11:40 AM EDT, 03/31/2025 (MT Newswires) -- Vizsla Silver ( VZLA ) on Monday reported a new high-grade discovery at its flagship Panuco silver-gold project in Mexico.

Drillhole AM-25-90 returned 897 grams per tonne (g/t) silver equivalent over 5.85 meters and 568 g/t silver equivalent over 2.60 meters.

"This new discovery underscores the strong potential for new wide, high-grade silver and gold mineralization in the Panuco district, which has historically seen limited systematic exploration," chief executive Michael Konnert said.

The company said the drill hole is located about six kilometers to the northeast of the Copala resource area, situated along the Animas Vein system below known historic mine workings.

"To date, drilling in the area has been limited, however ongoing geologic interpretation of the localized system suggests both grade and widths may increase at depth," Konnert said. "We will evaluate plans to follow up on this exciting discovery with further details to be provided in due course."

National Bank Financial reiterated its outperform rating and $4.75 price target following the company's release.

National Bank said its investment thesis for the company is supported by a project ready to be advanced through the permitting, meaningful re-rating potential given its single asset and low capex intensity. It also cited the company's high-grade, high-margin, front-end loaded mine plan, elevated free cash flow, and tangible exploration potential.

The company's shares were last seen down $0.01 to $3.26 on the Toronto Stock Exchange.

Price: 3.25, Change: -0.02, Percent Change: -0.61