# Building the Next Tier-One Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e Original source: https://announcements.asx.com.au/asxpdf/20250820/pdf/06n2qw3nfpsnwj.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T17:29:10.332Z Atlas analysis updated: 2026-10-13T17:29:10.332Z - 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 Narrative sentiment: 0.42 · Bullish ## Minestarters Atlas 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 factor: The presentation reports a successful A$25 million placement at A$0.35 per share. - Positive factor: Previously reported drilling supports shallow oxide resource expansion and infill objectives. - Positive factor: Existing infrastructure, land access and granted mining licences support the development pathway. - Positive factor: Historical cyanidation and flotation testwork identifies potential processing routes. - Negative factor: This is a broad investor presentation largely restating earlier announcements, rather than a new assay or resource release. - Negative factor: Joaquin's February 2013 foreign estimate has not been classified under JORC 2012. - Negative factor: The PLUS 150 exploration target is conceptual and is not a mineral resource. - Negative factor: True widths and interval compositing parameters are not disclosed for the reproduced drill results. - Negative factor: Metallurgical results are historical, and the proposed development studies and resource updates remain future milestones. - Negative factor: The placement introduces 71.4 million new shares; the document does not establish its discount to the prevailing market price. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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. - Rubric flag: 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 Programme** Polarity: positive Story-specific tag Definition: 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-release** Polarity: negative Definition: No canonical definition is currently available. 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 Only** Polarity: negative Definition: No canonical definition is currently available. 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 Target** Polarity: neutral Story-specific tag Definition: 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 Extension** Polarity: positive Definition: No canonical definition is currently available. 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 Drilling** Polarity: neutral Definition: No canonical definition is currently available. 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 Milling** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. 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 Route** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Historical whole ore cyanidation testwork is reported at 75 μm. Evidence · text > Whole Ore Cyanidation \(75μm 48-90hrs\) **Land Access Secured** Polarity: positive Story-specific tag Definition: 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 Route** Story-specific tag Definition: No canonical definition is currently available. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Story-specific tag Definition: No canonical definition is currently available. 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) ### JDD017-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-18) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Shallow mineralised subinterval. - Negative factor: Weak silver grade and limited width. - Negative factor: Historical result with geometry and protocols undisclosed here. Evidence · text > 6m at 35gpt Ag, 6.5gpt Au from 38m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JDD017-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-19) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: High gold grade with moderate grade-width at shallow depth. - Negative factor: True width and compositing are undisclosed here. - Negative factor: Historical subinterval. Evidence · text > 6m at 35gpt Ag, 6.5gpt Au from 38m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JDD017-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-20) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Strong silver grade over a moderate downhole interval. - Negative factor: True width and compositing are undisclosed here. - Negative factor: Historical subinterval. Evidence · text > 8.5m at 342gpt Ag, 3.9gpt Au from 163m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JDD017-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-21) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Strong gold grade and moderate grade-width. - Negative factor: True width and compositing are undisclosed here. - Negative factor: Historical result. Evidence · text > 8.5m at 342gpt Ag, 3.9gpt Au from 163m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JRC017-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-24) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Strong grade and grade-width over 23 m downhole. - Negative factor: True width and compositing are undisclosed here. - Negative factor: Previously reported. Evidence · text > JRC017-25 23m at 238gpt Ag, 0.38gpt Au from 98m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JRC017-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-25) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Gold accompanies strong silver mineralisation. - Negative factor: Weak gold grade and sub-weak grade-width. - Negative factor: Historical apparent interval with protocols undisclosed. Evidence · text > JRC017-25 23m at 238gpt Ag, 0.38gpt Au from 98m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JRC024-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-26) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Broad interval gives gold a supporting contribution. - Negative factor: Weak gold grade. - Negative factor: Historical apparent width with compositing and protocols undisclosed. Evidence · text > 52m at 0.3gpt Au, 135gpt Ag from 76m #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: No canonical definition is currently available. Why it applies: drill\_program\_type is "resource" #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### JRC024-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-27) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Broad shallow interval with strong silver grade-width. - Negative factor: True width and compositing are undisclosed here. - Negative factor: Previously reported infill result. Evidence · text > 52m at 0.3gpt Au, 135gpt Ag from 76m #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: No canonical definition is currently available. Why it applies: drill\_program\_type is "resource" #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### PR008-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-28) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Gold contributes across a near-surface oxide interval. - Negative factor: Weak gold grade. - Negative factor: Historical apparent width with protocols and compositing undisclosed. Evidence · text > PR008-25 36m at 0.41gpt Au, 436gpt Ag from 1m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### PR008-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-29) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Strong silver grade and exceptional grade-width beginning at 1 m. - Positive factor: Oxide context supports the stated shallow development focus. - Negative factor: True width and compositing are undisclosed here. - Negative factor: Previously reported. Evidence · text > PR008-25 36m at 0.41gpt Au, 436gpt Ag from 1m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ### P061-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-drill-facts-32) Cerro Leon Historical result Needs review: historical\_restatement #### 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 factor: Mineralisation is reported over a moderate downhole interval. - Negative factor: Equivalent-only grades. - Negative factor: True width, protocols and mining method are unresolved. - Negative factor: Historical result. Evidence · text > Silvia P061-25 12.8m at 159gpt AgEq from 140.2m #### Rejected tags **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: qaqc\_disclosed is not true **Cut-off Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: no cutoff\_grade was stated **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: No canonical definition is currently available. Reason: the fact restates a prior release ## Resource Estimates (18) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-0) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Indicated classification provides greater geological confidence than Inferred material. - Positive factor: Individual grades and equivalent assumptions are disclosed. - Negative factor: The estimate is restated from May 2023. - Negative factor: Resource cut-off and effective date are not disclosed here. Evidence · table > 86 Context: 6.82 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-1) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated gold contributes to the polymetallic resource. - Negative factor: Low standalone gold grade. - Negative factor: Historical estimate with cut-off undisclosed here. Evidence · table > 0.49 Context: 6.82 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-2) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Indicated classification and contained lead are disclosed. - Negative factor: Lead credits are considered only for Marta Centro. - Negative factor: Historical estimate. Evidence · table > 0.28 Context: 6.82 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-3) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Indicated classification and contained zinc are disclosed. - Negative factor: Zinc credits are considered only for Marta Centro. - Negative factor: Historical estimate. Evidence · table > 0.93 Context: 6.82 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-4) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: A substantial additional silver inventory is disclosed. - Negative factor: Inferred classification limits geological confidence. - Negative factor: Historical estimate with cut-off undisclosed here. Evidence · table > 71 Context: 9.65 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-5) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Gold adds to the polymetallic inventory. - Negative factor: Inferred classification. - Negative factor: Historical estimate and undisclosed cut-off. Evidence · table > 0.77 Context: 9.65 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-6) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Contained lead is disclosed. - Negative factor: Inferred classification. - Negative factor: Lead credits apply only to Marta Centro. - Negative factor: Historical estimate. Evidence · table > 0.77 Context: 9.65 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-7) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Contained zinc is disclosed. - Negative factor: Inferred classification. - Negative factor: Zinc credits apply only to Marta Centro. - Negative factor: Historical estimate. Evidence · table > 0.77 Context: 9.65 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-8) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: The disclosed total establishes meaningful silver scale. - Positive factor: JORC reporting and equivalent assumptions are stated. - Negative factor: The total combines Indicated and Inferred material and is not wholly Inferred. - Negative factor: The resource is restated from 2023. - Negative factor: Cut-off is undisclosed here. Evidence · table > 77 Context: 16.47 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-9) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: The total gold inventory is explicitly disclosed. - Negative factor: Combined Indicated and Inferred total. - Negative factor: Historical estimate with cut-off undisclosed. Evidence · table > 0.65 Context: 16.47 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-10) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: Total contained lead is explicitly disclosed. - Negative factor: Economic credits are restricted to Marta Centro. - Negative factor: Historical combined-category total. Evidence · table > 0.57 Context: 16.47 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-11) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: Total contained zinc is explicitly disclosed. - Negative factor: Economic credits are restricted to Marta Centro. - Negative factor: Historical combined-category total. Evidence · table > 0.84 Context: 16.47 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-12) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: The historical M&I estimate indicates substantial silver scale. - Negative factor: February 2013 foreign estimate is not classified under JORC 2012. - Negative factor: Historical production must be considered separately. - Negative factor: Cut-off is undisclosed. Evidence · table > 65.2 Context: 15.7 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-13) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Gold inventory is explicitly disclosed. - Negative factor: Very low standalone gold grade. - Negative factor: Unverified February 2013 foreign estimate. Evidence · table > 0.12 Context: 15.7 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-14) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Additional historical silver inventory is disclosed. - Negative factor: Inferred classification and unverified foreign-estimate status. - Negative factor: February 2013 vintage. Evidence · table > 3.1 Context: 1 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-15) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: The byproduct grade and quantity are disclosed. - Negative factor: Small gold inventory. - Negative factor: Historical foreign estimate and Inferred classification. Evidence · table > 0.12 Context: 1 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-16) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: The historical total indicates substantial silver scale. - Negative factor: The total combines M&I and Inferred material. - Negative factor: Foreign estimate is unclassified under JORC 2012. - Negative factor: This is not a post-depletion current resource. Evidence · table > 68.3 Context: 16.7 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-resource-facts-17) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Total historical gold inventory is disclosed. - Negative factor: Low standalone grade. - Negative factor: Combined-category foreign estimate predates historical production. Evidence · table > 0.12 Context: 16.7 ## Metallurgical Results (7) ### whole ore cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-22) Joaquin · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical variability work covers both named deposits. - Positive factor: The presentation describes oxide and transitional mineralisation as free-milling. - Negative factor: Recovery is approximate and below the default moderate silver band. - Negative factor: A fine 75 μm grind is stated. - Negative factor: Reagent consumption and individual test outcomes are not disclosed. - Negative factor: Historical programme. Evidence · table > ~80% Ag, ~80% Au Context: Whole Ore Cyanidation ### whole ore cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-23) Joaquin · gold Historical result Needs review: historical\_restatement #### 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 factor: Historical testwork supports gold extraction by cyanidation. - Negative factor: Approximate recovery is at the weak gold mill-route threshold. - Negative factor: Fine grind and reagent consumption require further definition. - Negative factor: Historical result. Evidence · table > ~80% Ag, ~80% Au Context: Whole Ore Cyanidation ### whole ore cyanidation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-30) Cerro Leon · gold Historical result Needs review: historical\_restatement #### 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 factor: Moderate gold cyanidation recovery is reported. - Negative factor: Recovery is approximate and historical. - Negative factor: Fine grind, reagent consumption and detailed variability remain unresolved here. Evidence · table > ~80% Ag, ~85% Au Context: Whole Ore Cyanidation ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-31) Cerro Leon · silver Historical result Needs review: historical\_restatement #### 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 factor: Silver is present in the zinc concentrate. - Negative factor: Silver recovery and payable terms are undisclosed. - Negative factor: Single historical sample. Evidence · text > a zinc concentrate of 51.5% Zn and 121 g/t Ag ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-33) Cerro Leon · lead Historical result Needs review: historical\_restatement #### 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 factor: High-grade lead concentrate with substantial lead recovery. - Positive factor: The presentation describes the concentrate as saleable. - Negative factor: A single historical sulphide sample does not establish wider representativeness. - Negative factor: 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 ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-34) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### 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 factor: High zinc recovery into a concentrate above the indicative 50% zinc grade benchmark. - Positive factor: The presentation describes the concentrate as saleable. - Negative factor: Single historical sample. - Negative factor: 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 ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/building-the-next-tier-one--e19c8d3d-d8fd-4c6b-aa97-60008fc3a01e#fact-metallurgical-facts-35) Cerro Leon · indium Historical result Needs review: historical\_restatement #### 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 factor: Indium enrichment is explicitly reported in the zinc concentrate. - Negative factor: Indium recovery, downstream extraction and payability are undisclosed. - Negative factor: 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.