Axo Copper Announces Acquisition of Past Producing San Antonio Gold Project from Osisko Development
Original announcement by tmx on
- Company
- Axo Copper
- Ticker
- AXO
- Exchange
- TSX
- Region
- Sonora State, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver, Copper
- Document categories
- Resource update, Agreement transaction, Metallurgy
- Extracted
- 2026-09-19 13:03:23 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Axo Copper is acquiring the past-producing San Antonio Gold Project in Sonora State, Mexico, from Osisko Development. The project includes a historical open-pit mineral resource estimate from June 2022, totaling 576 koz gold indicated and 544 koz gold inferred, along with existing infrastructure. Metallurgical testing indicates strong gold recoveries for oxide material via heap leaching and for transition/sulphide material via agitated tank leaching.
Reasoning: Axo Copper is acquiring the San Antonio Gold Project, which includes a significant historical gold and silver resource estimate and positive metallurgical test work. The acquisition provides Axo with a late-stage development project with existing infrastructure and exploration potential, though the resource data itself is not new and permitting challenges have been noted previously.
Positive factors
- Acquisition of a past-producing gold project with existing infrastructure
- Significant gold and silver resource base (over 1.1 Moz Au equivalent) with a substantial indicated component
- Positive metallurgical test results for oxide and sulphide material
- Clear path for future development with existing infrastructure and exploration upside
Negative factors
- Resource estimate is historical (June 2022) and not new information from Axo Copper
- Permit application was withdrawn in 2022, indicating potential permitting challenges
- Contingent payments and stream agreement add complexity to the transaction
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 86
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides a detailed summary of the San Antonio Gold Project's mineral resource estimate, including indicated and inferred categories for gold and silver.
Evidence · text
“initial open-pit mineral resource estimate totaling 576koz at 1.20g/t Au in the indicated category and 544koz at 1.02g/t Au in the inferred category.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The mineral resource estimate is explicitly stated to be in accordance with NI 43-101.
Evidence · text
“NI 43-101 Technical Report For The 2022 Mineral Resource Estimate On The San Antonio Project Sonora, Mexico”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The technical report and resource estimate were reviewed and approved by Qualified Persons.
Evidence · text
“William J. Lewis P.Geo., et al (the "San Antonio Report")is available for download from Osisko Development's SEDAR+ profile at www.sedarplus.ca . Charles Spath, P. Geo., has reviewed the San Antonio Report on behalf of the Company.”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The effective date of the mineral resource estimate is June 24, 2022, which is more than two years prior to the announcement date of November 24, 2025.
Evidence · text
“Initial open-pit mineral resource estimate ("MRE") (effective June 24, 2022)”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource estimate includes a significant indicated resource component.
Evidence · table
“14.9”
Context: Total Indicated
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes a significant inferred resource component.
Evidence · table
“16.6”
Context: Total Inferred
Metallurgyneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The document discusses metallurgical testing results for gold recovery from oxide, transition, and sulphide materials.
Evidence · text
“Metallurgical testing on the Sapuchi deposit (2021-2022 by Forte Analytical and SGS Mineral Services Canada) confirms strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: Metallurgical testing confirms strong recoveries for oxide material via heap leaching.
Evidence · text
“strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Metallurgical testing suggests strong recoveries for transition and sulphide material when crushed and mill agitated tank leached.
Evidence · text
“strong recoveries when crushed and mill agitated tank leached.”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The project has existing heap leach facilities and a carbon-in-column processing plant that were successfully used for stockpile processing, indicating prior pilot or operational scale processing.
Evidence · text
“existing heap leach facilities that were successfully used for stockpile processing.”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The metallurgical testing for oxide material is described as 'bottle roll tests', which are bench-scale tests.
Evidence · text
“bottle roll tests showing gold extractions up to 80-90% in oxides”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Bottle roll tests showed gold extractions up to 80-90% in oxides, which is strong for a heap leach route.
Evidence · text
“gold extractions up to 80-90% in oxides”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 85. Some facts used in scoring do not have a stored record.
Resource Estimates (82)
indicatedSan Antonio Gold Project · goldTonnes: 14900000Grade: 1.2Grade Unit: g/tContained Metal: 576Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:78a25024f560c4ab1b00
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 1.2
- Grade Unit
- g/t
- Contained Metal
- 576
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial indicated gold resource for an open-pit project, compliant with NI 43-101 and signed off by QPs. However, it is a historical estimate from June 2022, reducing its novelty for this announcement.
Positive factors
- Significant indicated gold resource
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Cut-off grades need re-evaluation based on future market conditions
Evidence · table
“1.20”
Context: Total Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 14900000Grade: 2.9Grade Unit: g/tContained Metal: 1.37Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:78a25024f560c4ab1b00
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 2.9
- Grade Unit
- g/t
- Contained Metal
- 1.37
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a notable indicated silver resource, likely as a byproduct, for an open-pit project. It is a historical estimate from June 2022, reducing its novelty.
Positive factors
- Significant indicated silver resource as a byproduct
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Cut-off grades need re-evaluation based on future market conditions
Evidence · table
“2.9”
Context: Total Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 16600000Grade: 1.02Grade Unit: g/tContained Metal: 544Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d467ef741d3aa8e04eff
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 16600000
- Grade
- 1.02
- Grade Unit
- g/t
- Contained Metal
- 544
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a large inferred gold resource, indicating future potential, but with lower confidence than indicated resources. It is a historical estimate.
Positive factors
- Significant inferred gold resource provides exploration upside
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
- Cut-off grades need re-evaluation based on future market conditions
Evidence · table
“1.02”
Context: Total Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 16600000Grade: 3.3Grade Unit: g/tContained Metal: 1.76Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d467ef741d3aa8e04eff
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 16600000
- Grade
- 3.3
- Grade Unit
- g/t
- Contained Metal
- 1.76
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a large inferred silver resource, providing future potential, but with lower confidence. It is a historical estimate.
Positive factors
- Significant inferred silver resource as a byproduct
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
- Cut-off grades need re-evaluation based on future market conditions
Evidence · table
“3.3”
Context: Total Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 600000Grade: 0.93Grade Unit: g/tContained Metal: 17Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:86eaa1306e3f86cc258b
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 600000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 17
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small but indicated gold resource in oxide material, which is positive for early production potential. It is a historical estimate.
Positive factors
- Indicated resource in oxide material, amenable to heap leaching
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
Evidence · table
“0.93”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 600000Grade: 2.8Grade Unit: g/tContained Metal: 0.05Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:86eaa1306e3f86cc258b
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 600000
- Grade
- 2.8
- Grade Unit
- g/t
- Contained Metal
- 0.05
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small indicated silver resource in oxide material, which is positive for early production potential. It is a historical estimate.
Positive factors
- Indicated resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
Evidence · table
“2.8”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 200000Grade: 0.79Grade Unit: g/tContained Metal: 6Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:57ad3802e6dc3e670611
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 200000
- Grade
- 0.79
- Grade Unit
- g/t
- Contained Metal
- 6
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small indicated gold resource in transition material, which is positive but limited in scale. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
Evidence · table
“0.79”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 200000Grade: 3.3Grade Unit: g/tContained Metal: 0.02Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:57ad3802e6dc3e670611
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 200000
- Grade
- 3.3
- Grade Unit
- g/t
- Contained Metal
- 0.02
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small indicated silver resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
Evidence · table
“3.3”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 3100000Grade: 1.31Grade Unit: g/tContained Metal: 130Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:662eb0ffbba1995d3264
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 3100000
- Grade
- 1.31
- Grade Unit
- g/t
- Contained Metal
- 130
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated gold resource in sulphide material, contributing to the overall project. It is a historical estimate.
Positive factors
- Indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.31”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 3100000Grade: 2.4Grade Unit: g/tContained Metal: 0.23Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:662eb0ffbba1995d3264
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 3100000
- Grade
- 2.4
- Grade Unit
- g/t
- Contained Metal
- 0.23
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated silver resource in sulphide material. It is a historical estimate.
Positive factors
- Indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“2.4”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 3900000Grade: 1.22Grade Unit: g/tContained Metal: 153Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:dbf8e16f2130b186522d
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 3900000
- Grade
- 1.22
- Grade Unit
- g/t
- Contained Metal
- 153
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated gold resource for the California deposit, providing a clear picture of this specific zone. It is a historical estimate.
Positive factors
- Indicated gold resource for the California deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.22”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 3900000Grade: 2.5Grade Unit: g/tContained Metal: 0.31Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:dbf8e16f2130b186522d
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 3900000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 0.31
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated silver resource for the California deposit. It is a historical estimate.
Positive factors
- Indicated silver resource for the California deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“2.5”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 200000Grade: 1.07Grade Unit: g/tContained Metal: 7Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:8efa32d6f6550d2a90b8
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 200000
- Grade
- 1.07
- Grade Unit
- g/t
- Contained Metal
- 7
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small indicated gold resource in oxide material, which is positive but limited in scale. It is a historical estimate.
Positive factors
- Indicated resource in oxide material, amenable to heap leaching
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
Evidence · table
“1.07”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 200000Grade: 2.8Grade Unit: g/tContained Metal: 0.02Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:8efa32d6f6550d2a90b8
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 200000
- Grade
- 2.8
- Grade Unit
- g/t
- Contained Metal
- 0.02
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small indicated silver resource in oxide material. It is a historical estimate.
Positive factors
- Indicated resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
Evidence · table
“2.8”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 100000Grade: 1.19Grade Unit: g/tContained Metal: 6Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:b09ad3dfd03a3a7ffba5
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 100000
- Grade
- 1.19
- Grade Unit
- g/t
- Contained Metal
- 6
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small indicated gold resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
Evidence · table
“1.19”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 100000Grade: 2.8Grade Unit: g/tContained Metal: 0.01Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:b09ad3dfd03a3a7ffba5
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 100000
- Grade
- 2.8
- Grade Unit
- g/t
- Contained Metal
- 0.01
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small indicated silver resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
Evidence · table
“2.8”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 5300000Grade: 1.46Grade Unit: g/tContained Metal: 249Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:c706606721a6366d6c4c
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 5300000
- Grade
- 1.46
- Grade Unit
- g/t
- Contained Metal
- 249
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial indicated gold resource in sulphide material, contributing significantly to the project's overall potential. It is a historical estimate.
Positive factors
- Significant indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.46”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 5300000Grade: 2.5Grade Unit: g/tContained Metal: 0.42Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:c706606721a6366d6c4c
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 5300000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 0.42
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial indicated silver resource in sulphide material. It is a historical estimate.
Positive factors
- Significant indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“2.5”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 5700000Grade: 1.44Grade Unit: g/tContained Metal: 262Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:8dbbded079bbf283280c
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5700000
- Grade
- 1.44
- Grade Unit
- g/t
- Contained Metal
- 262
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated gold resource for the Golfo de Oro deposit, representing a key component of the project. It is a historical estimate.
Positive factors
- Significant indicated gold resource for the Golfo de Oro deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.44”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 5700000Grade: 2.5Grade Unit: g/tContained Metal: 0.46Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:8dbbded079bbf283280c
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5700000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 0.46
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated silver resource for the Golfo de Oro deposit. It is a historical estimate.
Positive factors
- Significant indicated silver resource for the Golfo de Oro deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“2.5”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 1900000Grade: 0.85Grade Unit: g/tContained Metal: 53Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:309967e616ba816c641f
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 1900000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 53
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated gold resource in oxide material, which is positive for early production potential. It is a historical estimate.
Positive factors
- Indicated resource in oxide material, amenable to heap leaching
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“0.85”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 1900000Grade: 3.6Grade Unit: g/tContained Metal: 0.22Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:309967e616ba816c641f
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 1900000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 0.22
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated silver resource in oxide material. It is a historical estimate.
Positive factors
- Indicated resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“3.6”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 1400000Grade: 1.04Grade Unit: g/tContained Metal: 47Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:0e3f35edde9bc243e8a6
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 1400000
- Grade
- 1.04
- Grade Unit
- g/t
- Contained Metal
- 47
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated gold resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.04”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 1400000Grade: 3.6Grade Unit: g/tContained Metal: 0.16Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:0e3f35edde9bc243e8a6
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 1400000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 0.16
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated silver resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“3.6”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 2100000Grade: 0.94Grade Unit: g/tContained Metal: 62Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:3eef2ec9665c060aafc4
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 2100000
- Grade
- 0.94
- Grade Unit
- g/t
- Contained Metal
- 62
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated gold resource in sulphide material. It is a historical estimate.
Positive factors
- Indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“0.94”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 2100000Grade: 3.4Grade Unit: g/tContained Metal: 0.22Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:3eef2ec9665c060aafc4
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 2100000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 0.22
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated silver resource in sulphide material. It is a historical estimate.
Positive factors
- Indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“3.4”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 5400000Grade: 0.93Grade Unit: g/tContained Metal: 162Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:c58473d0aa89b0bd30e2
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5400000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 162
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated gold resource for the Sapuchi deposit, providing a clear picture of this specific zone. It is a historical estimate.
Positive factors
- Indicated gold resource for the Sapuchi deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“0.93”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 5400000Grade: 3.5Grade Unit: g/tContained Metal: 0.61Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:c58473d0aa89b0bd30e2
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 5400000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 0.61
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated silver resource for the Sapuchi deposit. It is a historical estimate.
Positive factors
- Indicated silver resource for the Sapuchi deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“3.5”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 2700000Grade: 0.89Grade Unit: g/tContained Metal: 77Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:edb9f1495ac6e2fb6be6
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 2700000
- Grade
- 0.89
- Grade Unit
- g/t
- Contained Metal
- 77
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated gold resource in oxide material, which is positive for early production potential. It is a historical estimate.
Positive factors
- Indicated resource in oxide material, amenable to heap leaching
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“0.89”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 2700000Grade: 3.4Grade Unit: g/tContained Metal: 0.3Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:edb9f1495ac6e2fb6be6
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- indicated
- Tonnes
- 2700000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 0.3
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated silver resource in oxide material. It is a historical estimate.
Positive factors
- Indicated resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“3.4”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 1800000Grade: 1.02Grade Unit: g/tContained Metal: 59Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:ca0c4f3c21338e72c3d1
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 1.02
- Grade Unit
- g/t
- Contained Metal
- 59
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated gold resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.02”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 1800000Grade: 3.5Grade Unit: g/tContained Metal: 0.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:ca0c4f3c21338e72c3d1
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 0.2
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate indicated silver resource in transition material. It is a historical estimate.
Positive factors
- Indicated resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“3.5”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 10400000Grade: 1.31Grade Unit: g/tContained Metal: 441Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:a23680fb56c4e5a8b270
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 10400000
- Grade
- 1.31
- Grade Unit
- g/t
- Contained Metal
- 441
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial indicated gold resource in sulphide material, representing a key component of the project's overall potential. It is a historical estimate.
Positive factors
- Significant indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.31”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 10400000Grade: 2.6Grade Unit: g/tContained Metal: 0.88Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:a23680fb56c4e5a8b270
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- indicated
- Tonnes
- 10400000
- Grade
- 2.6
- Grade Unit
- g/t
- Contained Metal
- 0.88
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial indicated silver resource in sulphide material. It is a historical estimate.
Positive factors
- Significant indicated resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“2.6”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · goldTonnes: 14900000Grade: 1.2Grade Unit: g/tContained Metal: 576Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:78a25024f560c4ab1b00
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 1.2
- Grade Unit
- g/t
- Contained Metal
- 576
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated gold resource for the project, representing a key component of the project's overall potential. It is a historical estimate.
Positive factors
- Significant total indicated gold resource
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“1.20”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
indicatedSan Antonio Gold Project · silverTonnes: 14900000Grade: 2.9Grade Unit: g/tContained Metal: 1.37Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:78a25024f560c4ab1b00
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 2.9
- Grade Unit
- g/t
- Contained Metal
- 1.37
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total indicated silver resource for the project. It is a historical estimate.
Positive factors
- Significant total indicated silver resource
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
Evidence · table
“2.9”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 400000Grade: 0.68Grade Unit: g/tContained Metal: 8Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:5512e74e301d52ea60b4
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 0.68
- Grade Unit
- g/t
- Contained Metal
- 8
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small inferred gold resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.68”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 400000Grade: 2.1Grade Unit: g/tContained Metal: 0.02Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:5512e74e301d52ea60b4
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 400000
- Grade
- 2.1
- Grade Unit
- g/t
- Contained Metal
- 0.02
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small inferred silver resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
- Inferred category has lower geological confidence
Evidence · table
“2.1”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 100000Grade: 0.85Grade Unit: g/tContained Metal: 4Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:170bb2700e15c9021ee6
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred gold resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.85”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 100000Grade: 2.6Grade Unit: g/tContained Metal: 0.01Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:170bb2700e15c9021ee6
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 2.6
- Grade Unit
- g/t
- Contained Metal
- 0.01
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred silver resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“2.6”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 1100000Grade: 1.27Grade Unit: g/tContained Metal: 46Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:587d13d13f101e11e669
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 1100000
- Grade
- 1.27
- Grade Unit
- g/t
- Contained Metal
- 46
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred gold resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“1.27”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 1100000Grade: 3.8Grade Unit: g/tContained Metal: 0.14Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:587d13d13f101e11e669
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 1100000
- Grade
- 3.8
- Grade Unit
- g/t
- Contained Metal
- 0.14
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred silver resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.8”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 1600000Grade: 1.1Grade Unit: g/tContained Metal: 58Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:a1d8b8e6b212fae49ff8
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 1600000
- Grade
- 1.1
- Grade Unit
- g/t
- Contained Metal
- 58
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred gold resource for the California deposit. It is a historical estimate with lower confidence.
Positive factors
- Inferred gold resource for the California deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“1.10”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 1600000Grade: 3.3Grade Unit: g/tContained Metal: 0.17Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:a1d8b8e6b212fae49ff8
- Deposit or zone
- California
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 1600000
- Grade
- 3.3
- Grade Unit
- g/t
- Contained Metal
- 0.17
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred silver resource for the California deposit. It is a historical estimate with lower confidence.
Positive factors
- Inferred silver resource for the California deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.3”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 500000Grade: 0.8Grade Unit: g/tContained Metal: 12Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:a5cb22ae21e3eec0d2eb
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 500000
- Grade
- 0.8
- Grade Unit
- g/t
- Contained Metal
- 12
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small inferred gold resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.80”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 500000Grade: 3Grade Unit: g/tContained Metal: 0.04Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:a5cb22ae21e3eec0d2eb
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 500000
- Grade
- 3
- Grade Unit
- g/t
- Contained Metal
- 0.04
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small inferred silver resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
- Inferred category has lower geological confidence
Evidence · table
“3.0”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 200000Grade: 0.93Grade Unit: g/tContained Metal: 5Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:8c1c39ab694873c79340
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 5
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred gold resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.93”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 200000Grade: 3.4Grade Unit: g/tContained Metal: 0.02Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:8c1c39ab694873c79340
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 0.02
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred silver resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“3.4”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 5700000Grade: 1.29Grade Unit: g/tContained Metal: 237Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:e2d3897a5dfb408e5469
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 5700000
- Grade
- 1.29
- Grade Unit
- g/t
- Contained Metal
- 237
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial inferred gold resource in sulphide material, contributing significantly to the project's overall potential. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“1.29”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 5700000Grade: 2.5Grade Unit: g/tContained Metal: 0.46Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:e2d3897a5dfb408e5469
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 5700000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 0.46
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial inferred silver resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“2.5”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 6400000Grade: 1.24Grade Unit: g/tContained Metal: 254Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:249f3fc263c95313b041
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 6400000
- Grade
- 1.24
- Grade Unit
- g/t
- Contained Metal
- 254
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred gold resource for the Golfo de Oro deposit. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred gold resource for the Golfo de Oro deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“1.24”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 6400000Grade: 2.5Grade Unit: g/tContained Metal: 0.52Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:249f3fc263c95313b041
- Deposit or zone
- Golfo de Oro
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 6400000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 0.52
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred silver resource for the Golfo de Oro deposit. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred silver resource for the Golfo de Oro deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“2.5”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 500000Grade: 0.84Grade Unit: g/tContained Metal: 14Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d6273aba6e1cb6164ea5
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 500000
- Grade
- 0.84
- Grade Unit
- g/t
- Contained Metal
- 14
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small inferred gold resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.84”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 500000Grade: 4.2Grade Unit: g/tContained Metal: 0.07Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d6273aba6e1cb6164ea5
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 500000
- Grade
- 4.2
- Grade Unit
- g/t
- Contained Metal
- 0.07
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a small inferred silver resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Relatively small tonnage
- Inferred category has lower geological confidence
Evidence · table
“4.2”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 200000Grade: 0.73Grade Unit: g/tContained Metal: 4Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:03d78235573be2baf429
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 0.73
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred gold resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.73”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 200000Grade: 4.5Grade Unit: g/tContained Metal: 0.02Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:03d78235573be2baf429
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 4.5
- Grade Unit
- g/t
- Contained Metal
- 0.02
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred silver resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“4.5”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 100000Grade: 0.9Grade Unit: g/tContained Metal: 4Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:86d5019e53f73f224e7c
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.9
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred gold resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.90”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 100000Grade: 8.3Grade Unit: g/tContained Metal: 0.04Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:86d5019e53f73f224e7c
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 8.3
- Grade Unit
- g/t
- Contained Metal
- 0.04
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred silver resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“8.3”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 800000Grade: 0.83Grade Unit: g/tContained Metal: 22Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d85fd768bf119451d9e6
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 800000
- Grade
- 0.83
- Grade Unit
- g/t
- Contained Metal
- 22
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred gold resource for the High Life deposit. It is a historical estimate with lower confidence.
Positive factors
- Inferred gold resource for the High Life deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.83”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 800000Grade: 4.9Grade Unit: g/tContained Metal: 0.13Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d85fd768bf119451d9e6
- Deposit or zone
- High Life
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 800000
- Grade
- 4.9
- Grade Unit
- g/t
- Contained Metal
- 0.13
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred silver resource for the High Life deposit. It is a historical estimate with lower confidence.
Positive factors
- Inferred silver resource for the High Life deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“4.9”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 3200000Grade: 0.74Grade Unit: g/tContained Metal: 75Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:f35dc4d37b44bfa876f8
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 3200000
- Grade
- 0.74
- Grade Unit
- g/t
- Contained Metal
- 75
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred gold resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.74”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 3200000Grade: 3.7Grade Unit: g/tContained Metal: 0.37Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:f35dc4d37b44bfa876f8
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 3200000
- Grade
- 3.7
- Grade Unit
- g/t
- Contained Metal
- 0.37
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred silver resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.7”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 1600000Grade: 0.92Grade Unit: g/tContained Metal: 48Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:6e1f60026a057e9916c5
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 1600000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 48
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred gold resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.92”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 1600000Grade: 3.6Grade Unit: g/tContained Metal: 0.19Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:6e1f60026a057e9916c5
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 1600000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 0.19
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred silver resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.6”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 2800000Grade: 0.92Grade Unit: g/tContained Metal: 84Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:5203b84ccca7c7b20e03
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 2800000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 84
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred gold resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.92”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 2800000Grade: 4.1Grade Unit: g/tContained Metal: 0.37Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:5203b84ccca7c7b20e03
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 2800000
- Grade
- 4.1
- Grade Unit
- g/t
- Contained Metal
- 0.37
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred silver resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“4.1”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 7600000Grade: 0.85Grade Unit: g/tContained Metal: 208Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:aee7c770a8131f2ce986
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 7600000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 208
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred gold resource for the Sapuchi deposit. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred gold resource for the Sapuchi deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.85”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 7600000Grade: 3.8Grade Unit: g/tContained Metal: 0.94Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:aee7c770a8131f2ce986
- Deposit or zone
- Sapuchi
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 7600000
- Grade
- 3.8
- Grade Unit
- g/t
- Contained Metal
- 0.94
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred silver resource for the Sapuchi deposit. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred silver resource for the Sapuchi deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.8”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 100000Grade: 0.53Grade Unit: g/tContained Metal: 2Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:0821bebd9019f86aeec7
- Deposit or zone
- Calvario
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.53
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred gold resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.53”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 100000Grade: 0Grade Unit: g/tContained Metal: 0Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:0821bebd9019f86aeec7
- Deposit or zone
- Calvario
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0
- Grade Unit
- g/t
- Contained Metal
- 0
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a very small inferred silver resource in oxide material with zero reported grade, making it immaterial. It is a historical estimate with lower confidence.
Positive factors
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
- Zero silver grade reported
Evidence · table
“0.0”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 0Grade: 0.55Grade Unit: g/tContained Metal: 0Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:acbfaadf2e524229a4f8
- Deposit or zone
- Calvario
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 0
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 0
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is an inferred gold resource in transition material with zero reported tonnage, making it immaterial. It is a historical estimate with lower confidence.
Positive factors
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Zero tonnage reported
- Inferred category has lower geological confidence
Evidence · table
“0.55”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 0Grade: 0Grade Unit: g/tContained Metal: 0Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:acbfaadf2e524229a4f8
- Deposit or zone
- Calvario
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 0
- Grade
- 0
- Grade Unit
- g/t
- Contained Metal
- 0
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is an inferred silver resource in transition material with zero reported tonnage and grade, making it immaterial. It is a historical estimate with lower confidence.
Positive factors
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Zero tonnage reported
- Inferred category has lower geological confidence
- Zero silver grade reported
Evidence · table
“0.0”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 100000Grade: 0.53Grade Unit: g/tContained Metal: 2Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:e5d948143b8fb0ce50fc
- Deposit or zone
- Calvario
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0.53
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred gold resource for the Calvario deposit. It is a historical estimate with lower confidence and very small tonnage.
Positive factors
- Inferred gold resource for the Calvario deposit
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
Evidence · table
“0.53”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 100000Grade: 0Grade Unit: g/tContained Metal: 0Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:e5d948143b8fb0ce50fc
- Deposit or zone
- Calvario
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 100000
- Grade
- 0
- Grade Unit
- g/t
- Contained Metal
- 0
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred silver resource for the Calvario deposit with zero reported grade, making it immaterial. It is a historical estimate with lower confidence.
Positive factors
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Very small tonnage
- Inferred category has lower geological confidence
- Zero silver grade reported
Evidence · table
“0.0”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 4600000Grade: 0.74Grade Unit: g/tContained Metal: 111Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:7d9284df368ff99ae670
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 4600000
- Grade
- 0.74
- Grade Unit
- g/t
- Contained Metal
- 111
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred gold resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.74”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 4600000Grade: 3.5Grade Unit: g/tContained Metal: 0.51Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:7d9284df368ff99ae670
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- oxide
Resource Data
- Category
- inferred
- Tonnes
- 4600000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 0.51
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred silver resource in oxide material. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred resource in oxide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.5”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 2100000Grade: 0.9Grade Unit: g/tContained Metal: 61Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:0677f4acd42c58fb1e7b
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 2100000
- Grade
- 0.9
- Grade Unit
- g/t
- Contained Metal
- 61
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred gold resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“0.90”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 2100000Grade: 3.6Grade Unit: g/tContained Metal: 0.24Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:0677f4acd42c58fb1e7b
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- transitional
Resource Data
- Category
- inferred
- Tonnes
- 2100000
- Grade
- 3.6
- Grade Unit
- g/t
- Contained Metal
- 0.24
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a moderate inferred silver resource in transition material. It is a historical estimate with lower confidence.
Positive factors
- Inferred resource in transition material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.6”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 9800000Grade: 1.18Grade Unit: g/tContained Metal: 371Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:680b2cd407e2993e9ef8
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 9800000
- Grade
- 1.18
- Grade Unit
- g/t
- Contained Metal
- 371
- Contained Unit
- koz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial inferred gold resource in sulphide material, contributing significantly to the project's overall potential. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“1.18”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 9800000Grade: 3.2Grade Unit: g/tContained Metal: 1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:680b2cd407e2993e9ef8
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- sulphide
Resource Data
- Category
- inferred
- Tonnes
- 9800000
- Grade
- 3.2
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- moz
- Cutoff Grade
- 0.44
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is a substantial inferred silver resource in sulphide material. It is a historical estimate with lower confidence.
Positive factors
- Significant inferred resource in sulphide material
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.2”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · goldTonnes: 16600000Grade: 1.02Grade Unit: g/tContained Metal: 544Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d467ef741d3aa8e04eff
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 16600000
- Grade
- 1.02
- Grade Unit
- g/t
- Contained Metal
- 544
- Contained Unit
- koz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred gold resource for the project. It is a historical estimate with lower confidence.
Positive factors
- Significant total inferred gold resource
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“1.02”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
inferredSan Antonio Gold Project · silverTonnes: 16600000Grade: 3.3Grade Unit: g/tContained Metal: 1.76Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Resource scope
- Estimate type
- resource
- Effective date
- 2022-06-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo.
- Resource group id
- resource:d467ef741d3aa8e04eff
- Deposit or zone
- Total
- Mining method
- open_pit
- Material type
- Total
Resource Data
- Category
- inferred
- Tonnes
- 16600000
- Grade
- 3.3
- Grade Unit
- g/t
- Contained Metal
- 1.76
- Contained Unit
- moz
- Cutoff Grade
- 0.27
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2022-06-24
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: This is the total inferred silver resource for the project. It is a historical estimate with lower confidence.
Positive factors
- Significant total inferred silver resource
- Open-pit mining method assumed
- NI 43-101 compliant and QP signed
Negative factors
- Estimate is historical (June 2022)
- Inferred category has lower geological confidence
Evidence · table
“3.3”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.4 years before this release
Metallurgical Results (3)
bottle rollSan Antonio Gold Project · goldRecovery: 80 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Test Work
- Program Status
- preliminary
- Test Type
- bottle roll
- Processing Route
- heap leach
- Sample
- Sapuchi deposit oxide material
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
- Consultant
- Micon International Limited
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: Historical bottle roll tests show strong gold recoveries for oxide material via heap leaching, which is positive for early production. However, these are bench-scale results and not new.
Positive factors
- Strong gold extractions for oxide material via heap leaching
- Supports low-cost processing methods
Negative factors
- Test work is historical (2021-2022)
- Bottle roll tests are bench-scale, not pilot scale
Evidence · text
“Metallurgical testing on the Sapuchi deposit (2021-2022 by Forte Analytical and SGS Mineral Services Canada) confirms strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 80% is at or above the exceptional band (75%)
bottle rollSan Antonio Gold Project · goldRecovery: 90 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Test Work
- Program Status
- preliminary
- Test Type
- bottle roll
- Processing Route
- heap leach
- Sample
- Sapuchi deposit oxide material
Recovery
- Recovery
- 90 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
- Consultant
- Micon International Limited
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: Historical bottle roll tests show exceptional gold recoveries for oxide material via heap leaching, which is very positive for early production. However, these are bench-scale results and not new.
Positive factors
- Exceptional gold extractions for oxide material via heap leaching
- Supports low-cost processing methods
Negative factors
- Test work is historical (2021-2022)
- Bottle roll tests are bench-scale, not pilot scale
Evidence · text
“Metallurgical testing on the Sapuchi deposit (2021-2022 by Forte Analytical and SGS Mineral Services Canada) confirms strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 90% is at or above the exceptional band (75%)
agitated tank leachSan Antonio Gold Project · goldHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- San Antonio Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- AXO
Test Work
- Program Status
- preliminary
- Test Type
- agitated tank leach
- Processing Route
- mill_cil
- Sample
- Sapuchi deposit transition and sulphide material
Recovery
- Recovery Basis
- unspecified
Lab
- Laboratory
- Forte Analytical and SGS Mineral Services Canada
- Consultant
- Micon International Limited
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-24T00:00:00.000Z
Dates
- Event date
- 2025-11-24T00:00:00.000Z
Reasoning: Historical metallurgical testing suggests strong recoveries for transition and sulphide material using agitated tank leaching, which is positive for future development. However, specific recovery percentages are not provided in this document, and the basis is unspecified.
Positive factors
- Strong recoveries suggested for transition and sulphide material via agitated tank leaching
- Aligns with historical findings from other deposits
Negative factors
- Test work is historical (2021-2022)
- Specific recovery percentage not stated in this document
- Basis of 'strong recoveries' is unspecified
Evidence · text
“The 2021-2022 metallurgical testing on transition and sulphide material at Sapuchi largely align with findings from historical metallurgical testing of transition and sulphide material at the Gulfo de Oro and California deposits, which suggest strong recoveries when crushed and mill agitated tank leached.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
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.