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Vizsla Copper is a BC-focused explorer that just made a porphyry copper discovery at its Poplar project’s Thira target, where drilling returned 500m at ~0.39% Cu from surface within a 10 km x 4 km anomaly that could host multiple centers. The company already holds a large resource base (~4B lbs Cu + 1.8 Moz Au across Poplar and Woodjam) and is fully funded into 2025, and millions more expected from in-the-money warrants. Vizsla has pivoted to a discovery-driven strategy, with Copper View set as a second high-priority target later this year, while also keeping an eye on M&A to leverage its in-house development team. Near-term catalysts include two more rounds of assays from Thira and potential new drilling at Copper View, with majors already circling given the scale potential.

TLTW

1. Discovery
Vizsla Copper’s drilling at the Thira target delivered a standout intercept: 500m at ~0.39% Cu from surface (including 345m at 0.43%). The discovery sits within a 10 km x 4 km magnetic anomaly, suggesting potential for multiple porphyry centers. Mineralization outcrops at surface, all holes to date end in mineralization, and step-outs continue to hit the same rocks. Management believes the system could host +500 Mt, potentially up to billion-ton scale, putting it in the size range majors look for.

2. Financials
The company holds ~$3M in the treasury after its current 5,000m drill program and does not necessarily need to raise again in 2024. CEO Craig Parry and insiders have heavily backed financings ($2.4M from him personally), and millions more could flow in from warrants now in the money (~160M outstanding). Management expects further capital raises in late 2024 or early 2025 to fund resource delineation drilling but sees warrant conversions and insider support bridging much of the gap.

3. Drilling cost
Poplar can be drilled year-round thanks to flat, logged terrain, road access, grid power, and proximity (20 km) to Imperial Metals’ idle Huckleberry Mine. Drill costs are ~$300/m all-in, which CEO Craig Parry says is half the cost of northern BC projects requiring helicopters. Location also makes it attractive to majors seeking mill feed or new development opportunities in an accessible setting.

4. Strategy
After consolidating the Poplar and Woodjam projects (now ~4B lbs Cu + 1.8 Moz Au resources), Vizsla shifted from resource expansion toward high-impact exploration, as the market is rewarding new discoveries. Beyond Thira, Vizsla plans to drill Copper View later this year (adjacent to Kodiak’s gate zone discovery), which could deliver a second porphyry find in 2024. On the corporate side, Parry stresses Vizsla aims to acquire and build projects itself, not just be a takeout target.

5. Outlook
The share price has tripled since the Thira discovery, aided by aggressive marketing in Europe and strong news flow. While 530M shares fully diluted creates an overhang, Parry says the register is clean and points to large-cap peers (e.g., NexGen with 600M shares). He doesn’t rule out a rollback but prefers waiting for either a higher valuation or an M&A event to make it “neat.” Near-term catalysts are two more batches of drill results from Thira within six weeks, possible Copper View drilling later this year, and ongoing strategic interest from majors.

Vizsla Copper CEO Interview With Craig Parry

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