Vizsla Silver Delivers Robust Feasibility Study for Panuco Project
Original announcement by assay on
- Company
- Vizsla Silver Corp.
- Ticker
- VZLA
- Exchange
- TSX
- Region
- Sinaloa, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Resource update
- Extracted
- 2026-09-30 16:52:05 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Vizsla Silver has released a positive Feasibility Study for its 100%-owned Panuco silver-gold project in Mexico. The study outlines a high-margin underground operation with an after-tax NPV of US$1.8 billion and an IRR of 111%, supported by Proven & Probable reserves of 12.81 Mt at 416 g/t AgEq.
Reasoning: The announcement of a robust Feasibility Study with exceptional economic metrics (NPV, IRR, Payback) for a major silver-gold project represents highly material positive news.
Positive factors
- High after-tax NPV of US$1.8 billion
- Exceptional IRR of 111%
- Rapid payback period of 7 months
- Strong silver-equivalent grades in reserves
- Low AISC of US$10.61/oz AgEq
Facts used in scoring: 2
Classification and evidence
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The study reports Proven & Probable reserves for the Panuco project.
Evidence · text
“Proven & Probable Reserves: 12.81 Mt @ 249 g/t Ag and 2.01 g/t Au”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
probablePanuco · silverTonnes: 12810000Grade: 249Grade Unit: g/tView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:f65b14959d1934f47786
- Deposit or zone
- Panuco
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 12810000
- Grade
- 249
- Grade Unit
- g/t
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-11-13T00:00:00.000Z
Reasoning: High-grade silver reserves reported as part of a feasibility study.
Positive factors
- Strong reserve grade of 249 g/t Ag
Evidence · text
“Proven & Probable Reserves: 12.81 Mt @ 249 g/t Ag and 2.01 g/t Au (416 g/t AgEq)”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probablePanuco · goldTonnes: 12810000Grade: 2.01Grade Unit: g/tView all detailsHide details
Identity
- Project
- Panuco
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- VZLA
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:f65b14959d1934f47786
- Deposit or zone
- Panuco
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 12810000
- Grade
- 2.01
- Grade Unit
- g/t
Metal Equivalent
- Metal Eq. Grade
- 416
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-11-13T00:00:00.000Z
Reasoning: Gold grade reported as part of the polymetallic reserve estimate.
Positive factors
- Gold component contributes to high silver equivalent grade
Evidence · text
“Proven & Probable Reserves: 12.81 Mt @ 249 g/t Ag and 2.01 g/t Au (416 g/t AgEq)”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.