Building the Next Tier-One
Original announcement by research on
- Company
- Unico Silver
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc, Indium, Copper
- Document categories
- Other, Resource update, Drill results, Metallurgy
- Extracted
- 2026-10-13 17:29:11 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver's August 2025 investor presentation outlines its Santa Cruz silver development strategy, supported by a successful A$25 million placement and plans for drilling, resource updates and development studies. It reproduces earlier drill results, Cerro Leon's 2023 JORC resource, Joaquin's February 2013 foreign estimate and historical metallurgical results; it does not announce new assays or a new mineral resource. The PLUS 150 target of approximately 123–176 million silver-equivalent ounces is conceptual, and Joaquin's foreign estimate remains unclassified under JORC 2012.
Reasoning: Funding and consolidated technical context are constructive, but most quantitative technical disclosures are historical and the development case still requires updated resources, optimisation and economic studies.
Positive factors
- The presentation reports a successful A$25 million placement at A$0.35 per share.
- Previously reported drilling supports shallow oxide resource expansion and infill objectives.
- Existing infrastructure, land access and granted mining licences support the development pathway.
- Historical cyanidation and flotation testwork identifies potential processing routes.
Negative factors
- This is a broad investor presentation largely restating earlier announcements, rather than a new assay or resource release.
- Joaquin's February 2013 foreign estimate has not been classified under JORC 2012.
- The PLUS 150 exploration target is conceptual and is not a mineral resource.
- True widths and interval compositing parameters are not disclosed for the reproduced drill results.
- Metallurgical results are historical, and the proposed development studies and resource updates remain future milestones.
- The placement introduces 71.4 million new shares; the document does not establish its discount to the prevailing market price.
Rubric flags
- Primary category follows the whole document's current purpose. — Treat this broad investor presentation as other. The opening placement is substantive financing context, while the technical datasets are predominantly historical restatements.
- Resource dates must be exact ISO dates, not invented day-level dates. — Cerro Leon is labelled 2023 and Joaquin February 2013, but exact effective days are not provided; retain these vintages in tables and interpretations without fabricating effective_date values.
- Resource tonnage units must be grounded in the source. — Table 1 labels its column only Tonnes; its million-tonne scale is supported by the document's resource context and its disclosed contained quantities. Table 2 explicitly uses Mt.
- Equivalent-only intercepts must not become individual-metal grades. — Cerro Leon sulphide intercepts retain their AgEq values only in metal_equivalent fields; no individual silver, gold, lead or zinc grade is invented.
- Deterministic polymetallic groups require disclosed interval endpoints. — The prose gives start depths and lengths but not end depths. Do not fabricate to_depth_m or endpoint-based intercept_group_id values.
- Preserve source identification inconsistencies. — The presentation prints JDD017-25 for both La Negra SE and La Morocha SE. Preserve that identifier and verify against the referenced releases before treating the shared-hole linkage as certain.
- Do not propagate unrelated resource or Competent Person disclosures. — Appendix B repeats Cerro Leon boilerplate beneath the Joaquin heading. Do not use that text to classify Joaquin as JORC compliant. Todd Williams' explicit consent applies to the exploration target, not automatically to the historical resource estimates or drill assays.
- Exploration targets, historical production and peer reserves require their own scope. — Retain the exploration target, historical depletion and peer reserve comparison in raw tables. Do not classify target ranges as resources, depletion as reserves, or assign peer reserves to Unico.
- Use only available category-specific fact fields. — Placement proceeds and share issuance remain in the summary and interpretation because no capital_raise fact schema was supplied. Peer reserves lack a stated Proven/Probable breakdown, so preserve them in the comparison table without inventing categories.
- Historical metallurgical assumptions are distinct from test results. — Resource equivalent recovery assumptions are not extracted as completed metallurgical tests. Approximate cyanidation results are retained separately; the 48–90 hour range is preserved in the raw table rather than reduced to an invented single leach_time_hours.
- Do not silently repair contradictory cautionary wording. — One slide says there is no uncertainty that drilling will yield a resource, while the formal exploration-target methodology states that the outcome is uncertain. Interpret the target as conceptual and uncertain.
Facts used in scoring: 36
Classification and evidence
Funded Development Programmepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The presentation reports a successful A$25 million placement to accelerate Argentine silver project development.
Evidence · text
“Successful $25m Placement to Accelerate Development of Silver Projects in Argentina”
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The presentation explicitly reproduces prior announcements without materially new information.
Evidence · text
“The Company is not aware of any new information or data that materially affects the information”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: Joaquin's foreign estimate has not been classified as a JORC 2012 resource.
Evidence · text
“A Competent Person has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources”
Conceptual Exploration Targetneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The PLUS 150 target is explicitly conceptual and is not a mineral resource.
Evidence · text
“There has been insufficient exploration to estimate a Mineral Resource”
Step-Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: The reproduced La Negra and La Morocha results are described as extending the mineralised footprint beyond the foreign estimate.
Evidence · text
“Both discoveries expand the mineralised footprint well beyond the 2013 Foreign Estimate”
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: La Negra drilling is intended to convert the foreign estimate into a JORC resource.
Evidence · text
“La Negra Infill Drilling to Convert Foreign Estimate to JORC”
Free Millingpositive · Story-specific tag
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The presentation identifies selected oxide and transitional domains as recoverable by whole ore cyanidation.
Evidence · text
“free-milling and recoverable via whole ore cyanidation.”
Mill Routeneutral · Story-specific tag
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Historical whole ore cyanidation testwork is reported at 75 μm.
Evidence · text
“Whole Ore Cyanidation (75μm 48-90hrs)”
Land Access Securedpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Land access agreements are stated to cover all priority exploration areas.
Evidence · text
“Land Access Agreements in place for all priority exploration areas”
Gravity Routeneutral · Story-specific tag
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Multi-Domain Testedpositive · Story-specific tag
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Drill Results (11)
JDD017-25Joaquin · silverGrade: 35Grade Unit: g/tIntercept: 6 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JDD017-25
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 35
- Grade Unit
- g/t
- Intercept
- 6 m
- From
- 38 m
- To
- 44 m
- Intercept Depth
- 10 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- JDD017-25:38-44
- Mining Method
- open_pit
Location
- Location
- La Negra SE
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Reasoning: The subinterval is driven chiefly by its accompanying gold.
Positive factors
- Shallow mineralised subinterval.
Negative factors
- Weak silver grade and limited width.
- Historical result with geometry and protocols undisclosed here.
Evidence · text
“6m at 35gpt Ag, 6.5gpt Au from 38m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JDD017-25Joaquin · goldGrade: 6.5Grade Unit: g/tIntercept: 6 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JDD017-25
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 6.5
- Grade Unit
- g/t
- Intercept
- 6 m
- From
- 38 m
- To
- 44 m
- Intercept Depth
- 10 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- JDD017-25:38-44
- Mining Method
- open_pit
Location
- Location
- La Negra SE
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Reasoning: A useful high-grade component within the broader oxide intercept.
Positive factors
- High gold grade with moderate grade-width at shallow depth.
Negative factors
- True width and compositing are undisclosed here.
- Historical subinterval.
Evidence · text
“6m at 35gpt Ag, 6.5gpt Au from 38m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JDD017-25Joaquin · silverGrade: 342Grade Unit: g/tIntercept: 8.5 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JDD017-25
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 342
- Grade Unit
- g/t
- Intercept
- 8.5 m
- From
- 163 m
- To
- 171.5 m
- Intercept Depth
- 10 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- JDD017-25:163-171.5
- Mining Method
- open_pit
Location
- Location
- La Morocha SE
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-07-28T00:00:00.000Z
Reasoning: A material higher-grade component of the broader La Morocha intercept.
Positive factors
- Strong silver grade over a moderate downhole interval.
Negative factors
- True width and compositing are undisclosed here.
- Historical subinterval.
Evidence · text
“8.5m at 342gpt Ag, 3.9gpt Au from 163m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JDD017-25Joaquin · goldGrade: 3.9Grade Unit: g/tIntercept: 8.5 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JDD017-25
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 3.9
- Grade Unit
- g/t
- Intercept
- 8.5 m
- From
- 163 m
- To
- 171.5 m
- Intercept Depth
- 10 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- JDD017-25:163-171.5
- Mining Method
- open_pit
Location
- Location
- La Morocha SE
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-07-28T00:00:00.000Z
Reasoning: Gold materially adds to the higher-grade silver subinterval.
Positive factors
- Strong gold grade and moderate grade-width.
Negative factors
- True width and compositing are undisclosed here.
- Historical result.
Evidence · text
“8.5m at 342gpt Ag, 3.9gpt Au from 163m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JRC017-25Joaquin · silverGrade: 238Grade Unit: g/tIntercept: 23 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JRC017-25
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 238
- Grade Unit
- g/t
- Intercept
- 23 m
- From
- 98 m
- To
- 121 m
- Intercept Depth
- 98 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- JRC017-25:98-121
- Mining Method
- open_pit
Location
- Location
- La Negra Extension
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-05-19T00:00:00.000Z
Reasoning: A material silver extension intercept within the reproduced dataset.
Positive factors
- Strong grade and grade-width over 23 m downhole.
Negative factors
- True width and compositing are undisclosed here.
- Previously reported.
Evidence · text
“JRC017-25 23m at 238gpt Ag, 0.38gpt Au from 98m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JRC017-25Joaquin · goldGrade: 0.38Grade Unit: g/tIntercept: 23 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JRC017-25
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 0.38
- Grade Unit
- g/t
- Intercept
- 23 m
- From
- 98 m
- To
- 121 m
- Intercept Depth
- 98 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- JRC017-25:98-121
- Mining Method
- open_pit
Location
- Location
- La Negra Extension
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-05-19T00:00:00.000Z
Reasoning: Gold offers a limited supporting contribution.
Positive factors
- Gold accompanies strong silver mineralisation.
Negative factors
- Weak gold grade and sub-weak grade-width.
- Historical apparent interval with protocols undisclosed.
Evidence · text
“JRC017-25 23m at 238gpt Ag, 0.38gpt Au from 98m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JRC024-25Joaquin · goldGrade: 0.3Grade Unit: g/tIntercept: 52 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JRC024-25
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 0.3
- Grade Unit
- g/t
- Intercept
- 52 m
- From
- 76 m
- To
- 128 m
- Intercept Depth
- 56 m
Classification
- Program
- resource
- Sample Type
- drill
- Group ID
- JRC024-25:76-128
- Mining Method
- open_pit
Location
- Location
- La Negra
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-06-20T00:00:00.000Z
Reasoning: Gold is secondary to the stronger silver grade-width.
Positive factors
- Broad interval gives gold a supporting contribution.
Negative factors
- Weak gold grade.
- Historical apparent width with compositing and protocols undisclosed.
Evidence · text
“52m at 0.3gpt Au, 135gpt Ag from 76m”
Tags used in scoring
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JRC024-25Joaquin · silverGrade: 135Grade Unit: g/tIntercept: 52 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JRC024-25
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 135
- Grade Unit
- g/t
- Intercept
- 52 m
- From
- 76 m
- To
- 128 m
- Intercept Depth
- 56 m
Classification
- Program
- resource
- Sample Type
- drill
- Group ID
- JRC024-25:76-128
- Mining Method
- open_pit
Location
- Location
- La Negra
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-06-20T00:00:00.000Z
Reasoning: A material broad silver interval supporting resource definition.
Positive factors
- Broad shallow interval with strong silver grade-width.
Negative factors
- True width and compositing are undisclosed here.
- Previously reported infill result.
Evidence · text
“52m at 0.3gpt Au, 135gpt Ag from 76m”
Tags used in scoring
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
PR008-25Cerro Leon · goldGrade: 0.41Grade Unit: g/tIntercept: 36 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- PR008-25
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 0.41
- Grade Unit
- g/t
- Intercept
- 36 m
- From
- 1 m
- To
- 37 m
- Intercept Depth
- 1 m
Classification
- Sample Type
- drill
- Group ID
- PR008-25:1-37
- Mining Method
- open_pit
Location
- Location
- Marta NW
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-06-16T00:00:00.000Z
Reasoning: Gold is a supporting component of an excellent silver intercept.
Positive factors
- Gold contributes across a near-surface oxide interval.
Negative factors
- Weak gold grade.
- Historical apparent width with protocols and compositing undisclosed.
Evidence · text
“PR008-25 36m at 0.41gpt Au, 436gpt Ag from 1m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
PR008-25Cerro Leon · silverGrade: 436Grade Unit: g/tIntercept: 36 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- PR008-25
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 436
- Grade Unit
- g/t
- Intercept
- 36 m
- From
- 1 m
- To
- 37 m
- Intercept Depth
- 1 m
Classification
- Sample Type
- drill
- Group ID
- PR008-25:1-37
- Mining Method
- open_pit
Location
- Location
- Marta NW
- Loc. Source
- document
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-06-16T00:00:00.000Z
Reasoning: A highly material near-surface silver interval, with downhole width uncertainty.
Positive factors
- Strong silver grade and exceptional grade-width beginning at 1 m.
- Oxide context supports the stated shallow development focus.
Negative factors
- True width and compositing are undisclosed here.
- Previously reported.
Evidence · text
“PR008-25 36m at 0.41gpt Au, 436gpt Ag from 1m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
P061-25Cerro LeonIntercept: 12.8 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- P061-25
- Project
- Cerro Leon
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Intercept
- 12.8 m
- From
- 140.2 m
- To
- 153 m
- Intercept Depth
- 140.2 m
Classification
- Sample Type
- drill
- Group ID
- P061-25:140.2-153
- Mining Method
- unknown
Location
- Location
- Silvia
- Loc. Source
- document
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Reasoning: A modest supporting interval in the sulphide expansion narrative.
Positive factors
- Mineralisation is reported over a moderate downhole interval.
Negative factors
- Equivalent-only grades.
- True width, protocols and mining method are unresolved.
- Historical result.
Evidence · text
“Silvia P061-25 12.8m at 159gpt AgEq from 140.2m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
No QA/QC DisclosureRejected · negative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Reason: qaqc_disclosed is not true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
Resource Estimates (18)
indicatedCerro Leon · silverTonnes: 6820000Grade: 86Grade Unit: g/tContained Metal: 18.8Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 86
- Grade Unit
- g/t
- Contained Metal
- 18.8
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A meaningful established resource component, but no new estimate is presented.
Positive factors
- Indicated classification provides greater geological confidence than Inferred material.
- Individual grades and equivalent assumptions are disclosed.
Negative factors
- The estimate is restated from May 2023.
- Resource cut-off and effective date are not disclosed here.
Evidence · table
“86”
Context: 6.82
indicatedCerro Leon · goldTonnes: 6820000Grade: 0.49Grade Unit: g/tContained Metal: 107Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.49
- Grade Unit
- g/t
- Contained Metal
- 107
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Gold is a supporting commodity in the established silver-led resource.
Positive factors
- Indicated gold contributes to the polymetallic resource.
Negative factors
- Low standalone gold grade.
- Historical estimate with cut-off undisclosed here.
Evidence · table
“0.49”
Context: 6.82
indicatedCerro Leon · leadTonnes: 6820000Grade: 0.28Grade Unit: %Contained Metal: 41.9Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 41.9
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Lead offers limited supporting value and cannot be treated as economically credited across all prospects.
Positive factors
- Indicated classification and contained lead are disclosed.
Negative factors
- Lead credits are considered only for Marta Centro.
- Historical estimate.
Evidence · table
“0.28”
Context: 6.82
indicatedCerro Leon · zincTonnes: 6820000Grade: 0.93Grade Unit: %Contained Metal: 140Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 140
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Zinc is a potential byproduct rather than the primary development driver.
Positive factors
- Indicated classification and contained zinc are disclosed.
Negative factors
- Zinc credits are considered only for Marta Centro.
- Historical estimate.
Evidence · table
“0.93”
Context: 6.82
inferredCerro Leon · silverTonnes: 9650000Grade: 71Grade Unit: g/tContained Metal: 22.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 22.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: The inventory supports scale potential but requires confidence upgrades.
Positive factors
- A substantial additional silver inventory is disclosed.
Negative factors
- Inferred classification limits geological confidence.
- Historical estimate with cut-off undisclosed here.
Evidence · table
“71”
Context: 9.65
inferredCerro Leon · goldTonnes: 9650000Grade: 0.77Grade Unit: g/tContained Metal: 237Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- g/t
- Contained Metal
- 237
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Supporting gold inventory has limited confidence pending further definition.
Positive factors
- Gold adds to the polymetallic inventory.
Negative factors
- Inferred classification.
- Historical estimate and undisclosed cut-off.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · leadTonnes: 9650000Grade: 0.77Grade Unit: %Contained Metal: 53.7Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- %
- Contained Metal
- 53.7
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Lead is a speculative supporting inventory with restricted economic credit.
Positive factors
- Contained lead is disclosed.
Negative factors
- Inferred classification.
- Lead credits apply only to Marta Centro.
- Historical estimate.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · zincTonnes: 9650000Grade: 0.77Grade Unit: %Contained Metal: 163Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- %
- Contained Metal
- 163
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Potential byproduct scale remains subject to geological and processing definition.
Positive factors
- Contained zinc is disclosed.
Negative factors
- Inferred classification.
- Zinc credits apply only to Marta Centro.
- Historical estimate.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · silverTonnes: 16470000Grade: 77Grade Unit: g/tContained Metal: 40.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 77
- Grade Unit
- g/t
- Contained Metal
- 40.9
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the printed aggregate resource, with category normalised to its least confident constituent.
Positive factors
- The disclosed total establishes meaningful silver scale.
- JORC reporting and equivalent assumptions are stated.
Negative factors
- The total combines Indicated and Inferred material and is not wholly Inferred.
- The resource is restated from 2023.
- Cut-off is undisclosed here.
Evidence · table
“77”
Context: 16.47
inferredCerro Leon · goldTonnes: 16470000Grade: 0.65Grade Unit: g/tContained Metal: 344Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 344
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Gold supports the silver-led aggregate inventory; this total overlaps the component rows.
Positive factors
- The total gold inventory is explicitly disclosed.
Negative factors
- Combined Indicated and Inferred total.
- Historical estimate with cut-off undisclosed.
Evidence · table
“0.65”
Context: 16.47
inferredCerro Leon · leadTonnes: 16470000Grade: 0.57Grade Unit: %Contained Metal: 95.6Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 95.6
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This aggregate supporting inventory overlaps its component rows.
Positive factors
- Total contained lead is explicitly disclosed.
Negative factors
- Economic credits are restricted to Marta Centro.
- Historical combined-category total.
Evidence · table
“0.57”
Context: 16.47
inferredCerro Leon · zincTonnes: 16470000Grade: 0.84Grade Unit: %Contained Metal: 304Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 0.84
- Grade Unit
- %
- Contained Metal
- 304
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This aggregate byproduct inventory overlaps its component rows.
Positive factors
- Total contained zinc is explicitly disclosed.
Negative factors
- Economic credits are restricted to Marta Centro.
- Historical combined-category total.
Evidence · table
“0.84”
Context: 16.47
indicatedJoaquin · silverTonnes: 15700000Grade: 65.2Grade Unit: mozContained Metal: 65.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:049518a14c2930a18be1
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Contained Metal
- 65.2
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The historical M&I row is normalised to Indicated, but requires current verification.
Positive factors
- The historical M&I estimate indicates substantial silver scale.
Negative factors
- February 2013 foreign estimate is not classified under JORC 2012.
- Historical production must be considered separately.
- Cut-off is undisclosed.
Evidence · table
“65.2”
Context: 15.7
indicatedJoaquin · goldTonnes: 15700000Grade: 0.12Grade Unit: g/tContained Metal: 61.1Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:049518a14c2930a18be1
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold is a minor supporting commodity in the historical silver estimate.
Positive factors
- Gold inventory is explicitly disclosed.
Negative factors
- Very low standalone gold grade.
- Unverified February 2013 foreign estimate.
Evidence · table
“0.12”
Context: 15.7
inferredJoaquin · silverTonnes: 1000000Grade: 3.1Grade Unit: mozContained Metal: 3.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:fcc8f74fe79ca607a7fb
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Contained Metal
- 3.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: A small, low-confidence component of the historical estimate.
Positive factors
- Additional historical silver inventory is disclosed.
Negative factors
- Inferred classification and unverified foreign-estimate status.
- February 2013 vintage.
Evidence · table
“3.1”
Context: 1
inferredJoaquin · goldTonnes: 1000000Grade: 0.12Grade Unit: g/tContained Metal: 3.7Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:fcc8f74fe79ca607a7fb
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This is a minor historical byproduct component.
Positive factors
- The byproduct grade and quantity are disclosed.
Negative factors
- Small gold inventory.
- Historical foreign estimate and Inferred classification.
Evidence · table
“0.12”
Context: 1
inferredJoaquin · silverTonnes: 16700000Grade: 68.3Grade Unit: mozContained Metal: 68.3Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:6a6102e7394f5dc39195
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Contained Metal
- 68.3
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The printed total overlaps the component rows and requires verification and depletion reconciliation.
Positive factors
- The historical total indicates substantial silver scale.
Negative factors
- The total combines M&I and Inferred material.
- Foreign estimate is unclassified under JORC 2012.
- This is not a post-depletion current resource.
Evidence · table
“68.3”
Context: 16.7
inferredJoaquin · goldTonnes: 16700000Grade: 0.12Grade Unit: g/tContained Metal: 64.2Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- Resource group id
- resource:6a6102e7394f5dc39195
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This historical aggregate gold quantity overlaps its component rows.
Positive factors
- Total historical gold inventory is disclosed.
Negative factors
- Low standalone grade.
- Combined-category foreign estimate predates historical production.
Evidence · table
“0.12”
Context: 16.7
Metallurgical Results (7)
whole ore cyanidationJoaquin · silverRecovery: 80 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- whole ore cyanidation
- Processing Route
- whole ore cyanidation
- Sample
- Historical 2009-2017 programme; variability testwork for 104 drill holes across La Morocha and La Negra
- Grind P80
- 75 µm
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Historical cyanidation supports a potential processing route, but needs current optimisation and variability confirmation.
Positive factors
- Historical variability work covers both named deposits.
- The presentation describes oxide and transitional mineralisation as free-milling.
Negative factors
- Recovery is approximate and below the default moderate silver band.
- A fine 75 μm grind is stated.
- Reagent consumption and individual test outcomes are not disclosed.
- Historical programme.
Evidence · table
“~80% Ag, ~80% Au”
Context: Whole Ore Cyanidation
whole ore cyanidationJoaquin · goldRecovery: 80 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- whole ore cyanidation
- Processing Route
- whole ore cyanidation
- Sample
- Historical 2009-2017 programme; variability testwork for 104 drill holes across La Morocha and La Negra
- Grind P80
- 75 µm
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold recovery is workable screening context, with limited margin for processing losses.
Positive factors
- Historical testwork supports gold extraction by cyanidation.
Negative factors
- Approximate recovery is at the weak gold mill-route threshold.
- Fine grind and reagent consumption require further definition.
- Historical result.
Evidence · table
“~80% Ag, ~80% Au”
Context: Whole Ore Cyanidation
whole ore cyanidationCerro Leon · goldRecovery: 85 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- whole ore cyanidation
- Processing Route
- whole ore cyanidation
- Sample
- Historical 2010-2013 programme; 51 drill holes and 26 trenches
- Grind P80
- 75 µm
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The historical gold result supports further oxide-route optimisation.
Positive factors
- Moderate gold cyanidation recovery is reported.
Negative factors
- Recovery is approximate and historical.
- Fine grind, reagent consumption and detailed variability remain unresolved here.
Evidence · table
“~80% Ag, ~85% Au”
Context: Whole Ore Cyanidation
flotationCerro Leon · silverHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- 2010 Marta Centro sulphide sample; zinc concentrate
Recovery
- Conc. Grade
- 121
- Conc. Grade Unit
- g/t
Lab
- Laboratory
- G&T
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The grade indicates a possible byproduct contribution, without establishing saleable silver recovery.
Positive factors
- Silver is present in the zinc concentrate.
Negative factors
- Silver recovery and payable terms are undisclosed.
- Single historical sample.
Evidence · text
“a zinc concentrate of 51.5% Zn and 121 g/t Ag”
flotationCerro Leon · leadRecovery: 87.6 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- 2010 Marta Centro sulphide sample; lead concentrate
Recovery
- Recovery
- 87.6 %
- Recovery Basis
- to_concentrate
- Conc. Grade
- 61.9
- Conc. Grade Unit
- %
Lab
- Laboratory
- G&T
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The historical result supports a potential lead concentrate route for Marta Centro.
Positive factors
- High-grade lead concentrate with substantial lead recovery.
- The presentation describes the concentrate as saleable.
Negative factors
- A single historical sulphide sample does not establish wider representativeness.
- Test scale, impurities and payable terms are undisclosed.
Evidence · text
“a lead concentrate of 61.9% Pb and 1,461 g/t Ag was produced with 87.6% Pb recovery”
flotationCerro Leon · zincRecovery: 92.3 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- 2010 Marta Centro sulphide sample; zinc concentrate
Recovery
- Recovery
- 92.3 %
- Recovery Basis
- to_concentrate
- Conc. Grade
- 51.5
- Conc. Grade Unit
- %
Lab
- Laboratory
- G&T
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: A constructive historical zinc flotation result, pending representative modern confirmation.
Positive factors
- High zinc recovery into a concentrate above the indicative 50% zinc grade benchmark.
- The presentation describes the concentrate as saleable.
Negative factors
- Single historical sample.
- Test scale, concentrate impurities and commercial terms are undisclosed.
Evidence · text
“a zinc concentrate of 51.5% Zn and 121 g/t Ag was produced with 92.3% Zn recovery”
flotationCerro Leon · indiumHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- indium
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- 2010 Marta Centro sulphide sample; zinc concentrate
Recovery
- Conc. Grade
- 823
- Conc. Grade Unit
- g/t
Lab
- Laboratory
- G&T
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The concentration indicates potential byproduct value without establishing recoverable payable indium.
Positive factors
- Indium enrichment is explicitly reported in the zinc concentrate.
Negative factors
- Indium recovery, downstream extraction and payability are undisclosed.
- Single historical sample.
Evidence · text
“The zinc concentrate also includes 823gpt indium.”
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.