# INFILL DRILLING AT LA NEGRA RETURNS HIGH -GRADE SILVER Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a Original source: https://announcements.asx.com.au/asxpdf/20250620/pdf/06kxzkwby8fjqf.pdf Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-05T10:43:04.938Z Atlas analysis updated: 2026-11-05T10:43:04.938Z - Company: Unavailable - Ticker: USL - Exchange: ASX - Region: Santa Cruz, Argentina - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Drill results, Resource update, Other - Extracted: 2026-11-05 10:43:05 UTC Narrative sentiment: 0.72 · Bullish ## Minestarters Atlas summary Unico Silver reported assay results from 13 infill drill holes at La Negra, part of the Joaquin Project in Santa Cruz, Argentina. The standout results are thick, shallow silver-equivalent intercepts that support conversion of the historical 2013 foreign estimate to a JORC resource and highlight new high-grade zones. The release also includes historical resource tables for Cerro Leon and Joaquin, plus collar locations and QA/QC details. Reasoning: The release reports new infill drill assays with several high-grade, shallow silver-equivalent intercepts that strengthen the resource-conversion story and indicate continuity at La Negra. Novelty is solid but tempered by the program’s infill/resource-conversion nature and the fact that some comparison material is historical. - Positive factor: 13 drill holes returned multiple thick, shallow silver intercepts at La Negra - Positive factor: standout intervals include 28m at 522gpt AgEq and 7m at 1474gpt AgEq - Positive factor: results support conversion of the historical estimate to a JORC resource and show continuity - Negative factor: intercepts are reported as AgEq, so standalone silver grades need to be read alongside the equivalent formula - Negative factor: cut-off grade and internal dilution are disclosed, but some results are historical/restated in context - Negative factor: assay results for up to 30 holes remain outstanding Facts used in scoring: 30 ## Classification and evidence **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The release explicitly says the program is an infill program designed to convert the historical estimate to a JORC resource. Evidence · text > Phase 1 infill program at La Negra **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The announcement includes laboratory QA/QC procedures, standards, blanks, duplicates and certified reference materials. Evidence · text > QAQC samples are inserted at the following frequency **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: The release states the cut-off and internal dilution used for mineralised drill hole intercepts. Evidence · text > greater than 40gpt AgEq with no more than 3m of internal dilution **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: The report states that qualification of true widths is provided in the drill hole discussion. Evidence · text > Qualification of true widths are provided in the drill hole discussion. **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The Joaquin project is described as being in the same structural corridor as Cerro Vanguardia mine. Evidence · text > same structural corridor that is host to AngloGold Ashanti’s world- class Cerro Vanguardia mine **Free Milling** Polarity: positive Story-specific tag Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The release describes the target as pit-constrained, free-milling silver ounces and an exploration target including free-milling oxide and transitional mineralisation. Evidence · text > pit-constrained, free-milling silver ounces **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: Some intercepts are reported as downhole widths, while the narrative notes true widths are only discussed elsewhere; the headline interval itself is not true width. Evidence · text > 28m at 522gpt AgEq **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: Although a cut-off is stated for the drill composites, the resource tables themselves do not disclose a cut-off for the historical estimates. Evidence · text > The Foreign Estimate of mineralisation included in this announcement is not compliant **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: Historical resource and production tables are re-presented for context rather than being newly generated in this announcement. Evidence · text > Historical drill results for the Joaquin and Cerro Puntudo projects are in ASX announcement 20 August 2024 **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The release includes a 7.3m interval at 1452g/t Ag and 1474g/t AgEq, which is exceptionally high grade. Evidence · text > 7m at 1474gpt AgEq ## Extracted facts Stored fact records: 30. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### JDD005-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-drill-facts-0) La Negra · silver #### Identity - Hole ID: JDD005-25 - Project: La Negra - Commodity: silver - Region: argentina - Reported Region: argentina #### Geometry - Grade: 1452 - Grade Unit: g/t - Intercept: 7.3 m - From: 39.7 m - To: 47 m - Hole Depth: 128 m - Intercept Depth: 39.7 m #### Classification - Deposit Type: epithermal - Program: resource - Sample Type: drill - Group ID: JDD005-25:39.7-47 - Mining Method: underground #### Location - Location: La Negra - Easting: 458655 - Northing: 4677375 - CRS: UTM19s - Elevation: 904 m - Azimuth: 235 ° - Dip: -50 ° - Loc. Source: document #### QA/QC - Laboratory: Alex Stewart - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic, chromium, antimony, mercury #### Metal Equivalent - Metal Eq. Grade: 1474 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq - Dilution Disclosed: Yes - Max Dilution: 3 m #### Review - Needs Review: No - Interp. Status: scored - Historical: No Reasoning: This is the highest-grade interval in the release and clearly bonanza-level for the silver system. - Positive factor: 1474gpt AgEq over 7.3m is exceptionally high grade - Positive factor: explicit high-grade sub-interval within the standout hole - Positive factor: demonstrates very strong local grade tenor - Negative factor: shorter interval than the parent 28m interval #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Deleterious Elements Present** Polarity: negative Definition: A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. Why it applies: deleterious\_flag is true **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### JDD005-25 [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-drill-facts-1) La Negra · gold #### Identity - Hole ID: JDD005-25 - Project: La Negra - Commodity: gold - Region: argentina - Reported Region: argentina #### Geometry - Grade: 0.3 - Grade Unit: g/t - Intercept: 7.3 m - From: 39.7 m - To: 47 m - Hole Depth: 128 m - Intercept Depth: 39.7 m #### Classification - Deposit Type: epithermal - Program: resource - Sample Type: drill - Group ID: JDD005-25:39.7-47 - Mining Method: underground #### Location - Location: La Negra - Easting: 458655 - Northing: 4677375 - CRS: UTM19s - Elevation: 904 m - Azimuth: 235 ° - Dip: -50 ° - Loc. Source: document #### QA/QC - Laboratory: Alex Stewart - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic, chromium, antimony, mercury #### Metal Equivalent - Metal Eq. Grade: 1474 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Compositing - Cutoff Grade: 40 - Cutoff Unit: g/t AgEq - Dilution Disclosed: Yes - Max Dilution: 3 m #### Review - Needs Review: No - Interp. Status: scored - Historical: No Reasoning: Gold is present in the bonanza sub-interval, but the value is overwhelmingly driven by silver. - Positive factor: gold is explicitly stated in the sub-interval - Negative factor: gold remains secondary to the silver result #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Deleterious Elements Present** Polarity: negative Definition: A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. Why it applies: deleterious\_flag is true **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DDJ-119 [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-drill-facts-2) La Negra · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDJ-119 - Project: La Negra - Commodity: silver - Region: argentina - Reported Region: argentina #### Geometry - Grade: 160 - Grade Unit: g/t - Intercept: 51 m - From: 33 m - To: 84 m - Intercept Depth: 33 m #### Classification - Deposit Type: epithermal - Program: resource - Sample Type: drill - Group ID: DDJ-119:33-84 - Mining Method: underground #### Location - Location: La Negra - 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 - Historical Source Date: 2025-06-20T00:00:00.000Z Reasoning: This historical comparison hole is included to show continuity, not as new drilling from this announcement. - Positive factor: quoted as the historical comparison hole for JRC024-25 - Positive factor: used to demonstrate vertical continuity - Negative factor: historical result restated in the release - Negative factor: no new assay from this document #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DDJ-119 [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-drill-facts-3) La Negra · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDJ-119 - Project: La Negra - Commodity: gold - Region: argentina - Reported Region: argentina #### Geometry - Grade: 0.3 - Grade Unit: g/t - Intercept: 51 m - From: 33 m - To: 84 m - Intercept Depth: 33 m #### Classification - Deposit Type: epithermal - Program: resource - Sample Type: drill - Group ID: DDJ-119:33-84 - Mining Method: underground #### Location - Location: La Negra - 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 - Historical Source Date: 2025-06-20T00:00:00.000Z Reasoning: Gold is part of the historical comparison interval only. - Positive factor: historical comparison material in the continuity discussion - Negative factor: restated comparison assay, not new work #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: 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 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ## Resource Estimates (26) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-4) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Luis Oviedo H - Resource group id: resource:b51f902a4fd1cfb9936d - Deposit or zone: Joaquin #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 128 - Grade Unit: g/t - Contained Metal: 65.2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2013-02-15 #### Metal Equivalent - Metal Eq. Grade: 138 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: NCL Ingenieria y Construction Ltda. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: This is a historical foreign estimate included for context rather than a new resource update. - Positive factor: resource figures are explicitly stated for the Joaquin foreign estimate - Negative factor: foreign estimate, not JORC-compliant - Negative factor: historical restatement with no new data Evidence · table > 128 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-5) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Luis Oviedo H - Resource group id: resource:0852992f68e9e0bcba65 - Deposit or zone: Joaquin #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 100 - Grade Unit: g/t - Contained Metal: 3.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2013-02-15 #### Metal Equivalent - Metal Eq. Grade: 110 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: NCL Ingenieria y Construction Ltda. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: The inferred component is historical and non-JORC, so it carries limited current investment value. - Positive factor: the estimate is clearly disclosed and quantified - Negative factor: foreign estimate and historical in nature - Negative factor: all-inferred component adds little confidence Evidence · table > 100 Context: 1 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-6) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:6c70ff63f82f9b0ae8fa - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Tonnes: 6820000 - Grade: 172 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2023-05-18 #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The table reports an equivalent-grade value for the historical resource context. - Positive factor: resource table explicitly states the AgEq-grade resource value - Negative factor: this is an equivalent grade, not a standalone silver head grade #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-7) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:6c70ff63f82f9b0ae8fa - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Tonnes: 6820000 - Grade: 0.49 - Grade Unit: g/t - Contained Metal: 107 - Contained Unit: koz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: Gold is part of the historical Cerro Leon resource context. - Positive factor: explicit gold grade is provided within the historical resource table - Negative factor: historical context only #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-8) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:6c70ff63f82f9b0ae8fa - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Tonnes: 6820000 - Grade: 0.28 - Grade Unit: % - Contained Metal: 41.9 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: Lead is a byproduct grade in the historical Cerro Leon resource table. - Positive factor: lead grade is disclosed in the historical table - Negative factor: historical only - Negative factor: lead credits depend on the equivalent calculation and are not current news #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-9) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:6c70ff63f82f9b0ae8fa - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Tonnes: 6820000 - Grade: 0.93 - Grade Unit: % - Contained Metal: 140 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: Zinc is a historical byproduct grade from the Cerro Leon resource. - Positive factor: zinc grade is disclosed in the historical resource table - Negative factor: historical context only #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-10) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:de909099ae54be021d5c - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Tonnes: 9650000 - Grade: 71 - Grade Unit: g/t - Contained Metal: 22.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-11) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:de909099ae54be021d5c - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Tonnes: 9650000 - Grade: 0.77 - Grade Unit: g/t - Contained Metal: 237 - Contained Unit: koz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: Gold is part of the historical inferred resource context. - Positive factor: gold grade is explicitly listed - Negative factor: historical inferred resource #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-12) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:de909099ae54be021d5c - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Tonnes: 9650000 - Grade: 0.77 - Grade Unit: % - Contained Metal: 53.7 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: Lead is a byproduct grade in the historical inferred resource row. - Positive factor: lead grade is disclosed - Negative factor: historical inferred resource #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-13) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:de909099ae54be021d5c - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Tonnes: 9650000 - Grade: 0.77 - Grade Unit: % - Contained Metal: 163 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: Zinc is a byproduct grade in the historical inferred resource row. - Positive factor: zinc grade is disclosed - Negative factor: historical inferred resource #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-14) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:3afadddd649dd5bed343 - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Grade: 86 - Grade Unit: g/t - Contained Metal: 18.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: This is a historical reference resource for context rather than a new estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC-compliant resource figures are explicitly stated - Negative factor: historical comparison only - Negative factor: no new resource estimate in this release Evidence · table > 86 Context: 6.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-15) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:3afadddd649dd5bed343 - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Grade: 0.49 - Grade Unit: g/t - Contained Metal: 107 - Contained Unit: koz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: This is a historical reference resource for context rather than a new estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC-compliant resource figures are explicitly stated - Negative factor: historical comparison only - Negative factor: no new resource estimate in this release Evidence · table > 0.49 Context: 6.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-16) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:3afadddd649dd5bed343 - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Grade: 0.28 - Grade Unit: % - Contained Metal: 41.9 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: This is a historical reference resource for context rather than a new estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC-compliant resource figures are explicitly stated - Negative factor: historical comparison only - Negative factor: no new resource estimate in this release Evidence · table > 0.28 Context: 6.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-17) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:3afadddd649dd5bed343 - Deposit or zone: Cerro Leon #### Resource Data - Category: indicated - Grade: 0.93 - Grade Unit: % - Contained Metal: 140 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: This is a historical reference resource for context rather than a new estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: JORC-compliant resource figures are explicitly stated - Negative factor: historical comparison only - Negative factor: no new resource estimate in this release Evidence · table > 0.93 Context: 6.82 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-18) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:af5cff9b760d3dbcfb16 - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Grade: 71 - Grade Unit: g/t - Contained Metal: 22.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 71 Context: 9.65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-19) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:af5cff9b760d3dbcfb16 - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Grade: 0.77 - Grade Unit: g/t - Contained Metal: 237 - Contained Unit: koz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 0.77 Context: 9.65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-20) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:af5cff9b760d3dbcfb16 - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Grade: 0.77 - Grade Unit: % - Contained Metal: 53.7 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 0.77 Context: 9.65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-21) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:af5cff9b760d3dbcfb16 - Deposit or zone: Cerro Leon #### Resource Data - Category: inferred - Grade: 0.77 - Grade Unit: % - Contained Metal: 163 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 0.77 Context: 9.65 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-22) Cerro Leon · silver Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:300dfec06b31d3d2d769 #### Resource Data - Category: inferred - Grade: 77 - Grade Unit: g/t - Contained Metal: 40.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 77 Context: 16.47 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-23) Cerro Leon · gold Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:300dfec06b31d3d2d769 #### Resource Data - Category: inferred - Grade: 0.65 - Grade Unit: g/t - Contained Metal: 344 - Contained Unit: koz #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 0.65 Context: 16.47 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-24) Cerro Leon · lead Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: lead - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:300dfec06b31d3d2d769 #### Resource Data - Category: inferred - Grade: 0.57 - Grade Unit: % - Contained Metal: 95.6 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 0.57 Context: 16.47 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-25) Cerro Leon · zinc Historical result Needs review: historical\_restatement #### Identity - Project: Cerro Leon - Commodity: zinc - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2023-05-18T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ian Taylor - Resource group id: resource:300dfec06b31d3d2d769 #### Resource Data - Category: inferred - Grade: 0.84 - Grade Unit: % - Contained Metal: 304 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2023-05-18 #### Metal Equivalent - Metal Eq. Grade: 172 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Mining Associates Pty Ltd. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-05-18T00:00:00.000Z Reasoning: The inferred historical resource is useful context but lower-confidence than the indicated portion. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: historical resource figures are clearly stated - Negative factor: 100% inferred component is lower confidence - Negative factor: historical context only Evidence · table > 0.84 Context: 16.47 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-26) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Luis Oviedo H - Resource group id: resource:b51f902a4fd1cfb9936d - Deposit or zone: Joaquin #### Resource Data - Category: indicated - Tonnes: 15700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 61.1 - Contained Unit: koz #### Prior Estimate - Resource Date: 2013-02-15 #### Metal Equivalent - Metal Eq. Grade: 138 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: NCL Ingenieria y Construction Ltda. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: This is a historical foreign estimate included for context rather than a new resource update. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: resource figures are explicitly stated for the Joaquin foreign estimate - Negative factor: foreign estimate, not JORC-compliant - Negative factor: historical restatement with no new data Evidence · table > 0.12 Context: 15.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-27) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Luis Oviedo H - Resource group id: resource:0852992f68e9e0bcba65 - Deposit or zone: Joaquin #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 3.7 - Contained Unit: koz #### Prior Estimate - Resource Date: 2013-02-15 #### Metal Equivalent - Metal Eq. Grade: 110 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: NCL Ingenieria y Construction Ltda. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: The inferred component is historical and non-JORC, so it carries limited current investment value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: the estimate is clearly disclosed and quantified - Negative factor: foreign estimate and historical in nature - Negative factor: all-inferred component adds little confidence Evidence · table > 0.12 Context: 1 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-28) Joaquin · silver Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: silver - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Luis Oviedo H - Resource group id: resource:b78129963b85202d2825 #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 126 - Grade Unit: g/t - Contained Metal: 68.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2013-02-15 #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: NCL Ingenieria y Construction Ltda. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: The inferred component is historical and non-JORC, so it carries limited current investment value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: the estimate is clearly disclosed and quantified - Negative factor: foreign estimate and historical in nature - Negative factor: all-inferred component adds little confidence Evidence · table > 126 Context: 16.7 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/infill-drilling-at-la-negra-returns-high-grade-silver--6cbf82f6-5663-445e-b52f-0782bf9c807a#fact-resource-facts-29) Joaquin · gold Historical result Needs review: historical\_restatement #### Identity - Project: Joaquin - Commodity: gold - Region: argentina - Reported Region: Santa Cruz, Argentina - Ticker: USL #### Resource scope - Estimate type: resource - Effective date: 2013-02-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Luis Oviedo H - Resource group id: resource:b78129963b85202d2825 #### Resource Data - Category: inferred - Tonnes: 16700000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 64.2 - Contained Unit: koz #### Prior Estimate - Resource Date: 2013-02-15 #### Metal Equivalent - Metal Eq. Grade: 136 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: NCL Ingenieria y Construction Ltda. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2013-02-15T00:00:00.000Z Reasoning: The inferred component is historical and non-JORC, so it carries limited current investment value. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: the estimate is clearly disclosed and quantified - Negative factor: foreign estimate and historical in nature - Negative factor: all-inferred component adds little confidence Evidence · table > 0.12 Context: 16.7 #### 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 **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 13.7 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.