Vizsla Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com
Original announcement by research on
- Company
- Vizsla Silver Corp.
- Ticker
- VZLA
- Exchange
- TSX
- Region
- southern Sinaloa state, western Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Other, Resource update, Agreement transaction
- Extracted
- 2026-11-04 11:55:09 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Vizsla Silver’s MD&A highlights completion of the Panuco West feasibility study, including a 12.81 Mt Proven and Probable Reserve at 249 g/t Ag and 2.01 g/t Au. The document also reviews project development, financing, and corporate activity, including construction procurement, a convertible note issue, and the acquisition of additional claims. The resource table cited is a January 9, 2025 update and the reserve estimate has an effective date of November 4, 2025.
Reasoning: This is primarily a corporate/operational MD&A, with major resource and reserve figures embedded as supporting disclosure rather than the sole announcement. The most material mining content is the Panuco feasibility/reserve update, which is positive but partly historical and accompanied by project-execution and security risk context.
Positive factors
- Feasibility Study completed for the Panuco West project with an after-tax NPV(5%) of US$1,802 million and 111% IRR
- Mineral Reserve estimate reported at 12.81 Mt at 249 g/t Ag and 2.01 g/t Au
- Project is advancing toward construction with engineering, procurement and permitting milestones
Negative factors
- Document is an MD&A with substantial financial and corporate boilerplate rather than a single operational discovery event
- The 150 g/t AgEq resource cut-off is stated, but the resource update itself is historical to January 9, 2025
- Security incidents and a temporary suspension of some activities are noted in the body
Facts used in scoring: 18
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The document explicitly references NI 43-101 for the resource/reserve work, and the reserve section says the estimate is prepared in accordance with NI 43-101; the technical disclosure is also supervised by a Qualified Person.
Evidence · text
“in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects”
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The reserve and resource disclosures are explicitly described as NI 43-101 compliant.
Evidence · text
“in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects”
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource section states a base case cut-off grade of 150 g/t AgEq, enabling comparability.
Evidence · text
“Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq.”
True Width Disclosedpositive · Story-specific tag
Actual thickness perpendicular to structure is stated, not just downhole length.
Why it applies: The MD&A states minimum mining widths of 1.5 metres for LHS and 5.0 metres for DAF, providing explicit width context for the underground reserve.
Evidence · text
“For LHS, a minimum mining width of 1.5 metres was used ... for DAF, a minimum mining width of 5.0 metres was used.”
Step Out Extensionpositive · Story-specific tag
Mineralization extended beyond the previously known limit.
Why it applies: The acquired claims are described as adjacent to the Panuco project and as potential extensions to veins with known mineralization.
Evidence · text
“potential extensions to veins with known mineralization”
Infill Drillingneutral · Story-specific tag
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: The outlook explicitly calls for underground infill and expansion drilling to support an updated project MRE.
Evidence · text
“Continue underground infill and expansion drilling to support an updated project MRE.”
Extracted facts
Stored fact records: 18. Some facts used in scoring do not have a stored record.
Resource Estimates (18)
provenPanuco West Project · silverTonnes: 1948000Grade: 308Grade Unit: g/tContained Metal: 19264Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:9002e8f41decc3dfae46
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 1948000
- Grade
- 308
- Grade Unit
- g/t
- Contained Metal
- 19264
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 502
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The Proven reserve row shows 1,948 kt at 308 g/t Ag and 2.35 g/t Au, which is materially positive for the project and backed by a NI 43-101 feasibility study.
Positive factors
- Proven reserve category disclosed
- High silver grade with gold byproduct
- NI 43-101 feasibility-backed reserve
Negative factors
- Reserve is part of a broader feasibility study rather than a new standalone discovery
Evidence · table
“308”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
provenPanuco West Project · goldTonnes: 1948000Grade: 2.35Grade Unit: g/tContained Metal: 147Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:9002e8f41decc3dfae46
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 1948000
- Grade
- 2.35
- Grade Unit
- g/t
- Contained Metal
- 147
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 502
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The Proven reserve row includes 1,948 kt at 2.35 g/t Au, a meaningful gold reserve component within the feasibility study.
Positive factors
- Proven reserve category disclosed
- Gold grade is strong alongside the silver reserve
- Feasibility study context supports project maturity
Negative factors
- Reserve is presented as part of a broader study, not a fresh exploration surprise
Evidence · table
“2.35”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
probablePanuco West Project · silverTonnes: 10854000Grade: 239Grade Unit: g/tContained Metal: 83351Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:48714f1e26e7db36c963
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 10854000
- Grade
- 239
- Grade Unit
- g/t
- Contained Metal
- 83351
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 400
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The Probable reserve row reports 10,854 kt at 239 g/t Ag and 1.95 g/t Au, indicating substantial additional mineable inventory.
Positive factors
- Large Probable reserve tonnage
- Strong silver grade with substantial contained metal
- Feasibility-stage reserve disclosure
Negative factors
- Probable is lower confidence than Proven
Evidence · table
“239”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
probablePanuco West Project · goldTonnes: 10854000Grade: 1.95Grade Unit: g/tContained Metal: 681Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:48714f1e26e7db36c963
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 10854000
- Grade
- 1.95
- Grade Unit
- g/t
- Contained Metal
- 681
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 400
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The Probable reserve row includes 10,854 kt at 1.95 g/t Au, which is material gold reserve inventory within the project.
Positive factors
- Probable reserve includes meaningful gold ounces
- Supports the feasibility study mine plan
Negative factors
- Lower confidence than Proven
Evidence · table
“1.95”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
provenPanuco West Project · silverTonnes: 4000Grade: 330Grade Unit: g/tContained Metal: 41Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:219ff30d967782c08d24
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 4000
- Grade
- 330
- Grade Unit
- g/t
- Contained Metal
- 41
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 635
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The planned stockpile Proven row adds a small but high-grade 4 kt silver inventory to the reserve set.
Positive factors
- Stockpile material is explicitly captured in the reserve table
- Very high silver grade
Negative factors
- Small tonnage relative to the main reserve blocks
Evidence · table
“330”
Context: Planned Stockpile Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
provenPanuco West Project · goldTonnes: 4000Grade: 3.7Grade Unit: g/tContained Metal: 0.5Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:219ff30d967782c08d24
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 4000
- Grade
- 3.7
- Grade Unit
- g/t
- Contained Metal
- 0.5
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 635
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The planned stockpile Proven row includes 4 kt at 3.70 g/t Au, which is high grade but limited in scale.
Positive factors
- High gold grade in stockpile material
Negative factors
- Very small tonnage
Evidence · table
“3.70”
Context: Planned Stockpile Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
probablePanuco West Project · silverTonnes: 3000Grade: 318Grade Unit: g/tContained Metal: 34Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:1ec4bc495e6409afb918
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 3000
- Grade
- 318
- Grade Unit
- g/t
- Contained Metal
- 34
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 558
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The planned stockpile Probable row shows 3 kt at 318 g/t Ag, which is supportive but not material on its own.
Positive factors
- Additional stockpile inventory is disclosed
Negative factors
- Small tonnage
Evidence · table
“318”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
probablePanuco West Project · goldTonnes: 3000Grade: 2.9Grade Unit: g/tContained Metal: 0.3Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:1ec4bc495e6409afb918
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 3000
- Grade
- 2.9
- Grade Unit
- g/t
- Contained Metal
- 0.3
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 558
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The planned stockpile Probable row includes 3 kt at 2.90 g/t Au, which is high grade but minor in scale.
Positive factors
- Additional gold ounces in stockpile inventory
Negative factors
- Very small tonnage
Evidence · table
“2.90”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
probablePanuco West Project · silverTonnes: 12809000Grade: 249Grade Unit: g/tContained Metal: 102689Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:646cd729d8adfe82eb32
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 249
- Grade Unit
- g/t
- Contained Metal
- 102689
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The total reserve row aggregates to 12,809 kt at 249 g/t Ag and 2.01 g/t Au, making this the core economic disclosure in the feasibility study.
Positive factors
- Total Proven + Probable reserve is large
- Strong silver grade and contained metal
- Feasibility study supports project advancement
Negative factors
- Combined category masks the split between Proven and Probable
Evidence · table
“249”
Context: Total Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
probablePanuco West Project · goldTonnes: 12809000Grade: 2.01Grade Unit: g/tContained Metal: 829Contained Unit: k ozView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-11-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Blais
- Resource group id
- resource:646cd729d8adfe82eb32
- Deposit or zone
- Panuco project
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 12809000
- Grade
- 2.01
- Grade Unit
- g/t
- Contained Metal
- 829
- Contained Unit
- k oz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-11-04
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: The total reserve row also reports 12,809 kt at 2.01 g/t Au, confirming substantial gold ounces in the reserve base.
Positive factors
- Large combined reserve tonnage
- Gold grade sustained across the reserve estimate
Negative factors
- Combined row is not a separate geological domain
Evidence · table
“2.01”
Context: Total Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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 West Project · silverTonnes: 12960000Grade: 307Grade Unit: g/tContained Metal: 127819Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:182db7f365e2d9daaf98
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 307
- Grade Unit
- g/t
- Contained Metal
- 127819
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The indicated resource row reports 12.96 Mt at 307 g/t Ag and 2.49 g/t Au at a 150 g/t AgEq cut-off, but it is explicitly the January 9, 2025 resource update and therefore historical here.
Positive factors
- Large indicated resource tonnage
- Strong silver and gold grades at a stated cut-off
- NI 43-101 compliant resource estimate
Negative factors
- Historical resource update referenced in an MD&A
- Contained metal units are reported in koz and the resource is not the newest announcement in this document
Evidence · table
“307”
Context: Measured & Indicated
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 West Project · goldTonnes: 12960000Grade: 2.49Grade Unit: g/tContained Metal: 1036Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:182db7f365e2d9daaf98
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 2.49
- Grade Unit
- g/t
- Contained Metal
- 1036
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The same resource row includes 12.96 Mt at 2.49 g/t Au, which is a material underground gold resource but historically restated here.
Positive factors
- Gold grade is robust for an underground resource
- Contained ounces are substantial
Negative factors
- Historical resource disclosure within an MD&A
Evidence · table
“2.49”
Context: Measured & Indicated
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 West Project · leadTonnes: 12960000Grade: 0.27Grade Unit: %Contained Metal: 34.9Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:182db7f365e2d9daaf98
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 34.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The indicated resource row separately reports 0.27% Pb, which is useful polymetallic information even though the disclosure is historical in this document.
Positive factors
- Lead grade is explicitly reported in the resource table
Negative factors
- Historical resource restatement
Evidence · table
“0.27”
Context: Measured & Indicated
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 West Project · zincTonnes: 12960000Grade: 0.85Grade Unit: %Contained Metal: 110.2Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:182db7f365e2d9daaf98
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- indicated
- Tonnes
- 12960000
- Grade
- 0.85
- Grade Unit
- %
- Contained Metal
- 110.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 534
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The indicated resource row includes 0.85% Zn alongside the silver and gold grades, preserving the polymetallic picture of the deposit.
Positive factors
- Zinc grade is explicitly disclosed
Negative factors
- Historical resource restatement
Evidence · table
“0.85”
Context: Measured & Indicated
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 West Project · silverTonnes: 10500000Grade: 219Grade Unit: g/tContained Metal: 73621Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:4be6cf762d44301568d0
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 219
- Grade Unit
- g/t
- Contained Metal
- 73621
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The inferred row reports 10.50 Mt at 219 g/t Ag, which is meaningful but lower-confidence resource inventory.
Positive factors
- Large inferred resource tonnage
- Silver grade remains substantial
Negative factors
- Lower confidence inferred category
- Historical resource restatement
Evidence · table
“219”
Context: Inferred
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 West Project · goldTonnes: 10500000Grade: 1.96Grade Unit: g/tContained Metal: 660Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:4be6cf762d44301568d0
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 1.96
- Grade Unit
- g/t
- Contained Metal
- 660
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The inferred resource row also contains 10.50 Mt at 1.96 g/t Au, useful but still lower-confidence material.
Positive factors
- Gold grade remains notable in inferred material
Negative factors
- Inferred category
- Historical resource restatement
Evidence · table
“1.96”
Context: Inferred
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 West Project · leadTonnes: 10500000Grade: 0.3Grade Unit: %Contained Metal: 31.2Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:4be6cf762d44301568d0
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 0.3
- Grade Unit
- %
- Contained Metal
- 31.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The inferred resource row separately reports 0.30% Pb, preserving the full polymetallic resource disclosure.
Positive factors
- Lead is explicitly reported
Negative factors
- Inferred category
- Historical resource disclosure
Evidence · table
“0.30”
Context: Inferred
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 West Project · zincTonnes: 10500000Grade: 1.01Grade Unit: %Contained Metal: 106.2Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Panuco West Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- southern Sinaloa state, western Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jesus Velador
- Resource group id
- resource:4be6cf762d44301568d0
- Deposit or zone
- Copala and Napoleon deposits
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 1.01
- Grade Unit
- %
- Contained Metal
- 106.2
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 412
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-02-20T00:00:00.000Z
Reasoning: The inferred resource row separately reports 1.01% Zn, which is useful byproduct/resource information despite being historical.
Positive factors
- Zinc grade is explicitly reported
Negative factors
- Inferred category
- Historical resource disclosure
Evidence · table
“1.01”
Context: Inferred
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
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.