# Vizsla Silver Delivers Robust Feasibility Study for Panuco Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vizsla-silver-delivers-robust-feasibility-study-for-panuco-project--37213fdc-d301-4f05-9e49-a50efad83428 Original source: https://www.theassay.com/news/vizsla-silver-delivers-robust-feasibility-study-for-panuco-project/ Publisher: assay Original announcement: 2025-11-13T02:56:36.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T16:52:04.431Z Atlas analysis updated: 2026-09-30T16:52:04.431Z - 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 Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas 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 factor: High after-tax NPV of US$1.8 billion - Positive factor: Exceptional IRR of 111% - Positive factor: Rapid payback period of 7 months - Positive factor: Strong silver-equivalent grades in reserves - Positive factor: Low AISC of US$10.61/oz AgEq Facts used in scoring: 2 ## Classification and evidence **Probable Reserve** Polarity: positive Definition: 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) ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vizsla-silver-delivers-robust-feasibility-study-for-panuco-project--37213fdc-d301-4f05-9e49-a50efad83428#fact-resource-facts-0) Panuco · silver #### 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 factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vizsla-silver-delivers-robust-feasibility-study-for-panuco-project--37213fdc-d301-4f05-9e49-a50efad83428#fact-resource-facts-1) Panuco · gold #### 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 factor: 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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: 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-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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.