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, Metallurgy
- Extracted
- 2026-11-07 15:27:34 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Vizsla Silver's filing is an MD&A that includes a current Panuco Project resource update, ongoing exploration and test mining updates, and summaries of prior metallurgical work. The Panuco resource table reports 12.96 Mt M&I at 307 g/t Ag and 10.50 Mt Inferred at 219 g/t Ag, while metallurgy summaries show several silver-gold-lead-zinc flowsheet results from earlier testwork. The document is largely financial and corporate in nature, so the technical content is secondary but still substantive.
Reasoning: This is primarily an MD&A / corporate filing with embedded technical updates. The most material technical items are the Panuco resource update and supporting metallurgy, which are positive, but the overall document is mixed and heavily financial.
Positive factors
- Contains a current mineral resource update for the Panuco Project with M&I and Inferred categories
- Provides metallurgical testwork summaries and flowsheet recovery data for Napoleon, Tajitos and Copala
- Discloses technical disclosure under a named Qualified Person and NI 43-101-compliant reporting for the resource update
Negative factors
- Most of the document is MD&A and financial/corporate disclosure rather than a single technical event
- Some metallurgy references earlier work and not all test conditions are new in this filing
- No drill assay tables with hole-by-hole results are reported in this document
Facts used in scoring: 90
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The filing says the resource work was completed with an independent qualified person and the disclosure references NI 43-101, not JORC; this tag is not applied. The document is NI 43-101 aligned, so a resource-compliance tag is appropriate only at the fact level where stated.
Evidence · text
“NI 43-101 compliant report”
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource update is described as a NI 43-101 compliant report and completed with an independent qualified person.
Evidence · text
“NI 43-101 compliant report available on SEDAR+”
Metal Equivalent Opaquenegative · Story-specific tag
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.
Why it applies: Metal-equivalent grades are reported, but the filing also discloses the price assumptions used for AgEq and AuEq, so this tag does not apply.
Evidence · text
“Metal price assumptions are $26.00/oz silver, $1,975/oz gold, $2,425/t lead and $2,976/t zinc.”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: Technical disclosure states the work was done under a Qualified Person, and the metallurgical work used a third-party laboratory.
Evidence · text
“prepared under the supervision of Jesus Velador, Ph.D. QP MMSA”
True Width Disclosedpositive · Story-specific tag
Actual thickness perpendicular to structure is stated, not just downhole length.
Why it applies: No true widths are given for the resource tables, so this tag is not supported by the extracted facts.
Evidence · text
“Total M&I”
No QA/QC Disclosurenegative · Story-specific tag
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: The resource tables do not provide assay QA/QC methods such as blanks, standards, duplicates, or laboratory certification details in the resource section itself.
Evidence · text
“The company in conjunction with an independent qualified person”
Apparent Width Onlynegative · Story-specific tag
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: The document includes resource and metallurgy tables rather than drill intercepts, so this drill-specific caution is not directly applicable.
Evidence · text
“Panuco Project Resource Summary”
Infill Drillingneutral · Story-specific tag
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The exploration update says the company conducted resource expansion drilling and exploration drilling, not pure infill/resource conversion drilling.
Evidence · text
“resource expansion drilling in Copala”
Nearology Playneutral · Story-specific tag
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: The La Garra acquisition is described as being in the heart of the silver-gold-rich Panuco - San Dimas corridor, which is a proximity/borough-style pitch.
Evidence · text
“situated in the heart of the silver-gold-rich Panuco - San Dimas corridor”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
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: 90. Some facts used in scoring do not have a stored record.
Resource Estimates (72)
indicatedPanuco Project · silverTonnes: 12960000Grade: 307Grade Unit: g/tContained Metal: 127819Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:645befed41668c10c9d8
- Deposit or zone
- Panuco Project
- Mining method
- underground
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 AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated portion of the current Panuco resource update with clearly stated tonnage, grade and contained silver.
Positive factors
- Current NI 43-101 resource update announced for the project
- M&I tonnage and grade are explicitly reported
- Cut-off and metal-equivalent assumptions are disclosed in the note
Negative factors
- No project coordinates are stated in the resource section
- The filing is an MD&A, so the resource update is embedded within broader corporate disclosure
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 12960000Grade: 2.49Grade Unit: g/tContained Metal: 1036Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:645befed41668c10c9d8
- Deposit or zone
- Panuco Project
- Mining method
- underground
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
- 6.58
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold grade for the current M&I resource row, with explicit tonnes, grade and contained ounces.
Positive factors
- Current Panuco resource update
- Contained gold ounces are explicitly reported
- Equivalent-grade assumptions are disclosed in the note
Negative factors
- No coordinates or geometry details are given in the resource table
- MD&A context reduces standalone novelty
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 12960000Grade: 0.27Grade Unit: %Contained Metal: 34.9Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:645befed41668c10c9d8
- Deposit or zone
- Panuco Project
- Mining method
- underground
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 AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the lead grade line in the current resource table; it is informative but secondary to the silver-gold focus.
Positive factors
- Lead grade is explicitly reported as part of the resource table
- Contained lead tonnage is disclosed
Negative factors
- Lead is a secondary metal rather than the main narrative focus
- No economic interpretation for lead is stated
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 12960000Grade: 0.85Grade Unit: %Contained Metal: 110.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:645befed41668c10c9d8
- Deposit or zone
- Panuco Project
- Mining method
- underground
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 AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the zinc grade line in the current resource table; it is a secondary but complete disclosure.
Positive factors
- Zinc grade is explicitly reported in the resource table
- Contained zinc is stated
Negative factors
- Zinc is not the headline commodity for the release
- No standalone zinc economics are discussed
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 10500000Grade: 219Grade Unit: g/tContained Metal: 73621Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:9a3b66efc739da895629
- Deposit or zone
- Panuco Project
- Mining method
- underground
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 AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver resource row from the current update.
Positive factors
- Current inferred resource is explicitly reported
- Contained silver ounces are disclosed
- Equivalent-grade assumptions are stated
Negative factors
- Inferred category carries lower confidence than M&I
- The estimate is embedded in a broader MD&A document
Evidence · table
“219”
Context: Total 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 10500000Grade: 1.96Grade Unit: g/tContained Metal: 660Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:9a3b66efc739da895629
- Deposit or zone
- Panuco Project
- Mining method
- underground
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
- 4.91
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold grade in the current resource table.
Positive factors
- Current inferred gold resource is explicitly tabulated
- Contained gold ounces are disclosed
Negative factors
- Inferred category is lower confidence than indicated/measured
- No resource geometry or drill spacing is provided
Evidence · table
“1.96”
Context: Total 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 10500000Grade: 0.3Grade Unit: %Contained Metal: 31.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:9a3b66efc739da895629
- Deposit or zone
- Panuco Project
- Mining method
- underground
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 AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred lead grade from the current resource table.
Positive factors
- Lead grade is explicitly reported for the inferred resource
- Contained lead tonnage is disclosed
Negative factors
- Secondary metal disclosure within inferred resource only
- No standalone lead project narrative
Evidence · table
“0.30”
Context: Total 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 10500000Grade: 1.01Grade Unit: %Contained Metal: 106.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:9a3b66efc739da895629
- Deposit or zone
- Panuco Project
- Mining method
- underground
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 AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred zinc grade from the current resource table.
Positive factors
- Zinc grade is explicitly reported for the inferred resource
- Contained zinc is disclosed
Negative factors
- Secondary metal disclosure only
- No zinc-specific economic commentary
Evidence · table
“1.01”
Context: Total 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · silverTonnes: 1880000Grade: 442Grade Unit: g/tContained Metal: 26744Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:77aa4b12d6dd73983555
- Deposit or zone
- Copala
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured silver resource for the Copala vein, and it is a strong grade with explicit contained metal.
Positive factors
- Measured resource grade is very strong
- Contained silver and equivalent grade are explicitly stated
Negative factors
- Reported within a multi-commodity resource table rather than a standalone measured resource release
Evidence · table
“442”
Context: Copala | 1.88 | 442 | 3.09 | 0.08 | 0.15 | 684 | 8.92 | 26,744 | 187 | 1.4 | 2.9 | 41,418 | 540
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · goldTonnes: 1880000Grade: 3.09Grade Unit: g/tContained Metal: 187Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:77aa4b12d6dd73983555
- Deposit or zone
- Copala
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 8.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured gold resource for Copala.
Positive factors
- Measured gold grade exceeds economic threshold
- Contained gold ounces are explicitly reported
Negative factors
- No deposit geometry or drill spacing is given in this table
Evidence · table
“3.09”
Context: Copala | 1.88 | 442 | 3.09 | 0.08 | 0.15 | 684 | 8.92 | 26,744 | 187 | 1.4 | 2.9 | 41,418 | 540
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · leadTonnes: 1880000Grade: 0.08Grade Unit: %Contained Metal: 1.4Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:77aa4b12d6dd73983555
- Deposit or zone
- Copala
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 1880000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 1.4
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured lead grade for Copala.
Positive factors
- Lead grade is explicitly reported in the measured row
- Contained lead is disclosed
Negative factors
- Very small contained tonnage for lead
- Secondary metal relative to silver/gold
Evidence · table
“0.08”
Context: Copala | 1.88 | 442 | 3.09 | 0.08 | 0.15 | 684 | 8.92 | 26,744 | 187 | 1.4 | 2.9 | 41,418 | 540
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · zincTonnes: 1880000Grade: 0.15Grade Unit: %Contained Metal: 2.9Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:77aa4b12d6dd73983555
- Deposit or zone
- Copala
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 1880000
- Grade
- 0.15
- Grade Unit
- %
- Contained Metal
- 2.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 684
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured zinc grade for Copala.
Positive factors
- Zinc grade is explicitly reported in the measured row
- Contained zinc is disclosed
Negative factors
- Byproduct metal only
- Grade is modest
Evidence · table
“0.15”
Context: Copala | 1.88 | 442 | 3.09 | 0.08 | 0.15 | 684 | 8.92 | 26,744 | 187 | 1.4 | 2.9 | 41,418 | 540
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · silverTonnes: 360000Grade: 161Grade Unit: g/tContained Metal: 1853Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:3cea962b583958048719
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 360000
- Grade
- 161
- Grade Unit
- g/t
- Contained Metal
- 1853
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 404
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured silver resource for Napoleon.
Positive factors
- Measured silver resource is explicitly stated for Napoleon
- Contained silver is reported
Negative factors
- Grade is lower than the Copala measured row
- Secondary resource row within a multi-vein table
Evidence · table
“161”
Context: Napoleon | 0.36 | 161 | 2.34 | 0.51 | 1.41 | 404 | 4.55 | 1,853 | 27 | 1.8 | 5.1 | 4,638 | 52
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · goldTonnes: 360000Grade: 2.34Grade Unit: g/tContained Metal: 27Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:3cea962b583958048719
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 360000
- Grade
- 2.34
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.55
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured gold resource for Napoleon.
Positive factors
- Measured gold resource is explicitly stated for Napoleon
- Contained gold ounces are reported
Negative factors
- Small tonnage compared with the larger area totals
Evidence · table
“2.34”
Context: Napoleon | 0.36 | 161 | 2.34 | 0.51 | 1.41 | 404 | 4.55 | 1,853 | 27 | 1.8 | 5.1 | 4,638 | 52
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · leadTonnes: 360000Grade: 0.51Grade Unit: %Contained Metal: 1.8Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:3cea962b583958048719
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 360000
- Grade
- 0.51
- Grade Unit
- %
- Contained Metal
- 1.8
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 404
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured lead grade for Napoleon.
Positive factors
- Lead grade is explicitly reported for Napoleon measured resources
- Contained lead is disclosed
Negative factors
- Byproduct metal only
Evidence · table
“0.51”
Context: Napoleon | 0.36 | 161 | 2.34 | 0.51 | 1.41 | 404 | 4.55 | 1,853 | 27 | 1.8 | 5.1 | 4,638 | 52
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredPanuco Project · zincTonnes: 360000Grade: 1.41Grade Unit: %Contained Metal: 5.1Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:3cea962b583958048719
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 360000
- Grade
- 1.41
- Grade Unit
- %
- Contained Metal
- 5.1
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 404
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the measured zinc grade for Napoleon.
Positive factors
- Zinc grade is explicitly reported for Napoleon measured resources
- Contained zinc is disclosed
Negative factors
- Secondary metal only
Evidence · table
“1.41”
Context: Napoleon | 0.36 | 161 | 2.34 | 0.51 | 1.41 | 404 | 4.55 | 1,853 | 27 | 1.8 | 5.1 | 4,638 | 52
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 5370000Grade: 413Grade Unit: g/tContained Metal: 71309Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d53b2162c0822efcb023
- Deposit or zone
- Copala Area Total
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 617
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver total for the Copala area.
Positive factors
- Area total for indicated silver is explicitly reported
- Contained silver is disclosed
Negative factors
- Area total combines multiple zones
Evidence · table
“413”
Context: Copala Area Total | 5.37 | 413 | 2.56 | 0.11 | 0.20 | 617 | 8.01 | 71,309 | 443 | 5.7 | 10.6 | 106,672 | 1,384
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 5370000Grade: 2.56Grade Unit: g/tContained Metal: 443Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d53b2162c0822efcb023
- Deposit or zone
- Copala Area Total
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 8.01
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold total for the Copala area.
Positive factors
- Area total for indicated gold is explicitly reported
- Contained gold ounces are disclosed
Negative factors
- Total combines multiple veins
Evidence · table
“2.56”
Context: Copala Area Total | 5.37 | 413 | 2.56 | 0.11 | 0.20 | 617 | 8.01 | 71,309 | 443 | 5.7 | 10.6 | 106,672 | 1,384
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 5370000Grade: 0.11Grade Unit: %Contained Metal: 5.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d53b2162c0822efcb023
- Deposit or zone
- Copala Area Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5370000
- Grade
- 0.11
- Grade Unit
- %
- Contained Metal
- 5.7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 617
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the lead line for the Copala area indicated total.
Positive factors
- Lead grade is disclosed for the area total
Negative factors
- Secondary metal
Evidence · table
“0.11”
Context: Copala Area Total | 5.37 | 413 | 2.56 | 0.11 | 0.20 | 617 | 8.01 | 71,309 | 443 | 5.7 | 10.6 | 106,672 | 1,384
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 5370000Grade: 0.2Grade Unit: %Contained Metal: 10.6Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d53b2162c0822efcb023
- Deposit or zone
- Copala Area Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5370000
- Grade
- 0.2
- Grade Unit
- %
- Contained Metal
- 10.6
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 617
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the zinc line for the Copala area indicated total.
Positive factors
- Zinc grade is disclosed for the area total
Negative factors
- Secondary metal
Evidence · table
“0.20”
Context: Copala Area Total | 5.37 | 413 | 2.56 | 0.11 | 0.20 | 617 | 8.01 | 71,309 | 443 | 5.7 | 10.6 | 106,672 | 1,384
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 3780000Grade: 150Grade Unit: g/tContained Metal: 18184Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1c35a56bd07d8d1e481e
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3780000
- Grade
- 150
- Grade Unit
- g/t
- Contained Metal
- 18184
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 399
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver resource for Napoleon.
Positive factors
- Indicated silver resource for Napoleon is explicitly stated
- Contained silver is reported
Negative factors
- Grade is materially lower than Copala
Evidence · table
“150”
Context: Napoleon | 3.78 | 150 | 2.25 | 0.52 | 1.78 | 399 | 4.32 | 18,184 | 273 | 19.4 | 37.1 | 48,404 | 267
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 3780000Grade: 2.25Grade Unit: g/tContained Metal: 273Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1c35a56bd07d8d1e481e
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3780000
- Grade
- 2.25
- Grade Unit
- g/t
- Contained Metal
- 273
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.32
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold resource for Napoleon.
Positive factors
- Indicated gold resource for Napoleon is explicitly stated
- Contained gold is reported
Negative factors
- Below the measured Napoleon gold grade
Evidence · table
“2.25”
Context: Napoleon | 3.78 | 150 | 2.25 | 0.52 | 1.78 | 399 | 4.32 | 18,184 | 273 | 19.4 | 37.1 | 48,404 | 267
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 3780000Grade: 0.52Grade Unit: %Contained Metal: 19.4Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1c35a56bd07d8d1e481e
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3780000
- Grade
- 0.52
- Grade Unit
- %
- Contained Metal
- 19.4
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 399
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated lead grade for Napoleon.
Positive factors
- Lead grade is explicitly reported for Napoleon indicated resources
Negative factors
- Secondary metal
Evidence · table
“0.52”
Context: Napoleon | 3.78 | 150 | 2.25 | 0.52 | 1.78 | 399 | 4.32 | 18,184 | 273 | 19.4 | 37.1 | 48,404 | 267
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 3780000Grade: 1.78Grade Unit: %Contained Metal: 67.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1c35a56bd07d8d1e481e
- Deposit or zone
- Napoleon
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3780000
- Grade
- 1.78
- Grade Unit
- %
- Contained Metal
- 67.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 399
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated zinc grade for Napoleon.
Positive factors
- Zinc grade is explicitly reported for Napoleon indicated resources
Negative factors
- Secondary metal
Evidence · table
“1.78”
Context: Napoleon | 3.78 | 150 | 2.25 | 0.52 | 1.78 | 399 | 4.32 | 18,184 | 273 | 19.4 | 37.1 | 48,404 | 267
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 990000Grade: 217Grade Unit: g/tContained Metal: 6885Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:8a2bc71e2b5b5c53d894
- Deposit or zone
- Napoleon HW
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 990000
- Grade
- 217
- Grade Unit
- g/t
- Contained Metal
- 6885
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 448
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver resource for Napoleon HW.
Positive factors
- Indicated silver resource is explicitly stated for Napoleon HW
- Contained silver is reported
Negative factors
- Resource is smaller than the main Napoleon corridor
Evidence · table
“217”
Context: Napoleon HW | 0.99 | 217 | 2.09 | 0.47 | 1.64 | 448 | 5.04 | 6,885 | 66 | 4.6 | 16.2 | 14,206 | 160
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 990000Grade: 2.09Grade Unit: g/tContained Metal: 66Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:8a2bc71e2b5b5c53d894
- Deposit or zone
- Napoleon HW
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 990000
- Grade
- 2.09
- Grade Unit
- g/t
- Contained Metal
- 66
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 5.04
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold resource for Napoleon HW.
Positive factors
- Indicated gold resource is explicitly stated for Napoleon HW
- Contained gold is reported
Negative factors
- Smaller tonnage than the principal zones
Evidence · table
“2.09”
Context: Napoleon HW | 0.99 | 217 | 2.09 | 0.47 | 1.64 | 448 | 5.04 | 6,885 | 66 | 4.6 | 16.2 | 14,206 | 160
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 990000Grade: 0.47Grade Unit: %Contained Metal: 4.6Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:8a2bc71e2b5b5c53d894
- Deposit or zone
- Napoleon HW
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 990000
- Grade
- 0.47
- Grade Unit
- %
- Contained Metal
- 4.6
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 448
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated lead grade for Napoleon HW.
Positive factors
- Lead grade is explicitly reported for Napoleon HW
Negative factors
- Byproduct metal
Evidence · table
“0.47”
Context: Napoleon HW | 0.99 | 217 | 2.09 | 0.47 | 1.64 | 448 | 5.04 | 6,885 | 66 | 4.6 | 16.2 | 14,206 | 160
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 990000Grade: 1.64Grade Unit: %Contained Metal: 16.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:8a2bc71e2b5b5c53d894
- Deposit or zone
- Napoleon HW
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 990000
- Grade
- 1.64
- Grade Unit
- %
- Contained Metal
- 16.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 448
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated zinc grade for Napoleon HW.
Positive factors
- Zinc grade is explicitly reported for Napoleon HW
Negative factors
- Secondary metal
Evidence · table
“1.64”
Context: Napoleon HW | 0.99 | 217 | 2.09 | 0.47 | 1.64 | 448 | 5.04 | 6,885 | 66 | 4.6 | 16.2 | 14,206 | 160
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 490000Grade: 143Grade Unit: g/tContained Metal: 2238Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:a2ca50e90a858657afc5
- Deposit or zone
- Luisa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 490000
- Grade
- 143
- Grade Unit
- g/t
- Contained Metal
- 2238
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 364
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver resource for Luisa.
Positive factors
- Indicated silver resource is explicitly stated for Luisa
- Contained silver is reported
Negative factors
- Lower grade than several other veins
Evidence · table
“143”
Context: Luisa | 0.49 | 143 | 2.12 | 0.31 | 1.44 | 364 | 4.08 | 2,238 | 33 | 1.5 | 7.0 | 5,693 | 64
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 490000Grade: 2.12Grade Unit: g/tContained Metal: 33Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:a2ca50e90a858657afc5
- Deposit or zone
- Luisa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 490000
- Grade
- 2.12
- Grade Unit
- g/t
- Contained Metal
- 33
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.08
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold resource for Luisa.
Positive factors
- Indicated gold resource is explicitly stated for Luisa
- Contained gold is reported
Negative factors
- Smaller tonnage than the main Copala and Napoleon zones
Evidence · table
“2.12”
Context: Luisa | 0.49 | 143 | 2.12 | 0.31 | 1.44 | 364 | 4.08 | 2,238 | 33 | 1.5 | 7.0 | 5,693 | 64
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 490000Grade: 0.31Grade Unit: %Contained Metal: 1.5Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:a2ca50e90a858657afc5
- Deposit or zone
- Luisa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 490000
- Grade
- 0.31
- Grade Unit
- %
- Contained Metal
- 1.5
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 364
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated lead grade for Luisa.
Positive factors
- Lead grade is explicitly reported for Luisa
Negative factors
- Byproduct metal
Evidence · table
“0.31”
Context: Luisa | 0.49 | 143 | 2.12 | 0.31 | 1.44 | 364 | 4.08 | 2,238 | 33 | 1.5 | 7.0 | 5,693 | 64
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 490000Grade: 1.44Grade Unit: %Contained Metal: 7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:a2ca50e90a858657afc5
- Deposit or zone
- Luisa
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 490000
- Grade
- 1.44
- Grade Unit
- %
- Contained Metal
- 7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 364
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated zinc grade for Luisa.
Positive factors
- Zinc grade is explicitly reported for Luisa
Negative factors
- Secondary metal
Evidence · table
“1.44”
Context: Luisa | 0.49 | 143 | 2.12 | 0.31 | 1.44 | 364 | 4.08 | 2,238 | 33 | 1.5 | 7.0 | 5,693 | 64
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 60000Grade: 230Grade Unit: g/tContained Metal: 452Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:2418b780a635bc550d41
- Deposit or zone
- Josephine
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 60000
- Grade
- 230
- Grade Unit
- g/t
- Contained Metal
- 452
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 473
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver resource for Josephine.
Positive factors
- Indicated silver resource is explicitly stated for Josephine
Negative factors
- Very small tonnage
Evidence · table
“230”
Context: Josephine | 0.06 | 230 | 2.54 | 0.38 | 1.09 | 473 | 5.64 | 452 | 5 | 0.2 | 0.7 | 928 | 11
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 60000Grade: 2.54Grade Unit: g/tContained Metal: 5Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:2418b780a635bc550d41
- Deposit or zone
- Josephine
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 60000
- Grade
- 2.54
- Grade Unit
- g/t
- Contained Metal
- 5
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 5.64
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold resource for Josephine.
Positive factors
- Indicated gold resource is explicitly stated for Josephine
Negative factors
- Tiny tonnage
Evidence · table
“2.54”
Context: Josephine | 0.06 | 230 | 2.54 | 0.38 | 1.09 | 473 | 5.64 | 452 | 5 | 0.2 | 0.7 | 928 | 11
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 60000Grade: 0.38Grade Unit: %Contained Metal: 0.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:2418b780a635bc550d41
- Deposit or zone
- Josephine
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 60000
- Grade
- 0.38
- Grade Unit
- %
- Contained Metal
- 0.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 473
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated lead grade for Josephine.
Positive factors
- Lead grade is explicitly reported for Josephine
Negative factors
- Byproduct metal
Evidence · table
“0.38”
Context: Josephine | 0.06 | 230 | 2.54 | 0.38 | 1.09 | 473 | 5.64 | 452 | 5 | 0.2 | 0.7 | 928 | 11
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 60000Grade: 1.09Grade Unit: %Contained Metal: 0.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:2418b780a635bc550d41
- Deposit or zone
- Josephine
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 60000
- Grade
- 1.09
- Grade Unit
- %
- Contained Metal
- 0.7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 473
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated zinc grade for Josephine.
Positive factors
- Zinc grade is explicitly reported for Josephine
Negative factors
- Secondary metal
Evidence · table
“1.09”
Context: Josephine | 0.06 | 230 | 2.54 | 0.38 | 1.09 | 473 | 5.64 | 452 | 5 | 0.2 | 0.7 | 928 | 11
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 30000Grade: 145Grade Unit: g/tContained Metal: 154Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1e7e6049a33a58a3fb81
- Deposit or zone
- Cruz
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 30000
- Grade
- 145
- Grade Unit
- g/t
- Contained Metal
- 154
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 380
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver resource for Cruz.
Positive factors
- Indicated silver resource is explicitly stated for Cruz
Negative factors
- Very small tonnage
Evidence · table
“145”
Context: Cruz | 0.03 | 145 | 2.01 | 0.38 | 2.01 | 380 | 4.03 | 154 | 2 | 0.1 | 0.7 | 403 | 4
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 30000Grade: 2.01Grade Unit: g/tContained Metal: 2Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1e7e6049a33a58a3fb81
- Deposit or zone
- Cruz
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 30000
- Grade
- 2.01
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold resource for Cruz.
Positive factors
- Indicated gold resource is explicitly stated for Cruz
Negative factors
- Tiny tonnage
Evidence · table
“2.01”
Context: Cruz | 0.03 | 145 | 2.01 | 0.38 | 2.01 | 380 | 4.03 | 154 | 2 | 0.1 | 0.7 | 403 | 4
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 30000Grade: 0.38Grade Unit: %Contained Metal: 0.1Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1e7e6049a33a58a3fb81
- Deposit or zone
- Cruz
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 30000
- Grade
- 0.38
- Grade Unit
- %
- Contained Metal
- 0.1
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 380
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated lead grade for Cruz.
Positive factors
- Lead grade is explicitly reported for Cruz
Negative factors
- Byproduct metal
Evidence · table
“0.38”
Context: Cruz | 0.03 | 145 | 2.01 | 0.38 | 2.01 | 380 | 4.03 | 154 | 2 | 0.1 | 0.7 | 403 | 4
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 30000Grade: 2.01Grade Unit: %Contained Metal: 0.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:1e7e6049a33a58a3fb81
- Deposit or zone
- Cruz
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 30000
- Grade
- 2.01
- Grade Unit
- %
- Contained Metal
- 0.7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 380
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated zinc grade for Cruz.
Positive factors
- Zinc grade is explicitly reported for Cruz
Negative factors
- Secondary metal
Evidence · table
“2.01”
Context: Cruz | 0.03 | 145 | 2.01 | 0.38 | 2.01 | 380 | 4.03 | 154 | 2 | 0.1 | 0.7 | 403 | 4
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 5340000Grade: 163Grade Unit: g/tContained Metal: 27913Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e0c5f75e3880887f41d6
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 163
- Grade Unit
- g/t
- Contained Metal
- 27913
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 405
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated silver total for the NP area.
Positive factors
- Indicated area total is explicitly reported
- Contained silver is reported
Negative factors
- Area total combines several zones
Evidence · table
“163”
Context: NP Area Total | 5.34 | 163 | 2.21 | 0.49 | 1.72 | 405 | 4.44 | 27,913 | 379 | 25.9 | 91.7 | 69,634 | 763
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 5340000Grade: 2.21Grade Unit: g/tContained Metal: 379Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e0c5f75e3880887f41d6
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 2.21
- Grade Unit
- g/t
- Contained Metal
- 379
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.44
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated gold total for the NP area.
Positive factors
- Indicated area total is explicitly reported
- Contained gold is reported
Negative factors
- Combined across several veins
Evidence · table
“2.21”
Context: NP Area Total | 5.34 | 163 | 2.21 | 0.49 | 1.72 | 405 | 4.44 | 27,913 | 379 | 25.9 | 91.7 | 69,634 | 763
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 5340000Grade: 0.49Grade Unit: %Contained Metal: 25.9Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e0c5f75e3880887f41d6
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 0.49
- Grade Unit
- %
- Contained Metal
- 25.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 405
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the lead line for the NP area indicated total.
Positive factors
- Lead grade is explicitly reported for the area total
Negative factors
- Secondary metal
Evidence · table
“0.49”
Context: NP Area Total | 5.34 | 163 | 2.21 | 0.49 | 1.72 | 405 | 4.44 | 27,913 | 379 | 25.9 | 91.7 | 69,634 | 763
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 5340000Grade: 1.72Grade Unit: %Contained Metal: 91.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e0c5f75e3880887f41d6
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5340000
- Grade
- 1.72
- Grade Unit
- %
- Contained Metal
- 91.7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 405
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the zinc line for the NP area indicated total.
Positive factors
- Zinc grade is explicitly reported for the area total
Negative factors
- Secondary metal
Evidence · table
“1.72”
Context: NP Area Total | 5.34 | 163 | 2.21 | 0.49 | 1.72 | 405 | 4.44 | 27,913 | 379 | 25.9 | 91.7 | 69,634 | 763
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 2320000Grade: 322Grade Unit: g/tContained Metal: 24014Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d17b95401652fa0e73c7
- Deposit or zone
- Copala
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 476
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver resource for Copala.
Positive factors
- Inferred silver grade remains strong
- Contained silver is explicitly reported
Negative factors
- Inferred category lowers confidence
Evidence · table
“322”
Context: Copala | 2.32 | 322 | 1.83 | 0.16 | 0.27 | 476 | 6.09 | 24,014 | 137 | 3.7 | 6.2 | 35,452 | 454
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 2320000Grade: 1.83Grade Unit: g/tContained Metal: 137Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d17b95401652fa0e73c7
- Deposit or zone
- Copala
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 6.09
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold resource for Copala.
Positive factors
- Inferred gold resource remains material
- Contained gold is explicitly reported
Negative factors
- Inferred category lowers confidence
Evidence · table
“1.83”
Context: Copala | 2.32 | 322 | 1.83 | 0.16 | 0.27 | 476 | 6.09 | 24,014 | 137 | 3.7 | 6.2 | 35,452 | 454
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 2320000Grade: 0.16Grade Unit: %Contained Metal: 3.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d17b95401652fa0e73c7
- Deposit or zone
- Copala
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2320000
- Grade
- 0.16
- Grade Unit
- %
- Contained Metal
- 3.7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 476
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred lead grade for Copala.
Positive factors
- Lead grade is explicitly reported for Copala inferred resources
Negative factors
- Byproduct metal
Evidence · table
“0.16”
Context: Copala | 2.32 | 322 | 1.83 | 0.16 | 0.27 | 476 | 6.09 | 24,014 | 137 | 3.7 | 6.2 | 35,452 | 454
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 2320000Grade: 0.27Grade Unit: %Contained Metal: 6.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d17b95401652fa0e73c7
- Deposit or zone
- Copala
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2320000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 6.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 476
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred zinc grade for Copala.
Positive factors
- Zinc grade is explicitly reported for Copala inferred resources
Negative factors
- Secondary metal
Evidence · table
“0.27”
Context: Copala | 2.32 | 322 | 1.83 | 0.16 | 0.27 | 476 | 6.09 | 24,014 | 137 | 3.7 | 6.2 | 35,452 | 454
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 890000Grade: 346Grade Unit: g/tContained Metal: 9936Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:79607e9385c157e7221c
- Deposit or zone
- Tajitos
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 527
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver resource for Tajitos.
Positive factors
- Inferred silver grade is strong
- Contained silver is reported
Negative factors
- Inferred category lowers confidence
Evidence · table
“346”
Context: Tajitos | 0.89 | 346 | 2.08 | 0.27 | 0.43 | 527 | 6.66 | 9,936 | 60 | 2.4 | 3.9 | 15,132 | 191
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 890000Grade: 2.08Grade Unit: g/tContained Metal: 60Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:79607e9385c157e7221c
- Deposit or zone
- Tajitos
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 6.66
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold resource for Tajitos.
Positive factors
- Inferred gold grade is strong
- Contained gold is reported
Negative factors
- Inferred category lowers confidence
Evidence · table
“2.08”
Context: Tajitos | 0.89 | 346 | 2.08 | 0.27 | 0.43 | 527 | 6.66 | 9,936 | 60 | 2.4 | 3.9 | 15,132 | 191
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 890000Grade: 0.27Grade Unit: %Contained Metal: 2.4Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:79607e9385c157e7221c
- Deposit or zone
- Tajitos
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 890000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 2.4
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 527
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred lead grade for Tajitos.
Positive factors
- Lead grade is explicitly reported for Tajitos inferred resources
Negative factors
- Byproduct metal
Evidence · table
“0.27”
Context: Tajitos | 0.89 | 346 | 2.08 | 0.27 | 0.43 | 527 | 6.66 | 9,936 | 60 | 2.4 | 3.9 | 15,132 | 191
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 890000Grade: 0.43Grade Unit: %Contained Metal: 3.9Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:79607e9385c157e7221c
- Deposit or zone
- Tajitos
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 890000
- Grade
- 0.43
- Grade Unit
- %
- Contained Metal
- 3.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 527
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred zinc grade for Tajitos.
Positive factors
- Zinc grade is explicitly reported for Tajitos inferred resources
Negative factors
- Secondary metal
Evidence · table
“0.43”
Context: Tajitos | 0.89 | 346 | 2.08 | 0.27 | 0.43 | 527 | 6.66 | 9,936 | 60 | 2.4 | 3.9 | 15,132 | 191
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · silverTonnes: 360000Grade: 610Grade Unit: g/tContained Metal: 7102Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:56bd0f179bf7409fe35e
- Deposit or zone
- Cristiano
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 912
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the Cristiano indicated silver resource.
Positive factors
- Highest-grade indicated silver row in the table
- Contained silver is explicitly reported
Negative factors
- Small tonnage limits scale
Evidence · table
“610”
Context: Cristiano | 0.36 | 610 | 3.67 | 0.25 | 0.45 | 912 | 11.73 | 7,102 | 43 | 0.9 | 1.6 | 10,614 | 137
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · goldTonnes: 360000Grade: 3.67Grade Unit: g/tContained Metal: 43Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:56bd0f179bf7409fe35e
- Deposit or zone
- Cristiano
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 11.73
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the Cristiano indicated gold resource.
Positive factors
- Strong indicated gold grade
- Contained gold is reported
Negative factors
- Small tonnage
Evidence · table
“3.67”
Context: Cristiano | 0.36 | 610 | 3.67 | 0.25 | 0.45 | 912 | 11.73 | 7,102 | 43 | 0.9 | 1.6 | 10,614 | 137
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · leadTonnes: 360000Grade: 0.25Grade Unit: %Contained Metal: 0.9Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:56bd0f179bf7409fe35e
- Deposit or zone
- Cristiano
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 360000
- Grade
- 0.25
- Grade Unit
- %
- Contained Metal
- 0.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 912
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the indicated lead grade for Cristiano.
Positive factors
- Lead grade is explicitly reported for Cristiano
Negative factors
- Byproduct metal
Evidence · table
“0.25”
Context: Cristiano | 0.36 | 610 | 3.67 | 0.25 | 0.45 | 912 | 11.73 | 7,102 | 43 | 0.9 | 1.6 | 10,614 | 137
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedPanuco Project · zincTonnes: 360000Grade: 0.45Grade Unit: %Contained Metal: 1.6Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:56bd0f179bf7409fe35e
- Deposit or zone
- Cristiano
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 360000
- Grade
- 0.45
- Grade Unit
- %
- Contained Metal
- 1.6
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 912
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the Cristiano indicated zinc grade.
Positive factors
- Zinc grade is explicitly reported for Cristiano
Negative factors
- Secondary metal
Evidence · table
“0.45”
Context: Cristiano | 0.36 | 610 | 3.67 | 0.25 | 0.45 | 912 | 11.73 | 7,102 | 43 | 0.9 | 1.6 | 10,614 | 137
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 3550000Grade: 341Grade Unit: g/tContained Metal: 38909Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e33efef5334275815b6b
- Deposit or zone
- Copala Area Total
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 507
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver total for the Copala area.
Positive factors
- Inferred area total is explicitly stated
- Contained silver is reported
Negative factors
- Inferred category lowers confidence
Evidence · table
“341”
Context: Copala Area Total | 3.55 | 341 | 1.96 | 0.19 | 0.31 | 507 | 6.48 | 38,909 | 224 | 6.7 | 11.1 | 57,752 | 739
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 3550000Grade: 1.96Grade Unit: g/tContained Metal: 224Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e33efef5334275815b6b
- Deposit or zone
- Copala Area Total
- Mining method
- underground
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
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 6.48
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold total for the Copala area.
Positive factors
- Inferred area total is explicitly stated
- Contained gold is reported
Negative factors
- Inferred category lowers confidence
Evidence · table
“1.96”
Context: Copala Area Total | 3.55 | 341 | 1.96 | 0.19 | 0.31 | 507 | 6.48 | 38,909 | 224 | 6.7 | 11.1 | 57,752 | 739
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 3550000Grade: 0.19Grade Unit: %Contained Metal: 6.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e33efef5334275815b6b
- Deposit or zone
- Copala Area Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3550000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 6.7
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 507
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred lead line for the Copala area total.
Positive factors
- Lead grade is explicitly reported for the area total
Negative factors
- Secondary metal
Evidence · table
“0.19”
Context: Copala Area Total | 3.55 | 341 | 1.96 | 0.19 | 0.31 | 507 | 6.48 | 38,909 | 224 | 6.7 | 11.1 | 57,752 | 739
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 3550000Grade: 0.31Grade Unit: %Contained Metal: 11.1Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:e33efef5334275815b6b
- Deposit or zone
- Copala Area Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3550000
- Grade
- 0.31
- Grade Unit
- %
- Contained Metal
- 11.1
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 507
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred zinc line for the Copala area total.
Positive factors
- Zinc grade is explicitly reported for the area total
Negative factors
- Secondary metal
Evidence · table
“0.31”
Context: Copala Area Total | 3.55 | 341 | 1.96 | 0.19 | 0.31 | 507 | 6.48 | 38,909 | 224 | 6.7 | 11.1 | 57,752 | 739
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 6250000Grade: 152Grade Unit: g/tContained Metal: 30573Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d7a9dcabb2f1458be157
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 6250000
- Grade
- 152
- Grade Unit
- g/t
- Contained Metal
- 30573
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 368
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver total for the NP area.
Positive factors
- Inferred area total is explicitly reported
- Contained silver is disclosed
Negative factors
- Inferred category lowers confidence
Evidence · table
“152”
Context: NP Area Total | 6.25 | 152 | 2.00 | 0.38 | 1.48 | 368 | 4.09 | 30,573 | 403 | 23.5 | 92.6 | 73,949 | 822
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 6250000Grade: 2Grade Unit: g/tContained Metal: 403Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d7a9dcabb2f1458be157
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 6250000
- Grade
- 2
- Grade Unit
- g/t
- Contained Metal
- 403
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.09
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold total for the NP area.
Positive factors
- Inferred area total is explicitly reported
- Contained gold is disclosed
Negative factors
- Inferred category lowers confidence
Evidence · table
“2.00”
Context: NP Area Total | 6.25 | 152 | 2.00 | 0.38 | 1.48 | 368 | 4.09 | 30,573 | 403 | 23.5 | 92.6 | 73,949 | 822
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 6250000Grade: 0.38Grade Unit: %Contained Metal: 23.5Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d7a9dcabb2f1458be157
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 6250000
- Grade
- 0.38
- Grade Unit
- %
- Contained Metal
- 23.5
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 368
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred lead line for the NP area total.
Positive factors
- Lead grade is explicitly reported for the area total
Negative factors
- Secondary metal
Evidence · table
“0.38”
Context: NP Area Total | 6.25 | 152 | 2.00 | 0.38 | 1.48 | 368 | 4.09 | 30,573 | 403 | 23.5 | 92.6 | 73,949 | 822
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 6250000Grade: 1.48Grade Unit: %Contained Metal: 92.6Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:d7a9dcabb2f1458be157
- Deposit or zone
- NP Area Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 6250000
- Grade
- 1.48
- Grade Unit
- %
- Contained Metal
- 92.6
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 368
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred zinc line for the NP area total.
Positive factors
- Zinc grade is explicitly reported for the area total
Negative factors
- Secondary metal
Evidence · table
“1.48”
Context: NP Area Total | 6.25 | 152 | 2.00 | 0.38 | 1.48 | 368 | 4.09 | 30,573 | 403 | 23.5 | 92.6 | 73,949 | 822
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 300000Grade: 226Grade Unit: g/tContained Metal: 2038Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fb213ba0af6b4f882de0
- Deposit or zone
- San Antonio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 226
- Grade Unit
- g/t
- Contained Metal
- 2038
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 325
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver resource for San Antonio.
Positive factors
- Inferred silver resource is explicitly stated for San Antonio
Negative factors
- Very small tonnage
- Asterisked row indicates special assumptions
Evidence · table
“226”
Context: *San Antonio | 0.30 | 226 | 1.30 | 0.01 | 0.03 | 325 | 4.33 | 2,038 | 12 | 0.0 | 0.1 | 2,936 | 39
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 300000Grade: 1.3Grade Unit: g/tContained Metal: 12Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fb213ba0af6b4f882de0
- Deposit or zone
- San Antonio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 12
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.33
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold resource for San Antonio.
Positive factors
- Inferred gold resource is explicitly stated for San Antonio
Negative factors
- Very small tonnage
Evidence · table
“1.30”
Context: *San Antonio | 0.30 | 226 | 1.30 | 0.01 | 0.03 | 325 | 4.33 | 2,038 | 12 | 0.0 | 0.1 | 2,936 | 39
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 300000Grade: 0.01Grade Unit: %Contained Metal: 0Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fb213ba0af6b4f882de0
- Deposit or zone
- San Antonio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 0.01
- Grade Unit
- %
- Contained Metal
- 0
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 325
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the lead line for San Antonio.
Positive factors
- Lead grade is explicitly reported
Negative factors
- Essentially barren lead content
Evidence · table
“0.01”
Context: *San Antonio | 0.30 | 226 | 1.30 | 0.01 | 0.03 | 325 | 4.33 | 2,038 | 12 | 0.0 | 0.1 | 2,936 | 39
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 300000Grade: 0.03Grade Unit: %Contained Metal: 0.1Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:fb213ba0af6b4f882de0
- Deposit or zone
- San Antonio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 0.03
- Grade Unit
- %
- Contained Metal
- 0.1
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 325
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the zinc line for San Antonio.
Positive factors
- Zinc grade is explicitly reported
Negative factors
- Very low grade
Evidence · table
“0.03”
Context: *San Antonio | 0.30 | 226 | 1.30 | 0.01 | 0.03 | 325 | 4.33 | 2,038 | 12 | 0.0 | 0.1 | 2,936 | 39
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · silverTonnes: 400000Grade: 169Grade Unit: g/tContained Metal: 2101Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:b185c034c224f2b72002
- Deposit or zone
- Animas
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 169
- Grade Unit
- g/t
- Contained Metal
- 2101
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 327
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred silver resource for Animas.
Positive factors
- Inferred silver resource is explicitly stated for Animas
Negative factors
- Very small tonnage
Evidence · table
“169”
Context: *Animas | 0.40 | 169 | 1.68 | 0.29 | 0.60 | 327 | 4.37 | 2,101 | 21 | 1.1 | 2.3 | 4,074 | 54
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · goldTonnes: 400000Grade: 1.68Grade Unit: g/tContained Metal: 21Contained Unit: kozView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:b185c034c224f2b72002
- Deposit or zone
- Animas
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 1.68
- Grade Unit
- g/t
- Contained Metal
- 21
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 4.37
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the inferred gold resource for Animas.
Positive factors
- Inferred gold resource is explicitly stated for Animas
Negative factors
- Very small tonnage
Evidence · table
“1.68”
Context: *Animas | 0.40 | 169 | 1.68 | 0.29 | 0.60 | 327 | 4.37 | 2,101 | 21 | 1.1 | 2.3 | 4,074 | 54
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · leadTonnes: 400000Grade: 0.29Grade Unit: %Contained Metal: 1.1Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:b185c034c224f2b72002
- Deposit or zone
- Animas
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 0.29
- Grade Unit
- %
- Contained Metal
- 1.1
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 327
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the lead line for Animas.
Positive factors
- Lead grade is explicitly reported for Animas
Negative factors
- Byproduct metal
Evidence · table
“0.29”
Context: *Animas | 0.40 | 169 | 1.68 | 0.29 | 0.60 | 327 | 4.37 | 2,101 | 21 | 1.1 | 2.3 | 4,074 | 54
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredPanuco Project · zincTonnes: 400000Grade: 0.6Grade Unit: %Contained Metal: 2.3Contained Unit: ktView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-01-09T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:b185c034c224f2b72002
- Deposit or zone
- Animas
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 0.6
- Grade Unit
- %
- Contained Metal
- 2.3
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 327
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the zinc line for Animas.
Positive factors
- Zinc grade is explicitly reported for Animas
Negative factors
- Secondary metal
Evidence · table
“0.60”
Context: *Animas | 0.40 | 169 | 1.68 | 0.29 | 0.60 | 327 | 4.37 | 2,101 | 21 | 1.1 | 2.3 | 4,074 | 54
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (18)
cyanidationPanuco Project · silverRecovery: 87 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- cyanidation
- Processing Route
- whole ore leach
- Sample
- Napoleon ore body
Recovery
- Recovery
- 87 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon metallurgical testwork summary cited in the MD&A.
Positive factors
- Whole-ore direct cyanidation achieved 87% Ag recovery
- The process route is explicit
Negative factors
- This is historical testwork announced in 2023, not new results in this filing
Evidence · table
“Whole Ore Leach | Direct Cyanidation Leach | 100 | 87 | 93 | - | - | - | - | -”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
cyanidationPanuco Project · goldRecovery: 93 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- cyanidation
- Processing Route
- whole ore leach
- Sample
- Napoleon ore body
Recovery
- Recovery
- 93 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold metallurgy result cited in the filing.
Positive factors
- Whole-ore direct cyanidation achieved 93% Au recovery
- The process route is explicit
Negative factors
- Historical testwork from February 2023
Evidence · table
“Whole Ore Leach | Direct Cyanidation Leach | 100 | 87 | 93 | - | - | - | - | -”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
flotationPanuco Project · silverRecovery: 93 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- bulk sulfide flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 93 %
- Recovery Basis
- actual_test
- Mass Pull
- 17 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon flotation result cited in the MD&A.
Positive factors
- High silver recovery in a bulk sulfide flotation rougher concentrate
- Mass pull is disclosed
Negative factors
- Historical 2023 testwork rather than new work
Evidence · table
“Bulk Sulfide Flotation* | Rougher Conc. | 17.0 | 93 | 90 | 94 | 94 | 666 | 16 | 6.8 | 5.8”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 93% is at or above the exceptional band (90%)
flotationPanuco Project · goldRecovery: 90 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- bulk sulfide flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 90 %
- Recovery Basis
- actual_test
- Mass Pull
- 17 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon flotation result cited in the MD&A.
Positive factors
- High gold recovery in a bulk sulfide flotation rougher concentrate
Negative factors
- Historical work
Evidence · table
“Bulk Sulfide Flotation* | Rougher Conc. | 17.0 | 93 | 90 | 94 | 94 | 666 | 16 | 6.8 | 5.8”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · silverRecovery: 89 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- bulk sulfide flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 89 %
- Recovery Basis
- actual_test
- Mass Pull
- 7.1 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing.
Positive factors
- Cleaner concentrate data reported
- Mass pull is explicitly stated
Negative factors
- Historical work
Evidence · table
“Bulk Sulfide Flotation* | 1 Stage Cleaner Conc | 7.1 | 89 | 88 | 87 | 90 | 1,524 | 36 | 15.1 | 13.2”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · goldRecovery: 88 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- bulk sulfide flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 88 %
- Recovery Basis
- actual_test
- Mass Pull
- 7.1 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing.
Positive factors
- Cleaner concentrate data reported
Negative factors
- Historical result
Evidence · table
“Bulk Sulfide Flotation* | 1 Stage Cleaner Conc | 7.1 | 89 | 88 | 87 | 90 | 1,524 | 36 | 15.1 | 13.2”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · silverRecovery: 87 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- bulk sulfide flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 87 %
- Recovery Basis
- actual_test
- Mass Pull
- 5.6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing.
Positive factors
- Two-stage cleaner concentrate achieved high silver recovery
Negative factors
- Historical work
Evidence · table
“Bulk Sulfide Flotation* | 2 Stage Cleaner Conc. | 5.6 | 87 | 86 | 82 | 87 | 1888 | 45 | 18.1 | 16.2”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · goldRecovery: 86 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- bulk sulfide flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 86 %
- Recovery Basis
- actual_test
- Mass Pull
- 5.6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing.
Positive factors
- Two-stage cleaner concentrate achieved high gold recovery
Negative factors
- Historical testwork
Evidence · table
“Bulk Sulfide Flotation* | 2 Stage Cleaner Conc. | 5.6 | 87 | 86 | 82 | 87 | 1888 | 45 | 18.1 | 16.2”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · silverRecovery: 79 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 79 %
- Recovery Basis
- actual_test
- Mass Pull
- 6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver flotation lead rougher result cited in the filing.
Positive factors
- Sequential flotation lead rougher result reported
- Mass pull and concentrate grade are disclosed
Negative factors
- Historical result from prior program
Evidence · table
“Sequential Flotation* | Lead Rougher Conc | 6.0 | 79 | 80 | 93 | 24 | 1,804 | 40 | 18.3 | 4.4”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · goldRecovery: 80 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
- Mass Pull
- 6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold flotation lead rougher result cited in the filing.
Positive factors
- Sequential flotation lead rougher result reported
Negative factors
- Historical testwork
Evidence · table
“Sequential Flotation* | Lead Rougher Conc | 6.0 | 79 | 80 | 93 | 24 | 1,804 | 40 | 18.3 | 4.4”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationPanuco Project · silverRecovery: 71 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 71 %
- Recovery Basis
- actual_test
- Mass Pull
- 2.1 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing.
Positive factors
- Cleaner concentrate result reported
Negative factors
- Historical result
Evidence · table
“Sequential Flotation* | 1 Stage Cleaner Conc. | 2.1 | 71 | 76 | 87 | 12 | 4,656 | 110 | 49.1 | 6.3”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 71% is below the weak band (75%)
flotationPanuco Project · goldRecovery: 76 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 76 %
- Recovery Basis
- actual_test
- Mass Pull
- 2.1 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing.
Positive factors
- Cleaner concentrate result reported
Negative factors
- Historical work
Evidence · table
“Sequential Flotation* | 1 Stage Cleaner Conc. | 2.1 | 71 | 76 | 87 | 12 | 4,656 | 110 | 49.1 | 6.3”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 76% is below the weak band (80%)
flotationPanuco Project · silverRecovery: 68 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 68 %
- Recovery Basis
- actual_test
- Mass Pull
- 1.7 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver flotation cleaner result cited in the filing.
Positive factors
- Two-stage cleaner concentrate result reported
Negative factors
- Historical result
Evidence · table
“Sequential Flotation* | 2 Stage Cleaner Conc. | 1.7 | 68 | 74 | 83 | 9 | 5,550 | 134 | 58.4 | 5.7”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 68% is below the weak band (75%)
flotationPanuco Project · goldRecovery: 74 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 74 %
- Recovery Basis
- actual_test
- Mass Pull
- 1.7 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold flotation cleaner result cited in the filing.
Positive factors
- Two-stage cleaner concentrate result reported
Negative factors
- Historical work
Evidence · table
“Sequential Flotation* | 2 Stage Cleaner Conc. | 1.7 | 68 | 74 | 83 | 9 | 5,550 | 134 | 58.4 | 5.7”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 74% is below the weak band (80%)
flotationPanuco Project · silverRecovery: 29 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- flotation
- Processing Route
- sequential flotation
- Sample
- Napoleon ore body
Recovery
- Recovery
- 29 %
- Recovery Basis
- actual_test
- Mass Pull
- 3.6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver gravity result cited in the filing.
Positive factors
- Gravity concentrate result reported
Negative factors
- Recovery is weak for silver
Evidence · table
“Gravity Concentration | Knelson Concentrate | 3.6 | 29 | 40 | 28 | 12 | 1,087 | 31 | 8.9 | 3.5”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 29% is below the weak band (75%)
gravityPanuco Project · goldRecovery: 40 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- gravity
- Processing Route
- gravity concentration
- Sample
- Napoleon ore body
Recovery
- Recovery
- 40 %
- Recovery Basis
- actual_test
- Mass Pull
- 3.6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold gravity result cited in the filing.
Positive factors
- Gravity concentrate result reported
Negative factors
- Low gold recovery
Evidence · table
“Gravity Concentration | Knelson Concentrate | 3.6 | 29 | 40 | 28 | 12 | 1,087 | 31 | 8.9 | 3.5”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 40% is below the weak band (80%)
gravityPanuco Project · silverRecovery: 12 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- gravity
- Processing Route
- gravity concentration
- Sample
- Napoleon ore body
Recovery
- Recovery
- 12 %
- Recovery Basis
- actual_test
- Mass Pull
- 0.6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon silver gravity result cited in the filing.
Positive factors
- Gravity concentrate result reported
Negative factors
- Very low silver recovery
Evidence · table
“Gravity Concentration | Tabled Knelson Conc. | 0.6 | 12 | 26 | 13 | 2 | 2,670 | 122 | 24.8 | 2.9”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 12% is below the weak band (75%)
gravityPanuco Project · goldRecovery: 26 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Test Work
- Program Status
- scoping
- Test Type
- gravity
- Processing Route
- gravity concentration
- Sample
- Napoleon ore body
Recovery
- Recovery
- 26 %
- Recovery Basis
- actual_test
- Mass Pull
- 0.6 %
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon gold gravity result cited in the filing.
Positive factors
- Gravity concentrate result reported
Negative factors
- Low gold recovery
Evidence · table
“Gravity Concentration | Tabled Knelson Conc. | 0.6 | 12 | 26 | 13 | 2 | 2,670 | 122 | 24.8 | 2.9”
Context: Process Option | Stage | Mass Recovery (%) | Global Recovery (%) Ag | Global Recovery (%) Au | Global Recovery (%) Pb | Global Recovery (%) Zn | Product Grade (% or g/t) Ag | Product Grade (% or g/t) Au | Product Grade (% or g/t) Pb | Product Grade (% or g/t) Zn
Tags used in scoring
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 26% is below the weak band (80%)
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.