Building the Next Tier-One
Original announcement by research on
- Company
- Unavailable
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Resource update, Other, Metallurgy
- Extracted
- 2026-10-19 14:02:30 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
This investor presentation centers on the September 2025 Cerro Leon mineral resource estimate, which the company says now totals 31Mt at 161g/t silver equivalent for 162 Moz AgEq. It also repeats the Joaquin historical foreign estimate and outlines the PLUS 150 exploration target and broader development strategy. Most of the numerical resource content is reused from earlier company releases rather than presenting entirely new information.
Reasoning: The dominant current event is a resource update / presentation around the September 2025 Cerro Leon MRE, but much of the content restates prior releases and historical estimates. The underlying resource base is materially positive, though novelty is partly limited by the presentation format and historical sourcing.
Positive factors
- Cerro Leon global resource is stated to have increased to 31Mt at 161gpt silver equivalent for 162 Moz AgEq
- The release states the estimate includes 67% in the high-confidence Indicated category and is JORC 2012 compliant
- The document also discloses a transparent silver-equivalent formula and supporting historical metallurgical work
Negative factors
- The announcement is an investor presentation recycling prior ASX releases and says no new information materially affects the original announcements
- The Joaquin figure is explicitly a historical foreign estimate and not reported in accordance with JORC
- Some resource material is presented as an exploration target, which is conceptual and not a mineral resource
Rubric flags
- resource_update completeness vs provided text — The transcribed text does not visibly include a measured-row numeric line in Table 1; if the source PDF contains it, extract that row as well.
Facts used in scoring: 19
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Cerro Leon resource table is explicitly stated to conform to the JORC Code 2012 Edition.
Evidence · text
“The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The exploration target section names Todd Williams as the Competent Person and states he consents to inclusion.
Evidence · text
“based on, and fairly reflects, information compiled by Mr Todd Williams, a Competent Person”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The exploration target and resource tables disclose AgEq assumptions and supporting equivalence formulas, enabling comparability.
Evidence · text
“AgEq = Ag (g/t) + 96.76 x Au (g/t) + 20.99 x Pb (%) + 32.48 x Zn (%)”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The Joaquin estimate is explicitly labeled a historical foreign estimate from February 2013.
Evidence · text
“Table 2. Joaquin Project – Historical Foreign Estimate as of February 2013”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The presentation says the Joaquin estimate is a Foreign Estimate and not reported in accordance with JORC Code 2012.
Evidence · text
“The estimates of mineralisation in respect of the Joaquin Project included in this announcement are foreign estimates”
Stale Data Re-releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The presentation says it contains information extracted from previous ASX releases and no new information materially affects the original announcements.
Evidence · text
“This presentation contains information extracted from previous ASX releases”
Metal Equivalent Opaqueneutral · Story-specific tag
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.
Why it applies: The Cerro Leon AgEq assumptions are disclosed, so this tag does not apply to the main resource rows; however the presentation also repeats equivalent grades across historical and current tables, making the equivalent a derived metric rather than a standalone commodity.
Evidence · text
“Cerro Leon’s reported silver equivalent (AgEq) is consistent with previous reports and is based on the following assumptions”
Free Millingpositive · Story-specific tag
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The exploration target is described as free-milling oxide and transitional silver-gold mineralisation recoverable via whole ore cyanidation.
Evidence · text
“The target includes free-milling oxide and transitional silver-gold mineralisation”
Nearology Playneutral · Story-specific tag
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: The presentation emphasizes adjacent districts and proximity-driven growth potential across Cerro Leon and Joaquin.
Evidence · text
“two adjacent silver districts”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 19. Some facts used in scoring do not have a stored record.
Resource Estimates (16)
indicatedCerro Leon · silverTonnes: 9400000Contained Metal: 57.8Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:7883146b299f35c6715f
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Contained Metal
- 57.8
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the indicated AgEq row for Cerro Leon.
Positive factors
- AgEq grade is explicitly tabled and the assumptions are fully disclosed
- The indicated category is the higher-confidence part of the resource
Negative factors
- This is an equivalent-grade row restated in a presentation
- The equivalent is not a substitute for the underlying metal rows
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · goldTonnes: 9400000Grade: 0.54Grade Unit: g/tContained Metal: 165Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:7883146b299f35c6715f
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the gold grade companion row for the indicated Cerro Leon resource.
Positive factors
- Gold is a disclosed byproduct in the Cerro Leon resource table
- AgEq assumptions are disclosed and the estimate is JORC 2012 compliant
Negative factors
- This gold grade is a component of a broader resource update restated in the presentation
- The row is not a standalone new assay result
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · leadTonnes: 9400000Grade: 0.57Grade Unit: %Contained Metal: 119Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:7883146b299f35c6715f
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 119
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the lead grade row for the indicated Cerro Leon resource.
Positive factors
- Lead is explicitly included in the Cerro Leon metal-equivalent calculation
- The resource table provides both grade and contained metal
Negative factors
- This is a table row from a presentation restating the resource update
- Lead is a byproduct metal rather than the primary commodity focus
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCerro Leon · zincTonnes: 9400000Grade: 0.95Grade Unit: %Contained Metal: 199Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:7883146b299f35c6715f
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 199
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the zinc grade row for the indicated Cerro Leon resource.
Positive factors
- Zinc is explicitly disclosed in the indicated resource table and in the AgEq formula
- Contained zinc is also printed, supporting scale assessment
Negative factors
- This is a restated estimate in a presentation, not new assay data
- Zinc is a byproduct metal in a silver-focused resource
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · silverTonnes: 21300000Contained Metal: 104Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4d4028124f72aa65cae1
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 21300000
- Contained Metal
- 104
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the inferred AgEq row for Cerro Leon.
Positive factors
- AgEq contribution from the inferred category is explicitly reported
Negative factors
- Equivalent grade is restated in the presentation
- Lower confidence than the indicated category
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · goldTonnes: 21300000Grade: 0.55Grade Unit: g/tContained Metal: 398Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4d4028124f72aa65cae1
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 21300000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the gold grade row for the inferred Cerro Leon resource.
Positive factors
- Gold is a stated component of the inferred Cerro Leon resource
- Contained gold is disclosed
Negative factors
- This is a restated historical resource row in the presentation
- Lower-confidence inferred category
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · leadTonnes: 21300000Grade: 0.54Grade Unit: %Contained Metal: 245Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4d4028124f72aa65cae1
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 21300000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 245
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the lead grade row for the inferred Cerro Leon resource.
Positive factors
- Lead is included in the inferred Cerro Leon estimate and in the AgEq formula
Negative factors
- This is a historical presentation row rather than fresh disclosure
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCerro Leon · zincTonnes: 21300000Grade: 1.3Grade Unit: %Contained Metal: 580Contained 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4d4028124f72aa65cae1
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 21300000
- Grade
- 1.3
- Grade Unit
- %
- Contained Metal
- 580
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-09-23
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: This is the zinc grade row for the inferred Cerro Leon resource.
Positive factors
- Zinc grade and contained metal are stated in the inferred category
Negative factors
- Historical restatement within the presentation
- Inferred category reduces confidence
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredCerro Leon · silverHistorical 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
- Effective date
- 2025-09-23T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:0f16f64a2764a9459b3a
- Deposit or zone
- Cerro Leon
- Resource basis
- gross
Resource Data
- Category
- measured
Prior Estimate
- Resource Date
- 2025-09-23
Lab
- Laboratory
- Unico Silver Announcement
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-23T00:00:00.000Z
Reasoning: The source text does not show a measured row value in the transcribed table, so no numeric resource fact can be extracted.
Positive factors
- The presentation refers to a JORC mineral resource table for Cerro Leon
Negative factors
- No measured row values are visible in the provided text
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquin · silverTonnes: 15700000Grade: 128Grade Unit: g/tContained 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
- Effective date
- 2013-02-01T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4f8e5ce94029fa6a1d95
- Deposit or zone
- Joaquin
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 128
- Grade Unit
- g/t
- Contained Metal
- 65.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-02-01
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
- Historical Source Date
- 2013-02-01T00:00:00.000Z
Reasoning: This is the AgEq row for the historical indicated Joaquin estimate.
Positive factors
- Contained AgEq is explicitly reported for the historical Joaquin estimate
Negative factors
- Historical estimate only
- The row is restated from an older source
Evidence · table
“128”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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
- Effective date
- 2013-02-01T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4f8e5ce94029fa6a1d95
- Deposit or zone
- Joaquin
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-02-01
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
- Historical Source Date
- 2013-02-01T00:00:00.000Z
Reasoning: This is the gold row for the Joaquin historical indicated estimate.
Positive factors
- Gold is disclosed in the historical Joaquin resource table
Negative factors
- Historical foreign estimate with low novelty
- Not reported as a current compliant resource in this presentation
Evidence · table
“0.12”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquin · silverTonnes: 1000000Grade: 100Grade Unit: g/tContained 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
- Effective date
- 2013-02-01T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4374d2a2e8841d76927f
- Deposit or zone
- Joaquin
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 100
- Grade Unit
- g/t
- Contained Metal
- 3.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-01
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
- Historical Source Date
- 2013-02-01T00:00:00.000Z
Reasoning: This is the AgEq row for the historical inferred Joaquin estimate.
Positive factors
- AgEq for the inferred historical row is explicitly given
Negative factors
- Historical estimate
- Inferred category
Evidence · table
“100”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
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
- Effective date
- 2013-02-01T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:4374d2a2e8841d76927f
- Deposit or zone
- Joaquin
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-01
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
- Historical Source Date
- 2013-02-01T00:00:00.000Z
Reasoning: This is the gold row for the Joaquin inferred historical estimate.
Positive factors
- Gold is disclosed for the inferred Joaquin historical estimate
Negative factors
- Historical estimate only
- Lower-confidence inferred category
Evidence · table
“0.12”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
inferredJoaquin · silverTonnes: 330000Grade: 410Grade Unit: g/tContained Metal: 4.3Contained 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
- Effective date
- 2019-01-01T00:00:00.000Z
- Reporting standards
- other
- Resource group id
- resource:3f2456f62c9093cb1143
- Deposit or zone
- Depletion
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 330000
- Grade
- 410
- Grade Unit
- g/t
- Contained Metal
- 4.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2019-01-01
Metal Equivalent
- Metal Eq. Grade
- 421
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2019-01-01T00:00:00.000Z
Reasoning: This is the Joaquin historical production depletion row.
Positive factors
- Historical production depletion is explicitly disclosed
Negative factors
- This is production depletion rather than a current resource growth result
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.8 years before this release
inferredJoaquin · silverTonnes: 16700000Grade: 126Grade Unit: g/tContained 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
- Effective date
- 2013-02-01T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:511ff0773fb9a0bc0bf4
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 126
- Grade Unit
- g/t
- Contained Metal
- 68.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-01
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
- Historical Source Date
- 2013-02-01T00:00:00.000Z
Reasoning: This is the Joaquin inferred silver row from the historical foreign estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Historical Joaquin inferred estimate is explicitly stated
Negative factors
- Historical foreign estimate with low confidence relative to current JORC work
Evidence · table
“126”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
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
- Effective date
- 2013-02-01T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- Todd Williams
- Resource group id
- resource:511ff0773fb9a0bc0bf4
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-01
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
- Historical Source Date
- 2013-02-01T00:00:00.000Z
Reasoning: This is the Joaquin inferred silver row from the historical foreign estimate. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Historical Joaquin inferred estimate is explicitly stated
Negative factors
- Historical foreign estimate with low confidence relative to current JORC work
Evidence · table
“0.12”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 13.7 years before this release
Metallurgical Results (3)
cyanide leachingCerro Leon · silverRecovery: 80 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- detailed
- Test Type
- cyanide leaching
- Processing Route
- whole ore cyanidation
- Sample
- oxides and transitional mineralisation
- Grind P80
- 75 µm
- Leach Time
- 48 hours
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- historical metallurgical testwork
- Consultant
- Pan American Silver
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2010-01-01T00:00:00.000Z
Reasoning: Historical silver recovery testwork referenced for the free-milling oxide and transitional material.
Positive factors
- The document states historical metallurgical testwork achieved about 80% Ag recovery on whole ore cyanidation
- The processing route is clearly identified as whole ore cyanidation
Negative factors
- This is historical testwork, not new results in this presentation
- The summary relies on previously reported recoveries
cyanide leachingCerro 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
- Program Status
- detailed
- Test Type
- cyanide leaching
- Processing Route
- whole ore cyanidation
- Sample
- oxides and transitional mineralisation
- Grind P80
- 75 µm
- Leach Time
- 48 hours
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- historical metallurgical testwork
- Consultant
- Pan American Silver
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2010-01-01T00:00:00.000Z
Reasoning: Historical gold recovery referenced for the free-milling oxide and transitional material.
Positive factors
- The same historical testwork references about 85% Au recovery
- Whole ore cyanidation is explicitly stated
Negative factors
- Historical testwork only
- No new metallurgy results are disclosed in this presentation
flotationMarta Centro · silverRecovery: 92.3 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Marta Centro
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Marta Centro sulphide sample
Recovery
- Recovery
- 92.3 %
- Recovery Basis
- actual_test
- Conc. Grade
- 51.5
- Conc. Grade Unit
- % Zn
Lab
- Laboratory
- G&T
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2010-01-01T00:00:00.000Z
Reasoning: Historical flotation result cited in the presentation for the Marta Centro sulphide sample.
Positive factors
- The document states a zinc concentrate of 51.5% Zn and 92.3% Zn recovery
Negative factors
- Historical testwork only
- Byproduct sulphide metallurgy rather than the main silver oxide resource
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 92.3% is at or above the exceptional band (90%)
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.