Vizsla Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com
Original announcement by research on
- Company
- Unavailable
- Ticker
- VZLA
- Exchange
- TSX
- Region
- Sinaloa, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Other, Resource update, Capital raise
- Extracted
- 2026-11-08 15:39:59 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Vizsla Silver’s MD&A highlights completion of the Panuco West feasibility study, a large convertible notes financing, and strong liquidity. It also reiterates the project’s reserve and resource figures and discusses ongoing underground drilling, development, permitting, and bulk-sample work at Panuco West and other district projects.
Reasoning: The document is primarily an MD&A/corporate update with feasibility-study and financing disclosure, alongside restated resource and reserve information. The mining content is material, but much of the technical data is historical or summarized rather than a fresh standalone technical announcement.
Positive factors
- Feasibility Study completed and disclosed with NPV(5%) of US$1,802 million and IRR of 111%
- Proven and Probable Mineral Reserve estimate disclosed for Panuco West with effective date November 4th, 2025
- Company reports strong liquidity with cash and cash equivalents of approximately $503,000,000
Negative factors
- MD&A is largely a corporate and financial update rather than a single new technical announcement
- Resource section restates a January 9, 2025 resource update and the current reserve figures are not presented as a new estimate in this document
- A current convertible senior unsecured notes financing and related derivative accounting dominate part of the release
Low confidence — this extraction should be reviewed alongside the original source.
Rubric flags
- resource_update completeness — The document includes historical resource and reserve rows, but no fresh resource estimate announcement; if you want only current-event rows, downweight or filter historical facts in downstream scoring.
- facts attribution — The document’s resource rows are tied to Panuco West / Panuco, while the MD&A also describes project development and financing; keep document-level company as Vizsla but preserve per-fact project attribution.
Facts used in scoring: 20
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The document says the resource and reserve technical work was prepared in accordance with NI 43-101, not JORC, so this tag is not applied; instead the release explicitly cites NI 43-101.
Evidence · text
“in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects”
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The feasibility study and reserve/resource disclosure are described as NI 43-101 compliant.
Evidence · text
“in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects”
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: A Qualified Person and independent QP are named for the reserve/resource work.
Evidence · text
“prepared by Jason Blais, P.Eng., Principal Mining Consultant of Mining Plus”
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource section states a 150 g/t AgEq cut-off and the reserve section states NSR cut-off values.
Evidence · text
“Mineral Resources are reported at a base case cut-off grade of 150 g/t AgEq.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Panuco West resource table includes an Inferred category row.
Evidence · table
“Inferred”
Context: Inferred | 10.50 | 219 | 1.96 | 0.30 | 1.01 | 412 | 4.91 | 73,621 | 660 | 31.2 | 106.2 | 138,711 | 1,654
Single Domain Onlynegative · Story-specific tag
Testing limited to one composite or domain — representativeness not established.
Why it applies: The document repeats a historical resource table without adding fresh drilling or multiple new test domains; the extracted resource rows are all from one combined estimate presentation.
Evidence · text
“On January 9 th , 2025, the Company announced the results of the Panuco West project mineral resource estimate update.”
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: Not applied because a QP is explicitly named in the technical disclosure.
Evidence · text
“qualified person ("QP")”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The release includes a resource estimate update, albeit restated in MD&A context.
Evidence · text
“On January 9 th , 2025, the Company announced the results of the Panuco West project mineral resource estimate update.”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The resource rows are explicitly identified as a January 9, 2025 update and are repeated in the current MD&A.
Evidence · text
“On January 9 th , 2025, the Company announced the results of the Panuco West project mineral resource estimate update.”
Step Out Extensionpositive · Story-specific tag
Mineralization extended beyond the previously known limit.
Why it applies: The company says seven acquired claims occur adjacent to Panuco and cover potential extensions to veins with known mineralization.
Evidence · text
“potential extensions to veins with known mineralization”
Nearology Playneutral · Story-specific tag
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: The acquired claims are described as adjacent to the Panuco project and prospective for extensions to known mineralization.
Evidence · text
“adjacent to the Panuco project covering prospective areas or potential extensions to veins with known mineralization”
Extracted facts
Stored fact records: 20. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
provenPanuco West · silverTonnes: 1948000Grade: 308Grade Unit: g/tContained Metal: 19264Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:49e4ce41a91ceec36a66
- Deposit or zone
- Panuco West project
Resource Data
- Category
- proven
- Tonnes
- 1948000
- Grade
- 308
- Grade Unit
- g/t
- Contained Metal
- 19264
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 502
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This is a high-confidence reserve row from the feasibility-study table, but in this document it is presented as a restatement of the November 4, 2025 effective-date reserve estimate.
Positive factors
- Reserve estimate disclosed under NI 43-101
- Proven category stated
- Qualified Person named
Negative factors
- Restated in MD&A rather than a fresh standalone reserve release
Evidence · table
“308”
Context: Proven | 1,948 | 308 | 2.35 | 502 | 19,264 | 147 | 31,424
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
provenPanuco West · goldTonnes: 1948000Grade: 2.35Grade Unit: g/tContained Metal: 147Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:49e4ce41a91ceec36a66
- Deposit or zone
- Panuco West project
Resource Data
- Category
- proven
- Tonnes
- 1948000
- Grade
- 2.35
- Grade Unit
- g/t
- Contained Metal
- 147
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 502
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The proven reserve includes a meaningful gold component at 2.35 g/t, but the numbers are restated from the feasibility study rather than newly announced.
Positive factors
- Reserve estimate disclosed with gold grade and contained ounces
- NI 43-101 reserve with QP sign-off
- Supports underground mine plan
Negative factors
- Restated reserve figures in MD&A
Evidence · table
“2.35”
Context: Proven | 1,948 | 308 | 2.35 | 502 | 19,264 | 147 | 31,424
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco West · silverTonnes: 10854000Grade: 239Grade Unit: g/tContained Metal: 83351Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:ad484781d71810cd977a
- Deposit or zone
- Panuco West project
Resource Data
- Category
- probable
- Tonnes
- 10854000
- Grade
- 239
- Grade Unit
- g/t
- Contained Metal
- 83351
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 400
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This probable reserve row is substantial, but the document is summarizing the feasibility study rather than reporting a new reserve change.
Positive factors
- Large probable reserve tonnage
- Silver-equivalent reserve grade stated
- NI 43-101 and QP disclosed
Negative factors
- Restated in MD&A
Evidence · table
“239”
Context: Probable | 10,854 | 239 | 1.95 | 400 | 83,351 | 681 | 139,687
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco West · goldTonnes: 10854000Grade: 1.95Grade Unit: g/tContained Metal: 681Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:ad484781d71810cd977a
- Deposit or zone
- Panuco West project
Resource Data
- Category
- probable
- Tonnes
- 10854000
- Grade
- 1.95
- Grade Unit
- g/t
- Contained Metal
- 681
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 400
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The probable reserve gold component is clearly disclosed, but the document does not present it as a fresh technical update.
Positive factors
- Probable reserve includes gold ounces and is supported by NI 43-101 disclosure
- Relevant to development-stage economics
Negative factors
- No new technical changes are described in this MD&A
Evidence · table
“1.95”
Context: Probable | 10,854 | 239 | 1.95 | 400 | 83,351 | 681 | 139,687
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
provenPanuco West · silverTonnes: 4000Grade: 330Grade Unit: g/tContained Metal: 41Contained Unit: k ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:9bdb98ade88b7e0661a2
- Deposit or zone
- Panuco West project
Resource Data
- Category
- proven
- Tonnes
- 4000
- Grade
- 330
- Grade Unit
- g/t
- Contained Metal
- 41
- Contained Unit
- k oz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 635
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The planned stockpile proven row is a small but high-grade reserve component, again restated from the feasibility-study disclosure.
Positive factors
- Planned stockpile inventory included in reserve schedule
- High silver grade relative to the broader reserve
Negative factors
- Historical feasibility-study disclosure
Evidence · table
“330”
Context: Planned Stockpile Proven | 4 | 330 | 3.70 | 635 | 41 | 0.5 | 82
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
provenPanuco West · goldTonnes: 4000Grade: 3.7Grade Unit: g/tContained Metal: 0.5Contained Unit: k ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:9bdb98ade88b7e0661a2
- Deposit or zone
- Panuco West project
Resource Data
- Category
- proven
- Tonnes
- 4000
- Grade
- 3.7
- Grade Unit
- g/t
- Contained Metal
- 0.5
- Contained Unit
- k oz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 635
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This is a small stockpile reserve with strong grade, but it is a restated feasibility-study figure rather than current news.
Positive factors
- High-grade gold stockpile component
- Contained gold ounces stated
Negative factors
- Very small tonnage and historical reserve context
Evidence · table
“3.70”
Context: Planned Stockpile Proven | 4 | 330 | 3.70 | 635 | 41 | 0.5 | 82
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco West · silverTonnes: 3000Grade: 318Grade Unit: g/tContained Metal: 34Contained Unit: k ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:f0b7767720cbe3018805
- Deposit or zone
- Panuco West project
Resource Data
- Category
- probable
- Tonnes
- 3000
- Grade
- 318
- Grade Unit
- g/t
- Contained Metal
- 34
- Contained Unit
- k oz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 558
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The probable stockpile silver row is a minor reserve component and is not presented as new information.
Positive factors
- Additional probable stockpile tonnage included
- Silver-equivalent value disclosed
Negative factors
- Historical feasibility-study context
Evidence · table
“318”
Context: Probable | 3 | 318 | 2.90 | 558 | 34 | 0.3 | 54
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco West · goldTonnes: 3000Grade: 2.9Grade Unit: g/tContained Metal: 0.3Contained Unit: k ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:f0b7767720cbe3018805
- Deposit or zone
- Panuco West project
Resource Data
- Category
- probable
- Tonnes
- 3000
- Grade
- 2.9
- Grade Unit
- g/t
- Contained Metal
- 0.3
- Contained Unit
- k oz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 558
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The probable stockpile gold row is valid but historical in this document.
Positive factors
- Gold grade remains strong for a small stockpile parcel
Negative factors
- Restated reserve information
Evidence · table
“2.90”
Context: Probable | 3 | 318 | 2.90 | 558 | 34 | 0.3 | 54
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco West · silverTonnes: 12809000Grade: 249Grade Unit: g/tContained Metal: 102689Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:c1e596ed9a4db5e7f8ac
- Deposit or zone
- Panuco West project
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 249
- Grade Unit
- g/t
- Contained Metal
- 102689
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The total proven+probable reserve is central to the feasibility study, but the values are restated in the MD&A.
Positive factors
- Total reserve tonnage and grade disclosed
- Base case feasibility-study reserve supports development economics
Negative factors
- This is a rolled-up total rather than a new incremental update
Evidence · table
“249”
Context: Total Proven + Probable | 12,809 | 249 | 2.01 | 416 | 102,689 | 829 | 171,246
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco West · goldTonnes: 12809000Grade: 2.01Grade Unit: g/tContained Metal: 829Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:c1e596ed9a4db5e7f8ac
- Deposit or zone
- Panuco West project
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 2.01
- Grade Unit
- g/t
- Contained Metal
- 829
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mining Plus
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The total reserve gold row is material, but not a new estimate in this document.
Positive factors
- Gold reserve grade and contained ounces are disclosed
- Reserve supports underground development case
Negative factors
- Historical/summary presentation
Evidence · table
“2.01”
Context: Total Proven + Probable | 12,809 | 249 | 2.01 | 416 | 102,689 | 829 | 171,246
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
indicatedPanuco West · silverTonnes: 12960000Grade: 307Grade Unit: g/tContained Metal: 127819Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:16a68acfd090ad611987
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 307
- Grade Unit
- g/t
- Contained Metal
- 127819
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: This is a core resource row, but the release explicitly says it is the January 9, 2025 resource update.
Positive factors
- Measured & Indicated resource disclosed
- NI 43-101 and QP sign-off stated
- Cut-off grade stated
Negative factors
- Historical January 9, 2025 resource update restated in current MD&A
Evidence · table
“307”
Context: Measured & Indicated | 12.96 | 307 | 2.49 | 0.27 | 0.85 | 534 | 6.58 | 127,819 | 1036 | 34.9 | 110.2 | 222,362 | 2,739
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
indicatedPanuco West · goldTonnes: 12960000Grade: 2.49Grade Unit: g/tContained Metal: 1036Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:16a68acfd090ad611987
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 2.49
- Grade Unit
- g/t
- Contained Metal
- 1036
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The gold component is materially robust, but the document is re-presenting the prior resource update.
Positive factors
- Gold grade above 2 g/t with sizeable ounces
- Measured & Indicated resource category
Negative factors
- Restated historical resource row
Evidence · table
“2.49”
Context: Measured & Indicated | 12.96 | 307 | 2.49 | 0.27 | 0.85 | 534 | 6.58 | 127,819 | 1036 | 34.9 | 110.2 | 222,362 | 2,739
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
indicatedPanuco West · leadTonnes: 12960000Grade: 0.27Grade Unit: %Contained Metal: 34.9Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:16a68acfd090ad611987
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 34.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The lead grade is a genuine disclosed byproduct value in the resource table, but it is historical in this MD&A.
Positive factors
- Lead grade is explicitly disclosed alongside the polymetallic resource
Negative factors
- Historical restatement
- No separate economic context for lead
Evidence · table
“0.27”
Context: Measured & Indicated | 12.96 | 307 | 2.49 | 0.27 | 0.85 | 534 | 6.58 | 127,819 | 1036 | 34.9 | 110.2 | 222,362 | 2,739
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
indicatedPanuco West · zincTonnes: 12960000Grade: 0.85Grade Unit: %Contained Metal: 110.2Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:16a68acfd090ad611987
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 0.85
- Grade Unit
- %
- Contained Metal
- 110.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The zinc component is a disclosed byproduct within a historical resource table.
Positive factors
- Zinc grade and contained metal are explicitly disclosed
Negative factors
- Historical resource summary
Evidence · table
“0.85”
Context: Measured & Indicated | 12.96 | 307 | 2.49 | 0.27 | 0.85 | 534 | 6.58 | 127,819 | 1036 | 34.9 | 110.2 | 222,362 | 2,739
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
inferredPanuco West · silverTonnes: 10500000Grade: 219Grade Unit: g/tContained Metal: 73621Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fa2187ed662b3f74aed6
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 219
- Grade Unit
- g/t
- Contained Metal
- 73621
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The inferred silver resource is material but lower confidence and historical.
Positive factors
- Large inferred silver resource stated
- NI 43-101 disclosure with cut-off grade
Negative factors
- Inferred category carries lower confidence
- Historical restatement
Evidence · table
“219”
Context: Inferred | 10.50 | 219 | 1.96 | 0.30 | 1.01 | 412 | 4.91 | 73,621 | 660 | 31.2 | 106.2 | 138,711 | 1,654
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
inferredPanuco West · goldTonnes: 10500000Grade: 1.96Grade Unit: g/tContained Metal: 660Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fa2187ed662b3f74aed6
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 1.96
- Grade Unit
- g/t
- Contained Metal
- 660
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The inferred gold resource is clearly disclosed but not fresh news.
Positive factors
- Gold ounces explicitly stated
- Large tonnage underpinning the inferred inventory
Negative factors
- Inferred confidence lower than indicated
- Historical resource presentation
Evidence · table
“1.96”
Context: Inferred | 10.50 | 219 | 1.96 | 0.30 | 1.01 | 412 | 4.91 | 73,621 | 660 | 31.2 | 106.2 | 138,711 | 1,654
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
inferredPanuco West · leadTonnes: 10500000Grade: 0.3Grade Unit: %Contained Metal: 31.2Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fa2187ed662b3f74aed6
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 0.3
- Grade Unit
- %
- Contained Metal
- 31.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The lead byproduct is documented, but this is a historical inferred resource row.
Positive factors
- Lead grade disclosed for inferred resource
Negative factors
- Historical estimate
- Lower confidence inferred category
Evidence · table
“0.30”
Context: Inferred | 10.50 | 219 | 1.96 | 0.30 | 1.01 | 412 | 4.91 | 73,621 | 660 | 31.2 | 106.2 | 138,711 | 1,654
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
inferredPanuco West · zincTonnes: 10500000Grade: 1.01Grade Unit: %Contained Metal: 106.2Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fa2187ed662b3f74aed6
- Deposit or zone
- Panuco West project
- Material type
- mixed
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 1.01
- Grade Unit
- %
- Contained Metal
- 106.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: The zinc byproduct in the inferred resource is real but historical.
Positive factors
- Zinc grade and contained metal are disclosed
Negative factors
- Historical inferred resource
- No fresh update
Evidence · table
“1.01”
Context: Inferred | 10.50 | 219 | 1.96 | 0.30 | 1.01 | 412 | 4.91 | 73,621 | 660 | 31.2 | 106.2 | 138,711 | 1,654
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
probablePanuco · silverTonnes: 12809000Grade: 249Grade Unit: g/tContained Metal: 102689Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:478902326a1716b30976
- Deposit or zone
- Panuco project
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 249
- Grade Unit
- g/t
- Contained Metal
- 102689
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-11-04T00:00:00.000Z
Reasoning: This narrative reserve statement repeats the same Panuco reserve figures already tabulated in the document.
Positive factors
- Reserve estimate and economics disclosed in text
- Supports underground mine plan
Negative factors
- Restated in MD&A
Evidence · text
“12,800 kt at an average grade of 249 g/t Ag and 2.01 g/t Au or 416 g/t AgEq”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
probablePanuco · goldTonnes: 12809000Grade: 2.01Grade Unit: g/tContained Metal: 829Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:478902326a1716b30976
- Deposit or zone
- Panuco project
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 2.01
- Grade Unit
- g/t
- Contained Metal
- 829
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-11-04T00:00:00.000Z
Reasoning: The gold reserve data are duplicated in prose and remain historical within this MD&A.
Positive factors
- Gold reserve grade disclosed in narrative form
Negative factors
- Historical feasibility-study disclosure
Evidence · text
“12,800 kt at an average grade of 249 g/t Ag and 2.01 g/t Au or 416 g/t AgEq”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
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.