NYSE: VZLA TSX-V:
VZLA
VANCOUVER, BC, Jan. 30,
2024 /CNW/ - Vizsla Silver Corp. (TSXV: VZLA)
(NYSE: VZLA) (Frankfurt: 0G3)
("Vizsla Silver" or the "Company") is pleased to
announce Simon Cmrlec will be joining Vizsla Silver as Chief
Operating Officer ("COO"). Mr. Cmrlec is a highly
experienced senior engineer with over 30-years of industry
experience who has been a director of Vizsla Silver since its
formation and has most recently held the position of Chief
Operating Officer of Ausenco, a global mining engineering and
consulting firm. He has extensive experience in building
mining projects around the world and across a number of different
commodities and will be tasked with advancing Vizsla Silver's
world-class Panuco silver-gold
Project towards production, with the goal of becoming one of the
world's largest single-asset silver producers. Mr. Cmrlec commences
the role on April 1, 2024.
"Simon has been involved with Vizsla Silver since its
inception, preceding the acquisition of the Panuco-Copala
District," commented Michael
Konnert, President & CEO. "His guidance as a director
has been invaluable in establishing the culture and direction of
the Company. Now, we are honoured to welcome him as the incoming
Chief Operating Officer as we embark on the next stage of
development for the Panuco Project. We thank Martin for all of his
contributions and wish him the best in his future
endeavours."
"I am delighted to work closely with Mike and our excellent
Vizsla team as we de-risk and develop the world's next tier one
silver asset," commented Simon Cmrlec. "Projects that are as
well endowed as Panuco are rare
and it's a privilege to be part of its future."
Mr. Cmrlec began his career with Western Mining Corporation
(WMC) at its Olympic Dam Mine in South
Australia where he held several technical and operations
roles. He was an Owners Representatives for the Olympic Dam
Expansion Project (ODP) where he supported the design, construction
and commissioning of the Smelter and Hydrometallurgical facilities.
Following the completion of the ODP project Mr. Cmrlec joined
Kvaerner and was involved in the construction and commissioning of
various base metals, iron ore and gold projects in the US,
South America, Middle East and South Africa. In 2001, he joined Inco on the
Goro Nickel project in New
Caledonia as the Project Manager responsible for the
Refinery facility. Mr. Cmrlec held a number of roles on the Goro
Nickel project including Senior Project Manager and Construction
director in his eight years there. Mr. Cmrlec joined Ausenco
in 2009 as the Manager, Project Delivery before assuming the role
of President APAC/Africa. In 2015,
Mr. Cmrlec moved to Canada and
became Ausenco's President North America before transitioning to
President Americas in 2017 and the Chief Operating Officer in
2019.
Mr. Cmrlec graduated with a B.Eng
(Hons) in Metallurgical Engineering from the Gartrell School
of Mining, Metallurgy and Applied Geology at the University of
South Australia in 1994.
Mr. Cmrlec will replace Martin
Dupuis, who is no longer with the Company. We want to thank
Mr. Dupuis for his many contributions, which have helped advance
the Panuco project through its
maiden resource and two subsequent resource updates.
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 8, 2024, the Company
announced an updated mineral resource estimate for Panuco (the "Updated Mineral
Resource"). The Updated Mineral Resource includes an estimated
in-situ indicated mineral resource of 155.8 Moz AgEq and an in-situ
inferred resource of 169.6 Moz AgEq. An updated technical report is
being prepared on the updated Mineral Resource Estimate in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects and will be available on the
Company's website and SEDAR within 45 days of the date of
announcement of the Updated Mineral Resource.
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. To date,
Vizsla Silver has completed over 350,000 metres of drilling at
Panuco leading to the discovery of
several new high-grade veins. For 2024, Vizsla Silver is focused on
de-risking the resource base located in the western portion of the
district ahead of a development decision. Additionally, Vizsla
Silver has budgeted +65,000 metres of resource/discovery-based
drilling designed to upgrade and expand the Project's mineral
resource, as well as test other high priority targets across the
district.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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 mineral resource.
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; no escalation in the severity of public
health crises; 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 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; the ability of the communities in
which the Company operates to manage and cope with the implications
of public health crises; the economic and financial implications of
public health crises to the Company; 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; the ongoing military conflict in Ukraine; general economic facts; and the
factors identified under the caption "Risk Factors" in Vizsla
Silver's management discussion and analysis and other public
disclosure documents. 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.
SOURCE Vizsla Silver Corp.