CERRO LEON MRE INCREASES TO 162MOZ AGEQ
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc, Copper, Indium
- Document categories
- Resource update
- Extracted
- 2026-10-13 16:46:05 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver reports a new Cerro Leon JORC resource of 31 Mt at 161 g/t AgEq for 162 Moz AgEq, an 88% tonnage increase and 73% AgEq ounce increase versus 2023, supported by additional drilling rather than newly disclosed individual intercepts. Its pit-constrained free-milling subset contains 44.6 Moz AgEq, with approximately 67% of equivalent ounces Indicated, supporting a planned maiden Scoping Study. The separate Joaquin estimate is historical and unverified under JORC; resources are not reserves, and the announcement contains inconsistent AgEq assumptions.
Reasoning: A substantial new resource expansion and a more mature free-milling development subset are material positives, tempered by global classification uncertainty, preliminary economics and inconsistent equivalency disclosures.
Positive factors
- Cerro Leon resource tonnage increased from 16.4 Mt to 31 Mt and contained AgEq increased from 93 Moz to 162 Moz.
- The free-milling subset contains 44.6 Moz AgEq, approximately 67% of which is Indicated.
- Independent JORC resource preparation, named Competent Person, laboratory disclosure and extensive QA/QC support the estimate.
Negative factors
- Most global resource tonnes are Inferred; no Measured resources or Ore Reserves are reported.
- Mining and processing assumptions remain preliminary and economic viability is not demonstrated.
- AgEq formulas and lead-price assumptions differ between sections; some stated totals also differ from component sums.
- Joaquin is a historical foreign estimate, excludes subsequent depletion and has not been verified under JORC.
Rubric flags
- AgEq assumptions consistency — Preserve the disclosed equivalent grades, but reconcile main-text coefficients 96.76/20.99/32.48 with appendix coefficients 79.18/25.56/39.41 and lead prices $0.05/lb versus $0.95/lb before valuation.
- Category confidence basis — The approximately 67% Indicated claim concerns free-milling equivalent ounces; global Indicated tonnes are approximately 30% and free-milling Indicated tonnes approximately 58%.
- Effective-date precision — New estimates are identified as September 2025 without an exact effective day; do not substitute the announcement date.
- Totals and scope — Retain all printed totals without correcting them; global contained gold differs from category sums, and the Table 4 aggregate differs in scope from Table 1. Do not add overlapping totals and component rows.
- Tonnage Growth tag qualification — An 88% tonnage increase is disclosed, but a like-for-like prior individual-metal grade is not; do not assert grade maintenance.
- Metallurgical assumptions versus measured results — The metal recovery table supplies resource-equivalency assumptions based on prior testwork, without identifying individual tests or composites; do not turn these assumptions into new measured metallurgy facts.
- Historical production schema — Table 3 is production depletion, not a resource or reserve category; retain its rows as raw data rather than assigning an invented resource classification.
- Exploration target versus resource — The PLUS 150 portfolio target and future Joaquin MRE are prospective disclosures, not additional completed resource estimates.
- RAG comparison applicability — The supplied baseline contains individual drill intercepts, while this announcement reports an MRE and explicitly no exploration results; resource grades are not like-for-like drill comparisons.
Facts used in scoring: 72
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: Cerro Leon's existing resource has been revised using additional drilling.
Evidence · text
“Unico Silver reports an updated MRE for the Cerro Leon project”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Reported contained silver-equivalent ounces increased 73%, from 93 Moz to 162 Moz.
Evidence · text
“73% increase in silver equivalent ounces (93 to 162Moz)”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: Approximately 67% of free-milling equivalent ounces are Indicated, supporting development assessment.
Evidence · text
“67% of those free-milling ounces are now in the Indicated category”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The global estimate includes 21.6 Mt of Inferred material, exceeding its 9.4 Mt Indicated component.
Evidence · text
“Inferred 21.6 154 104 48 0.55 0.54 1.3 33.1 398 245 580”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: Cerro Leon's new estimate is explicitly reported under JORC 2012.
Evidence · text
“The Mineral Resource Estimate (MRE) is reported in accordance with the JORC Code (2012).”
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: Ian Taylor is the named responsible Competent Person and consents to inclusion of the estimate.
Evidence · text
“Mr Taylor consents to the inclusion in this announcement of the matters based upon this”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cerro Leon is reported at a 50 g/t AgEq cut-off.
Evidence · text
“50 g/t AgEq is applied to oxide and sulphide material.”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: Joaquin's 2013 foreign estimate has not been classified under JORC by a Competent Person.
Evidence · text
“A Competent Person has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: Joaquin's estimate is effective 15 February 2013, over twelve years before this announcement.
Evidence · text
“with an effective date of 15 February 2013”
Equivalent Assumptions Inconsistentnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The appendix uses different AgEq coefficients from the main disclosure despite quoting the same principal prices and recoveries.
Evidence · text
“Ag Eq = Ag (g/t) + 79.18 x Au (g/t) + 25.56 x Pb (%) + 39.41 x Zn (%)”
Extracted facts
Stored fact records: 72. Some facts used in scoring do not have a stored record.
Resource Estimates (72)
indicatedCerro Leon · silverTonnes: 9400000Grade: 95Grade Unit: g/tContained Metal: 28.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 95
- Grade Unit
- g/t
- Contained Metal
- 28.9
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A substantial, reasonably constrained silver resource supports development assessment.
Positive factors
- 28.9 Moz silver in the Indicated category.
Negative factors
- Economic viability is unproven.
Evidence · table
“95”
Context: 9.4
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"
indicatedCerro Leon · goldTonnes: 9400000Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold provides a meaningful credit within the silver-led resource.
Positive factors
- 165 koz gold classified as Indicated.
Negative factors
- Modest standalone gold grade; combined-metal economics are unproven.
Evidence · table
“0.54”
Context: 9.4
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"
indicatedCerro Leon · leadTonnes: 9400000Grade: 0.57Grade Unit: %Contained Metal: 119Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 119
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead adds potential credits, but equivalency valuation requires clarification.
Positive factors
- 119 Mlb lead classified as Indicated.
Negative factors
- Lead-price assumptions conflict between sections.
Evidence · table
“0.57”
Context: 9.4
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"
indicatedCerro Leon · zincTonnes: 9400000Grade: 0.95Grade Unit: %Contained Metal: 199Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 199
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc is a potential byproduct contributor rather than a standalone economic case.
Positive factors
- 199 Mlb zinc classified as Indicated.
Negative factors
- Low standalone zinc grade and preliminary processing assumptions.
Evidence · table
“0.95”
Context: 9.4
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"
inferredCerro Leon · silverTonnes: 21600000Grade: 48Grade Unit: g/tContained Metal: 33.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 48
- Grade Unit
- g/t
- Contained Metal
- 33.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling.
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“48”
Context: 21.6
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"
inferredCerro Leon · goldTonnes: 21600000Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Potential gold credits are material but remain geologically less constrained.
Positive factors
- 398 koz gold reported.
Negative factors
- Inferred classification; modest standalone grade.
Evidence · table
“0.55”
Context: 21.6
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"
inferredCerro Leon · leadTonnes: 21600000Grade: 0.54Grade Unit: %Contained Metal: 245Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 245
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead inventory is sizeable but its geological and valuation confidence is limited.
Positive factors
- 245 Mlb potential lead credits.
Negative factors
- Inferred classification and inconsistent lead-price disclosures.
Evidence · table
“0.54”
Context: 21.6
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"
inferredCerro Leon · zincTonnes: 21600000Grade: 1.3Grade Unit: %Contained Metal: 580Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 1.3
- Grade Unit
- %
- Contained Metal
- 580
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc adds meaningful potential byproduct scale but requires further definition.
Positive factors
- 580 Mlb zinc inventory.
Negative factors
- Inferred classification and unproven combined-metal economics.
Evidence · table
“1.3”
Context: 21.6
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"
inferredCerro Leon · silverTonnes: 31000000Grade: 62Grade Unit: g/tContained Metal: 62Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 62
- Grade Unit
- g/t
- Contained Metal
- 62
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The explicitly reported global total demonstrates material scale growth, with mixed geological confidence.
Positive factors
- 62 Moz silver; global tonnage expanded from 16.4 Mt to 31 Mt.
Negative factors
- Total combines Indicated and Inferred; approximately 30% of tonnes are Indicated.
Evidence · table
“62”
Context: 31
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"
inferredCerro Leon · goldTonnes: 31000000Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 548
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds substantial inventory, but the printed total needs reconciliation.
Positive factors
- 548 koz gold in the disclosed global total.
Negative factors
- Printed contained-gold total differs from the sum of category values; mostly Inferred tonnes.
Evidence · table
“0.55”
Context: 31
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"
inferredCerro Leon · leadTonnes: 31000000Grade: 0.54Grade Unit: %Contained Metal: 364Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 364
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead contributes potential credits with unresolved valuation detail.
Positive factors
- 364 Mlb lead disclosed.
Negative factors
- Mixed confidence categories and contradictory lead valuation assumptions.
Evidence · table
“0.54”
Context: 31
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"
inferredCerro Leon · zincTonnes: 31000000Grade: 1.1Grade Unit: %Contained Metal: 778Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 1.1
- Grade Unit
- %
- Contained Metal
- 778
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The global zinc inventory offers byproduct scale without demonstrated economics.
Positive factors
- 778 Mlb zinc disclosed.
Negative factors
- Mostly Inferred tonnage and preliminary processing assumptions.
Evidence · table
“1.1”
Context: 31
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"
indicatedJoaquin · silverTonnes: 15700000Grade: 65.2Grade Unit: mozContained Metal: 65.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:a1e8ad5cd6f6452886fc
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Contained Metal
- 65.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
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
- 2024-08-20T00:00:00.000Z
Reasoning: The historical estimate indicates scale but adds little new information and is not a current resource baseline.
Positive factors
- 65.2 Moz silver in historical M&I.
Negative factors
- 2013 estimate, unverified under JORC; cut-off undisclosed and subsequent depletion excluded.
Evidence · table
“65.2”
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"
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
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:a1e8ad5cd6f6452886fc
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
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
- 2024-08-20T00:00:00.000Z
Reasoning: Gold is a modest historical credit within the silver estimate.
Positive factors
- Historical gold byproduct inventory disclosed.
Negative factors
- Very low standalone gold grade; stale and not JORC-verified.
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"
inferredJoaquin · silverTonnes: 1000000Grade: 3.1Grade Unit: mozContained Metal: 3.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:f686c744c7fd7d3fe14d
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Contained Metal
- 3.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
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
- 2024-08-20T00:00:00.000Z
Reasoning: This is a small, low-confidence historical addition.
Positive factors
- 3.1 Moz historical silver inventory.
Negative factors
- Inferred, stale and not verified under JORC.
Evidence · table
“3.1”
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"
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
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:f686c744c7fd7d3fe14d
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
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
- 2024-08-20T00:00:00.000Z
Reasoning: The gold credit has limited standalone significance.
Positive factors
- Gold quantity explicitly disclosed.
Negative factors
- Small, low-grade, historical Inferred inventory.
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"
inferredJoaquin · silverTonnes: 16700000Grade: 68.3Grade Unit: mozContained Metal: 68.3Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:25858f4562b005ae59dd
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Contained Metal
- 68.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
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
- 2024-08-20T00:00:00.000Z
Reasoning: The printed total supports historical project scale, not a current depleted estimate.
Positive factors
- 68.3 Moz silver in the historical total, mostly historical M&I.
Negative factors
- Total predates production and remains unverified under JORC.
Evidence · table
“68.3”
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"
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
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:25858f4562b005ae59dd
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
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
- 2024-08-20T00:00:00.000Z
Reasoning: The historical byproduct total requires reconciliation and updating.
Positive factors
- Historical total gold quantity disclosed.
Negative factors
- Printed total differs from category sum; stale and undepleted.
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"
indicatedCerro Leon · silverTonnes: 3200000Grade: 14.1Grade Unit: mozContained Metal: 14.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 14.1
- Grade Unit
- moz
- Contained Metal
- 14.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A relatively strong silver grade in a free-milling development domain.
Positive factors
- 14.1 Moz Indicated oxide silver at 137 g/t.
Negative factors
- Economics and practical mining dilution remain unproven.
Evidence · table
“14.1”
Context: 3.20
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"
indicatedCerro Leon · goldTonnes: 3200000Grade: 0.6Grade Unit: g/tContained Metal: 62Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 0.6
- Grade Unit
- g/t
- Contained Metal
- 62
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supports the free-milling silver-led development case.
Positive factors
- 62 koz Indicated oxide gold.
Negative factors
- Modest standalone gold grade.
Evidence · table
“0.60”
Context: 3.20
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"
indicatedCerro Leon · leadTonnes: 3200000Grade: 14Grade Unit: ktContained Metal: 14Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 14
- Grade Unit
- kt
- Contained Metal
- 14
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A disclosed accessory metal inventory without established recoverable value for this entire domain.
Positive factors
- Indicated lead inventory quantified.
Negative factors
- Lead economic credits are restricted by prospect and route.
Evidence · table
“14”
Context: 3.20
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"
indicatedCerro Leon · zincTonnes: 3200000Grade: 3Grade Unit: ktContained Metal: 3Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 3
- Grade Unit
- kt
- Contained Metal
- 3
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Trace-scale zinc is unlikely to drive this silver-gold oxide domain.
Positive factors
- Indicated inventory disclosed.
Negative factors
- Very low zinc grade; economic recovery not demonstrated.
Evidence · table
“3”
Context: 3.20
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"
indicatedCerro Leon · silverTonnes: 1520000Grade: 6.6Grade Unit: mozContained Metal: 6.6Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 6.6
- Grade Unit
- moz
- Contained Metal
- 6.6
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A useful relatively high-grade contribution to the free-milling subset.
Positive factors
- 6.6 Moz Indicated transitional silver.
Negative factors
- Processing assumptions remain preliminary.
Evidence · table
“6.6”
Context: 1.52
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"
indicatedCerro Leon · goldTonnes: 1520000Grade: 0.68Grade Unit: g/tContained Metal: 33Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 0.68
- Grade Unit
- g/t
- Contained Metal
- 33
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold improves the combined precious-metal contribution of transitional material.
Positive factors
- 33 koz Indicated gold.
Negative factors
- Standalone gold economics are not demonstrated.
Evidence · table
“0.68”
Context: 1.52
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"
indicatedCerro Leon · leadTonnes: 1520000Grade: 8Grade Unit: ktContained Metal: 8Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 8
- Grade Unit
- kt
- Contained Metal
- 8
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead is an accessory inventory with limited demonstrated economic significance.
Positive factors
- 8 kt Indicated lead inventory.
Negative factors
- Recovery and economic credits are not established across the domain.
Evidence · table
“8”
Context: 1.52
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"
indicatedCerro Leon · zincTonnes: 1520000Grade: 4Grade Unit: ktContained Metal: 4Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 4
- Grade Unit
- kt
- Contained Metal
- 4
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc is secondary to silver and gold in this transitional material.
Positive factors
- Indicated zinc inventory quantified.
Negative factors
- Low grade and unproven recoverable value.
Evidence · table
“4”
Context: 1.52
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"
indicatedCerro Leon · silverTonnes: 3970000Grade: 5.8Grade Unit: mozContained Metal: 5.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 5.8
- Grade Unit
- moz
- Contained Metal
- 5.8
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Silver contributes to the fresh resource alongside base-metal credits.
Positive factors
- 5.8 Moz Indicated silver.
Negative factors
- Lower silver grade and reliance on a polymetallic processing route.
Evidence · table
“5.8”
Context: 3.97
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"
indicatedCerro Leon · goldTonnes: 3970000Grade: 0.31Grade Unit: g/tContained Metal: 40Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 40
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold is a modest potential credit in fresh polymetallic material.
Positive factors
- 40 koz Indicated gold.
Negative factors
- Low gold grade and recovery optimisation still planned.
Evidence · table
“0.31”
Context: 3.97
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"
indicatedCerro Leon · leadTonnes: 3970000Grade: 31Grade Unit: ktContained Metal: 31Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 31
- Grade Unit
- kt
- Contained Metal
- 31
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead is a potentially useful flotation credit requiring valuation clarification.
Positive factors
- 31 kt Indicated fresh lead.
Negative factors
- Conflicting lead-price inputs and preliminary flotation assumptions.
Evidence · table
“31”
Context: 3.97
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"
indicatedCerro Leon · zincTonnes: 3970000Grade: 83Grade Unit: ktContained Metal: 83Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 83
- Grade Unit
- kt
- Contained Metal
- 83
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Fresh Indicated material carries the most concentrated zinc contribution.
Positive factors
- 83 kt Indicated zinc at the strongest zinc grade among weathering rows.
Negative factors
- Standalone zinc economics are not established.
Evidence · table
“83”
Context: 3.97
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"
inferredCerro Leon · silverTonnes: 1570000Grade: 4.1Grade Unit: mozContained Metal: 4.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 4.1
- Grade Unit
- moz
- Contained Metal
- 4.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Useful oxide inventory requiring conversion drilling.
Positive factors
- 4.1 Moz oxide silver adds free-milling scale.
Negative factors
- Inferred classification and lower grade than Indicated oxide.
Evidence · table
“4.1”
Context: 1.57
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"
inferredCerro Leon · goldTonnes: 1570000Grade: 0.54Grade Unit: g/tContained Metal: 27Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supplements the oxide silver inventory.
Positive factors
- 27 koz oxide gold credit.
Negative factors
- Inferred and modest gold grade.
Evidence · table
“0.54”
Context: 1.57
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"
inferredCerro Leon · leadTonnes: 1570000Grade: 10Grade Unit: ktContained Metal: 10Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 10
- Grade Unit
- kt
- Contained Metal
- 10
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Disclosed lead content has limited demonstrated economic significance.
Positive factors
- Lead inventory quantified.
Negative factors
- Inferred and unproven oxide lead recovery.
Evidence · table
“10”
Context: 1.57
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"
inferredCerro Leon · zincTonnes: 1570000Grade: 2Grade Unit: ktContained Metal: 2Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 2
- Grade Unit
- kt
- Contained Metal
- 2
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A minor accessory inventory in oxide material.
Positive factors
- Zinc content disclosed.
Negative factors
- Very low grade and Inferred classification.
Evidence · table
“2”
Context: 1.57
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"
inferredCerro Leon · silverTonnes: 1810000Grade: 5.1Grade Unit: mozContained Metal: 5.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 5.1
- Grade Unit
- moz
- Contained Metal
- 5.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The transitional inventory adds free-milling potential but needs confirmation.
Positive factors
- 5.1 Moz transitional silver.
Negative factors
- Inferred classification.
Evidence · table
“5.1”
Context: 1.81
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"
inferredCerro Leon · goldTonnes: 1810000Grade: 0.51Grade Unit: g/tContained Metal: 30Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 0.51
- Grade Unit
- g/t
- Contained Metal
- 30
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds potential credits to transitional silver material.
Positive factors
- 30 koz transitional gold.
Negative factors
- Inferred classification and modest grade.
Evidence · table
“0.51”
Context: 1.81
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"
inferredCerro Leon · leadTonnes: 1810000Grade: 9Grade Unit: ktContained Metal: 9Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 9
- Grade Unit
- kt
- Contained Metal
- 9
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead is an accessory inventory rather than a demonstrated development driver.
Positive factors
- 9 kt lead disclosed.
Negative factors
- Inferred and recovery value unproven.
Evidence · table
“9”
Context: 1.81
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"
inferredCerro Leon · zincTonnes: 1810000Grade: 5Grade Unit: ktContained Metal: 5Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 5
- Grade Unit
- kt
- Contained Metal
- 5
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A minor potential zinc contribution.
Positive factors
- 5 kt zinc disclosed.
Negative factors
- Low grade and Inferred classification.
Evidence · table
“5”
Context: 1.81
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"
inferredCerro Leon · silverTonnes: 16590000Grade: 21.1Grade Unit: mozContained Metal: 21.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 21.1
- Grade Unit
- moz
- Contained Metal
- 21.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is meaningful, but combined-metal economics and conversion drilling are important.
Positive factors
- 21.1 Moz silver defines substantial fresh inventory.
Negative factors
- Inferred classification and relatively low silver grade.
Evidence · table
“21.1”
Context: 16.59
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"
inferredCerro Leon · goldTonnes: 16590000Grade: 0.52Grade Unit: g/tContained Metal: 277Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 277
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold provides sizeable potential credits but is not yet a reliable mine-planning inventory.
Positive factors
- 277 koz fresh gold inventory.
Negative factors
- Inferred and recovery optimisation remains necessary.
Evidence · table
“0.52”
Context: 16.59
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"
inferredCerro Leon · leadTonnes: 16590000Grade: 91Grade Unit: ktContained Metal: 91Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 91
- Grade Unit
- kt
- Contained Metal
- 91
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The lead inventory has potential but needs geological and processing confirmation.
Positive factors
- 91 kt potential fresh lead credits.
Negative factors
- Inferred classification and conflicting lead valuation assumptions.
Evidence · table
“91”
Context: 16.59
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"
inferredCerro Leon · zincTonnes: 16590000Grade: 255Grade Unit: ktContained Metal: 255Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 255
- Grade Unit
- kt
- Contained Metal
- 255
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc is a significant potential contributor in the fresh domain.
Positive factors
- 255 kt zinc gives meaningful fresh-resource scale.
Negative factors
- Inferred classification and unproven project economics.
Evidence · table
“255”
Context: 16.59
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"
inferredCerro Leon · silverTonnes: 28660000Grade: 62Grade Unit: g/tContained Metal: 56.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 62
- Grade Unit
- g/t
- Contained Metal
- 56.8
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The printed total demonstrates substantial scale with mixed classification confidence.
Positive factors
- 56.8 Moz silver in the property aggregate.
Negative factors
- Aggregate is mostly Inferred and overlaps component rows.
Evidence · table
“62”
Context: 28.66
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"
inferredCerro Leon · goldTonnes: 28660000Grade: 0.51Grade Unit: g/tContained Metal: 469Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 0.51
- Grade Unit
- g/t
- Contained Metal
- 469
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds material potential credits across the property aggregate.
Positive factors
- 469 koz total gold inventory.
Negative factors
- Mostly Inferred and low standalone gold grade.
Evidence · table
“0.51”
Context: 28.66
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"
inferredCerro Leon · leadTonnes: 28660000Grade: 0.57Grade Unit: %Contained Metal: 165Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 165
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead scale is meaningful but valuation remains uncertain.
Positive factors
- 165 kt lead aggregate.
Negative factors
- Mixed classification and contradictory lead-price assumptions.
Evidence · table
“0.57”
Context: 28.66
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"
inferredCerro Leon · zincTonnes: 28660000Grade: 1.23Grade Unit: %Contained Metal: 353Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 1.23
- Grade Unit
- %
- Contained Metal
- 353
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc contributes sizeable potential value to the polymetallic aggregate.
Positive factors
- 353 kt total zinc inventory.
Negative factors
- Mostly Inferred and economic viability unproven.
Evidence · table
“1.23”
Context: 28.66
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"
indicatedCerro Leon · silverTonnes: 4700000Grade: 136Grade Unit: g/tContained Metal: 20.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:131822ca1c6af088b27c
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 136
- Grade Unit
- g/t
- Contained Metal
- 20.7
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the strongest near-term development silver subset, with reasonable geological confidence.
Positive factors
- 20.7 Moz Indicated silver in pit-constrained free-milling material.
Negative factors
- No reserve or completed economic study.
Evidence · table
“136”
Context: 4.7
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"
indicatedCerro Leon · goldTonnes: 4700000Grade: 0.63Grade Unit: g/tContained Metal: 95Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:131822ca1c6af088b27c
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 95
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold is a useful credit in the development-focused precious-metal subset.
Positive factors
- 95 koz Indicated free-milling gold.
Negative factors
- Modest standalone gold grade; economics remain preliminary.
Evidence · table
“0.63”
Context: 4.7
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"
inferredCerro Leon · silverTonnes: 3400000Grade: 85Grade Unit: g/tContained Metal: 9.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:47575ba38739abba96a8
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 85
- Grade Unit
- g/t
- Contained Metal
- 9.2
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Useful development inventory that still requires conversion drilling.
Positive factors
- 9.2 Moz pit-constrained free-milling silver.
Negative factors
- Inferred classification and lower grade than the Indicated subset.
Evidence · table
“85”
Context: 3.4
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"
inferredCerro Leon · goldTonnes: 3400000Grade: 0.52Grade Unit: g/tContained Metal: 56.9Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:47575ba38739abba96a8
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 56.9
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds potential credits to the lower-confidence free-milling component.
Positive factors
- 56.9 koz free-milling gold.
Negative factors
- Inferred classification and modest standalone grade.
Evidence · table
“0.52”
Context: 3.4
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"
inferredCerro Leon · silverTonnes: 8100000Grade: 115Grade Unit: g/tContained Metal: 29.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:1ee453f6f20c229711fa
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 8100000
- Grade
- 115
- Grade Unit
- g/t
- Contained Metal
- 29.9
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 171
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The total establishes a material, comparatively mature development subset without demonstrating economic viability.
Positive factors
- 29.9 Moz silver in the free-milling total; approximately 67% of its AgEq ounces are Indicated.
Negative factors
- Mixed-category total; 67% refers to equivalent ounces rather than tonnes.
Evidence · table
“115”
Context: 8.1
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"
inferredCerro Leon · goldTonnes: 8100000Grade: 0.58Grade Unit: g/tContained Metal: 152Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:1ee453f6f20c229711fa
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 8100000
- Grade
- 0.58
- Grade Unit
- g/t
- Contained Metal
- 152
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 171
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds useful potential revenue to the planned silver-led development assessment.
Positive factors
- 152 koz gold in the free-milling total.
Negative factors
- Total combines Indicated and Inferred; gold grade is modest.
Evidence · table
“0.58”
Context: 8.1
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"
indicatedCerro Leon · silverTonnes: 9.4Grade: 28.9Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 28.9
- Grade Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A substantial, reasonably constrained silver resource supports development assessment. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 28.9 Moz silver in the Indicated category.
Negative factors
- Economic viability is unproven.
Evidence · table
“28.9”
Context: 9.4
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"
indicatedCerro Leon · goldTonnes: 9.4Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A substantial, reasonably constrained silver resource supports development assessment. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 28.9 Moz silver in the Indicated category.
Negative factors
- Economic viability is unproven.
Evidence · table
“0.54”
Context: 9.4
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"
indicatedCerro Leon · leadTonnes: 9.4Grade: 119Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 119
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A substantial, reasonably constrained silver resource supports development assessment. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 28.9 Moz silver in the Indicated category.
Negative factors
- Economic viability is unproven.
Evidence · table
“119”
Context: 9.4
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"
indicatedCerro Leon · zincTonnes: 9.4Grade: 199Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 199
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A substantial, reasonably constrained silver resource supports development assessment. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 28.9 Moz silver in the Indicated category.
Negative factors
- Economic viability is unproven.
Evidence · table
“199”
Context: 9.4
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"
inferredCerro Leon · silverTonnes: 21.6Grade: 33.1Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 33.1
- Grade Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“33.1”
Context: 21.6
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"
inferredCerro Leon · goldTonnes: 21.6Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“0.55”
Context: 21.6
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"
inferredCerro Leon · leadTonnes: 21.6Grade: 245Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 245
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“245”
Context: 21.6
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"
inferredCerro Leon · zincTonnes: 21.6Grade: 580Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 580
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“580”
Context: 21.6
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"
inferredCerro Leon · silverTonnes: 31Grade: 62Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 62
- Grade Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“62”
Context: 31
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"
inferredCerro Leon · goldTonnes: 31Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 548
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“0.55”
Context: 31
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"
inferredCerro Leon · leadTonnes: 31Grade: 364Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 364
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“364”
Context: 31
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"
inferredCerro Leon · zincTonnes: 31Grade: 778Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 778
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The resource adds scale but needs conversion drilling. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 33.1 Moz silver defines substantial additional scale.
Negative factors
- Inferred classification and lower silver grade than the Indicated component.
Evidence · table
“778”
Context: 31
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"
indicatedCerro Leon · silverTonnes: 8690000Grade: 26.5Grade Unit: mozContained Metal: 26.5Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c28bfb3e53f088fe8e5f
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 26.5
- Grade Unit
- moz
- Contained Metal
- 26.5
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The disclosed subtotal establishes the reasonably constrained silver inventory for these properties.
Positive factors
- 26.5 Moz silver in the Indicated subtotal.
Negative factors
- Subtotal overlaps its weathering components and is not additive.
Evidence · table
“26.5”
Context: 8.69
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"
indicatedCerro Leon · goldTonnes: 8690000Grade: 0.48Grade Unit: g/tContained Metal: 135Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c28bfb3e53f088fe8e5f
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 0.48
- Grade Unit
- g/t
- Contained Metal
- 135
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The subtotal represents useful gold credits in a silver-led resource.
Positive factors
- 135 koz Indicated gold subtotal.
Negative factors
- Modest standalone gold grade.
Evidence · table
“0.48”
Context: 8.69
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"
indicatedCerro Leon · leadTonnes: 8690000Grade: 54Grade Unit: ktContained Metal: 54Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c28bfb3e53f088fe8e5f
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 54
- Grade Unit
- kt
- Contained Metal
- 54
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The subtotal quantifies potential lead credits with unresolved equivalency detail.
Positive factors
- 54 kt Indicated lead subtotal.
Negative factors
- Lead valuation assumptions conflict.
Evidence · table
“54”
Context: 8.69
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"
indicatedCerro Leon · zincTonnes: 8690000Grade: 90Grade Unit: ktContained Metal: 90Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c28bfb3e53f088fe8e5f
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 90
- Grade Unit
- kt
- Contained Metal
- 90
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A reasonably constrained potential zinc byproduct inventory.
Positive factors
- 90 kt Indicated zinc subtotal.
Negative factors
- Processing and economic contribution remain preliminary.
Evidence · table
“90”
Context: 8.69
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"
inferredCerro Leon · silverTonnes: 19970000Grade: 30.3Grade Unit: mozContained Metal: 30.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b633d0e8ae9f5bec82dc
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 30.3
- Grade Unit
- moz
- Contained Metal
- 30.3
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A sizeable inventory whose conversion and processing behaviour remain important.
Positive factors
- 30.3 Moz silver in the Inferred subtotal.
Negative factors
- Inferred confidence and predominantly fresh material.
Evidence · table
“30.3”
Context: 19.97
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"
inferredCerro Leon · goldTonnes: 19970000Grade: 0.52Grade Unit: g/tContained Metal: 334Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b633d0e8ae9f5bec82dc
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 334
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The subtotal establishes potential gold-credit scale.
Positive factors
- 334 koz gold subtotal.
Negative factors
- Inferred classification and modest standalone grade.
Evidence · table
“0.52”
Context: 19.97
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"
inferredCerro Leon · leadTonnes: 19970000Grade: 111Grade Unit: ktContained Metal: 111Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b633d0e8ae9f5bec82dc
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 111
- Grade Unit
- kt
- Contained Metal
- 111
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Potential lead credits are quantified but remain uncertain.
Positive factors
- 111 kt lead subtotal.
Negative factors
- Inferred and lead valuation inconsistencies.
Evidence · table
“111”
Context: 19.97
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"
inferredCerro Leon · zincTonnes: 19970000Grade: 263Grade Unit: ktContained Metal: 263Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:b633d0e8ae9f5bec82dc
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- Sub Total
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 263
- Grade Unit
- kt
- Contained Metal
- 263
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM Zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The zinc subtotal is potentially material within the polymetallic resource.
Positive factors
- 263 kt zinc subtotal.
Negative factors
- Inferred confidence and preliminary economics.
Evidence · table
“263”
Context: 19.97
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"
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.