beneath largely barren vein outcrops and cut a well mineralized multistage vein two to seven metres wide with narrow intervals of high-grade precious metal values and subordinate base metals. This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth. Recent drilling at the concession has intercepted a wide vein structure and past drilling has returned encouraging results, with the best being 2,336 g/t Ag and 8.42 g/t Au over a true width estimated at 0.8 metres within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 metres. 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 6,761-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 main...