# Untitled mining news story Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6 Original source: https://www.sedarplus.ca/csa-party/records/document.html?id=c7d75450157fb170495e0d10ab59dfaae0a1e7a14af5baadf16db5ceb14a242d Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-03T10:09:04.879Z Atlas analysis updated: 2026-11-03T10:09:04.879Z - 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: 2026-11-03 10:09:04 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary This annual information form describes Vizsla Silver’s business, capital structure, risks, and its Panuco-Copala silver-gold project in Sinaloa, Mexico. It incorporates by reference an NI 43-101 technical report with an updated mineral resource estimate effective September 9, 2024, and summarizes metallurgical test work. The filing is primarily a corporate disclosure document, not a new exploration news release. Reasoning: Routine annual information form with incorporated technical report and project disclosure; not a current drill or financing event. - Positive factor: Annual information form summarizes the company's Panuco-Copala project and incorporated technical report. - Positive factor: Updated MRE is disclosed with NI 43-101 compliance and qualified persons named. - Positive factor: Metallurgical test work and project development context are summarized in detail. - Negative factor: This is a corporate filing rather than a new exploration result. - Negative factor: Much of the document is historical/background disclosure and boilerplate. - Negative factor: Resource and metallurgy items are incorporated by reference rather than newly announced here. Low confidence — this extraction should be reviewed alongside the original source. - Rubric flag: resource\_update completeness — The resource summary in the annual information form provides combined M&I and inferred totals plus contained metals, but not a clean row-by-row table for every commodity/category; extracted facts are therefore based on the prose summary only. Facts used in scoring: 22 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The estimate summary states the updated MRE complies with NI 43-101 and CIM definitions, not JORC; however the technical report is a formal compliance-style resource disclosure. Evidence · text > The reporting of the updated MRE complies with all disclosure requirements for Mineral Resources set out in NI 43-101. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The updated MRE explicitly states compliance with NI 43-101 disclosure requirements. Evidence · text > The reporting of the updated MRE complies with all disclosure requirements for Mineral Resources set out in NI 43-101. **QP/CP Signed** Polarity: positive Definition: 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: The report states the authors are independent Qualified Persons and names them. Evidence · text > The Authors are independent Qualified Persons as defined by NI 43-101 and are responsible for all sections of this report. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource notes state a base-case cut-off grade of 150 g/t AgEq. Evidence · text > Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgical work includes flotation and cyanide leaching on drill composites, which is a mill-style processing route rather than heap leach. Evidence · text > Froth flotation tests were conducted on all samples **Apparent Width Only** Polarity: negative Story-specific tag Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The resource discussion gives vein thicknesses but the metallurgical and resource summary do not provide true widths for intervals in this filing. Evidence · text > The deposits range in thickness from 1.5 m to greater than 20 m. **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 22. Some facts used in scoring do not have a stored record. ## Resource Estimates (20) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-0) Panuco-Copala Property · silver #### Identity - Project: Panuco-Copala Property - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:72a8c6d9039cb59e12c0 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Contained Metal: 28.6 - Contained Unit: moz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Measured resource row is part of the updated Panuco MRE and establishes higher-confidence inventory. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Measured category is reported for the project. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Contained metal is stated, but the grade for this table row is only summarized in the source highlights rather than a single commodity row. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-1) Panuco-Copala Property · gold #### Identity - Project: Panuco-Copala Property - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:72a8c6d9039cb59e12c0 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Contained Metal: 214 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Measured resource row is part of the updated Panuco MRE and establishes higher-confidence inventory. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Measured category is reported for the project. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Contained metal is stated, but the grade for this table row is only summarized in the source highlights rather than a single commodity row. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-2) Panuco-Copala Property · lead #### Identity - Project: Panuco-Copala Property - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:72a8c6d9039cb59e12c0 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Contained Metal: 7.2 - Contained Unit: mlbs - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Measured lead inventory is explicitly included in the updated resource statement. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Measured category is reported for the project. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Contained metal is stated, but the grade for this table row is only summarized in the source highlights rather than a single commodity row. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-3) Panuco-Copala Property · zinc #### Identity - Project: Panuco-Copala Property - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:72a8c6d9039cb59e12c0 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Contained Metal: 17.4 - Contained Unit: mlbs - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Measured zinc inventory is explicitly included in the updated resource statement. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Measured category is reported for the project. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Contained metal is stated, but the grade for this table row is only summarized in the source highlights rather than a single commodity row. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-4) Panuco-Copala Property · silver #### Identity - Project: Panuco-Copala Property - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:682832edac1f96a94375 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10300000 - Contained Metal: 99.2 - Contained Unit: moz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Indicated silver inventory is a core part of the updated resource estimate. - Positive factor: Indicated category provides meaningful geological confidence. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-5) Panuco-Copala Property · gold #### Identity - Project: Panuco-Copala Property - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:682832edac1f96a94375 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10300000 - Contained Metal: 822 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Indicated gold inventory is a core part of the updated resource estimate. - Positive factor: Indicated category provides meaningful geological confidence. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-6) Panuco-Copala Property · lead #### Identity - Project: Panuco-Copala Property - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:682832edac1f96a94375 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10300000 - Contained Metal: 69.7 - Contained Unit: mlbs - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Indicated lead inventory is a core part of the updated resource estimate. - Positive factor: Indicated category provides meaningful geological confidence. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-7) Panuco-Copala Property · zinc #### Identity - Project: Panuco-Copala Property - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:682832edac1f96a94375 - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10300000 - Contained Metal: 225.6 - Contained Unit: mlbs - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Indicated zinc inventory is a core part of the updated resource estimate. - Positive factor: Indicated category provides meaningful geological confidence. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. - Negative factor: This is an incorporated technical report summary rather than a fresh announcement. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-8) Panuco-Copala Property · silver #### Identity - Project: Panuco-Copala Property - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:b8559522bcee265a1b5f - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Contained Metal: 73.6 - Contained Unit: moz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Inferred silver inventory expands the overall resource base but with lower confidence than M&I. - Positive factor: Inferred resource is explicitly reported and therefore adds scale. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Inferred category carries lower geological confidence. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-9) Panuco-Copala Property · gold #### Identity - Project: Panuco-Copala Property - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:b8559522bcee265a1b5f - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Contained Metal: 660 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Inferred gold inventory expands the overall resource base but with lower confidence than M&I. - Positive factor: Inferred resource is explicitly reported and therefore adds scale. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Inferred category carries lower geological confidence. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-10) Panuco-Copala Property · lead #### Identity - Project: Panuco-Copala Property - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:b8559522bcee265a1b5f - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Contained Metal: 31.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Inferred lead inventory is part of the resource statement. - Positive factor: Inferred resource is explicitly reported and therefore adds scale. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Inferred category carries lower geological confidence. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-11) Panuco-Copala Property · zinc #### Identity - Project: Panuco-Copala Property - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers, Henri Gouin, Peter Mehrfert, James Millard, Scott Elfen, Jonathan Cooper - Resource group id: resource:b8559522bcee265a1b5f - Deposit or zone: Panuco Project - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Contained Metal: 106.2 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2024-09-09 #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Inferred zinc inventory is part of the resource statement. - Positive factor: Inferred resource is explicitly reported and therefore adds scale. - Positive factor: NI 43-101 compliant updated resource estimate is disclosed. - Positive factor: Cut-off grade and AgEq assumptions are disclosed. - Negative factor: Inferred category carries lower geological confidence. - Negative factor: Grade is not broken out in a single commodity row in the prose summary. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Stale Estimate** Polarity: negative Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-14) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:358eb4e6e213dde49dd1 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Grade: 307 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 307 Context: 2.86 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-15) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:358eb4e6e213dde49dd1 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Grade: 2.49 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 2.49 Context: 2.86 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-16) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:358eb4e6e213dde49dd1 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.27 Context: 2.86 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-17) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:358eb4e6e213dde49dd1 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 2860000 - Grade: 0.85 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 534 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.85 Context: 2.86 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-18) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 219 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 219 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-19) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.96 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.96 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-20) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.3 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.30 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-resource-facts-21) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2024-09-09T00:00:00.000Z - Reporting standards: ni\_43\_101 - Resource group id: resource:a8cd8c8dc322a74a278b - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 1.01 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Metal Equivalent - Metal Eq. Grade: 412 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.01 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (2) ### whole ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-metallurgical-facts-12) Panuco-Copala Property · silver #### Identity - Project: Panuco-Copala Property - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: whole ore leach - Processing Route: whole ore leaching - Sample: samples from all deposits - Grind P80: 63 µm - Leach Time: 96 hours #### Recovery - Recovery: 83 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Whole-ore silver leach recoveries show the ore can be leached directly at moderate to good recovery. - Positive factor: Whole-ore leach results are reported across all deposits. - Positive factor: Primary grind size and leach time are disclosed. - Positive factor: Testing was completed at ALS Metallurgy. - Negative factor: The recovery is a range and the circuit is only preliminary testwork. - Negative factor: No reagent consumption is disclosed. ### whole ore leach [Link to this fact](https://atlas-extractions.minestarters.com/news/mining-news--80de3dbe-9a29-4f56-8c46-0c35bb7de4f6#fact-metallurgical-facts-13) Panuco-Copala Property · gold #### Identity - Project: Panuco-Copala Property - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Test Work - Program Status: preliminary - Test Type: whole ore leach - Processing Route: whole ore leaching - Sample: samples from all deposits - Grind P80: 63 µm - Leach Time: 96 hours #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Lab - Laboratory: ALS Metallurgy #### Location - Loc. Confidence: inferred #### Review - Needs Review: No - Historical: No Reasoning: Whole-ore gold leach recoveries indicate strong extractability at the tested grind size. - Positive factor: Whole-ore leach results are reported across all deposits. - Positive factor: Primary grind size and leach time are disclosed. - Positive factor: Testing was completed at ALS Metallurgy. - Negative factor: The recovery is a range and the circuit is only preliminary testwork. - Negative factor: No reagent consumption is disclosed. ## 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.