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
- 2026-11-10 16:14:45 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
This is Vizsla Silver's quarterly MD&A for the three months ended July 31, 2025. It reviews project development, financing, liquidity, and operating progress at Panuco and other assets, and it restates the January 9, 2025 resource estimate plus earlier metallurgy results. The document also includes exploration and test-mining updates, but it is not a standalone technical results release.
Reasoning: A broad quarterly MD&A and corporate update dominates the document; technical resource, metallurgy and project development content is secondary.
Positive factors
- Contains a full mineral resource update with grades, tonnes and contained metal for multiple cut-offs.
- Includes metallurgical test work results and development updates for the Panuco project.
Negative factors
- The document is primarily an MD&A / corporate update rather than a single technical news event.
- Several technical results are historical restatements from prior announcements.
- No new drill assays or new resource estimate effective date beyond the January 9, 2025 resource update are presented here.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 28
Classification and evidence
Measured Resourcepositive · Story-specific tag
A source-reported Measured Mineral Resource with sufficiently established geological continuity and quality. After the required study and Modifying Factors it may convert to a Proved/Proven or Probable Reserve; the resource classification alone is not a reserve or a demonstration of economic viability.
Why it applies: The Panuco resource table reports a measured component within the measured & indicated summary.
Evidence · text
“Measured & Indicated 12.96 307 2.49 0.27 0.85 534 6.58”
Indicated Resourcepositive · Story-specific tag
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
Why it applies: The estimate includes a large indicated resource component with 10.72 Mt and detailed grades.
Evidence · text
“Total Indicated 10.72 288 2.39 0.30 0.95 512 6.23”
Inferred Resourcenegative · Story-specific tag
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
Why it applies: The estimate includes an inferred category totaling 10.50 Mt.
Evidence · text
“Total Inferred 10.50 219 1.96 0.30 1.01 412 4.91”
NI 43 101 Compliantpositive · Story-specific tag
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MD&A states the resource details are available in a NI 43-101 compliant report.
Evidence · text
“available for review in a NI 43-101 compliant report”
QP/CP Signedpositive · Story-specific tag
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The resource estimate was completed in conjunction with an independent qualified person.
Evidence · text
“in conjunction with an independent qualified person ("QP") completed a geostatistical block model estimate”
Cut Off Disclosedpositive · Story-specific tag
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource table explicitly states a 150 g/t AgEq cut-off and a 1.97 g/t AuEq cut-off.
Evidence · text
“(150 g/t AgEq cut-off) or (1.97 g/t AuEq cut-off)”
Refractory Orenegative · Story-specific tag
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The metallurgical section discusses flotation, cyanidation and gravity circuits and states the test work was for Napoleon ore body, but no refractory language is present; however this tag is not supported, so omitted.
Evidence · text
“The Company had preliminary metallurgical test work completed for the Napoleon ore body.”
Apparent Width Onlynegative · Story-specific tag
A reported assay interval gives downhole or apparent length without a disclosed true width. It describes geometric uncertainty, not a measured true thickness or proof that the interval is overstated; drill orientation alone is not a true-width measurement.
Why it applies: The document discusses vein widths and drill programs broadly, but the included resource and metallurgy sections do not state true widths for the tabulated resource rows.
Evidence · text
“Veins have narrow envelopes of silicification”
Nearology Playneutral · Story-specific tag
The disclosed value premise relies on proximity to another known deposit rather than the issuer's own results. Mere location or along-strike wording in a release that reports its own drilling does not establish this premise.
Why it applies: The La Garra project is described as being in the heart of the emerging silver-gold-rich Panuco - San Dimas corridor and adjacent to Panuco/San Dimas regionally.
Evidence · text
“in the heart of the emerging 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")
Multi Domain Testedpositive
Completed testwork covers multiple identified ore domains and addresses variability under DOMAIN_COVERAGE_TIERS. Multiple sample or composite identifiers from the same domain do not establish multiple domains, and a proposed programme is not completed coverage.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 28. Some facts used in scoring do not have a stored record.
Resource Estimates (26)
indicatedPanuco project · silverTonnes: 12960000Grade: 307Grade Unit: g/tContained Metal: 127819Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:a36207eb52052dbc40d4
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured & Indicated silver resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Large tonnage with high average silver grade and disclosed AgEq/AuEq cut-off.
- NI 43-101 compliant estimate with independent qualified person involvement.
Negative factors
- This is a restated January 9, 2025 estimate, so novelty is limited in this MD&A.
- Cut-off comparison is not directly like-for-like with prior estimates in the document.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:a36207eb52052dbc40d4
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured & Indicated gold resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Disclosed gold grade, tonnage and contained ounces for the Panuco M&I resource.
- Resource is supported by an NI 43-101 compliant report.
Negative factors
- Presented as a restatement inside the MD&A rather than a new estimate.
- Equivalent grade assumptions are disclosed only at the metal-price formula level in the text.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:a36207eb52052dbc40d4
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured & Indicated lead resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Lead grade and contained metal are explicitly stated for the Panuco M&I resource.
- Byproduct lead is included alongside silver and gold, showing polymetallic value.
Negative factors
- This is not a new estimate in the current release.
- Contained metal is presented in a summary table rather than a standalone technical release.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:a36207eb52052dbc40d4
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured & Indicated zinc resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Zinc grade and contained metal are explicitly stated for the Panuco M&I resource.
- The estimate includes a polymetallic metal-equivalent framework.
Negative factors
- Restated historical resource information inside an MD&A reduces novelty.
- The announcement does not present a new resource update on this date.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:132d691706472e442cfb
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Inferred silver resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Large inferred tonnage with substantial silver contained metal is disclosed.
- Useful for district-scale inventory despite lower confidence.
Negative factors
- Inferred category carries lower geological confidence.
- Historical restatement inside the MD&A limits novelty.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:132d691706472e442cfb
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Inferred gold resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Gold grade and contained ounces are explicitly tabulated for the inferred resource.
- The project remains a significant silver-gold system.
Negative factors
- Inferred-only portion is less reliable than indicated material.
- This is a restated estimate within an MD&A.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:132d691706472e442cfb
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Inferred lead resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Lead grade and contained metal are disclosed for the inferred resource.
- Adds byproduct detail to the inventory.
Negative factors
- Inferred category lowers confidence.
- Historical restatement rather than a fresh estimate.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:132d691706472e442cfb
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Inferred zinc resource row from the January 9, 2025 Panuco estimate.
Positive factors
- Zinc grade and contained metal are clearly shown for the inferred resource.
- Supports the polymetallic nature of the deposit.
Negative factors
- Inferred category reduces confidence.
- Restated in a quarterly MD&A rather than as new news.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 2240000Grade: 397Grade Unit: g/tContained Metal: 28597Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:57402b9a6c13112600dd
- Deposit or zone
- Total Measured
Resource Data
- Category
- indicated
- Tonnes
- 2240000
- Grade
- 397
- Grade Unit
- g/t
- Contained Metal
- 28597
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 640
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured total row for silver within the vein summary.
Positive factors
- Very high-grade measured portion with large contained silver ounces.
- Zone-level breakdown gives additional context on grade distribution.
Negative factors
- Historical restatement in the MD&A.
- This row is a subtotal, not a separate new estimate.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 2240000Grade: 2.97Grade Unit: g/tContained Metal: 214Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:57402b9a6c13112600dd
- Deposit or zone
- Total Measured
Resource Data
- Category
- indicated
- Tonnes
- 2240000
- Grade
- 2.97
- Grade Unit
- g/t
- Contained Metal
- 214
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 8.22
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured total row for gold within the vein summary.
Positive factors
- Strong gold grade within the measured portion.
- Contained ounces are explicitly shown.
Negative factors
- Historical in this MD&A.
- Subtotal context reduces standalone interpretive value.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 2240000Grade: 0.15Grade Unit: %Contained Metal: 3.3Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:57402b9a6c13112600dd
- Deposit or zone
- Total Measured
Resource Data
- Category
- indicated
- Tonnes
- 2240000
- Grade
- 0.15
- Grade Unit
- %
- Contained Metal
- 3.3
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 640
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured total row for lead within the vein summary.
Positive factors
- Lead grade is explicitly shown for the measured portion.
- Polymetallic metal inventory is reported.
Negative factors
- Restated historical row.
- Lead is a byproduct relative to the main silver-gold focus.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 2240000Grade: 0.35Grade Unit: %Contained Metal: 7.9Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:57402b9a6c13112600dd
- Deposit or zone
- Total Measured
Resource Data
- Category
- indicated
- Tonnes
- 2240000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 7.9
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 640
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured total row for zinc within the vein summary.
Positive factors
- Measured zinc inventory is explicitly disclosed.
- Adds polymetallic context to the estimate.
Negative factors
- Historical restatement in MD&A.
- Not a current standalone resource update.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 2240000Grade: 640Grade Unit: g/tContained Metal: 46056Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:57402b9a6c13112600dd
- Deposit or zone
- Total Measured
Resource Data
- Category
- indicated
- Tonnes
- 2240000
- Grade
- 640
- Grade Unit
- g/t
- Contained Metal
- 46056
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 640
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured total AgEq row within the vein summary.
Positive factors
- High-grade AgEq value is explicitly stated for the measured total.
- Useful summary metric for valuation comparisons.
Negative factors
- This is a metal-equivalent grade, not an additional metal assay.
- Historical restatement inside the MD&A.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 2240000Grade: 8.22Grade Unit: g/tContained Metal: 592Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:57402b9a6c13112600dd
- Deposit or zone
- Total Measured
Resource Data
- Category
- indicated
- Tonnes
- 2240000
- Grade
- 8.22
- Grade Unit
- g/t
- Contained Metal
- 592
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 8.22
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Measured total AuEq row within the vein summary.
Positive factors
- Measured total AuEq is explicitly disclosed.
- Shows substantial gold-equivalent contained ounces.
Negative factors
- Metal equivalent does not replace underlying metal grades.
- Historical restatement.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 10720000Grade: 288Grade Unit: g/tContained Metal: 99222Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:08d4315427e2c6e558fd
- Deposit or zone
- Total Indicated
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 288
- Grade Unit
- g/t
- Contained Metal
- 99222
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total indicated silver row from the vein summary.
Positive factors
- Large indicated silver resource with explicit contained ounces.
- Indicated category supports higher geological confidence than inferred.
Negative factors
- Restated historical estimate in this MD&A.
- Not a new drill or resource announcement.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 10720000Grade: 2.39Grade Unit: g/tContained Metal: 822Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:08d4315427e2c6e558fd
- Deposit or zone
- Total Indicated
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 2.39
- Grade Unit
- g/t
- Contained Metal
- 822
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 6.23
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total indicated gold row from the vein summary.
Positive factors
- Large indicated gold resource with substantial contained ounces.
- Indicated classification is more robust than inferred.
Negative factors
- Historical restatement inside the MD&A.
- No new data are provided in this release.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 10720000Grade: 0.3Grade Unit: %Contained Metal: 31.6Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:08d4315427e2c6e558fd
- Deposit or zone
- Total Indicated
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 0.3
- Grade Unit
- %
- Contained Metal
- 31.6
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total indicated lead row from the vein summary.
Positive factors
- Lead inventory is explicitly tabulated for the indicated resource.
- Useful for polymetallic valuation.
Negative factors
- Historical restatement in MD&A.
- Lead remains a byproduct commodity.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 10720000Grade: 0.95Grade Unit: %Contained Metal: 102.3Contained Unit: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:08d4315427e2c6e558fd
- Deposit or zone
- Total Indicated
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 102.3
- Contained Unit
- kt
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total indicated zinc row from the vein summary.
Positive factors
- Zinc inventory is explicitly stated for the indicated resource.
- Enhances the polymetallic resource picture.
Negative factors
- Historical restatement.
- Byproduct-style commodity relative to silver-gold emphasis.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 10720000Grade: 512Grade Unit: g/tContained Metal: 176306Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:08d4315427e2c6e558fd
- Deposit or zone
- Total Indicated
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 512
- Grade Unit
- g/t
- Contained Metal
- 176306
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 512
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total indicated AgEq row from the vein summary.
Positive factors
- AgEq grade and contained metal are explicitly tabulated.
- Provides a concise summary of the indicated inventory.
Negative factors
- Equivalent grade is not a substitute for the underlying metals.
- This is historical disclosure in an MD&A.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 10720000Grade: 6.23Grade Unit: g/tContained Metal: 2147Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:08d4315427e2c6e558fd
- Deposit or zone
- Total Indicated
Resource Data
- Category
- indicated
- Tonnes
- 10720000
- Grade
- 6.23
- Grade Unit
- g/t
- Contained Metal
- 2147
- Contained Unit
- koz
- Cutoff Grade
- 150
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-01-09
Metal Equivalent
- Metal Eq. Grade
- 6.23
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- third-party laboratory
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total indicated AuEq row from the vein summary.
Positive factors
- Substantial gold-equivalent ounces are disclosed for the indicated resource.
- Useful benchmark for valuation and planning.
Negative factors
- Historical restatement in MD&A.
- Equivalent grade should be read with the underlying metal table.
Tags used in scoring
Indicated Resourcepositive
A source-reported Indicated Mineral Resource with sufficient geological confidence to apply Modifying Factors and evaluate economic viability. It may support conversion to a Probable Reserve after the required study; it is not itself a reserve.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:9f9476536511a9c93bd3
- Deposit or zone
- Total Inferred
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total inferred silver row from the vein summary.
Positive factors
- Total inferred silver inventory is explicitly shown.
- Contains substantial ounces even at lower confidence.
Negative factors
- Inferred category lowers certainty.
- Historical restatement.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:9f9476536511a9c93bd3
- Deposit or zone
- Total Inferred
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total inferred gold row from the vein summary.
Positive factors
- Gold inventory is explicitly tabulated for the inferred resource.
- Supports district-scale optionality.
Negative factors
- Inferred category only.
- Restated historical estimate in an MD&A.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:9f9476536511a9c93bd3
- Deposit or zone
- Total Inferred
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total inferred lead row from the vein summary.
Positive factors
- Lead inventory is explicitly disclosed for the inferred resource.
Negative factors
- Inferred category and historical restatement reduce confidence and novelty.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: ktHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:9f9476536511a9c93bd3
- Deposit or zone
- Total Inferred
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total inferred zinc row from the vein summary.
Positive factors
- Zinc inventory is tabulated for the inferred resource.
Negative factors
- Historical restatement and inferred confidence limit novelty.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 412Grade Unit: g/tContained Metal: 138711Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:9f9476536511a9c93bd3
- Deposit or zone
- Total Inferred
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 412
- Grade Unit
- g/t
- Contained Metal
- 138711
- 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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total inferred AgEq row from the vein summary.
Positive factors
- AgEq grade and contained ounces are explicitly provided.
- Useful consolidated figure for comparison.
Negative factors
- Equivalent grade only; not a substitute for underlying metals.
- Historical restatement.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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: 4.91Grade Unit: g/tContained Metal: 1654Contained Unit: kozHistorical resultNeeds review: historical_restatementView 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
- Resource group id
- resource:9f9476536511a9c93bd3
- Deposit or zone
- Total Inferred
Resource Data
- Category
- inferred
- Tonnes
- 10500000
- Grade
- 4.91
- Grade Unit
- g/t
- Contained Metal
- 1654
- 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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-01-09T00:00:00.000Z
Reasoning: Total inferred AuEq row from the vein summary.
Positive factors
- Gold-equivalent ounces are explicitly tabulated for the inferred resource.
- Adds scale context for the project.
Negative factors
- Historical restatement.
- Equivalent metric requires careful interpretation.
Tags used in scoring
Inferred Resourcenegative
A source-reported Inferred Mineral Resource with lower geological confidence than Indicated or Measured. It cannot be converted directly to a reserve or establish the reserve basis of a PFS/FS; applicable early-stage assessments may include it with the required cautions. Negative polarity describes confidence limitations, not proof of a poor deposit.
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
The announcement publishes a new or revised estimate for an existing resource, with a source-backed change in tonnage, grade, classification, commodity or estimation basis. An older resource table reproduced as background to drilling or exploration is not a new resource update. A table heading or an effective date alone does not establish a revision in this announcement; compare the actual estimate and its scope with the prior disclosure.
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 (2)
flotationPanuco project · silverRecovery: 29 %Head Grade Unit: g/tHistorical 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
- preliminary
- Test Type
- flotation
- Processing Route
- gravity concentration
- Sample
- Knelson Concentrate
Recovery
- Recovery
- 29 %
- Recovery Basis
- actual_test
- Head Grade Unit
- g/t
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company with experts in the field
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon metallurgy result restated in the MD&A.
Positive factors
- Pilot-style flowsheet comparison includes a gravity concentration result.
- The program reports both recovery and product grade information.
Negative factors
- Historical metallurgy first announced on February 17, 2023.
- The document does not state a complete, current test-work program.
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
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Actual measured process recovery below the weak band for the commodity and processing route in RECOVERY_BANDS. Do not compare theoretical recovery, design assumptions or analytical assay ratios against an actual-process recovery ladder.
Why it applies: 29% is below the weak band (75%)
flotationPanuco project · silverRecovery: 12 %Head Grade Unit: g/tHistorical 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
- preliminary
- Test Type
- flotation
- Processing Route
- gravity concentration
- Sample
- Tabled Knelson Conc
Recovery
- Recovery
- 12 %
- Recovery Basis
- actual_test
- Head Grade Unit
- g/t
Lab
- Laboratory
- third-party laboratory
- Consultant
- consulting company with experts in the field
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-02-17T00:00:00.000Z
Reasoning: Historical Napoleon metallurgy result restated in the MD&A.
Positive factors
- Additional gravity result is disclosed for the same historical Napoleon program.
Negative factors
- Historical restatement.
- Very low recovery on this circuit relative to the reported Knelson concentrate.
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
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Actual measured process recovery below the weak band for the commodity and processing route in RECOVERY_BANDS. Do not compare theoretical recovery, design assumptions or analytical assay ratios against an actual-process recovery ladder.
Why it applies: 12% is below the weak band (75%)
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.