VANCOUVER, B.C. - Vizsla Silver Corp. (NYSE:VZLA) announced today significant progress in its ongoing infill drilling program. The company reported additional high-grade silver and gold discoveries and an expansion of near-surface mineralization at its Copala Central project.
The findings from the drilling program, detailed in a press release dated October 1, 2024, included multiple intersections of silver and gold mineralization. These results suggest a continuation of the mineralized system and potential for resource expansion.
Vizsla Silver's CEO, Michael Konnert, stated, "Our drilling efforts continue to intersect significant high-grade silver and gold, which is encouraging for the future of the Copala Central project. The expansion of near-surface mineralization underscores the untapped potential of our asset."
The company, which is incorporated in Vancouver, British Columbia, operates within the gold and silver ores sector. It has been listed on the New York Stock Exchange under the ticker VZLA.
In other recent news, Vizsla Silver Corp. has published its annual sustainability report, highlighting its commitment to environmental, social, and governance practices. The company has also successfully exercised its over-allotment option, securing additional capital beyond its initial offering. In a significant financial milestone, Vizsla Silver secured $65 million in bought deal financing, potentially fueling the exploration and development of its mining projects.
The company has also reported promising preliminary economic assessment results for its Panuco project, indicating a positive outlook for the project's financial viability. Further, Vizsla Silver confirmed the continuity of high-grade silver and gold mineralization at its Copala Central project as a result of its ongoing infill drilling program.
Vizsla Silver has outlined a new 10-kilometer drilling program at the Panuco project, aiming at testing new targets in the East Area. The company also made a significant discovery at its Panuco project, marking the highest grade to date with impressive silver and gold intercepts.
In response to these developments, H.C. Wainwright upgraded its target for Vizsla Silver shares, maintaining a Buy rating. These are the recent developments in Vizsla Silver Corp.'s exploration and development activities.
InvestingPro Insights
Vizsla Silver's recent drilling success at Copala Central aligns with some interesting financial metrics and insights from InvestingPro. The company's stock has shown a remarkable 85.31% price total return over the past year, reflecting investor optimism about its exploration activities. This performance is particularly noteworthy given that the stock price is currently at 89.82% of its 52-week high, suggesting sustained momentum.
InvestingPro Tips highlight that Vizsla Silver holds more cash than debt on its balance sheet, which is crucial for funding ongoing exploration and drilling programs. This financial stability is further supported by the fact that the company's liquid assets exceed short-term obligations, providing flexibility for continued operations and expansion.
However, investors should note that Vizsla Silver is not currently profitable, with analysts not anticipating profitability this year. This is typical for exploration-stage mining companies and underscores the importance of the company's recent high-grade discoveries in potentially improving its future financial outlook.
For those interested in a deeper dive into Vizsla Silver's prospects, InvestingPro offers 11 additional tips that could provide valuable insights for investment decisions.
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