Panuco - Mexico


Comparable in size and geology to First Majestic’s San Dimas mine, containing more than 20 veins, several of which have demonstrated high silver and gold grades.



Situated along a prolific silver trend in western Mexico that hosts First Majestic’s flagship San Dimas mine, only 80 km away.


This is the first time the entire district will be consolidated, and it has seen only sparse past exploration.


The past-producing district-scale camp has substantial infrastructure including roads, permits, power, and a skilled workforce in neighboring towns.

About The Panuco Project

The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlán. The 6,754.hectare, past-producing district benefits from over 75 kilometres of total vein extent, a 500 ton per day mill, 35 kilometres of underground mines, tailings facilities, roads, power, and permits. 

The area first produced silver in the 1500s and has been producing intermittently ever since, with steady production over the last several decades. 

The property contains many quartz-carbonate veins with workings defining both steeply plunging and sub-horizontal ore shoots. Mineralization occurs as silver sulphides including argentite and acanthite, native gold, electrum and native silver associated with pyrite, minor galena, sphalerite and rare chalcopyrite. Alteration is not well understood though large zones of strong disseminated pyrite alteration extend over one kilometre away from major veins. 

Napoleon and Tajitos 

Exploration at Panuco led to the discovery of the high-grade Napoleon and Tajitos ore bodies and a Maiden Resource Estimate centering on the western portion of the project was released in March 2022. 

Highlights included: 

  • 57% of project resources are classified as Indicated 

  • 95% of project resources are precious metals  

  • Total all-in exploration cost of US$0.23/oz discovered 

Currently, a 120,000m, 9 drill rig exploration & resource expansion program is underway to expand and upgrade the initial resource base at the Napoleon and Tajitos veins.

Exploration Targets

To date, only 33% of the known targets at Panuco have been drill tested.  

Recent exploration has produced significant results at:

  • San Antonio 

         Step out drilling at Panuco expands the San Antonio vein along strike and down dip 

  • Tajitos - Copala

         Expands Copala with more Bonaza-Grade Silver - 2,093 g/t AgEq over 10.20 metres 

  • Napoleon

       Additional high-grade intercepts reported at southern end of Napoleon intersecting 1,241 g/t AgEq over 3.90 metres

Priority targets to be further tested include open intercepts at Josephine, EM targets along Napoleon and Cinco Senores Vein Corridors, open intercepts at San Antonio within the Cordon del Oro Vein Corridor, and targets beneath mine workings along the northern extension of the Animas Vein corridor. 

Technical Report

Technical Report for the Panuco Project, Concordia, Sinaloa, Mexico                   VIEW 
March 2022 


Harris, S. 2020, Panuco Technical Report

Qualified Person

The scientific and technical information in this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on Matin Dupuis P.Geo Vice President of Technical Services for Vizsla Silver a Qualified Person as defined by NI 43-101 (the “Qualified Person”). Core drilling, surveying logging, sample preparation, analytical and quality control procedures (including the insertion of blind standards, blanks, pulp and field duplicates into the sample stream) used to produce the results mentioned in the text of this news release are documented in detail in  Harris, (2020). The assaying was done by ALS Chemex using fire-assay methods with a gravimetric finish for gold and four-acid digest for silver followed by fire assaying with both a gravimetric finish and ICP-AES finish.

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