UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE
ACT OF 1934
For the month
of January 2025
Commission File
Number: 001-41225
VIZSLA SILVER CORP.
(Registrant)
Suite 700, 1090 West Georgia
Street
Vancouver, British Columbia
V6E 3V7 Canada
(Address
of Principal Executive Offices)
Indicate by check mark whether the Registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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VIZSLA SILVER CORP. |
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(Registrant) |
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| Date:
January 28, 2025 |
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By |
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/s/ Michael Konnert |
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Michael Konnert |
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Chief Executive Officer |
EXHIBIT INDEX
EXHIBIT 99.1
VIZSLA SILVER PROVIDES 2024 YEAR-END SUMMARY
AND 2025 OUTLOOK
NYSE: VZLA
TSX-V: VZLA
VANCOUVER, BC, Jan. 28, 2025 /CNW/ - Vizsla
Silver Corp. (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla Silver" or the "Company") is pleased
to provide a year-end summary of its activities at its flagship Panuco silver-gold property (the "Property" or
"Panuco") located in Sinaloa, Mexico and outline the Company's key objectives/milestones for 2025.
"2024 was a transformative year for Vizsla
Silver," commented Michael Konnert, President & CEO. "With an updated resource estimate in January 2024 serving as
the backbone for the first ever Panuco PEA, published in July, Vizsla Silver went from early-stage exploration to early-stage development.
Our focus throughout the year was on derisking known mineralization within the Copala and Napoleon resource areas to maximize potential
future economic returns. The July PEA showcased industry leading economics based on conservative assumptions and a resource base that
has since been materially upgraded and expanded. We now have 43% more ounces in the measured and indicated category and higher grades,
relative to the previous resource. This bodes well for a potentially expanded mine plan in the pending feasibility study we plan to publish
in the second half of 2025. Additionally, we have broken ground on our fully permitted and fully funded Copala test mine, arguably one
of the most valuable derisking initiatives for the project. This will support feasibility study mine planning and development as we advance
Panuco Project 1 ("Project 1" or "Panuco Project 1") to construction. With over US$92 million in cash
and no debt, we remain well funded to deliver on our operational goals with a long-term view of first silver in 2027. In 2025, we continue
to prioritize the health and safety of our communities and team members as we advance through the permitting and development process.
Beyond development in the West, we continue exploring new areas of the district with both low-cost mapping and geophysical surveys and
+10,000 meters of planned initial drilling. We look forward to another safe and exciting year for Vizsla Silver and thank everyone for
their hard work and continued support."
Key objectives for 2025
| • | Advance Copala test mine development and bulk sample program |
| • | Complete fourth round of metallurgical testing in H1 2025 |
| • | Advance through permitting process |
| • | Deliver Feasibility Study ("FS") in H2 2025 |
| • | Complete +12,000 meters of geotechnical drilling to support
the FS |
| • | Complete +25,000 meters of ongoing discovery-based and resource
expansion drilling |
| • | Complete a ~45 line-kilometre ground Horizontal-Loop EM (Promis-HLEM)
over six selected target areas |
2024 Highlights
In 2024, with Simon Cmrlec assuming the role of Chief
Operating Officer ("COO") , Vizsla Silver focused on derisking Panuco Project 1, located in the western portion of the
Panuco-Copala District. This culminated in the announcement of a robust Preliminary Economic Assessment ("PEA") published
in July 2024, highlighting 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.
Drilling throughout the year totaled 37,662m, centered
on converting resources within the upper levels of the Copala and Napoleon areas to higher confidence categories. This led to an
updated mineral resource estimate published in early January 2025 highlighting 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 (see press release dated January 6, 2025).
Other notable achievements in 2024:
| • | Vizsla Silver's share price increased by 45% from C$1.73/s
to C$2.51/s |
| • | Vizsla Silver raised a total of C$95M in two financings:
C$34.5M at C$1.50/s in February, and C$65M at C$2.6/s in September |
| • | Organized three on site health fairs providing over 550 people
access to nurses, doctors, and psychologists. |
| • | Vizsla Silver tripled its land package to 17k+ ha with the
acquisition of San Enrique and La Garra, two large highly prospective past producing districts located along the emerging Sinaloa Silver
Belt |
| • | Acquired district-wide WorldView III and Aster multispectral
satellite imagery and continued with the use of Terraspec for alteration mapping |
| • | Simon Cmrlec appointed as COO, Suki Gill nominated to
the Board of Directors, Karl Haase as Director of Engineering, Anna Pagliaro as Director of Commercial and Legal Risk, and Ana Meza as
Environmental and ESG Manager |
| • | Completed spinout of Vizsla Royalties, trading on the
TSXV, creating an additional C$62M of value for Vizsla Silver shareholders in the first 3 weeks of trading |
| • | In September, Vizsla Silver published its third annual
Sustainability Report. |
| • | In October, the GDXJ included Vizsla Silver to its constituency,
awarding shareholders significant liquidity |
| • | Vizsla Silver's Mexican subsidiary, Minera CANAM, was awarded
the Socially Responsible Company Distinction (ESR), for the third year in a row |
| • | In November, Vizsla Silver graduated to the TSX, raising
the Company to a new echelon of market access & awareness |
| • | Vizsla Silver commenced work on its fully funded, fully permitted
Copala test-mine / bulk sample program |
Table of Top 10 Drill Composites of 2024, ordered
from highest to lowest grade AgEq
| Drillhole |
From |
To |
Downhole
Length |
Estimated
True width |
Ag |
Au |
AgEq |
Vein |
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| (m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
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| CS-24-381A |
219.60 |
226.50 |
6.90 |
6.25 |
3,698 |
41.20 |
6,270 |
Copala |
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| CS-24-356 |
219.00 |
223.90 |
4.90 |
4.20 |
1,694 |
103.20 |
8,817 |
Copala |
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| CS-24-380 |
278.10 |
293.80 |
15.70 |
13.30 |
1,861 |
12.20 |
2,554 |
Copala |
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| CS-24-354 |
153.50 |
168.30 |
14.80 |
13.00 |
1,017 |
8.19 |
1,503 |
Copala |
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| CS-24-375 |
290.85 |
308.35 |
17.50 |
14.20 |
978 |
4.56 |
1,212 |
Copala |
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| CS-24-366 |
348.85 |
357.00 |
8.15 |
7.00 |
1,898 |
9.51 |
2,398 |
Copala 3 |
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| CS-24-347 |
287.85 |
294.00 |
6.15 |
6.00 |
1,882 |
10.31 |
2,440 |
Copala |
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| CS-24-352 |
211.80 |
217.25 |
5.45 |
5.00 |
1,378 |
22.95 |
2,872 |
Copala |
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| CS-24-344 |
561.95 |
573.90 |
11.95 |
8.70 |
1,096 |
5.18 |
1,363 |
Copala |
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| CS-24-362 |
344.60 |
346.10 |
16.10 |
10.50 |
804 |
5.27 |
1,103 |
Copala |
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| Note: AgEq = Ag g/t x Ag rec. + (Au g/t x Au Rec x Au price/gram)/Ag price/gram. Metal price assumptions are $24.00/oz silver and $1,800/oz gold and metallurgical recoveries assumed are 91% for silver and 94% for gold. Gold and silver metallurgical recoveries used in this release are from metallurgical test results of the Copala vein (see press release dated August 16, 2023) |
2025 Outlook
Vizsla Silver's focus for 2025 remains centered on
de-risking Project 1 in the west with a goal of first silver in 2027. To achieve this, the Company is actively working to complete a Feasibility
Study, while simultaneously advancing permitting and project financing to support a construction decision. In parallel, Vizsla Silver
will continue exploring other prospective areas in the western portion of the district, proximal to Project 1, but also in the central
and eastern areas, where exploration drilling completed to date remains sparse. Key de-risking initiatives planned for 2025 include:
1) Advance test Mine
2) Advance Permitting/Project Finance
3) Deliver FS
For 2025, a total of +37,000 metres of drilling is
planned for Engineering (FS studies), expansion, and exploration programs. Two diamond drill rigs will be active on the property, with
the ability to scale up depending on exploration success. Exploration drills will focus on priority targets proximal to current resources
in the west, as well as on other high-priority targets in the central and eastern portions of the district.
Targets
| • | Resource Extension:
The Copala structure remains open along strike to the north and down dip to the south. Alternatively, after the discovery of the old Copala
adit and concomitant with the successful infill/expansion drilling campaign in central Copala, the team identified potential for near
surface high-grade mineralization in the south. Vizsla Silver intends to drill two near surface targets in the second half (H2) of 2025
once the team completes detailed structural and alteration mapping along Copala, south of the old adit.
At Napoleon area, the company plans to conduct resource expansion drilling along the hanging wall-4 vein (HW4) down-dip to the east and
along the 400m wide gap in La Luisa vein (see press release dated February 13, 2024), between the current mineral resource area and the
shallow drill-holes located 500m to the north. |
| • | Exploration:
During the first half (H1) of 2025 Vizsla Silver will continue drill-testing the Camelia-San Dimas, Galeana and San Fernando-Nacaral targets
in the northeast part of the district. Other targets such as El Roble, Oregano and La Whicha, also in the northeast will be explored in
H2.
The Company also plans to drill additional exploration holes at El Molino (see press release dated October 24, 2023) and at the convergence
zone of main Napoleon vein with La Colorada vein - Copala fault system in north Napoleon area. Exploration drilling on the north Napoleon
area is planned for H2 after completion of the ground EM survey. |
Mapping / Geophysics
| • | The Company continues advancing detailed mapping at 1:1000
scale throughout the district; +67% of Panuco district has been mapped to date with the aid of LiDar, WorldView III and Aster satellite
imagery and Terraspec analyses. Company geologists also started 3D interpretations of Terraspec data collected on core samples to further
build 3D alteration models and define drilling vectors. |
| • | Vizsla Silver also contracted TMC Geophysical consulting
to conduct a Horizontal Loop EM (Promis-HLEM) survey on 45 l-km over Copala and 5 selected high-priority targets during Q1. The objective
of this study is to determine the geophysical response of known mineralization near-surface at Copala, and then investigate five other
selected targets in the district. |
Figure 1: Plan map of the Panuco district highlighting
primary exploration targets relative to mapped and sampled mineralized veins. The purple circle represents Resource Extension targets,
the yellow circle represents Proximal targets, and the blue circles and ellipse represent distal District targets in the northeast. (CNW
Group/Vizsla Silver Corp.)
Key objectives for 2025
| • | Advance Copala test mine development and bulk sample program |
| • | Complete fourth round of metallurgical testing in H1 2025 |
| • | Advance through permitting process |
| • | Deliver Feasibility Study in H2 2025 |
| • | Complete +12,000 meters of geotechnical drilling to support
the FS |
| • | Complete +25,000 meters of ongoing discovery-based and resource
expansion drilling |
| • | Complete a ~45 line-kilometre ground Horizontal-Loop
EM (Promis-HLEM) over six selected target areas |
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 Silver'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.
Website: www.vizslasilvercorp.ca
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. These forward-looking statements
or information relate to, among other things: the exploration, development, and production at Panuco, including plans for resource/discovery-based
drilling, designed to upgrade, and expand the maiden resource as well as test other high priority targets across the district.
Forward-looking statements and forward-looking information
relating to any future mineral production, liquidity, enhanced value and capital markets profile of Vizsla Silver, future growth potential
for Vizsla Silver 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; no escalation in the severity of the COVID-19
pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Vizsla Silver's ability to
operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Vizsla Silver'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 Silver 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 Silver's management discussion and analysis. Readers
are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although Vizsla Silver
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 Silver 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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For further information: Contact Information: For more information
and to sign-up to the mailing list, please contact: Michael Konnert, President and Chief Executive Officer, Tel: (604) 364-2215, Email:
info@vizslasilver.ca
CO: Vizsla Silver Corp.
CNW 06:00e 28-JAN-25
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