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Vizsla Makes Third Discovery at Panuco

By Alejandro Ehrenberg | Tue, 09/01/2020 - 09:44

Vizsla Resources announced a third new finding at the Panuco project in Sinaloa. The discovery was made with the company’s first step-out drill results along the Napoleon vein corridor.

A total of three holes have been completed to date at the Papayo zone, located over 1km north of the initial Napoleon discovery. The Papayo zone has never been drilled before and has high-grade outcropping samples along a jog in the vein similar to the initial Napoleon discovery, Vizsla reported.

“Hitting a high-grade discovery on the first hole at Papayo is a clear demonstration of the scale and potential of both the Napoleon vein corridor and the Panuco district. The Papayo zone has been defined over 90m of strike length in the current holes and drilling will continue to step-out to define the full extent of the mineralization, which is open in all directions. Vizsla is well-funded and we are rapidly progressing our exploration drilling program across the project with 3.175km completed in July 2020 and three of the four rigs now focused on new discoveries,” said Vizsla President and CEO Michael Konnert.

The company explained that it targeted the Papayo Zone because it has the same characteristics as the initial discovery at Napoleon, with high grades sampled at surface, small scale mining and a northwest jog of the vein creating a dilation zone to host mineralization, which is located in a wide complex fault zone hosted by andesite tuff.

The zone contains milled breccias within a clay matrix and narrower zones of clay gouge interspersed in larger zones of crackle brecciation. The breccias show an early massive white quartz event that is cut by a later grey quartz veining event that entrains variable amounts of the white quartz clasts. The veins in each hole have similar textures to the quartz breccia veins containing 3 to 5 percent fine grained disseminated pyrite, as well as minor fine-grained galena, sphalerite and probable acanthite scattered across the interval, Vizsla reported.

In an interview with Mexico Business News, Konnert explained that the Panuco project is the consolidation of a district-scale land package, comparable in size and geology to First Majestic’s San Dimas mine. “It holds more than 20 veins, several of which have demonstrated high silver and gold grades. The project is located 45 minutes outside of Mazatlan city, which is situated off a major highway in the Sierra Madre epithermal belt, approximately 80km from First Majestic’s San Dimas mine. The project is high-grade silver and gold, with a total greater than 75km of cumulative vein strike,” he commented. So far, there are no base metals at Panuco. Geologically, it has a similar vein system to the San Dimas mine.

Alejandro Ehrenberg Alejandro Ehrenberg Journalist and Industry Analyst