MARCH 2023 QUARTERLY REPORT
Original announcement by research on
- Company
- Unavailable
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz province of Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Capital raise, Agreement transaction, Other, Resource update
- Extracted
- 2026-10-19 11:07:02 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver's quarterly report is dominated by corporate actions: completion of the Pingüino acquisition and a A$5 million placement alongside a planned A$1 million SPP. The document also updates progress on the Cerro Leon resource work, but no new assays or resource estimate are reported here. The Pingüino foreign estimate is restated as historical context and noted as not JORC-compliant.
Reasoning: Primarily a quarterly corporate update featuring a completed acquisition and equity funding, with project progress updates rather than new technical results.
Positive factors
- The company announced completion of the Pingüino acquisition and a A$5 million placement plus A$1 million SPP
- The quarterly report also highlights progress toward a maiden resource estimate for Cerro Leon
- Cash balance at end of March quarter was A$3.72 million
Negative factors
- No new drill results or resource estimate were announced in this document
- The foreign estimate is explicitly historical and not JORC-compliant
Rubric flags
- resource_update extraction requested, but no new resource estimate is announced in this document — Treat the foreign estimate as historical context and avoid presenting it as a current resource update.
Facts used in scoring: 13
Classification and evidence
Stale Estimatenegative · Story-specific tag
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The foreign estimate is from September 2014 and no work has been completed since then.
Evidence · text
“No work has been completed since the September 2014 resource estimate”
Historical Estimate Onlynegative · Story-specific tag
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The estimate is explicitly described as a foreign estimate and not compliant with the 2012 JORC Code.
Evidence · text
“the foreign estimates is not compliant with the Australasian Code for Reporting Exploration Results”
Cut-off Disclosedpositive · Story-specific tag
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The foreign estimate table states cutoff values of 20, 70 and 125.
Evidence · table
“20”
Context: 11.6
NI 43-101 Compliantpositive · Story-specific tag
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The document says the foreign estimate was prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101.
Evidence · text
“prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 (NI 43-101)”
No QP/CP Disclosurenegative · Story-specific tag
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: The release states that a Competent Person has not yet done sufficient work to classify the estimate under JORC.
Evidence · text
“A Competent Person (under ASX Listing Rules) has not yet done sufficient work”
Extracted facts
Stored fact records: 12. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
indicatedPingüino · silverTonnes: 11600000Grade: 66Grade Unit: g/tContained Metal: 24.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:a18040e9d15fd164fdac
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 11600000
- Grade
- 66
- Grade Unit
- g/t
- Contained Metal
- 24.9
- Contained Unit
- moz
- Cutoff Grade
- 20
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 37.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: Historical indicated resource figures are clearly stated, but they are a restatement of an old foreign estimate rather than new project news.
Positive factors
- Foreign estimate is quantified for the Pingüino Project
- Reporting basis is identified as NI 43-101 in the document
Negative factors
- Foreign estimate is not compliant with the 2012 JORC Code
- No new work has been completed since the September 2014 resource estimate
- Metal-equivalent assumptions are not disclosed
Evidence · table
“66”
Context: 11.6
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
indicatedPingüino · goldTonnes: 11600000Grade: 0.4Grade Unit: g/tContained Metal: 148Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:a18040e9d15fd164fdac
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 11600000
- Grade
- 0.4
- Grade Unit
- g/t
- Contained Metal
- 148
- Contained Unit
- koz
- Cutoff Grade
- 20
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 37.5
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: The indicated gold resource is relevant context for the project, but it is historical and not newly announced.
Positive factors
- Gold grade is explicitly stated in the foreign estimate table
- The estimate is part of a large polymetallic silver-gold resource base
Negative factors
- Historical foreign estimate only
- No new drilling or assay work since the estimate
- Metal-equivalent assumptions are not disclosed
Evidence · table
“0.4”
Context: 11.6
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
inferredPingüino · silverTonnes: 6000000Grade: 39Grade Unit: g/tContained Metal: 7.6Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:26a414b83fd3f043b0a6
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6000000
- Grade
- 39
- Grade Unit
- g/t
- Contained Metal
- 7.6
- Contained Unit
- moz
- Cutoff Grade
- 20
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 13.7
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: This is a clearly stated historical inferred resource figure, useful for context but not new information.
Positive factors
- Inferred silver resource is explicitly stated in the foreign estimate table
Negative factors
- Historical foreign estimate restatement
- No new work completed since September 2014
- Metal-equivalent assumptions are not disclosed
Evidence · table
“39”
Context: 6.0
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
inferredPingüino · goldTonnes: 6000000Grade: 0.4Grade Unit: g/tContained Metal: 71Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:26a414b83fd3f043b0a6
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6000000
- Grade
- 0.4
- Grade Unit
- g/t
- Contained Metal
- 71
- Contained Unit
- koz
- Cutoff Grade
- 20
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 13.7
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: Historical inferred gold resource figures are disclosed, but they do not represent new technical results.
Positive factors
- Gold grade is explicitly stated in the inferred category row
Negative factors
- Historical estimate restatement
- No new assay or reinterpretation work in this document
- Metal-equivalent assumptions are not disclosed
Evidence · table
“0.4”
Context: 6.0
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
indicatedPingüino · silverTonnes: 3800000Grade: 147Grade Unit: g/tContained Metal: 18Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:1b0b3522e2facd0388e3
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 3800000
- Grade
- 147
- Grade Unit
- g/t
- Contained Metal
- 18
- Contained Unit
- moz
- Cutoff Grade
- 70
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 25.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: The row provides a higher-grade historical indicated silver estimate, but it is still recycled background information.
Positive factors
- Higher-cutoff indicated silver resource is stated in the table
Negative factors
- Historical foreign estimate restatement
- No new work since the 2014 estimate
- Metal-equivalent assumptions are not disclosed
Evidence · table
“147”
Context: 3.8
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
indicatedPingüino · goldTonnes: 3800000Grade: 0.8Grade Unit: g/tContained Metal: 93Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:1b0b3522e2facd0388e3
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 3800000
- Grade
- 0.8
- Grade Unit
- g/t
- Contained Metal
- 93
- Contained Unit
- koz
- Cutoff Grade
- 70
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 25.9
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: A historical indicated gold figure is given for context, not as a new estimate.
Positive factors
- Gold grade is stated for the higher-cutoff indicated row
Negative factors
- Historical estimate
- No new field or drill work since 2014
- Metal-equivalent assumptions are not disclosed
Evidence · table
“0.8”
Context: 3.8
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
inferredPingüino · silverTonnes: 1300000Grade: 87Grade Unit: g/tContained Metal: 3.7Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:5b342b7c91c2203ff364
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1300000
- Grade
- 87
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- moz
- Cutoff Grade
- 70
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 7
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: This is a historical inferred silver figure useful for project context only.
Positive factors
- Inferred silver resource is quantified at the higher cutoff
Negative factors
- Historical estimate restatement
- No new assay data in the release
- Metal-equivalent assumptions are not disclosed
Evidence · table
“87”
Context: 1.3
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
inferredPingüino · goldTonnes: 1300000Grade: 0.9Grade Unit: g/tContained Metal: 39Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:5b342b7c91c2203ff364
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1300000
- Grade
- 0.9
- Grade Unit
- g/t
- Contained Metal
- 39
- Contained Unit
- koz
- Cutoff Grade
- 70
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 7
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: Historical inferred gold tonnage and grade are disclosed, but they are not new results.
Positive factors
- Gold grade is explicitly stated in the inferred row
Negative factors
- Historical estimate only
- No new work completed since 2014
- Metal-equivalent assumptions are not disclosed
Evidence · table
“0.9”
Context: 1.3
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
indicatedPingüino · silverTonnes: 1800000Grade: 236Grade Unit: g/tContained Metal: 13.7Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:7a4f3fe5cf29d7e4ef01
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 236
- Grade Unit
- g/t
- Contained Metal
- 13.7
- Contained Unit
- moz
- Cutoff Grade
- 125
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 18.8
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: This is a historical indicated silver estimate, not a new announcement.
Positive factors
- Very high silver grade is explicitly disclosed in the table
Negative factors
- Historical foreign estimate
- No new work since the estimate date
- Metal-equivalent assumptions are not disclosed
Evidence · table
“236”
Context: 1.8
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
indicatedPingüino · goldTonnes: 1800000Grade: 1Grade Unit: g/tContained Metal: 60Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:7a4f3fe5cf29d7e4ef01
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 60
- Contained Unit
- koz
- Cutoff Grade
- 125
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 18.8
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: A historical indicated gold row is provided for context, but it is not new technical news.
Positive factors
- Gold grade is disclosed in the high-cutoff indicated row
Negative factors
- Historical estimate restatement
- No new assay or drilling work
- Metal-equivalent assumptions are not disclosed
Evidence · table
“1.0”
Context: 1.8
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
inferredPingüino · silverTonnes: 500000Grade: 134Grade Unit: g/tContained Metal: 2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:35db5ae02970fc49d0cc
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 500000
- Grade
- 134
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- moz
- Cutoff Grade
- 125
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 4
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: This is a historical inferred silver estimate and does not reflect new drilling or reassessment.
Positive factors
- Inferred silver grade is explicitly stated
Negative factors
- Historical estimate
- No new work has been completed since the estimate
- Metal-equivalent assumptions are not disclosed
Evidence · table
“134”
Context: 0.5
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
inferredPingüino · goldTonnes: 500000Grade: 1.5Grade Unit: g/tContained Metal: 23Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pingüino
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province of Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, jorc
- Resource group id
- resource:35db5ae02970fc49d0cc
- Deposit or zone
- Pingüino Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 500000
- Grade
- 1.5
- Grade Unit
- g/t
- Contained Metal
- 23
- Contained Unit
- koz
- Cutoff Grade
- 125
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2014-09-19
Metal Equivalent
- Metal Eq. Grade
- 4
- Metal Eq. Unit
- moz AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Mine Development Associates
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2014-09-19T00:00:00.000Z
Reasoning: A historical inferred gold estimate is stated, but it is not a fresh result.
Positive factors
- Gold grade is disclosed in the inferred high-cutoff row
Negative factors
- Historical foreign estimate
- No new assay or drilling work
- Metal-equivalent assumptions are not disclosed
Evidence · table
“1.5”
Context: 0.5
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
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
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 12.1 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.