Morning Briefing: Vizsla Delivers a $1.8 B Feasibility at Panuco Copala

Good morning and welcome back to the Mining Stock Daily morning briefing. I’m your host for this week, Ian Wagner

It's Wednesday, November 12th. 

The U.S. stock market remained open for equities on Tuesday despite Veterans Day, while the U.S. bond market and most banks were closed. In the metals space, rather than being muted, both gold and silver advanced. Spot gold rose to around US$4,130 per ounce, supported by growing expectations that the Federal Reserve will cut interest rates combined with improving clarity on the U.S. government shutdown. Silver climbed to roughly US$50.80 per ounce, reflecting similar drivers and continued investor interest in precious metals amid macro uncertainty. While the holiday introduced lighter trading volumes and some liquidity constraints—especially in fixed income—it did *not* pause movement in the metals markets. Instead, gold and silver extended recent gains as traders positioned ahead of key U.S. inflation data later in the week.

We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor. 

This episode of Mining Stock Daily is brought to you by… Equinox Gold.

Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at ⁠⁠⁠⁠⁠⁠equinoxgold.com⁠⁠⁠⁠⁠⁠.

And here’s what you need to know this morning….. 

Vizsla Silver announced a strong Feasibility Study for its 100%-owned Panuco silver-gold project in Sinaloa, Mexico. The study outlines a 3,300-tonne-per-day underground operation expanding to 4,000 tpd in year four, producing an average 17 million silver-equivalent ounces annually over a 9.4-year mine life. Early years are expected to exceed 20 million AgEq ounces per year. Using metal prices of US$35.50 silver and US$3,100 gold, the project carries an after-tax NPV (5%) of US$1.8 billion, an IRR of 111%, and a seven-month payback on US$239 million in initial CAPEX.

CEO Michael Konnert said the study positions Panuco to become Mexico’s next large-scale silver-primary producer, with construction targeted for 2027 pending final permits and financing. 

Vizsla Silver trades on the TSX and NYSE under VZLA. NEWS RELEASE 

Arizona Sonoran Copper has secured a C$75 million bought-deal financing led by Canaccord Genuity to advance early development work at its Cactus Copper Project near Casa Grande, Arizona. The underwriters agreed to purchase 22.4 million shares at C$3.35 each, with an option to buy an additional 3.36 million shares that could lift proceeds to roughly C$86 million. The funds will support pre-construction activities, working capital, and general corporate purposes as the company continues to progress toward a development decision.

The financing—among the largest in the U.S. copper development space this year—strengthens Arizona Sonoran’s balance sheet ahead of potential project financing in 2026. Closing is expected by December 2, subject to regulatory approvals.

Arizona Sonoran Copper trades on the TSX under ASCU and OTCQX under ASCUF. NEWS RELEASE

Dryden Gold reported final 2025 drill results from its Elora Gold System, where the company has more than tripled the length of the main Elora Shear Zone to over 800 metres. Drilling confirmed strong continuity between the historic Jubilee and Pearl zones and outlined several new gold-bearing structures in the hanging wall. Hole DGR-25-028 cut the widest interval yet in the Elora Shear, while holes 29 and 30A delivered broad, near-surface intercepts in the HW2 and HW3 zones. The system remains open in all directions, with most holes completed above 200 metres depth. CEO Trey Wasser said the program achieved three of four 2025 exploration goals and sets up a fully funded 2026 campaign at the Gold Rock property. Dryden Gold trades on the TSX-V under DRY and OTCQB under DRYGF. NEWS RELEASE

NexGen Energy released outstanding assays from its Patterson Corridor East discovery, located 3.5 kilometers east of the company’s flagship Arrow deposit in Saskatchewan’s Athabasca Basin. Hole RK-25-254 returned 10.5 meters grading 11.3% U₃O₈, including 4.0 meters of 29.4% and a half-meter at 56.2%. Step-outs both up and down dip confirmed strong continuity across 330 meters of vertical extent, with additional assays pending from deeper mineralization. The results define a 600-by-600-meter mineralized footprint hosted entirely in competent basement rock—mirroring the geology that underpins Arrow’s success.

CEO Leigh Curyer said the discovery is delivering “results of the same calibre” as Arrow and highlights NexGen’s growing leverage to the uranium market amid surging demand for North American supply.

NexGen Energy trades on the TSX and NYSE under NXE and on the ASX under NXG. NEWS RELEASE

Osisko Metals reported strong new drilling from its Gaspé Copper Project in eastern Québec, including long intercepts that both confirm and extend mineralization beyond the 2024 resource model. Highlights include 331 meters averaging 0.46% copper from hole 30-1128, 33 meters of 1.3% copper from 30-1115, and 779 meters of 0.26% copper from 30-1117. Several holes combined infill and expansion results, upgrading inferred resources while outlining new extensions at depth. The results continue to demonstrate the scale of the former producing district, positioning Gaspé as one of Canada’s most advanced brownfield copper growth opportunities. Updated resource estimates are expected to incorporate the new data in 2026 as the company progresses toward potential redevelopment of the asset. Osisko Metals trades on the TSX under OM and OTCQX under OMZNF. NEWS RELEASE

Brixton Metals released additional strong assays from the Trapper Gold Target at its Thorn Project in British Columbia’s Golden Triangle. The company drilled over 6,200 metres across 30 holes this season, with results continuing to outline a robust and expanding gold system. Highlights include 18.5 metres of 3.4 grams per tonne gold and 7 grams silver in hole THN25-360, including 3 metres of 15.7 g/t gold. Hole 361 cut 23.5 metres of 3.3 g/t gold, including a half-metre of 112 g/t, while hole 363 returned 25.5 metres of 3.2 g/t gold with multiple higher-grade intervals. The zone remains open in multiple directions with assays pending for ten additional holes. CEO Gary Thompson said the consistency and grade reinforce confidence in the scale and continuity of the Trapper system. Brixton Metals trades on the TSX-V under BBB and OTCQB under BBBXF. NEWS RELEASE

Borealis Mining reported its second gold and silver doré pour from ongoing heap-leach operations at its Borealis mine in Nevada. The pour totaled 42.8 pounds, or about 617 troy ounces of doré, with preliminary results suggesting an even gold-silver split. The company has now crushed roughly 153,000 tons of oxide stockpile material, with leaching and metal recovery continuing through carbon columns. Additional pours are expected before year-end as operations ramp up. Borealis also completed required environmental stack testing, confirming compliance with regulatory standards. Borealis Mining trades on the TSX-V under BOGO and OTC Pink under BORMF. NEWS RELEASE

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That’s it for today everyone. Have a great day. Stay safe. 

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