Untitled mining news story
Original announcement by research on
- Company
- Vizsla Silver Corp.
- Ticker
- VZLA
- Exchange
- TSX
- Region
- Sinaloa, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Other, Resource update, Metallurgy
- Extracted
- 2026-11-04 12:13:31 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Vizsla Silver announced a positive feasibility study for its Panuco silver-gold project in Sinaloa, Mexico, with an after-tax NPV(5%) of US$1.802 billion and an after-tax IRR of 111%. The study outlines 12.81 Mt of Proven and Probable Mineral Reserves, average life-of-mine payable production of 17.4 Moz AgEq per year, and an AISC of US$10.61/oz AgEq. The company also said permitting and project financing initiatives are advancing, but no production decision has been made yet.
Reasoning: This is a positive feasibility study for an underground silver-gold project with strong economics, defined reserves, and disclosed cost and recovery assumptions. Materiality is high because it directly addresses development-stage project economics and financing readiness.
Positive factors
- After-tax NPV(5%) of US$1,802 million and IRR of 111%
- Proven and Probable Mineral Reserves of 12.81 Mt at 249 g/t Ag and 2.01 g/t Au
- Life-of-mine average annual payable production of 17,382 koz AgEq and AISC of US$10.61/oz AgEq
- Qualified persons and NI 43-101 compliance are explicitly stated
Negative factors
- The project still requires additional environmental permits before construction
- No production decision has been made yet
- The release excludes inferred Mineral Resources from the feasibility study
Facts used in scoring: 21
Classification and evidence
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The release states the Feasibility Study is an “NI 43-101 compliant technical report” and identifies multiple Qualified Persons under NI 43-101.
Evidence · text
“an NI 43-101 compliant technical report on the Feasibility Study”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Named Qualified Persons are listed for the feasibility study, reserve estimate, resource estimate, and the company sign-off.
Evidence · text
“A team of independent Qualified Persons (as such term is defined under NI 43-101)”
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource and reserve statements disclose cut-off values, including “base case cut-off grade of 150 g/t AgEq” and reserve COVs.
Evidence · text
“Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The study reports 92.3% Ag recovery and 93.8% Au recovery, which are strong for the stated circuit.
Evidence · text
“Recovery Rate - Ag (%) to doré 92.3”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The process flowsheet uses a crushing-grinding circuit, leach, Merrill Crowe, and later flotation/regrind, which is a mill-based route.
Evidence · text
“on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit”
Underground Miningneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The study is for a high-margin, underground precious metals mine and names long-hole stoping and drift-and-fill methods.
Evidence · text
“as a high-margin, underground precious metals mine”
Infill Drillingneutral · Story-specific tag
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The release says the feasibility study can support upgrading inferred material to indicated or measured categories through additional underground drilling.
Evidence · text
“upgrade inferred material to indicated or measured categories”
Metal Equivalent Opaquenegative · Story-specific tag
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.
Why it applies: AgEq formulas are disclosed, but the release still relies on price-factor conversions and multiple royalty cases, so the equivalent grades require careful interpretation.
Evidence · text
“AgEq oz = Ag oz + Au oz x (US$3,100/oz Au ÷ US$35.50/oz Ag)”
Permitting Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company says additional environmental permits are still required and are under review, so construction timing remains conditional.
Evidence · text
“The construction and operation phases of the project require several additional environmental permits.”
Economic Studyneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document is a feasibility study with NPV, IRR, payback, capex, opex and reserve outputs.
Evidence · text
“positive results from its independent Feasibility Study”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Multi Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 21. Some facts used in scoring do not have a stored record.
Resource Estimates (17)
provenPanucoTonnes: 1948000Grade: 308Grade Unit: g/tContained Metal: 19264Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:25bca57ee57705b9ba81
- Deposit or zone
- Copala
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 1948000
- Grade
- 308
- Grade Unit
- g/t
- Contained Metal
- 19264
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 502
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: A high-confidence reserve row for the Copala deposit with strong silver grade, substantial contained metal, and reserve classification supports project development.
Positive factors
- Proven reserve category with 1,948 kt at 308 g/t Ag
- Contained metal of 19,264 koz Ag is disclosed
- NI 43-101 qualified person named
Negative factors
- Reserve is based on Measured and Indicated resources only
- Cut-off grade is in AgEq and the study excludes inferred resources
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenPanucoTonnes: 4000Grade: 330Grade Unit: g/tContained Metal: 41Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:a429f5ca2eba49843110
- Deposit or zone
- Copala
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 4000
- Grade
- 330
- Grade Unit
- g/t
- Contained Metal
- 41
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 635
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a small but high-grade stockpile reserve row that adds operational flexibility and early feed quality.
Positive factors
- Very high-grade planned stockpile material at 330 g/t Ag
- Reported with contained metal and AgEq grade
- Reserve estimate is prepared under NI 43-101
Negative factors
- Only 4 kt tonnage, so scale is small relative to the main reserve
- Stockpile material is a minor component of the overall reserve
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probablePanucoTonnes: 10854000Grade: 239Grade Unit: g/tContained Metal: 83351Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:78574dced98424638730
- Deposit or zone
- Copala
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 10854000
- Grade
- 239
- Grade Unit
- g/t
- Contained Metal
- 83351
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 400
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This probable reserve is the core of the mine plan and is economically material because of its scale and grade.
Positive factors
- Probable reserve of 10.854 Mt provides the bulk of the reserve base
- Contained metal is large at 83,351 koz Ag
- Grade remains robust at 239 g/t Ag
Negative factors
- Still a reserve subset rather than a resource expansion
- Cut-off and dilution assumptions affect comparability
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probablePanucoTonnes: 3000Grade: 318Grade Unit: g/tContained Metal: 34Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:1f39d159953d7cb512c2
- Deposit or zone
- Copala
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 3000
- Grade
- 318
- Grade Unit
- g/t
- Contained Metal
- 34
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 558
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a minor stockpile reserve row that is economically positive but not scale-dominant.
Positive factors
- High-grade probable stockpile material at 318 g/t Ag
- Contains 34 koz Ag and 54 koz AgEq
- May support early plant feed
Negative factors
- Very small tonnage
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenPanucoTonnes: 12809000Grade: 249Grade Unit: g/tContained Metal: 102689Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:91994bfe95dc0f85704d
- Deposit or zone
- Panuco
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 12809000
- Grade
- 249
- Grade Unit
- g/t
- Contained Metal
- 102689
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The total proven reserve row is central to the feasibility study and supports the mine plan economics.
Positive factors
- Total proven reserve at 12.809 Mt and 249 g/t Ag is directly stated
- Contained silver metal is 102,689 koz
- This is the headline reserve basis for the feasibility study
Negative factors
- Reserve is derived from resources and subject to mining dilution and cut-off assumptions
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco · silverTonnes: 1880000Grade: 442Grade Unit: g/tContained Metal: 26744Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1e150b57a39f93222036
- Deposit or zone
- Copala
- Material type
- mixed
Resource Data
- Category
- measured
- Tonnes
- 1880000
- Grade
- 442
- Grade Unit
- g/t
- Contained Metal
- 26744
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This historical measured resource row is relevant context for the reserve conversion, but it is not new information in this release.
Positive factors
- Measured resource with very high silver grade of 442 g/t
- Contained silver metal of 26,744 koz is disclosed
- NI 43-101 and QP sign-off are stated
Negative factors
- This is a historical resource row dated 2024-09-09, not the new 2025 study result
- AgEq assumptions are disclosed but the row is restated in the feasibility context
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
measuredPanuco · goldTonnes: 1880000Grade: 3.09Grade Unit: g/tContained Metal: 187Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1e150b57a39f93222036
- Deposit or zone
- Copala
- Material type
- mixed
Resource Data
- Category
- measured
- Tonnes
- 1880000
- Grade
- 3.09
- Grade Unit
- g/t
- Contained Metal
- 187
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is a historical measured gold resource row that supports the study but does not represent new 2025 disclosure.
Positive factors
- Measured gold resource grade is strong at 3.09 g/t
- Contained gold of 187 koz is stated
- This supports the reserve basis in the study
Negative factors
- Historical resource estimate dated 2024-09-09
- Row is contextual rather than a fresh disclosure
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
indicatedPanuco · silverTonnes: 4290000Grade: 402Grade Unit: g/tContained Metal: 55374Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:ecdeefda11c0b63a8d4c
- Deposit or zone
- Copala
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 4290000
- Grade
- 402
- Grade Unit
- g/t
- Contained Metal
- 55374
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 600
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This indicated resource row is important context for reserve conversion and mine planning, but it is historical in this release.
Positive factors
- Indicated resource with substantial contained silver of 55,374 koz
- Grade remains very strong at 402 g/t Ag
- NI 43-101 compliant estimate
Negative factors
- Historical resource row from 2024-09-09
- Not the new feasibility-study reserve
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
indicatedPanuco · goldTonnes: 4290000Grade: 2.5Grade Unit: g/tContained Metal: 345Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:ecdeefda11c0b63a8d4c
- Deposit or zone
- Copala
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 4290000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 345
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 600
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is a historical indicated gold resource row included for context within the feasibility study.
Positive factors
- Indicated gold resource of 2.50 g/t with 345 koz contained gold
- Supports the reserve base and project economics
Negative factors
- Historical estimate dated 2024-09-09
- Not a new estimate in this announcement
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
inferredPanuco · silverTonnes: 2320000Grade: 322Grade Unit: g/tContained Metal: 24014Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:325540fb1988cb848673
- Deposit or zone
- Copala
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 2320000
- Grade
- 322
- Grade Unit
- g/t
- Contained Metal
- 24014
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 476
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This historical inferred silver resource is useful context but carries lower confidence and no novelty.
Positive factors
- Contained silver is stated at 24,014 koz
- Provides context for the resource base
Negative factors
- Inferred category lowers confidence
- Historical resource row dated 2024-09-09
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
inferredPanuco · goldTonnes: 2320000Grade: 1.83Grade Unit: g/tContained Metal: 137Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:325540fb1988cb848673
- Deposit or zone
- Copala
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 2320000
- Grade
- 1.83
- Grade Unit
- g/t
- Contained Metal
- 137
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 476
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is a historical inferred gold resource row with lower confidence than the measured and indicated categories.
Positive factors
- Contained gold is stated at 137 koz
- Historical estimate helps show the project resource base
Negative factors
- Inferred resource and historical date reduce confidence and novelty
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
measuredPanuco · silverTonnes: 1880000Grade: 442Grade Unit: g/tContained Metal: 26744Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:aaafabdced49619aa53c
- Deposit or zone
- Total
- Material type
- mixed
Resource Data
- Category
- measured
- Tonnes
- 1880000
- Grade
- 442
- Grade Unit
- g/t
- Contained Metal
- 26744
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This total measured resource row is restated historical context, not a new estimate.
Positive factors
- Total measured resource row repeats the Copala measured tonnage and grade
- Contained silver metal is disclosed
Negative factors
- Historical resource estimate
- Totals are restated rather than newly updated
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
measuredPanuco · goldTonnes: 1880000Grade: 3.09Grade Unit: g/tContained Metal: 187Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:aaafabdced49619aa53c
- Deposit or zone
- Total
- Material type
- mixed
Resource Data
- Category
- measured
- Tonnes
- 1880000
- Grade
- 3.09
- Grade Unit
- g/t
- Contained Metal
- 187
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This total measured gold resource row is context for the feasibility study but is historical in this release.
Positive factors
- Restated total measured gold resource with 3.09 g/t grade
- Contained gold is shown as 187 koz
Negative factors
- Historical restatement
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
indicatedPanuco · silverTonnes: 5370000Grade: 413Grade Unit: g/tContained Metal: 71309Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:398743d62e16cf036222
- Deposit or zone
- Total
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 5370000
- Grade
- 413
- Grade Unit
- g/t
- Contained Metal
- 71309
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 617
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This total indicated silver resource row is historical context and not a fresh disclosure.
Positive factors
- Total indicated resource shows 5.37 Mt at 413 g/t Ag
- Contained silver is 71,309 koz
Negative factors
- Historical estimate
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
indicatedPanuco · goldTonnes: 5370000Grade: 2.56Grade Unit: g/tContained Metal: 443Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:398743d62e16cf036222
- Deposit or zone
- Total
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 5370000
- Grade
- 2.56
- Grade Unit
- g/t
- Contained Metal
- 443
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 617
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This total indicated gold resource row is historical support information.
Positive factors
- Total indicated gold resource is disclosed at 2.56 g/t
- Contained gold is 443 koz
Negative factors
- Historical restatement
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
inferredPanuco · silverTonnes: 3550000Grade: 341Grade Unit: g/tContained Metal: 38909Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:90275f9f8fa4f965d3d1
- Deposit or zone
- Total
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 3550000
- Grade
- 341
- Grade Unit
- g/t
- Contained Metal
- 38909
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 507
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This total inferred silver resource row is contextual and lower-confidence than the indicated rows.
Positive factors
- Contained silver is stated at 38,909 koz
- Historical total inferred resource adds context
Negative factors
- Inferred category and historical date reduce confidence
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
inferredPanuco · goldTonnes: 3550000Grade: 1.96Grade Unit: g/tContained Metal: 224Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:90275f9f8fa4f965d3d1
- Deposit or zone
- Total
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 3550000
- Grade
- 1.96
- Grade Unit
- g/t
- Contained Metal
- 224
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 507
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This total inferred gold resource row is historical context rather than new information.
Positive factors
- Contained gold is stated at 224 koz
- Provides the total inferred gold context
Negative factors
- Historical inferred estimate
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 2.2 years before this release
Metallurgical Results (4)
whole-ore leachPanuco · silverRecovery: 92.3 %View all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- detailed
- Test Type
- whole-ore leach
- Processing Route
- 3-stage crushing-grinding circuit, leach and Merrill Crowe circuit
- Sample
- life-of-mine average, Panuco Project deposits
Recovery
- Recovery
- 92.3 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- Ausenco Engineering Canada ULC
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a strong silver recovery result for the stated whole-ore leach and Merrill Crowe circuit.
Positive factors
- Life-of-mine average silver recovery of 92.3% is strong
- Recovery is tied to an actual test programme and feasibility design
- Processing route is explicitly described
Negative factors
- Route is a combined leach and Merrill Crowe circuit, so recovery is circuit-specific rather than a simple standalone test
- No head grade is paired in this fact
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 92.3% is at or above the exceptional band (90%)
whole-ore leachPanuco · goldRecovery: 93.8 %View all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- detailed
- Test Type
- whole-ore leach
- Processing Route
- 3-stage crushing-grinding circuit, leach and Merrill Crowe circuit
- Sample
- life-of-mine average, Panuco Project deposits
Recovery
- Recovery
- 93.8 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- Ausenco Engineering Canada ULC
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a strong gold recovery result for the stated leach and Merrill Crowe circuit.
Positive factors
- Life-of-mine average gold recovery of 93.8% is strong
- Actual-test basis is supported by the feasibility study context
- The processing route is explicitly stated
Negative factors
- No head grade is paired in this fact
- Circuit-level recovery may differ by deposit and phase
whole-ore leachPanuco · silverView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- detailed
- Test Type
- whole-ore leach
- Processing Route
- 3-stage crushing-grinding circuit, leach and Merrill Crowe circuit
- Sample
- Phase 1 whole-ore leach circuit
- Grind P80
- 50 µm
- Leach Time
- 96 hours
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- Ausenco Engineering Canada ULC
Review
- Needs Review
- No
- Historical
- No
Reasoning: This fact captures the process design parameters for the phase-1 leach circuit.
Positive factors
- Primary grind of 50 µm is disclosed
- Leach retention time of approximately 96 hours is disclosed
- Circuit description is complete
Negative factors
- No recovery figure is attached to this specific phase-1 circuit row
- The fact is process-design rather than performance data
flotation and regrindPanuco · silverView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- detailed
- Test Type
- flotation and regrind
- Processing Route
- flotation and regrind circuit between ball-mill discharge and leach feed
- Sample
- Phase 2 expansion circuit
- Grind P80
- 70 µm
Lab
- Laboratory
- SGS Canada Inc.
- Consultant
- Ausenco Engineering Canada ULC
Review
- Needs Review
- No
- Historical
- No
Reasoning: This fact records the phase-2 process expansion and grind setting that the feasibility study introduces.
Positive factors
- Phase 2 increases throughput and incorporates flotation and regrind
- Coarser primary grind of 70 µm is disclosed
- The release says the added circuit improves overall metal recovery and power/reagent efficiency
Negative factors
- No specific recovery percentage is given for this circuit in the sentence
- This is a design description rather than a standalone test result
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.