Kootenay Silver Announces Positive PEA with a US$763 Million After-Tax NPV & 41% IRR for La Cigarra Silver Project
Original announcement by tmx on
- Company
- Kootenay Silver Inc.
- Ticker
- KTN
- Exchange
- TSX
- Region
- Chihuahua, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-18 06:43:41 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Kootenay Silver announced a positive Preliminary Economic Assessment (PEA) for its La Cigarra Silver Project in Chihuahua, Mexico, outlining a US$763 million after-tax NPV (5%) and a 41% after-tax IRR. The PEA projects a 14-year open-pit mine life with 63.7 million ounces of payable silver production and a rapid 1.9-year payback period. The study is based on an updated Mineral Resource Estimate with 23.02 Mt Measured and Indicated resources grading 81 g/t AgEq, and 6.78 Mt Inferred resources grading 90 g/t AgEq.
Reasoning: Kootenay Silver's PEA for the La Cigarra Silver Project demonstrates robust economics with a US$763 million after-tax NPV and 41% IRR, supported by a 14-year mine life and substantial silver production. The underlying resource estimate shows high confidence with 77.2% M&I. However, the study is preliminary, includes Inferred resources, and lacks full transparency on some economic assumptions and permitting status.
Positive factors
- Strong after-tax NPV and IRR for a PEA-stage project
- Rapid payback period of 1.9 years
- Long mine life of 14 years
- Significant payable silver production profile
- High M&I confidence in the underlying resource estimate
- Project located in a well-established mining district with existing infrastructure
- PEA and MRE prepared by Qualified Persons under NI 43-101 standards
Negative factors
- Preliminary Economic Assessment (PEA) is conceptual and includes Inferred Mineral Resources
- No Mineral Reserves have been demonstrated
- IRR and price deck basis (real/nominal) are undisclosed, limiting comparability
- High average strip ratio of 8.0:1
- Permitting is still in progress
- Closure funding mechanism is undisclosed
- No explicit sensitivity analysis for key economic variables disclosed
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 22
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Extracted facts
Stored fact records: 20. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
measuredLa Cigarra Silver Project · silverTonnes: 2930000Grade: 84Grade Unit: g/tContained Metal: 7.87Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 84
- Grade Unit
- g/t
- Contained Metal
- 7.87
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured silver resource provides a high-confidence base for the project, supporting the economic assessment with well-defined geological data.
Positive factors
- Measured resource category indicates high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
- Grade of 84 g/t Ag is economic for silver deposits
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: Measured
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredLa Cigarra Silver Project · goldTonnes: 2930000Grade: 0.06Grade Unit: g/tContained Metal: 5.6Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 0.06
- Grade Unit
- g/t
- Contained Metal
- 5.6
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured gold resource, while high confidence, is very low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Measured resource category indicates high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low gold grade of 0.06 g/t suggests it is a byproduct
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: Measured
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The gold grade of 0.06 g/t is very low, indicating it is a byproduct.
Evidence · table
“0.06”
Context: 2.93
measuredLa Cigarra Silver Project · leadTonnes: 2930000Grade: 0.14Grade Unit: %Contained Metal: 9.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 9.1
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured lead resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Measured resource category indicates high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low lead grade of 0.14% suggests it is a byproduct
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: Measured
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The lead grade of 0.14% is low, indicating it is a byproduct.
Evidence · table
“0.14”
Context: 2.93
measuredLa Cigarra Silver Project · zincTonnes: 2930000Grade: 0.19Grade Unit: %Contained Metal: 12.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 12.4
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured zinc resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Measured resource category indicates high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low zinc grade of 0.19% suggests it is a byproduct
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: Measured
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The zinc grade of 0.19% is low, indicating it is a byproduct.
Evidence · table
“0.19”
Context: 2.93
measuredLa Cigarra Silver Project · silverTonnes: 2930000Grade: 96Grade Unit: g/tContained Metal: 9.01Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 96
- Grade Unit
- g/t
- Contained Metal
- 9.01
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 96
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured silver equivalent resource provides a high-confidence base for the project, supporting the economic assessment with well-defined geological data, with assumptions for the equivalent grade disclosed.
Positive factors
- Measured resource category indicates high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
- Silver equivalent grade of 96 g/t AgEq is economic
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: Measured
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · silverTonnes: 20090000Grade: 81Grade Unit: g/tContained Metal: 52.14Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 81
- Grade Unit
- g/t
- Contained Metal
- 52.14
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated silver resource adds significant tonnage with reasonable confidence, contributing positively to the project's overall scale and economic viability.
Positive factors
- Indicated resource category provides reasonable geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
- Grade of 81 g/t Ag is economic for silver 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: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · goldTonnes: 20090000Grade: 0.06Grade Unit: g/tContained Metal: 39.6Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 0.06
- Grade Unit
- g/t
- Contained Metal
- 39.6
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated gold resource, while providing reasonable confidence, is very low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Indicated resource category provides reasonable geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low gold grade of 0.06 g/t suggests it is a byproduct
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The gold grade of 0.06 g/t is very low, indicating it is a byproduct.
Evidence · table
“0.06”
Context: 20.09
indicatedLa Cigarra Silver Project · leadTonnes: 20090000Grade: 0.14Grade Unit: %Contained Metal: 62.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 62.2
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated lead resource, while providing reasonable confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Indicated resource category provides reasonable geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low lead grade of 0.14% suggests it is a byproduct
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The lead grade of 0.14% is low, indicating it is a byproduct.
Evidence · table
“0.14”
Context: 20.09
indicatedLa Cigarra Silver Project · zincTonnes: 20090000Grade: 0.19Grade Unit: %Contained Metal: 84.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 84.6
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated zinc resource, while providing reasonable confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Indicated resource category provides reasonable geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low zinc grade of 0.19% suggests it is a byproduct
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The zinc grade of 0.19% is low, indicating it is a byproduct.
Evidence · table
“0.19”
Context: 20.09
indicatedLa Cigarra Silver Project · silverTonnes: 20090000Grade: 93Grade Unit: g/tContained Metal: 60.01Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 93
- Grade Unit
- g/t
- Contained Metal
- 60.01
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 93
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated silver equivalent resource adds significant tonnage with reasonable confidence, contributing positively to the project's overall scale and economic viability, with assumptions for the equivalent grade disclosed.
Positive factors
- Indicated resource category provides reasonable geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
- Silver equivalent grade of 93 g/t AgEq is economic
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · silverTonnes: 23020000Grade: 81Grade Unit: g/tContained Metal: 60.02Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 81
- Grade Unit
- g/t
- Contained Metal
- 60.02
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated silver resource represents a substantial and high-confidence portion of the total resource, significantly de-risking the project.
Positive factors
- Combined Measured and Indicated resource provides high geological confidence (77.2% M&I)
- Resource estimate is NI 43-101 compliant and QP signed
- Grade of 81 g/t Ag is economic for silver 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: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category.
Evidence · table
“Measured + Indicated”
Context: Measured + Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · goldTonnes: 23020000Grade: 0.06Grade Unit: g/tContained Metal: 45.2Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 0.06
- Grade Unit
- g/t
- Contained Metal
- 45.2
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated gold resource, while high confidence, is very low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Combined Measured and Indicated resource provides high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low gold grade of 0.06 g/t suggests it is a byproduct
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category.
Evidence · table
“Measured + Indicated”
Context: Measured + Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The gold grade of 0.06 g/t is very low, indicating it is a byproduct.
Evidence · table
“0.06”
Context: 23.02
indicatedLa Cigarra Silver Project · leadTonnes: 23020000Grade: 0.14Grade Unit: %Contained Metal: 71.3Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 71.3
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated lead resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Combined Measured and Indicated resource provides high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low lead grade of 0.14% suggests it is a byproduct
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category.
Evidence · table
“Measured + Indicated”
Context: Measured + Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The lead grade of 0.14% is low, indicating it is a byproduct.
Evidence · table
“0.14”
Context: 23.02
indicatedLa Cigarra Silver Project · zincTonnes: 23020000Grade: 0.19Grade Unit: %Contained Metal: 97Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 97
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated zinc resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project.
Positive factors
- Combined Measured and Indicated resource provides high geological confidence
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Low zinc grade of 0.19% suggests it is a byproduct
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category.
Evidence · table
“Measured + Indicated”
Context: Measured + Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The zinc grade of 0.19% is low, indicating it is a byproduct.
Evidence · table
“0.19”
Context: 23.02
indicatedLa Cigarra Silver Project · silverTonnes: 23020000Grade: 93Grade Unit: g/tContained Metal: 69.02Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 93
- Grade Unit
- g/t
- Contained Metal
- 69.02
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 93
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated silver equivalent resource represents a substantial and high-confidence portion of the total resource, significantly de-risking the project, with assumptions for the equivalent grade disclosed.
Positive factors
- Combined Measured and Indicated resource provides high geological confidence (77.2% M&I)
- Resource estimate is NI 43-101 compliant and QP signed
- Silver equivalent grade of 93 g/t AgEq is economic
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category.
Evidence · table
“Measured + Indicated”
Context: Measured + Indicated
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Cigarra Silver Project · silverTonnes: 6780000Grade: 79Grade Unit: g/tContained Metal: 17.25Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 79
- Grade Unit
- g/t
- Contained Metal
- 17.25
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred silver resource adds potential upside but carries a lower level of confidence, requiring further exploration to upgrade to higher categories before it can be fully relied upon for economic studies.
Positive factors
- Resource estimate is NI 43-101 compliant and QP signed
- Grade of 79 g/t Ag is economic for silver deposits
Negative factors
- Inferred resource category has a lower level of confidence and cannot support economic studies alone
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: Inferred
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Cigarra Silver Project · goldTonnes: 6780000Grade: 0.05Grade Unit: g/tContained Metal: 11.9Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 0.05
- Grade Unit
- g/t
- Contained Metal
- 11.9
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred gold resource, while adding potential, is very low grade and carries a lower level of confidence, indicating it is a byproduct and requires further exploration.
Positive factors
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Inferred resource category has a lower level of confidence
- Very low gold grade of 0.05 g/t suggests it is a byproduct
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: Inferred
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The gold grade of 0.05 g/t is very low, indicating it is a byproduct.
Evidence · table
“0.05”
Context: 6.78
inferredLa Cigarra Silver Project · leadTonnes: 6780000Grade: 0.15Grade Unit: %Contained Metal: 22.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 0.15
- Grade Unit
- %
- Contained Metal
- 22.7
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred lead resource, while adding potential, is low grade and carries a lower level of confidence, indicating it is a byproduct and requires further exploration.
Positive factors
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Inferred resource category has a lower level of confidence
- Low lead grade of 0.15% suggests it is a byproduct
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: Inferred
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The lead grade of 0.15% is low, indicating it is a byproduct.
Evidence · table
“0.15”
Context: 6.78
inferredLa Cigarra Silver Project · zincTonnes: 6780000Grade: 0.17Grade Unit: %Contained Metal: 25.5Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 25.5
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred zinc resource, while adding potential, is low grade and carries a lower level of confidence, indicating it is a byproduct and requires further exploration.
Positive factors
- Resource estimate is NI 43-101 compliant and QP signed
Negative factors
- Inferred resource category has a lower level of confidence
- Low zinc grade of 0.17% suggests it is a byproduct
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: Inferred
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Byproduct CommodityRejected · neutral · Story-specific tag
The tested commodity is a byproduct rather than the primary economic driver.
Reason: The zinc grade of 0.17% is low, indicating it is a byproduct.
Evidence · table
“0.17”
Context: 6.78
inferredLa Cigarra Silver Project · silverTonnes: 6780000Grade: 90Grade Unit: g/tContained Metal: 19.72Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 90
- Grade Unit
- g/t
- Contained Metal
- 19.72
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 90
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred silver equivalent resource adds potential upside but carries a lower level of confidence, requiring further exploration to upgrade to higher categories before it can be fully relied upon for economic studies, with assumptions for the equivalent grade disclosed.
Positive factors
- Resource estimate is NI 43-101 compliant and QP signed
- Silver equivalent grade of 90 g/t AgEq is economic
Negative factors
- Inferred resource category has a lower level of confidence and cannot support economic studies alone
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, which is a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: Inferred
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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons.
Evidence · text
“Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological Services”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA.
Evidence · text
“The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'.
Evidence · text
“The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.”
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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.