Vizsla Silver (TSX: VZLA) has seen a worse case scenario come true, with the company this morning reporting that “a number” of its employees that were kidnapped in January were found deceased.
While the company did not specify how many employees had been found, CBC News is reporting that at least three employees have had their bodies identified by relatives. Their bodies were discovered late last week by Mexican authorities in what has been described as a mass grave, 15 kilometres north of Concordia in Sinaloa state.
The ordeal began on January 23, when ten employees of Vizsla were reported as being kidnapped from Concordia. The employees, as per local media reports, were taken from a housing municipality where they were staying while working on the Panuco project.
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Vizsla did not publicly comment on the incident until January 28 after local media began reporting on the matter.
Local reporting suggests that as many as 1,195 members of the Mexican Army, National Guard, Navy, and the Ministry of Security and Citizen Protection were involved in the search for the missing employees.
The incident meanwhile is being blamed on the Sinaloa Cartel, who in September 2024 saw two factions split and fight for territorial control in the region. The factions, La Chapiza and La Mayiza, reportedly attempted to extort Vizsla Silver before resorting to the kidnapping of employees.
The whereabouts of the remaining employees that were kidnapped is currently unknown.
Vizsla Silver last traded at $5.56 on the TSX, down 11% on the day.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
