11:59 AM EDT, 06/18/2025 (MT Newswires) -- (Updates shares.)

Vizsla Silver ( VZLA ) shares were last seen down 3.1% on Wednesday after the company provided an update on the ongoing development of its Copala test mine within the Panuco silver-gold project in Mexico.

The test mine program is part of efforts to derisk the Panuco project as the company transitions from exploration to development. The Copala portal, established as part of the program, is expected to serve as the primary access to underground mining operations following a construction decision, Vizsla said.

The company said it has now advanced about 125 meters along the Copala decline. It added that the decline is advancing in favorable ground conditions at a 15% grade, with dimensions of 5.5 meters wide by 5.5 meters tall. Upon reaching the ore zone, Vizsla said it will extract a 10,000-tonne bulk sample and stockpile it on surface.

"Our crews are performing well, advancing safely, installing all required ventilation and ground support, and we are meeting planned development rates," chief operating officer Simon Cmrlec said. "Our team is currently focused on optimizing advance rates and testing contractor capabilities."

The company said it is on track to complete the test mine program by year-end.

Vizla shares were last seen down $0.15 to $4.68 on the Toronto Stock Exchange.

Price: 4.70, Change: -0.13, Percent Change: -2.69