Vizsla Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com
Original announcement by research on
- Company
- Unavailable
- Ticker
- VZLA
- Exchange
- TSX
- Region
- Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Other, Resource update, Metallurgy
- Extracted
- 2026-11-04 12:46:14 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Vizsla Silver announced positive feasibility study results for its Panuco silver-gold project in Mexico. The study outlines an underground mine with after-tax NPV(5%) of US$1.802 billion, IRR of 111%, and initial costs of US$173 million, supported by Proven and Probable Reserves of 12.81 Mt at 249 g/t Ag and 2.01 g/t Au. The release also summarizes metallurgical recoveries, operating costs, sensitivity cases, permitting status, and the project development plan.
Reasoning: The document's dominant current event is the positive feasibility study for the Panuco silver-gold project. It also contains a full reserve/resource summary and metallurgical/process information that supports the study, so those are captured as secondary context.
Positive factors
- Feasibility Study reports after-tax NPV(5%) of US$1,802 million and IRR of 111%
- Initial Costs are US$173.0 million and payback is 0.6 years post-tax
- Proven and Probable Mineral Reserves are disclosed for the project
- Life-of-mine average recoveries are 92.3% Ag and 93.8% Au
Negative factors
- economic analysis is based on Mineral Reserves only and excludes inferred Mineral Resources
- future permitting approvals are still required
- Phase 2 flotation circuit is scheduled for Year 4, so the design is staged
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 32
Classification and evidence
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: The feasibility study and reserve estimate state that the independent and qualified person responsible is Jason Blais, P.Eng., Principal Mining Consultant of Mining Plus.
Evidence · text
“the independent and qualified person responsible for the Mineral Reserve, as defined by NI 43-101, is Mr. Jason Blais, P.Eng.”
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The document explicitly says the technical report will be NI 43-101 compliant and the resource/reserve estimates are described under NI 43-101.
Evidence · text
“an NI 43-101 compliant technical report on the Feasibility Study”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The feasibility study reports 92.3% Ag recovery and 93.8% Au recovery, which is strong for the stated mill/leach flowsheet.
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 description uses a crushing-grinding, leach and Merrill Crowe circuit rather than a heap leach route.
Evidence · text
“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 feasibility study is for a high-margin, underground precious metals mine with ramp-access and long-hole stoping / drift-and-fill methods.
Evidence · text
“developing the Panuco silver-gold project as a high-margin, underground precious metals mine”
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource table states 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.”
Infill Drillingneutral · Story-specific tag
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The release says opportunities exist to upgrade inferred material to indicated or measured categories with continued underground drilling.
Evidence · text
“upgrade inferred material to indicated or measured categories”
Compositing Transparentpositive · Story-specific tag
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Why it applies: The resource section states the base-case AgEq cut-off and the metal prices and recoveries used to derive it.
Evidence · text
“The base-case AgEq Cut-off grade considers metal prices of $26.00/oz Ag, $1,975/oz Au, $1.10/lb Pb and $1.35/lb Zn”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 32. Some facts used in scoring do not have a stored record.
Resource Estimates (30)
provenPanuco · silverTonnes: 1948000Grade: 308Grade Unit: g/tContained Metal: 19264Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a newly presented Proven reserve row for Copala within the feasibility study reserve table.
Positive factors
- new NI 43-101 reserve estimate
- high-grade Proven reserve category
- metal equivalent grade disclosed
Negative factors
- cut-off grade for this row is not stated in the table
- reserve is subordinate to the broader feasibility study
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
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
provenPanuco · goldTonnes: 1948000Grade: 2.35Grade Unit: g/tContained Metal: 147Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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
- 2.35
- Grade Unit
- g/t
- Contained Metal
- 147
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold companion fact for the Proven reserve row in the feasibility study table.
Positive factors
- new NI 43-101 reserve estimate
- Proven category
- reserve supports mine plan
Negative factors
- cut-off grade not stated in the table
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
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
probablePanuco · silverTonnes: 10854000Grade: 239Grade Unit: g/tContained Metal: 83351Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the principal Probable reserve row for Copala in the reserve table.
Positive factors
- large Probable reserve tonnage
- new NI 43-101 reserve estimate
Negative factors
- cut-off grade not stated in the table
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
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
probablePanuco · goldTonnes: 10854000Grade: 1.95Grade Unit: g/tContained Metal: 681Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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
- 1.95
- Grade Unit
- g/t
- Contained Metal
- 681
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold companion fact for Copala's Probable reserve row.
Positive factors
- new NI 43-101 reserve estimate
- material gold inventory within probable reserve
Negative factors
- cut-off grade not stated in the table
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
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
provenPanuco · silverTonnes: 4000Grade: 330Grade Unit: g/tContained Metal: 41Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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:bae4c74eb51d6fe27ff2
- Deposit or zone
- Planned Stockpile
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the planned stockpile Proven reserve row included in the feasibility study reserve table.
Positive factors
- stockpile is explicitly included in the reserve table
- high silver grade
Negative factors
- very small tonnage relative to the main reserve
- cut-off grade not stated in the table
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
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
provenPanuco · goldTonnes: 4000Grade: 3.7Grade Unit: g/tContained Metal: 0.5Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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:bae4c74eb51d6fe27ff2
- Deposit or zone
- Planned Stockpile
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 4000
- Grade
- 3.7
- Grade Unit
- g/t
- Contained Metal
- 0.5
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold companion fact for the planned stockpile Proven reserve row.
Positive factors
- stockpile included in reserve table
- high gold grade
Negative factors
- very small tonnage
- contained gold is minor
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
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
probablePanuco · silverTonnes: 3000Grade: 318Grade Unit: g/tContained Metal: 34Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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:5bb9590b07a5bf911c4f
- Deposit or zone
- Planned Stockpile
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the planned stockpile Probable reserve row.
Positive factors
- stockpile included in reserve table
Negative factors
- very small tonnage relative to the main reserve
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
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
probablePanuco · goldTonnes: 3000Grade: 2.9Grade Unit: g/tContained Metal: 0.3Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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:5bb9590b07a5bf911c4f
- Deposit or zone
- Planned Stockpile
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 3000
- Grade
- 2.9
- Grade Unit
- g/t
- Contained Metal
- 0.3
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold companion fact for the planned stockpile Probable reserve row.
Positive factors
- stockpile included in reserve table
- gold grade disclosed
Negative factors
- very small tonnage
- contained gold is minor
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
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
probablePanuco · silverTonnes: 12809000Grade: 249Grade Unit: g/tContained Metal: 102689Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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:594be98d1cbaef7fbd69
- Deposit or zone
- Total Proven + Probable
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the overall Proven + Probable reserve total for the project.
Positive factors
- project-wide reserve total is explicitly stated
- large contained silver inventory
- supports feasibility study economics
Negative factors
- combined category uses the least confident constituent
- cut-off grade not stated in the table
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
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
probablePanuco · goldTonnes: 12809000Grade: 2.01Grade Unit: g/tContained Metal: 829Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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:594be98d1cbaef7fbd69
- Deposit or zone
- Total Proven + Probable
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 2.01
- Grade Unit
- g/t
- Contained Metal
- 829
- 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.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold companion fact for the overall reserve total.
Positive factors
- project-wide reserve total is explicitly stated
- gold grade and contained gold are disclosed
Negative factors
- combined category uses the least confident constituent
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
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
- 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
- Resource group id
- resource:d4cf2bfdcaf9acb27062
- Deposit or zone
- Copala
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This Copala Measured resource row is quoted from the prior resource table and restated as input to the study.
Positive factors
- high-grade Measured resource row
- supports reserve conversion
Negative factors
- this is a previously reported resource estimate referenced in the feasibility study
- historical resource rather than new estimate
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
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
- 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
- Resource group id
- resource:d4cf2bfdcaf9acb27062
- Deposit or zone
- Copala
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for the historical Copala Measured resource row.
Positive factors
- Measured gold resource disclosed
- supports mine plan and reserve conversion
Negative factors
- historical restatement of a prior resource estimate
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
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
- 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
- Resource group id
- resource:7912c9102c10d93ef628
- Deposit or zone
- Copala
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This Copala Indicated resource row is restated from the prior resource estimate table.
Positive factors
- large Indicated resource at Copala
- supports reserve estimate
Negative factors
- historical resource 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
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
- 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
- Resource group id
- resource:7912c9102c10d93ef628
- Deposit or zone
- Copala
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for Copala's historical Indicated resource row.
Positive factors
- gold grade in the Indicated category supports reserve conversion
Negative factors
- historical resource 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
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
- 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
- Resource group id
- resource:2bf9badd7587ae1511d3
- Deposit or zone
- Copala
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the Copala Inferred silver resource row quoted from the prior estimate.
Positive factors
- inferred material remains available for conversion
Negative factors
- historical resource restatement
- inferred category lower 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
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
- 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
- Resource group id
- resource:2bf9badd7587ae1511d3
- Deposit or zone
- Copala
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for the Copala Inferred resource row.
Positive factors
- inferred gold inventory disclosed
Negative factors
- historical resource restatement
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
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: 720000Grade: 380Grade Unit: g/tContained Metal: 8833Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:26ae23d8bbea0b5732a5
- Deposit or zone
- Tajitos
Resource Data
- Category
- indicated
- Tonnes
- 720000
- Grade
- 380
- Grade Unit
- g/t
- Contained Metal
- 8833
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 571
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This Tajitos Indicated silver resource row is quoted from the prior resource estimate.
Positive factors
- high silver grade
- resource supports project inventory
Negative factors
- historical resource 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
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: 720000Grade: 2.34Grade Unit: g/tContained Metal: 55Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:26ae23d8bbea0b5732a5
- Deposit or zone
- Tajitos
Resource Data
- Category
- indicated
- Tonnes
- 720000
- Grade
- 2.34
- Grade Unit
- g/t
- Contained Metal
- 55
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 571
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for Tajitos' historical Indicated resource row.
Positive factors
- gold grade is above many open-pit thresholds and useful for underground mine planning
Negative factors
- historical resource 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
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: 890000Grade: 346Grade Unit: g/tContained Metal: 9936Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:0cd9eaa8bd74a30c02a5
- Deposit or zone
- Tajitos
Resource Data
- Category
- inferred
- Tonnes
- 890000
- Grade
- 346
- Grade Unit
- g/t
- Contained Metal
- 9936
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 527
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the Tajitos Inferred silver resource row quoted from the prior estimate.
Positive factors
- inferred silver inventory disclosed
Negative factors
- historical resource restatement
- lower confidence inferred category
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
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: 890000Grade: 2.08Grade Unit: g/tContained Metal: 60Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:0cd9eaa8bd74a30c02a5
- Deposit or zone
- Tajitos
Resource Data
- Category
- inferred
- Tonnes
- 890000
- Grade
- 2.08
- Grade Unit
- g/t
- Contained Metal
- 60
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 527
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for Tajitos' historical Inferred resource row.
Positive factors
- gold inventory remains present in inferred category
Negative factors
- historical resource restatement
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
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: 360000Grade: 610Grade Unit: g/tContained Metal: 7102Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:63f182d42bcbe503ed90
- Deposit or zone
- Cristiano
Resource Data
- Category
- indicated
- Tonnes
- 360000
- Grade
- 610
- Grade Unit
- g/t
- Contained Metal
- 7102
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 912
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This Cristiano Indicated silver resource row is quoted from the prior estimate table.
Positive factors
- highest grade silver among the named deposit rows
Negative factors
- historical resource 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
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: 360000Grade: 3.67Grade Unit: g/tContained Metal: 43Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:63f182d42bcbe503ed90
- Deposit or zone
- Cristiano
Resource Data
- Category
- indicated
- Tonnes
- 360000
- Grade
- 3.67
- Grade Unit
- g/t
- Contained Metal
- 43
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 912
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for Cristiano's historical Indicated resource row.
Positive factors
- strong gold grade in an indicated resource
Negative factors
- historical resource 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
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: 340000Grade: 460Grade Unit: g/tContained Metal: 4959Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:ff520bd85d761571cbc1
- Deposit or zone
- Cristiano
Resource Data
- Category
- inferred
- Tonnes
- 340000
- Grade
- 460
- Grade Unit
- g/t
- Contained Metal
- 4959
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 665
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the Cristiano Inferred silver resource row from the prior estimate.
Positive factors
- inferred silver inventory disclosed
Negative factors
- historical resource restatement
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
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: 340000Grade: 2.49Grade Unit: g/tContained Metal: 27Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- 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
- Resource group id
- resource:ff520bd85d761571cbc1
- Deposit or zone
- Cristiano
Resource Data
- Category
- inferred
- Tonnes
- 340000
- Grade
- 2.49
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2024-09-09
Metal Equivalent
- Metal Eq. Grade
- 665
- Metal Eq. Unit
- g/t
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for Cristiano's historical Inferred resource row.
Positive factors
- gold inventory in inferred category remains
Negative factors
- historical resource restatement
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
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
- 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
- Resource group id
- resource:7b771f1390437f17daf2
- Deposit or zone
- Total
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the project-wide Measured resource total from the prior resource estimate table.
Positive factors
- project total includes Measured resource
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
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
- 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
- Resource group id
- resource:7b771f1390437f17daf2
- Deposit or zone
- Total
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for the project-wide Measured resource total.
Positive factors
- project-wide measured gold inventory is disclosed
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
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
- 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
- Resource group id
- resource:0f07a5f8422991f7d99c
- Deposit or zone
- Total
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the project-wide indicated silver total from the prior resource estimate.
Positive factors
- project-wide indicated resource is material
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
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
- 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
- Resource group id
- resource:0f07a5f8422991f7d99c
- Deposit or zone
- Total
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for the project-wide indicated resource total.
Positive factors
- project-wide indicated gold inventory disclosed
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
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
- 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
- Resource group id
- resource:bda489abb65c36b9875d
- Deposit or zone
- Total
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the project-wide inferred silver total from the prior resource estimate.
Positive factors
- project-wide inferred inventory disclosed
Negative factors
- historical restatement
- inferred category carries lower 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
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
- 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
- Resource group id
- resource:bda489abb65c36b9875d
- Deposit or zone
- Total
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
Lab
- Laboratory
- SGS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-09-09T00:00:00.000Z
Reasoning: This is the gold companion fact for the project-wide inferred resource total.
Positive factors
- project-wide inferred gold inventory disclosed
Negative factors
- historical restatement
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
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 (2)
whole-ore leachPanuco · silverRecovery: 92.3 %Head Grade: 249Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Test Work
- Program Status
- optimization
- Test Type
- whole-ore leach
- Processing Route
- 3-stage crushing, grinding to 50 um, whole-ore leach, CCD, Merrill Crowe and refinery circuits
- Sample
- Panuco project deposits, 2025 metallurgical test work
- Grind P80
- 50 µm
- Leach Time
- 96 hours
Recovery
- Recovery
- 92.3 %
- Recovery Basis
- actual_test
- Head Grade
- 249
- Head Grade Unit
- g/t
Lab
- Laboratory
- SGS
- Consultant
- Ausenco
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the silver metallurgical result for the base whole-ore leach circuit described in the feasibility study.
Positive factors
- life-of-mine average silver recovery is above the strong band for a mill/leach route
- whole-ore leach circuit and downstream Merrill Crowe recovery are described
- test work was conducted in 2025
Negative factors
- only average recovery is stated rather than domain-by-domain recoveries
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 %Head Grade: 2.01Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- VZLA
Test Work
- Program Status
- optimization
- Test Type
- whole-ore leach
- Processing Route
- 3-stage crushing, grinding to 50 um, whole-ore leach, CCD, Merrill Crowe and refinery circuits
- Sample
- Panuco project deposits, 2025 metallurgical test work
- Grind P80
- 50 µm
- Leach Time
- 96 hours
Recovery
- Recovery
- 93.8 %
- Recovery Basis
- actual_test
- Head Grade
- 2.01
- Head Grade Unit
- g/t
Lab
- Laboratory
- SGS
- Consultant
- Ausenco
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold metallurgical result for the base whole-ore leach circuit in the feasibility study.
Positive factors
- gold recovery is in the strong to exceptional range for a mill route
- whole-ore leach circuit is described
- 2025 test work underpins the study
Negative factors
- the result is presented as an average rather than domain-specific performance
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.