# Guanajuato Silver Files Technical Report for Bolanitos Mine Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/guanajuato-silver-files-technical-report-for-bolanitos-mine--e772b194-53ec-49d4-bd7b-4f3b660aea62 Original source: https://money.tmx.com/en/quote/GSVR/news/7622784258853821/guanajuato-silver-files-technical-report-for-bolanitos-mine Publisher: tmx Original announcement: 2026-04-27T12:25:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas 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 factor: Significant reserve base reported - Positive factor: Strong M&I ratio for resources - Positive factor: QP sign-off provided for both reserves and resources - Negative factor: Inferred resource component is large \(approx 50% of total resource tonnes\) Facts used in scoring: 5 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: 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) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/guanajuato-silver-files-technical-report-for-bolanitos-mine--e772b194-53ec-49d4-bd7b-4f3b660aea62#fact-resource-facts-0) Bolanitos Mine · silver #### 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/guanajuato-silver-files-technical-report-for-bolanitos-mine--e772b194-53ec-49d4-bd7b-4f3b660aea62#fact-resource-facts-1) Bolanitos Mine · gold #### 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/guanajuato-silver-files-technical-report-for-bolanitos-mine--e772b194-53ec-49d4-bd7b-4f3b660aea62#fact-resource-facts-2) Bolanitos Mine · silver #### 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/guanajuato-silver-files-technical-report-for-bolanitos-mine--e772b194-53ec-49d4-bd7b-4f3b660aea62#fact-resource-facts-3) Bolanitos Mine · gold #### 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 Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/guanajuato-silver-files-technical-report-for-bolanitos-mine--e772b194-53ec-49d4-bd7b-4f3b660aea62#fact-resource-facts-4) Bolanitos Mine · silver #### 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 factor: Inferred category implies lower geological confidence Evidence · table > 126 Context: 1,021,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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.