Guanajuato Silver Files Technical Report for Bolanitos Mine
Original announcement by tmx on
- Company
- Guanajuato Silver Company Ltd.
- Ticker
- GSVR
- Exchange
- TSX
- Region
- Guanajuato, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Resource update, Other
- Extracted
- 2026-09-18 02:49:03 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Guanajuato Silver has filed a NI 43-101 Technical Report for the Bolanitos Mine in Mexico, providing updated Mineral Reserve and Mineral Resource estimates effective December 31, 2025. The report includes 388.7 kt of Proven and Probable reserves at 73 g/t Ag and 1.17 g/t AgEq, alongside a total resource of approximately 2.0 Mt.
Reasoning: The filing of a NI 43-101 Technical Report providing updated Mineral Reserve and Resource estimates for the Bolanitos Mine is a material de-risking event, though the high proportion of Inferred resources remains a factor.
Positive factors
- Significant reserve base reported
- Strong M&I ratio for resources
- QP sign-off provided for both reserves and resources
Negative factors
- Inferred resource component is large (approx 50% of total resource tonnes)
Facts used in scoring: 5
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The report is explicitly stated as a National Instrument 43-101 Technical Report.
Evidence · text
“is pleased to announce the filing of a National Instrument 43-101 Technical Report”
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: Qualified Persons Jeffery Choquette and Richard A. Schwering are named and have reviewed/approved the technical information.
Evidence · text
“The scientific and technical information set out under the heading "Mineral Resources Estimate" has been reviewed and approved by Richard A. Schwering”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Specific AgEq cut-off grades are provided for different production areas.
Evidence · text
“A 134 g/t AgEq cut-off is used for reporting the Mineral Reserves at La Luz and San Miguel”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the resource is classified as Inferred.
Evidence · text
“Inferred 1,021,000 126 2.0 310 4,130,000 67,000 10,185,000”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“Updated Mineral Resource”
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Resource Estimates (5)
provenBolanitos Mine · silverTonnes: 39400Grade: 50Grade Unit: g/tContained Metal: 63.7Contained Unit: kozView all detailsHide details
Identity
- Project
- Bolanitos Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Guanajuato, Mexico
- Ticker
- GSVR
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeffery Choquette
- Resource group id
- resource:3c829edfce136a8f2885
- Deposit or zone
- La Luz
- Mining method
- other
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 39400
- Grade
- 50
- Grade Unit
- g/t
- Contained Metal
- 63.7
- Contained Unit
- koz
- Cutoff Grade
- 134
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-27T00:00:00.000Z
Reasoning: Proven reserve intercept at La Luz.
Evidence · table
“50”
Context: 39.4
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is 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
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenBolanitos Mine · goldTonnes: 39400Grade: 1.53Grade Unit: g/tContained Metal: 1.9Contained Unit: kozView all detailsHide details
Identity
- Project
- Bolanitos Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Guanajuato, Mexico
- Ticker
- GSVR
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jeffery Choquette
- Resource group id
- resource:3c829edfce136a8f2885
- Deposit or zone
- La Luz
- Mining method
- other
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 39400
- Grade
- 1.53
- Grade Unit
- g/t
- Contained Metal
- 1.9
- Contained Unit
- koz
- Cutoff Grade
- 134
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-27T00:00:00.000Z
Reasoning: Proven gold grade at La Luz.
Evidence · table
“1.53”
Context: 39.4
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is 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
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBolanitos Mine · silverTonnes: 45000Grade: 114Grade Unit: g/tContained Metal: 165000Contained Unit: ozView all detailsHide details
Identity
- Project
- Bolanitos Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Guanajuato, Mexico
- Ticker
- GSVR
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Richard A. Schwering
- Resource group id
- resource:165e26e5032142650330
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 45000
- Grade
- 114
- Grade Unit
- g/t
- Contained Metal
- 165000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-27T00:00:00.000Z
Reasoning: Measured silver resource.
Evidence · table
“114”
Context: 45,000
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredBolanitos Mine · goldTonnes: 45000Grade: 2.5Grade Unit: g/tContained Metal: 4000Contained Unit: ozView all detailsHide details
Identity
- Project
- Bolanitos Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Guanajuato, Mexico
- Ticker
- GSVR
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Richard A. Schwering
- Resource group id
- resource:165e26e5032142650330
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 45000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 4000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-27T00:00:00.000Z
Reasoning: Measured gold resource.
Evidence · table
“2.5”
Context: 45,000
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBolanitos Mine · silverTonnes: 1021000Grade: 126Grade Unit: g/tContained Metal: 4130000Contained Unit: ozView all detailsHide details
Identity
- Project
- Bolanitos Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Guanajuato, Mexico
- Ticker
- GSVR
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Richard A. Schwering
- Resource group id
- resource:a1089d88db44a5962a1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1021000
- Grade
- 126
- Grade Unit
- g/t
- Contained Metal
- 4130000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-27T00:00:00.000Z
Reasoning: Inferred silver resource.
Negative factors
- Inferred category implies lower geological confidence
Evidence · table
“126”
Context: 1,021,000
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
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.