(Formerly known as E2 Metals Limited)
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Zinc, Lead
- Document categories
- Resource update, Capital raise, Agreement transaction
- Extracted
- 2026-11-08 11:10:43 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver reported an updated Mineral Resource Estimate for the Cerro Leon project in Santa Cruz, Argentina, including a maiden resource at Conserrat. The company says the combined resource increased to 91.3 million silver equivalent ounces, up 84% in silver equivalent ounces and 94% in tonnes versus the 2014 Pingüino estimate. The annual report also discusses a $5 million placement and a share purchase plan completed during the year.
Reasoning: The main substantive event is an updated Cerro Leon Mineral Resource Estimate, with a meaningful uplift from the prior Pingüino estimate and a maiden resource at Conserrat. It is positive for scale and project maturity, though the estimate still carries a substantial inferred component and includes historical foreign-estimate comparison.
Positive factors
- maiden resource at Conserrat
- combined Cerro Leon MRE increased to 91.3 Moz AgEq
- 94% increase in tonnes and 84% increase in silver equivalent ounces versus the 2014 Pingüino Estimate
- JORC 2012 compliance stated
- cut-off grades disclosed
Negative factors
- resource includes a large inferred component
- foreign estimate at Pingüino was published during 2014
- multiple values are reported as silver equivalent rather than standalone economics
Facts used in scoring: 16
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The report states, "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."
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.”
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The report says the Pingüino Estimate was "published during 2014 under Canadian Technical reporting National Instrument (NI) 43-101 standards."
Evidence · text
“published during 2014 under Canadian Technical reporting National Instrument (NI) 43-101 standards.”
Cut Off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The document states both the 50 g/t and 150 g/t silver equivalent cut-off grades used for reporting.
Evidence · text
“At all prospects, the MRE only considered material within 150 m of the surface at a 50 g/t silver equivalent cut-off grade”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The release says the updated MRE includes "a maiden resource at Conserrat."
Evidence · text
“a maiden resource at Conserrat”
Extracted facts
Stored fact records: 16. Some facts used in scoring do not have a stored record.
Resource Estimates (16)
indicatedCerro Leon · silverTonnes: 6000000Grade: 84Grade Unit: g/tContained Metal: 16.45Contained 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, ni_43_101
- Resource group id
- resource:66a13d7266e4fc5df0f0
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6000000
- Grade
- 84
- Grade Unit
- g/t
- Contained Metal
- 16.45
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 169
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory.
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“Pingüino (100%) Near Surface Mineralisation (above 250 mRL) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6”
Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades | Zone: Pingüino (100%) | Category: Indicated | Tonnes (Mt): 6 | Ag Eq (g/t): 169 | Ag (g/t): 84 | Au (g/t): 0.39 | Zn (%): 1.12 | Pb (%): 0.45 | AgEq Moz: 33.0 | Ag Moz: 16.45 | Au koz: 76.6 | Zn Mlb: 150.8 | Pb Mlb: 60.6
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6000000Grade: 0.39Grade Unit: g/tContained Metal: 76.6Contained 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, ni_43_101
- Resource group id
- resource:66a13d7266e4fc5df0f0
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6000000
- Grade
- 0.39
- Grade Unit
- g/t
- Contained Metal
- 76.6
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 169
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold is disclosed as part of the Pingüino resource row and adds value to the polymetallic inventory. It is meaningful but secondary to the silver-focused estimate.
Positive factors
- updated Mineral Resource Estimate
- contained gold ounces disclosed
- JORC Code 2012 Edition stated
Negative factors
- gold is a byproduct within a silver-focused estimate
- resource is stated at a silver equivalent cut-off
Evidence · table
“Pingüino (100%) Near Surface Mineralisation (above 250 mRL) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6”
Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades | Zone: Pingüino (100%) | Category: Indicated | Tonnes (Mt): 6 | Ag Eq (g/t): 169 | Ag (g/t): 84 | Au (g/t): 0.39 | Zn (%): 1.12 | Pb (%): 0.45 | AgEq Moz: 33.0 | Ag Moz: 16.45 | Au koz: 76.6 | Zn Mlb: 150.8 | Pb Mlb: 60.6
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6000000Grade: 1.12Grade Unit: %Contained Metal: 150.8Contained 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, ni_43_101
- Resource group id
- resource:66a13d7266e4fc5df0f0
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6000000
- Grade
- 1.12
- Grade Unit
- %
- Contained Metal
- 150.8
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 169
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: The Pingüino indicated row includes zinc as a material byproduct credit. It is useful for understanding polymetallic value, though not the headline commodity.
Positive factors
- updated resource estimate
- byproduct zinc grade and contained metal disclosed
Negative factors
- zinc is a secondary metal in a silver-led estimate
Evidence · table
“Pingüino (100%) Near Surface Mineralisation (above 250 mRL) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6”
Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades | Zone: Pingüino (100%) | Category: Indicated | Tonnes (Mt): 6 | Ag Eq (g/t): 169 | Ag (g/t): 84 | Au (g/t): 0.39 | Zn (%): 1.12 | Pb (%): 0.45 | AgEq Moz: 33.0 | Ag Moz: 16.45 | Au koz: 76.6 | Zn Mlb: 150.8 | Pb Mlb: 60.6
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6000000Grade: 0.45Grade Unit: %Contained Metal: 60.6Contained 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, ni_43_101
- Resource group id
- resource:66a13d7266e4fc5df0f0
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6000000
- Grade
- 0.45
- Grade Unit
- %
- Contained Metal
- 60.6
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 169
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead is explicitly reported in the Pingüino indicated resource row and adds to the polymetallic inventory. It is a secondary credit rather than the main driver.
Positive factors
- updated resource estimate
- lead grade and contained metal disclosed
Negative factors
- lead is a secondary metal in a silver-led estimate
Evidence · table
“Pingüino (100%) Near Surface Mineralisation (above 250 mRL) Indicated 6 169 84 0.39 1.12 0.45 33.0 16.45 76.6 150.8 60.6”
Context: Table 1: Cerro Leon summary of mineral resources reported at variable cut off grades | Zone: Pingüino (100%) | Category: Indicated | Tonnes (Mt): 6 | Ag Eq (g/t): 169 | Ag (g/t): 84 | Au (g/t): 0.39 | Zn (%): 1.12 | Pb (%): 0.45 | AgEq Moz: 33.0 | Ag Moz: 16.45 | Au koz: 76.6 | Zn Mlb: 150.8 | Pb Mlb: 60.6
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6280000Grade: 103.4Grade Unit: g/tView 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
- ni_43_101, jorc
- Resource group id
- resource:745a3767151977d42fa9
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6280000
- Grade
- 103.4
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 193.5
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“103.4”
Context: 6.28
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6280000Grade: 0.58Grade Unit: g/tView 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
- ni_43_101, jorc
- Resource group id
- resource:745a3767151977d42fa9
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6280000
- Grade
- 0.58
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 193.5
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.58”
Context: 6.28
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6280000Grade: 0.77Grade Unit: %View 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
- ni_43_101, jorc
- Resource group id
- resource:745a3767151977d42fa9
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6280000
- Grade
- 0.77
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 193.5
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.77”
Context: 6.28
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 6280000Grade: 0.54Grade Unit: %View 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
- ni_43_101, jorc
- Resource group id
- resource:745a3767151977d42fa9
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 6280000
- Grade
- 0.54
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 193.5
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.54”
Context: 6.28
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 2210000Grade: 65.3Grade Unit: g/tView 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
- ni_43_101, jorc
- Resource group id
- resource:a591e7242d1afacb15ab
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 2210000
- Grade
- 65.3
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“65.3”
Context: 2.21
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 2210000Grade: 0.66Grade Unit: g/tView 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
- ni_43_101, jorc
- Resource group id
- resource:a591e7242d1afacb15ab
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 2210000
- Grade
- 0.66
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.66”
Context: 2.21
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 2210000Grade: 0.52Grade Unit: %View 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
- ni_43_101, jorc
- Resource group id
- resource:a591e7242d1afacb15ab
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 2210000
- Grade
- 0.52
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.52”
Context: 2.21
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 2210000Grade: 0.35Grade Unit: %View 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
- ni_43_101, jorc
- Resource group id
- resource:a591e7242d1afacb15ab
- Deposit or zone
- Pingüino
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 2210000
- Grade
- 0.35
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.35”
Context: 2.21
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 8490000Grade: 93.49Grade Unit: g/tView 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
- ni_43_101, jorc
- Resource group id
- resource:17ab41e73369193883f3
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 8490000
- Grade
- 93.49
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 181.4
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“93.49”
Context: 8.49
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 8490000Grade: 0.6Grade Unit: g/tView 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
- ni_43_101, jorc
- Resource group id
- resource:17ab41e73369193883f3
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 8490000
- Grade
- 0.6
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 181.4
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.60”
Context: 8.49
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 8490000Grade: 0.7Grade Unit: %View 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
- ni_43_101, jorc
- Resource group id
- resource:17ab41e73369193883f3
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 8490000
- Grade
- 0.7
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 181.4
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.70”
Context: 8.49
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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: 8490000Grade: 0.49Grade Unit: %View 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
- ni_43_101, jorc
- Resource group id
- resource:17ab41e73369193883f3
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 8490000
- Grade
- 0.49
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2023-05-18
Metal Equivalent
- Metal Eq. Grade
- 181.4
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- not stated
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is a substantial indicated silver resource at Pingüino within the updated Cerro Leon MRE. The result is material because it adds scale and is part of a JORC-compliant update, but the release does not name an assay laboratory. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- updated Mineral Resource Estimate
- JORC Code 2012 Edition stated
- silver equivalent ounces disclosed
Negative factors
- resource is stated at a silver equivalent cut-off
- laboratory not stated
Evidence · table
“0.49”
Context: 8.49
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43 101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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
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.