Joaquin MRE increases to 167 Moz AgEq
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Resource update, Metallurgy, Other
- Extracted
- 2026-10-14 19:01:10 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver reports a new JORC (2012) Mineral Resource Estimate for the Joaquin Project in Santa Cruz, Argentina of 45.3Mt at 115g/t AgEq for 167Moz AgEq. The resource is 78% Indicated and is positioned as a cornerstone silver asset supporting the company’s upcoming pre-feasibility study. The announcement also highlights 53.4Mt of free-milling resources at 124g/t AgEq for 212Moz AgEq across Joaquin and Cerro Leon.
Reasoning: Large new JORC resource update materially increases the Joaquin silver-gold resource base and supports the upcoming PFS; metallurgical context is supportive and the announcement also contains historical comparison and development rationale.
Positive factors
- JORC (2012) Mineral Resource Estimate reports 45.3Mt at 115gpt silver equivalent for 167Moz AgEq
- 78% in high-confidence Indicated category
- free-milling resources now stand at 53.4Mt at 124gpt AgEq for 212Moz AgEq
- document states conventional open-pit mining and whole-ore cyanidation as the base-case processing route
Negative factors
- historical foreign estimate is included for comparison and is superseded
- metal-equivalent assumptions are disclosed but the release still relies on AgEq for headline scale
Rubric flags
- resource_update completeness — The document is a resource update with many aggregated rows and historical comparison tables; the extraction includes the primary Joaquin table and key appendix totals, but some historical and comparative rows may merit separate normalization in downstream QA.
Facts used in scoring: 50
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The release states the Joaquin MRE is reported in accordance with the JORC Code (2012) and gives a competent person statement.
Evidence · text
“prepared by independent resource consultant INSA in accordance with JORC (2012)”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: A named Competent Person is stated for the Joaquin MRE.
Evidence · text
“Mr Rodrigo Peralta FAusIMM (CP), a Competent Person”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource is reported above 40 g/t AgEq cut-off grade.
Evidence · text
“The MRE for the Joaquin project is reported above 40 g/t AgEq cut-off grade.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The historical foreign estimate is explicitly said to be prepared in accordance with NI 43-101.
Evidence · text
“prepared in accordance with NI 43-101”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: Table 1 reports 34.5Mt in the Indicated category, representing 78% of the resource.
Evidence · text
“Indicated 34.5”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: Table 1 reports 10.8Mt in the Inferred category.
Evidence · text
“Inferred 10.8”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The release says the PLUS 150 resources are 'free-milling' and 'amenable to conventional open-pit mining and whole-ore cyanidation processing'.
Evidence · text
“free-milling pit constrained resources”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: Not applicable; omitted. The actual route disclosed is whole-ore cyanidation / Merrill-Crowe, so no heap leach tag was applied.
Evidence · text
“whole-ore cyanidation followed by Merrill–Crowe recovery”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The metallurgical section states whole-ore cyanidation and Merrill-Crowe processing as the base-case route.
Evidence · text
“whole-ore cyanidation followed by Merrill–Crowe recovery”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release describes blanks, standards, duplicates, certified reference materials, laboratory duplicates and internal checks.
Evidence · text
“included the insertion of certified reference materials, blank samples and duplicate samples”
Apparent Width Onlynegative · Story-specific tag
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: No drill intercepts are reported in this announcement, but the geological section refers to drill spacing and depths without a current assay table; any interval interpretation would be limited.
Evidence · text
“No drill hole results are reported in this announcement”
Stale Data Re-releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The announcement includes a historical foreign estimate and historical metallurgical results for comparison rather than only new data.
Evidence · text
“The historical mineral resource estimate for the Joaquin Project referenced in this announcement is a Foreign Estimate”
Nearology Playneutral · Story-specific tag
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: The release emphasizes the district context and proximity of Cerro Leon as satellite feed to Joaquin.
Evidence · text
“Cerro Leon is located approximately 60 km from Joaquin”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 50. Some facts used in scoring do not have a stored record.
Resource Estimates (46)
indicatedJoaquinTonnes: 34500000Grade: 118Grade Unit: g/tContained Metal: 131Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:8063ff3c8c41b672b024
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34500000
- Grade
- 118
- Grade Unit
- g/t
- Contained Metal
- 131
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the headline equivalent-grade measure for the indicated portion of the resource and is central to the announcement's scale claim.
Positive factors
- grade equivalent is disclosed directly in the table
- large contained silver-equivalent ounces for the indicated category
- supports the PFS narrative
Negative factors
- AgEq depends on disclosed price and recovery assumptions
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 10800000Grade: 85Grade Unit: g/tContained Metal: 20Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:3f238a3b1377db2b5f33
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10800000
- Grade
- 85
- Grade Unit
- g/t
- Contained Metal
- 20
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The appendix gives the inferred oxidation category, which matches the main Joaquin estimate and is useful for domain understanding.
Positive factors
- inferred category explicitly reported in Appendix B
Negative factors
- lower confidence
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
measuredJoaquinTonnes: 0Grade: 0Grade Unit: g/tView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:a0387169446831cbe970
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 0
- Grade
- 0
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The document does not report a measured category for Joaquin, so no positive estimate fact is available beyond noting the absence in the summary.
Negative factors
- no measured category is reported in Table 1
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquinTonnes: 34700000Grade: 129Grade Unit: g/tContained Metal: 47.4Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:15f2ee5d50dfb71c5a66
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34700000
- Grade
- 129
- Grade Unit
- g/t
- Contained Metal
- 47.4
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 147
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Negra is one of the largest contributors to the Joaquin indicated inventory and materially supports the project scale.
Positive factors
- La Negra is a major indicated deposit within the district
- strong grade and ounces
Negative factors
- still a resource estimate, not a reserve
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 14700000Grade: 51Grade Unit: g/tContained Metal: 23.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d3ba9504f29e4ab86b7c
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14700000
- Grade
- 51
- Grade Unit
- g/t
- Contained Metal
- 23.9
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 87
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Negra SE adds substantial indicated tonnage and ounces and is one of the key growth drivers named in the announcement.
Positive factors
- very large indicated tonnage for a satellite system
Negative factors
- gold is secondary to the silver focus
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 5800000Grade: 137Grade Unit: g/tContained Metal: 25.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:24feec972f0c5f97bf50
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 5800000
- Grade
- 137
- Grade Unit
- g/t
- Contained Metal
- 25.7
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 149
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Morocha is a significant indicated contributor with strong grades and ounces.
Positive factors
- high grade and meaningful contained silver in the indicated category
Negative factors
- still a resource, not reserve
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 2500000Grade: 70Grade Unit: g/tContained Metal: 5.6Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:dc572179feb4d12ce18f
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2500000
- Grade
- 70
- Grade Unit
- g/t
- Contained Metal
- 5.6
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 100
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Morocha SE adds further indicated scale to the Joaquin district resource.
Positive factors
- meaningful indicated contribution
Negative factors
- smaller scale than the flagship zones
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 2400000Grade: 27Grade Unit: g/tContained Metal: 2.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:4b80e4ddb5496d067f14
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 2400000
- Grade
- 27
- Grade Unit
- g/t
- Contained Metal
- 2.1
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: Breccia Puntudo is a smaller but very high-grade indicated component that helps diversify the Joaquin inventory.
Positive factors
- breccia puntudo contributes high-grade ounces
Negative factors
- smaller tonnage than the main deposits
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 10300000Grade: 103Grade Unit: g/tContained Metal: 9.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:98672676653e44699ea5
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10300000
- Grade
- 103
- Grade Unit
- g/t
- Contained Metal
- 9.1
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 123
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred La Negra tonnage remains material and contributes meaningfully to the district-scale total.
Positive factors
- substantial inferred ounces from La Negra
Negative factors
- lower confidence inferred category
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 3100000Grade: 43Grade Unit: g/tContained Metal: 3.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f9a79df46a8e9fd12cf4
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3100000
- Grade
- 43
- Grade Unit
- g/t
- Contained Metal
- 3.1
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 74
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Negra SE adds inferred ounces, but with lower confidence than the indicated material.
Positive factors
- inferred ounces from La Negra SE are clearly disclosed
Negative factors
- lower confidence and smaller scale than the main deposits
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 1300000Grade: 54Grade Unit: g/tContained Metal: 1.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:e02b9435c4d0e2645b94
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1300000
- Grade
- 54
- Grade Unit
- g/t
- Contained Metal
- 1.3
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 81
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Morocha inferred material contributes ounces but is less material than the larger district components.
Positive factors
- inferred ounces are explicitly reported
Negative factors
- small scale and lower confidence
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 4900000Grade: 57Grade Unit: g/tContained Metal: 4.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:6fa23812395e77ecffb9
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4900000
- Grade
- 57
- Grade Unit
- g/t
- Contained Metal
- 4.9
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 81
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: La Morocha SE inferred material adds to the overall project inventory, but remains lower confidence than the indicated resource.
Positive factors
- La Morocha SE adds further inferred ounces
Negative factors
- lower confidence
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 2400000Grade: 111Grade Unit: g/tContained Metal: 11.6Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d0cd6e0298b3024a4c12
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2400000
- Grade
- 111
- Grade Unit
- g/t
- Contained Metal
- 11.6
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This captures the silver component from Breccia Puntudo, which is high grade but still lower-confidence inferred material.
Positive factors
- silver component is high grade
Negative factors
- inferred confidence and relatively small scale
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 31200000Grade: 106Grade Unit: g/tContained Metal: 106Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:1d786ce4cb93f9664c2e
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 31200000
- Grade
- 106
- Grade Unit
- g/t
- Contained Metal
- 106
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the oxide silver-equivalent component and is highly relevant to the company's development strategy.
Positive factors
- oxide contained AgEq is explicitly reported
- large free-milling base
Negative factors
- equivalent grade is dependent on assumptions
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 7500000Grade: 0.26Grade Unit: g/tContained Metal: 28Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:5b8cc40ebc241df49a03
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 7500000
- Grade
- 0.26
- Grade Unit
- g/t
- Contained Metal
- 28
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 140
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This captures the gold component of the mixed oxidation category.
Positive factors
- gold in mixed material is disclosed
Negative factors
- secondary metal
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJoaquinTonnes: 6500000Grade: 112Grade Unit: g/tContained Metal: 26Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:d271f69c182f6f61e4dc
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 6500000
- Grade
- 112
- Grade Unit
- g/t
- Contained Metal
- 26
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 128
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This captures the silver component of the fresh resource category.
Positive factors
- silver ounces in fresh material are explicitly disclosed
Negative factors
- lower confidence
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 45000000Grade: 0.36Grade Unit: g/tContained Metal: 123Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:3285cd8b17fb91e31ea8
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 45000000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 123
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This captures the total gold component across the Joaquin resource and is material for byproduct valuation.
Positive factors
- gold ounces are explicitly reported in the total resource row
- total inventory is large
Negative factors
- gold is secondary to silver
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquinTonnes: 45300000Grade: 123Grade Unit: g/tContained Metal: 167Contained Unit: mozView all detailsHide details
Identity
- Project
- Joaquin
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:4134920a2ede893dd4ca
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 45300000
- Grade
- 123
- Grade Unit
- g/t
- Contained Metal
- 167
- Contained Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the headline total silver-equivalent resource for Joaquin and is the most consequential numeric result in the release.
Positive factors
- total AgEq ounces are the headline scale metric
- supports the cornerstone asset narrative
Negative factors
- equivalent grade depends on disclosed assumptions
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJoaquin · silverTonnes: 34.5Grade: 103Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:30ac63f75e23d6befd6b
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34.5
- Grade
- 103
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- large indicated tonnage of 34.5Mt
- grade and contained metal are explicitly reported
- JORC (2012) and competent person sign-off are stated
Negative factors
- resource is still a resource, not a reserve
- cut-off is reported in AgEq terms
Evidence · table
“103”
Context: 34.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquin · goldTonnes: 34.5Grade: 0.3Grade Unit: g/tContained Metal: 334Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:30ac63f75e23d6befd6b
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34.5
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 334
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- large indicated tonnage of 34.5Mt
- grade and contained metal are explicitly reported
- JORC (2012) and competent person sign-off are stated
Negative factors
- resource is still a resource, not a reserve
- cut-off is reported in AgEq terms
Evidence · table
“0.30”
Context: 34.5
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredJoaquin · silverTonnes: 10.8Grade: 20Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:fa85bd9da6fa0267d63c
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10.8
- Grade
- 20
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“20”
Context: 10.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 10.8Grade: 0.55Grade Unit: g/tContained Metal: 190Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:fa85bd9da6fa0267d63c
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10.8
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 190
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“0.55”
Context: 10.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredJoaquin · silverTonnes: 45.3Grade: 123Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f42211e20922f3cdd449
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45.3
- Grade
- 123
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“123”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 45.3Grade: 0.36Grade Unit: g/tContained Metal: 522Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f42211e20922f3cdd449
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45.3
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 522
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“0.36”
Context: 45.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedJoaquin · silverTonnes: 15700000Grade: 65.2Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f7250848f871ea12c440
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- large indicated tonnage of 34.5Mt
- grade and contained metal are explicitly reported
- JORC (2012) and competent person sign-off are stated
Negative factors
- resource is still a resource, not a reserve
- cut-off is reported in AgEq terms
Evidence · table
“65.2”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquin · goldTonnes: 15700000Grade: 0.12Grade Unit: g/tContained Metal: 61.1Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:f7250848f871ea12c440
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- large indicated tonnage of 34.5Mt
- grade and contained metal are explicitly reported
- JORC (2012) and competent person sign-off are stated
Negative factors
- resource is still a resource, not a reserve
- cut-off is reported in AgEq terms
Evidence · table
“0.12”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredJoaquin · silverTonnes: 1000000Grade: 3.1Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:0abf1770e5dbfa3cac9b
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“3.1”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 1000000Grade: 0.12Grade Unit: g/tContained Metal: 3.7Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:0abf1770e5dbfa3cac9b
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“0.12”
Context: 1
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredJoaquin · silverTonnes: 16700000Grade: 68.3Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:fcfa7d66e45ed25768ba
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“68.3”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 16700000Grade: 0.12Grade Unit: g/tContained Metal: 64.2Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:fcfa7d66e45ed25768ba
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“0.12”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedCerro Leon · silverTonnes: 9.4Grade: 28.9Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:ff7bbb30a1b3523e1eb0
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 28.9
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“28.9”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCerro Leon · goldTonnes: 9.4Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:ff7bbb30a1b3523e1eb0
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.54”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedCerro Leon · leadTonnes: 9.4Grade: 119Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:ff7bbb30a1b3523e1eb0
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 119
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“119”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCerro Leon · zincTonnes: 9.4Grade: 199Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:ff7bbb30a1b3523e1eb0
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 199
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“199”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · silverTonnes: 21.6Grade: 33.1Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:4149be202c318cef62a3
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 33.1
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“33.1”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · goldTonnes: 21.6Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:4149be202c318cef62a3
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.55”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredCerro Leon · leadTonnes: 21.6Grade: 245Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:4149be202c318cef62a3
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 245
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“245”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · zincTonnes: 21.6Grade: 580Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:4149be202c318cef62a3
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 580
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“580”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · silverTonnes: 31Grade: 62Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:71b03862de50636a6ea2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 62
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“62”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · goldTonnes: 31Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:71b03862de50636a6ea2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 548
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.55”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredCerro Leon · leadTonnes: 31Grade: 364Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:71b03862de50636a6ea2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 364
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“364”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCerro Leon · zincTonnes: 31Grade: 778Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:71b03862de50636a6ea2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 778
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“778”
Context: 31
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquin · silverTonnes: 4.7Grade: 20.7Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:aaed4948dabb85ece269
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4.7
- Grade
- 20.7
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- large indicated tonnage of 34.5Mt
- grade and contained metal are explicitly reported
- JORC (2012) and competent person sign-off are stated
Negative factors
- resource is still a resource, not a reserve
- cut-off is reported in AgEq terms
Evidence · table
“20.7”
Context: 4.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedJoaquin · goldTonnes: 4.7Grade: 0.63Grade Unit: g/tContained Metal: 95Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:aaed4948dabb85ece269
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4.7
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 95
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The indicated silver resource is the strongest confidence component of the new estimate and carries the bulk of the de-risking value. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- large indicated tonnage of 34.5Mt
- grade and contained metal are explicitly reported
- JORC (2012) and competent person sign-off are stated
Negative factors
- resource is still a resource, not a reserve
- cut-off is reported in AgEq terms
Evidence · table
“0.63”
Context: 4.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredJoaquin · silverTonnes: 3.4Grade: 9.2Grade Unit: mozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:2eaefe3617708014da06
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3.4
- Grade
- 9.2
- Grade Unit
- moz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“9.2”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredJoaquin · goldTonnes: 3.4Grade: 0.52Grade Unit: g/tContained Metal: 56.9Contained Unit: kozView all detailsHide details
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, jorc
- QP Signed
- Yes
- Qualified person names
- Rodrigo Peralta
- Resource group id
- resource:2eaefe3617708014da06
- Deposit or zone
- Joaquin Project
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3.4
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 56.9
- Contained Unit
- koz
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-03-17
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Alex Stewart International
Location
- Loc. Confidence
- inferred
Review
- Needs Review
- No
- Historical
- No
Reasoning: The inferred portion remains substantial and important to scale, but it carries materially less geological confidence than the indicated component. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- adds materially to the total resource inventory
- inferred ounces still contribute to the district-scale platform
Negative factors
- lower confidence than indicated material
- still requires infill drilling before reserve conversion
Evidence · table
“0.52”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Metallurgical Results (4)
bottle rollJoaquin · silverRecovery: 82 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- detailed
- Test Type
- bottle roll
- Processing Route
- whole-ore cyanidation
- Sample
- historical agitated leach tests at P80 ~75 μm grind size and 72-hour leach time
- Grind P80
- 75 µm
- Leach Time
- 72 hours
Recovery
- Recovery
- 82 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS and McClelland Laboratories Inc.
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2012-01-01T00:00:00.000Z
Reasoning: The announcement cites historical metallurgical testwork and a standardised review of agitated leach tests at 75 μm and 72 hours as the basis for the recovery assumptions.
Positive factors
- historical metallurgical work supports the base-case flowsheet
- whole-ore cyanidation is described as effective and technically proven
Negative factors
- historical and not new work in this release
- result is summarised rather than individually tabulated
bottle rollJoaquin · goldRecovery: 87 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- detailed
- Test Type
- bottle roll
- Processing Route
- whole-ore cyanidation
- Sample
- historical agitated leach tests at P80 ~75 μm grind size and 72-hour leach time
- Grind P80
- 75 µm
- Leach Time
- 72 hours
Recovery
- Recovery
- 87 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS and McClelland Laboratories Inc.
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2012-01-01T00:00:00.000Z
Reasoning: The release discloses gold recovery used in the equivalent calculation and ties it to historical metallurgical testwork.
Positive factors
- gold recoveries are stated as part of the metallurgical basis for AgEq
Negative factors
- historical work
- no standalone table of results
bottle rollJoaquin · silverRecovery: 82 %View all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- detailed
- Test Type
- bottle roll
- Processing Route
- whole-ore cyanidation
- Sample
- whole ore cyanidation followed by Merrill-Crowe recovery
Recovery
- Recovery
- 82 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS and McClelland Laboratories Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the silver recovery assumption used for the resource's AgEq calculation and development basis.
Positive factors
- base-case route is explicitly stated
- recovery level is disclosed and used in AgEq
Negative factors
- no single new recovery test result is presented in this release
bottle rollJoaquin · goldRecovery: 87 %View all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- detailed
- Test Type
- bottle roll
- Processing Route
- whole-ore cyanidation
- Sample
- whole ore cyanidation followed by Merrill-Crowe recovery
Recovery
- Recovery
- 87 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS and McClelland Laboratories Inc.
Review
- Needs Review
- No
- Historical
- No
Reasoning: This is the gold recovery assumption underpinning the AgEq calculation.
Positive factors
- gold recovery assumption is explicitly disclosed
Negative factors
- not a fresh experimental result in 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.