DRILLING CONFIRMS NEW LA MOROCHA DISCOVERY
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
- Document categories
- Drill results, Resource update, Other
- Extracted
- 2026-11-04 10:31:31 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver reported a new discovery at La Morocha SE within the Joaquin Project in Santa Cruz, Argentina, highlighted by hole JDD028-25 intersecting 69m at 163g/t AgEq from 124m, including 8.5m at 656g/t AgEq. The company says mineralisation remains open to the south and at depth, and notes that the result extends beyond a historical hole with lower-grade intercepts. The release also includes a JORC-compliant resource table for Cerro Leon and restates the historical Joaquin foreign estimate, but the main event is the new drill discovery.
Reasoning: This is a strong exploration result announcing a new mineralised zone at La Morocha SE, with a standout step-out intercept and supporting historical comparison. The news is material because it extends mineralisation and supports further resource growth, but confidence is tempered slightly by the use of downhole widths and by pending assays elsewhere in the program.
Positive factors
- New discovery of a mineralised zone southeast of La Morocha
- 69m at 163gpt AgEq with 8.5m at 656gpt AgEq
- Step-out drilling extended mineralisation beyond the known La Morocha area
- Drill program includes strong QA/QC disclosure and certified laboratory details
Negative factors
- Interpreted widths are downhole intercepts; true width not explicitly stated for the new assays
- AgEq depends on disclosed assumptions, though this release does disclose them
- Two of three holes had assays received; results for 27 additional holes are still pending
Rubric flags
- resource_update completeness — The announcement includes a large historical Cerro Leon resource table; if a cleaner downstream resource-only extract is needed, separate the new drill event from the historical resource background.
Facts used in scoring: 28
Classification and evidence
Step Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: The release says the drillhole is a step-out and that it discovered a new mineralised zone southeast of La Morocha.
Evidence · text
“Step-out hole intersects 69m at 163gpt AgEq”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The announcement provides lab, standards, blanks, duplicates and internal check details in the JORC section.
Evidence · text
“QAQC samples are inserted at the following frequency of primary samples:”
True Width Disclosedpositive
Actual thickness perpendicular to structure is stated, not just downhole length.
Why it applies: The JORC section says qualification of true widths is provided, and the geometry is described with strike length, vertical extent and thickness.
Evidence · text
“Qualification of true widths are provided in the drill hole discussion.”
Compositing Transparentpositive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Why it applies: The release states the cut-off grade and internal dilution used to calculate mineralised intercepts.
Evidence · text
“Mineralised drill hole intercepts are calculated using greater than 40gpt AgEq with no more than 3m of internal dilution.”
Free Millingpositive · Story-specific tag
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The company explicitly describes the target as free-milling silver resources.
Evidence · text
“pit-constrained, free-milling silver resources”
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.
Why it applies: AgEq assumptions are disclosed, so this is not opaque; the tag is not applied.
Evidence · text
“AgEq = Ag (g/t) + 79.18 x Au (g/t)”
Nearology Playneutral
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: The release leans on proximity and continuity with the existing La Morocha deposit and broader Joaquin system.
Evidence · text
“southeast of the La Morocha deposit”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Cerro Leon resource table is stated to conform to the JORC Code 2012 Edition.
Evidence · text
“The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Cerro Leon resource table includes an Inferred category.
Evidence · text
“Inferred 9.65 172 53.5”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The Joaquin estimate is explicitly a foreign estimate as of February 2013 and is not JORC-compliant.
Evidence · text
“Table 4: Joaquin Project – Historical Foreign Estimate as of February 2013”
Extracted facts
Stored fact records: 28. Some facts used in scoring do not have a stored record.
Drill Results (5)
JDD025-25Joaquin North · silverGrade: 98Grade Unit: g/tIntercept: 36 mView all detailsHide details
Identity
- Hole ID
- JDD025-25
- Project
- Joaquin North
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 98
- Grade Unit
- g/t
- Intercept
- 36 m
- From
- 66 m
- To
- 102 m
- Intercept Depth
- 66 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- JDD025-25:66-102
- Mining Method
- underground
Location
- Location
- La Morocha SE
- Easting
- 457818
- Northing
- 4677002
- CRS
- UTM19s
- Elevation
- 948 m
- Azimuth
- 218 °
- Dip
- -60 °
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Metal Eq. Grade
- 104
- Metal Eq. Unit
- gpt AgEq
- Assumptions Disclosed
- Yes
Compositing
- Cutoff Grade
- 40
- Cutoff Unit
- gpt AgEq
- Dilution Disclosed
- Yes
- Max Dilution
- 3 m
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Reasoning: This is supportive rather than headline-grabbing, but it still confirms mineralisation in the new discovery zone and adds continuity to the interpretation.
Positive factors
- 36m intercept at 104gpt AgEq reported from another drill hole in the same new zone
- Confirms mineralised width outside the headline hole
- Assay and QA/QC disclosure are present
- Supports the strike continuity of La Morocha SE
Negative factors
- Lower grade than the headline hole
- Downhole width only; true thickness not stated
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Compositing Transparentpositive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Why it applies: cutoff_grade and internal dilution are both stated
JDD025-25Joaquin North · goldGrade: 0.1Grade Unit: g/tIntercept: 36 mView all detailsHide details
Identity
- Hole ID
- JDD025-25
- Project
- Joaquin North
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 0.1
- Grade Unit
- g/t
- Intercept
- 36 m
- From
- 66 m
- To
- 102 m
- Intercept Depth
- 66 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- JDD025-25:66-102
- Mining Method
- underground
Location
- Location
- La Morocha SE
- Easting
- 457818
- Northing
- 4677002
- CRS
- UTM19s
- Elevation
- 948 m
- Azimuth
- 218 °
- Dip
- -60 °
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Metal Eq. Grade
- 104
- Metal Eq. Unit
- gpt AgEq
- Assumptions Disclosed
- Yes
Compositing
- Cutoff Grade
- 40
- Cutoff Unit
- gpt AgEq
- Dilution Disclosed
- Yes
- Max Dilution
- 3 m
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Reasoning: Gold is present but relatively low grade in this supportive intercept. The value of the result is mainly in confirming the new zone rather than in standalone gold tenor.
Positive factors
- 36m interval adds another data point in the new discovery area
- Demonstrates mineralisation continuity in the same structural corridor
- QA/QC and equivalent-grade assumptions are disclosed
Negative factors
- Gold grade is modest compared with the headline hole
- Downhole width only
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Compositing Transparentpositive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Why it applies: cutoff_grade and internal dilution are both stated
RD0032Joaquin North · silverGrade: 226Grade Unit: g/tIntercept: 8 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- RD0032
- Project
- Joaquin North
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 226
- Grade Unit
- g/t
- Intercept
- 8 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- RD0032:unknown
- Mining Method
- underground
Location
- Location
- La Morocha
- Loc. Source
- document
QA/QC
- QA/QC Disclosed
- Yes
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
Reasoning: This higher-grade historical interval is relevant to the comparison but is not new data. It underpins the company's argument that mineralisation improves at depth.
Positive factors
- Historical high-grade silver interval supports the narrative of improving grade at depth
- Explicitly cited in the announcement as comparison to the new hole
Negative factors
- Historical result only; no new assay work in this document
- Depth context is implied rather than fully tabulated
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re Releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
JDD028-25Joaquin North · goldGrade: 0.9Grade Unit: g/tIntercept: 69 mView all detailsHide details
Identity
- Hole ID
- JDD028-25
- Project
- Joaquin North
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
Geometry
- Grade
- 0.9
- Grade Unit
- g/t
- Intercept
- 69 m
- From
- 124 m
- To
- 193 m
- Intercept Depth
- 124 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Group ID
- JDD028-25:124-193
- Mining Method
- underground
Location
- CRS
- UTM19s
QA/QC
- Laboratory
- Alex Stewart
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t Eq
- Assumptions Disclosed
- Yes
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Reasoning: Expanded from assay table. 0.9 g/t gold is moderate against the underground mining band [15, 7, 4, 2.5] g/t. Grade×width 62.1 g/t·m is moderate (grade alone is below; the better of the two is used).
Negative factors
- Scored from rubric bands during table expansion, not from document context.
Evidence · table
“0.9”
Context: Table 1: Significant drill hole assay results · JDD028-25 · Columns: Prospect | Hole ID | From | To | Interval | Au (gpt) | Ag (gpt) | AgEq | AgEq GT
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JDD028-25Joaquin North · silverGrade: 94Grade Unit: g/tIntercept: 69 mView all detailsHide details
Identity
- Hole ID
- JDD028-25
- Project
- Joaquin North
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
Geometry
- Grade
- 94
- Grade Unit
- g/t
- Intercept
- 69 m
- From
- 124 m
- To
- 193 m
- Intercept Depth
- 124 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Group ID
- JDD028-25:124-193
- Mining Method
- underground
Location
- CRS
- UTM19s
QA/QC
- Laboratory
- Alex Stewart
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t Eq
- Assumptions Disclosed
- Yes
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Reasoning: Expanded from assay table. 94 g/t silver is strong against the default band [500, 200, 100, 30] g/t. Grade×width 6486.0 g/t·m is strong (grade alone is weak; the better of the two is used).
Positive factors
- 94 g/t silver is strong on the default band.
Negative factors
- Scored from rubric bands during table expansion, not from document context.
Evidence · table
“94”
Context: Table 1: Significant drill hole assay results · JDD028-25 · Columns: Prospect | Hole ID | From | To | Interval | Au (gpt) | Ag (gpt) | AgEq | AgEq GT
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (23)
indicatedCerro Leon · silverTonnes: 6820000Contained Metal: 18.8Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Contained Metal
- 18.8
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: The resource table itself reports an AgEq row, so the equivalent grade is extracted for auditability.
Positive factors
- AgEq formula and assumptions are explicitly stated elsewhere in the announcement
- JORC-compliant resource context
Negative factors
- Historical restatement
- Equivalent grade may overstate simplicity despite disclosed assumptions
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · silverTonnes: 9650000Grade: 71Grade Unit: g/tContained Metal: 22.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 22.1
- Contained Unit
- moz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the inferred silver value from the Cerro Leon resource table, included because the announcement reproduces the table.
Positive factors
- Inferred silver resource is explicitly stated
- Part of the JORC resource disclosure
Negative factors
- Historical background table in a drill announcement
- No cut-off grade shown in the extract
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · silverTonnes: 6470000Grade: 86Grade Unit: g/tContained Metal: 18.8Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3d05fa3bebfe1828d88c
Resource Data
- Category
- indicated
- Tonnes
- 6470000
- Grade
- 86
- Grade Unit
- g/t
- Contained Metal
- 18.8
- Contained Unit
- moz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is a commodity row from the Cerro Leon resource table. It is useful background but not a new estimate in this announcement.
Positive factors
- Table provides silver grade alongside contained silver and byproduct metals
- JORC compliance is stated
Negative factors
- Contained gold and base-metal credits are omitted from this fact because they belong to separate commodity rows
- Historical restatement
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · goldTonnes: 6820000Grade: 0.49Grade Unit: g/tContained Metal: 107Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.49
- Grade Unit
- g/t
- Contained Metal
- 107
- Contained Unit
- koz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Gold is one of the grade columns in the Cerro Leon resource table and is therefore extracted as a separate fact.
Positive factors
- Gold grade is explicitly reported alongside the silver resource
- Qualified Person / JORC context is disclosed
Negative factors
- Restated historical table rather than a new gold resource update
- The table is background information in a drill release
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · leadTonnes: 6820000Grade: 0.28Grade Unit: %Contained Metal: 41.9Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 41.9
- Contained Unit
- mlb
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Lead is a separate reported grade column and is extracted as its own resource fact.
Positive factors
- Lead grade is disclosed in the resource table
- Base-metal credits are part of the portfolio context
Negative factors
- Historical restatement
- Lead is a byproduct credit in this context
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · zincTonnes: 6820000Grade: 0.93Grade Unit: %Contained Metal: 140Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 140
- Contained Unit
- mlb
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Zinc is a disclosed grade column in the Cerro Leon resource table and must be extracted separately.
Positive factors
- Zinc grade and contained zinc are explicitly stated
- JORC resource disclosure gives portfolio context
Negative factors
- Historical restatement
- Byproduct credit rather than headline commodity
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · goldTonnes: 9650000Grade: 0.77Grade Unit: g/tContained Metal: 237Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- g/t
- Contained Metal
- 237
- Contained Unit
- koz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the inferred gold component of the Cerro Leon resource table and is extracted separately from the silver row.
Positive factors
- Gold grade is available for the inferred category
- Useful for understanding the silver-gold system
Negative factors
- Historical resource restatement
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · leadTonnes: 9650000Grade: 0.77Grade Unit: %Contained Metal: 53.7Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- %
- Contained Metal
- 53.7
- Contained Unit
- mlb
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Lead is a separate grade column and therefore its own extracted fact.
Positive factors
- Lead grade is reported in the inferred category
Negative factors
- Historical table only
- Base-metal credit in a resource background table
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · zincTonnes: 9650000Grade: 0.77Grade Unit: %Contained Metal: 163Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- %
- Contained Metal
- 163
- Contained Unit
- mlb
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Zinc is a separate disclosed grade in the inferred Cerro Leon row.
Positive factors
- Zinc resource metrics are clearly disclosed
Negative factors
- Historical restatement
- No new estimate in this release
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · silverGrade: 86Grade Unit: g/tContained Metal: 18.8Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:7936b56d218a1cf6f634
Resource Data
- Category
- indicated
- Grade
- 86
- Grade Unit
- g/t
- Contained Metal
- 18.8
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC-compliant resource table is provided
- Measured and Indicated style resource disclosure supports project scale
- Qualified Competent Person disclosure is present
Negative factors
- This is a restated historical resource table rather than a new estimate
- Cut-off grade is not disclosed in the table excerpt
- The table includes metal-equivalent assumptions, but the release says the figures are not materially changed
Evidence · table
“86”
Context: 6.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · goldGrade: 0.49Grade Unit: g/tContained Metal: 107Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:7936b56d218a1cf6f634
Resource Data
- Category
- indicated
- Grade
- 0.49
- Grade Unit
- g/t
- Contained Metal
- 107
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC-compliant resource table is provided
- Measured and Indicated style resource disclosure supports project scale
- Qualified Competent Person disclosure is present
Negative factors
- This is a restated historical resource table rather than a new estimate
- Cut-off grade is not disclosed in the table excerpt
- The table includes metal-equivalent assumptions, but the release says the figures are not materially changed
Evidence · table
“0.49”
Context: 6.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · leadGrade: 0.28Grade Unit: %Contained Metal: 41.9Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:7936b56d218a1cf6f634
Resource Data
- Category
- indicated
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 41.9
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC-compliant resource table is provided
- Measured and Indicated style resource disclosure supports project scale
- Qualified Competent Person disclosure is present
Negative factors
- This is a restated historical resource table rather than a new estimate
- Cut-off grade is not disclosed in the table excerpt
- The table includes metal-equivalent assumptions, but the release says the figures are not materially changed
Evidence · table
“0.28”
Context: 6.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedCerro Leon · zincGrade: 0.93Grade Unit: %Contained Metal: 140Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:7936b56d218a1cf6f634
Resource Data
- Category
- indicated
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 140
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- JORC-compliant resource table is provided
- Measured and Indicated style resource disclosure supports project scale
- Qualified Competent Person disclosure is present
Negative factors
- This is a restated historical resource table rather than a new estimate
- Cut-off grade is not disclosed in the table excerpt
- The table includes metal-equivalent assumptions, but the release says the figures are not materially changed
Evidence · table
“0.93”
Context: 6.82
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · silverGrade: 77Grade Unit: g/tContained Metal: 40.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:f417cebd1dca06181896
Resource Data
- Category
- inferred
- Grade
- 77
- Grade Unit
- g/t
- Contained Metal
- 40.9
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Resource table clearly states the Inferred component
- JORC and Competent Person disclosure are present
- Useful for scale context on the broader portfolio
Negative factors
- Historical restatement rather than a new resource update
- Cut-off grade not disclosed in the extract
- No evidence in this document of a changed estimate
Evidence · table
“77”
Context: 16.47
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · goldGrade: 0.65Grade Unit: g/tContained Metal: 344Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:f417cebd1dca06181896
Resource Data
- Category
- inferred
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 344
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Resource table clearly states the Inferred component
- JORC and Competent Person disclosure are present
- Useful for scale context on the broader portfolio
Negative factors
- Historical restatement rather than a new resource update
- Cut-off grade not disclosed in the extract
- No evidence in this document of a changed estimate
Evidence · table
“0.65”
Context: 16.47
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · leadGrade: 0.57Grade Unit: %Contained Metal: 95.6Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:f417cebd1dca06181896
Resource Data
- Category
- inferred
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 95.6
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Resource table clearly states the Inferred component
- JORC and Competent Person disclosure are present
- Useful for scale context on the broader portfolio
Negative factors
- Historical restatement rather than a new resource update
- Cut-off grade not disclosed in the extract
- No evidence in this document of a changed estimate
Evidence · table
“0.57”
Context: 16.47
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
inferredCerro Leon · zincGrade: 0.84Grade Unit: %Contained Metal: 304Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:f417cebd1dca06181896
Resource Data
- Category
- inferred
- Grade
- 0.84
- Grade Unit
- %
- Contained Metal
- 304
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Resource table clearly states the Inferred component
- JORC and Competent Person disclosure are present
- Useful for scale context on the broader portfolio
Negative factors
- Historical restatement rather than a new resource update
- Cut-off grade not disclosed in the extract
- No evidence in this document of a changed estimate
Evidence · table
“0.84”
Context: 16.47
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.5 years before this release
indicatedJoaquin · silverTonnes: 15700000Grade: 128Grade Unit: g/tContained Metal: 65.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Resource group id
- resource:42fc0fac12ae2f5d9433
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 128
- Grade Unit
- g/t
- Contained Metal
- 65.2
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“128”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedJoaquin · goldTonnes: 15700000Grade: 0.12Grade Unit: g/tContained Metal: 61.1Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Resource group id
- resource:42fc0fac12ae2f5d9433
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.12”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredJoaquin · silverTonnes: 1000000Grade: 100Grade Unit: g/tContained Metal: 3.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Resource group id
- resource:6406649e52dbaf4fbf61
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 100
- Grade Unit
- g/t
- Contained Metal
- 3.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“100”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredJoaquin · goldTonnes: 1000000Grade: 0.12Grade Unit: g/tContained Metal: 3.7Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Resource group id
- resource:6406649e52dbaf4fbf61
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.12”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredJoaquin · silverTonnes: 16700000Grade: 126Grade Unit: g/tContained Metal: 68.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Resource group id
- resource:33f8cf131d0cce250eae
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 126
- Grade Unit
- g/t
- Contained Metal
- 68.3
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“126”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredJoaquin · goldTonnes: 16700000Grade: 0.12Grade Unit: g/tContained Metal: 64.2Contained Unit: kozView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Resource group id
- resource:33f8cf131d0cce250eae
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.12”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut Off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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.