Untitled mining news story
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc, Copper, Indium
- Document categories
- Resource update
- Extracted
- 2026-10-13 17:06:07 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver announced a new Cerro Leon JORC resource of 31 Mt at 161 g/t AgEq for 162 Moz AgEq, increasing equivalent ounces by 73% from the May 2023 estimate. Its pit-constrained oxide and transitional subset contains 8.1 Mt at 171 g/t AgEq for 44.6 Moz AgEq, with 67% of equivalent ounces Indicated; the broader resource remains predominantly Inferred and is not a reserve. Joaquin's separate 2013 foreign estimate is restated as historical background, and no new drill intercepts are reported for comparison with the supplied drill baseline.
Reasoning: A substantial new resource expansion improves project scale and establishes a more advanced free-milling development subset, but classification, processing and disclosure inconsistencies limit underwriting confidence.
Positive factors
- Cerro Leon reports 73% growth in contained silver-equivalent ounces and 88% tonnage growth versus May 2023.
- The updated resource incorporates 20,456 m of additional drilling and new resources at four prospects.
- The pit-constrained free-milling subset contains 44.6 Moz AgEq, with 67% of equivalent ounces classified as Indicated.
- JORC reporting, independent resource estimation, named Competent Person sign-off and detailed QA/QC support credibility.
Negative factors
- The global resource is predominantly Inferred by tonnage and contains no Measured resource.
- Mineral Resources are not Ore Reserves and economic viability has not been demonstrated.
- The document contains conflicting lead prices and silver-equivalent formulas.
- Joaquin remains a historical foreign estimate that has not been verified as a JORC resource.
- Additional infill drilling and metallurgical, hydrological and geotechnical studies are required.
Rubric flags
- Silver-equivalent assumption consistency — Retain the reported equivalents but request reconciliation of the 96.76/79.18 gold coefficients, base-metal coefficients and $0.05/$0.95 per lb lead prices before economic comparisons.
- New estimate effective date — September 2025 is stated as the estimate vintage, but no exact effective day is disclosed; do not substitute the announcement date.
- Historical estimate provenance — Joaquin has a 2013-02-15 technical-report effective date and is sourced through the 2024-08-20 announcement; these are different dates.
- Prior estimate comparison — Prior global tonnes are disclosed, but prior individual-metal grades and contained quantities are not; do not assign the prior 93 Moz AgEq to silver alone.
- Resource table totals — Totals and subtotals overlap component rows and must not be summed as additional inventory. Preserve the printed values despite rounding or reconciliation differences.
- PLUS 150 classification share — The stated 67% refers to equivalent ounces; the tonnage share is different. Do not treat the ounce share as the M&I tonnage percentage.
- Metallurgical recovery assumptions — The recovery percentages are resource-equivalency assumptions informed by historical testwork, not newly disclosed test-achieved results; do not create metallurgy result facts from them.
- Table 1 units — Interpret the tonnes column as Mt from the accompanying 31 Mt statement; retain the original table header in the raw table.
- Raw-table scope — The numbered quantitative tables and tenure grid are reproduced below; the lengthy JORC reporting checklist remains narrative disclosure rather than a quantitative result grid.
Facts used in scoring: 72
Classification and evidence
Resource Updateneutral
No canonical definition is currently available.
Why it applies: Cerro Leon has a revised estimate incorporating additional drilling.
Evidence · text
“Unico Silver reports an updated MRE for the Cerro Leon project”
Contained Metal Growthpositive
No canonical definition is currently available.
Why it applies: Reported silver-equivalent ounces increased by 73%; this does not establish individual-metal growth.
Evidence · text
“73% increase in silver equivalent ounces (93 to 162Moz)”
JORC Compliantpositive
No canonical definition is currently available.
Why it applies: The new Cerro Leon estimate was prepared under JORC 2012.
Evidence · text
“prepared by independent resource consultant Mining Associates in accordance with JORC (2012)”
QP/CP Signedpositive
No canonical definition is currently available.
Why it applies: Ian Taylor takes responsibility for the Cerro Leon resource and consents to its inclusion.
Evidence · text
“Mr Taylor consents to the inclusion in this announcement of the matters based upon this information”
Cut-off Disclosedpositive
No canonical definition is currently available.
Why it applies: Cerro Leon is reported at a 50 g/t AgEq cut-off.
Evidence · text
“50 g/t AgEq is applied to oxide and sulphide material.”
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: The PLUS 150 subset has 67% of silver-equivalent ounces in the Indicated category.
Evidence · text
“67% of those free-milling ounces are now in the Indicated category”
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: Cerro Leon includes 21.6 Mt of Inferred resource, exceeding its 9.4 Mt Indicated component.
Evidence · table
“154”
Context: 21.6
Historical Estimate Onlynegative
No canonical definition is currently available.
Why it applies: Joaquin's separate foreign estimate has not been classified as a JORC resource.
Evidence · text
“A Competent Person has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources”
Stale Estimatenegative
No canonical definition is currently available.
Why it applies: The restated Joaquin estimate is effective 15 February 2013, more than two years before this announcement.
Evidence · text
“with an effective date of 15 February 2013”
Equivalent Assumptions Inconsistentnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The main formula uses 96.76 for gold while the appendix cut-off formula uses 79.18, and lead prices also differ.
Evidence · text
“Ag Eq = Ag (g/t) + 79.18 x Au (g/t) + 25.56 x Pb (%) + 39.41 x Zn (%)”
Extracted facts
Stored fact records: 72. Some facts used in scoring do not have a stored record.
Resource Estimates (72)
indicatedCerro Leon · silverTonnes: 9400000Grade: 95Grade Unit: g/tContained Metal: 28.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 95
- Grade Unit
- g/t
- Contained Metal
- 28.9
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful silver inventory with reasonable geological confidence.
Positive factors
- Indicated classification supports geological confidence.
Negative factors
- Economic viability is not demonstrated.
Evidence · table
“95”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 9400000Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold is a supporting commodity rather than the principal resource driver.
Positive factors
- Indicated gold contributes to polymetallic value.
Negative factors
- Low standalone gold grade.
Evidence · table
“0.54”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · leadTonnes: 9400000Grade: 0.57Grade Unit: %Contained Metal: 119Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 119
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead adds potential credits but its economic assumptions require clarification.
Positive factors
- Indicated base-metal inventory.
Negative factors
- Lead-price disclosures conflict.
Evidence · table
“0.57”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · zincTonnes: 9400000Grade: 0.95Grade Unit: %Contained Metal: 199Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:60de62b91f3937c48eb0
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.95
- Grade Unit
- %
- Contained Metal
- 199
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc adds inventory but is not a demonstrated standalone economic resource.
Positive factors
- Indicated zinc supports potential polymetallic credits.
Negative factors
- Processing assumptions remain preliminary.
Evidence · table
“0.95”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
inferredCerro Leon · silverTonnes: 21600000Grade: 48Grade Unit: g/tContained Metal: 33.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 48
- Grade Unit
- g/t
- Contained Metal
- 33.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence.
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“48”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 21600000Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Supporting gold inventory remains subject to geological conversion.
Positive factors
- Gold contributes to resource scale.
Negative factors
- Inferred classification and low standalone grade.
Evidence · table
“0.55”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 21600000Grade: 0.54Grade Unit: %Contained Metal: 245Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 245
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead potential is provisional pending conversion and processing clarification.
Positive factors
- Potential lead credits.
Negative factors
- Inferred inventory and inconsistent lead-price assumptions.
Evidence · table
“0.54”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 21600000Grade: 1.3Grade Unit: %Contained Metal: 580Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:a24e50787f16129c0653
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 1.3
- Grade Unit
- %
- Contained Metal
- 580
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc contributes scale but remains a provisional polymetallic credit.
Positive factors
- Meaningful supporting zinc inventory.
Negative factors
- Inferred classification and preliminary processing basis.
Evidence · table
“1.3”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 31000000Grade: 62Grade Unit: g/tContained Metal: 62Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 62
- Grade Unit
- g/t
- Contained Metal
- 62
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The disclosed global total demonstrates growth, with most tonnes still Inferred.
Positive factors
- Global tonnage and equivalent ounces grew substantially.
Negative factors
- Total combines Indicated and Inferred; equivalent disclosures conflict.
Evidence · table
“62”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 31000000Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 548
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds material supporting value within the expanded silver-led resource.
Positive factors
- Disclosed gold inventory supports overall scale.
Negative factors
- Combined total is predominantly Inferred and low grade for gold alone.
Evidence · table
“0.55”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 31000000Grade: 0.54Grade Unit: %Contained Metal: 364Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 364
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead adds potential credits but needs processing and assumption validation.
Positive factors
- Disclosed supporting lead inventory.
Negative factors
- Predominantly Inferred total and conflicting lead assumptions.
Evidence · table
“0.54”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 31000000Grade: 1.1Grade Unit: %Contained Metal: 778Contained Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:da39862d5fc5a5d2001b
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 1.1
- Grade Unit
- %
- Contained Metal
- 778
- Contained Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Prior Tonnes
- 16400000
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc adds scale within a resource whose economic extraction remains unproven.
Positive factors
- Substantial supporting zinc inventory.
Negative factors
- Combined total is predominantly Inferred.
Evidence · table
“1.1”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
indicatedJoaquin · silverTonnes: 15700000Grade: 65.2Grade Unit: mozContained Metal: 65.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:a1e8ad5cd6f6452886fc
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Contained Metal
- 65.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: Historical scale is relevant background, not a new or verified current resource.
Positive factors
- Historical M&I silver inventory.
Negative factors
- Foreign estimate remains unverified under JORC and predates production.
Evidence · table
“65.2”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedJoaquin · goldTonnes: 15700000Grade: 0.12Grade Unit: g/tContained Metal: 61.1Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:a1e8ad5cd6f6452886fc
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: A small historical gold contribution with no new information.
Positive factors
- Disclosed historical gold credit.
Negative factors
- Very low gold grade and unverified foreign estimate.
Evidence · table
“0.12”
Context: 15.7
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
inferredJoaquin · silverTonnes: 1000000Grade: 3.1Grade Unit: mozContained Metal: 3.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:f686c744c7fd7d3fe14d
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Contained Metal
- 3.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: Small speculative historical inventory provides limited current evidence.
Positive factors
- Historical silver potential.
Negative factors
- Inferred and unverified historical inventory.
Evidence · table
“3.1”
Context: 1
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredJoaquin · goldTonnes: 1000000Grade: 0.12Grade Unit: g/tContained Metal: 3.7Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:f686c744c7fd7d3fe14d
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: Negligible new significance beyond preserving the historical disclosure.
Negative factors
- Small, low-grade, historical Inferred gold inventory.
Evidence · table
“0.12”
Context: 1
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredJoaquin · silverTonnes: 16700000Grade: 68.3Grade Unit: mozContained Metal: 68.3Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:25858f4562b005ae59dd
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Contained Metal
- 68.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: The total is retained separately from Cerro Leon and requires a current estimate.
Positive factors
- Meaningful historical silver scale.
Negative factors
- Combined historical total is not JORC-verified and predates depletion.
Evidence · table
“68.3”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredJoaquin · goldTonnes: 16700000Grade: 0.12Grade Unit: g/tContained Metal: 64.2Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:25858f4562b005ae59dd
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: Supporting historical gold inventory carries little announcement novelty.
Positive factors
- Historical gold credit is disclosed.
Negative factors
- Low grade and unverified historical combined total.
Evidence · table
“0.12”
Context: 16.7
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
indicatedCerro Leon · silverTonnes: 3200000Grade: 14.1Grade Unit: mozContained Metal: 14.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 14.1
- Grade Unit
- moz
- Contained Metal
- 14.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A relatively attractive silver grade in the oxide development inventory.
Positive factors
- Indicated oxide silver supports free-milling development.
Negative factors
- Resource economics remain unproven.
Evidence · table
“14.1”
Context: 3.20
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 3200000Grade: 0.6Grade Unit: g/tContained Metal: 62Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 0.6
- Grade Unit
- g/t
- Contained Metal
- 62
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supports the silver-led oxide resource.
Positive factors
- Indicated oxide gold credit.
Negative factors
- Low standalone gold grade.
Evidence · table
“0.60”
Context: 3.20
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · leadTonnes: 3200000Grade: 14Grade Unit: ktContained Metal: 14Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 14
- Grade Unit
- kt
- Contained Metal
- 14
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Preserves supporting lead inventory without assuming payable credits.
Positive factors
- Indicated grade is disclosed.
Negative factors
- Lead recovery from oxide material is not established here.
Evidence · table
“14”
Context: 3.20
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · zincTonnes: 3200000Grade: 3Grade Unit: ktContained Metal: 3Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:46f97313366d373b2657
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3200000
- Grade
- 3
- Grade Unit
- kt
- Contained Metal
- 3
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 207
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Trace supporting inventory has little independent economic significance.
Negative factors
- Very low zinc grade; payable recovery is not established.
Evidence · table
“3”
Context: 3.20
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · silverTonnes: 1520000Grade: 135Grade Unit: g/tContained Metal: 6.6Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 135
- Grade Unit
- g/t
- Contained Metal
- 6.6
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Useful higher-grade silver inventory for early development studies.
Positive factors
- Indicated transitional silver supports free-milling strategy.
Negative factors
- Economic viability remains unproven.
Evidence · table
“135”
Context: 1.52
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 1520000Grade: 0.68Grade Unit: g/tContained Metal: 33Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 0.68
- Grade Unit
- g/t
- Contained Metal
- 33
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold enhances the silver-led transitional resource.
Positive factors
- Indicated free-milling gold contribution.
Negative factors
- Modest gold inventory.
Evidence · table
“0.68”
Context: 1.52
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · leadTonnes: 1520000Grade: 0.55Grade Unit: %Contained Metal: 8Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 0.55
- Grade Unit
- %
- Contained Metal
- 8
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Small lead inventory is retained without assuming economic recovery.
Positive factors
- Indicated supporting inventory.
Negative factors
- Transitional lead recovery is not established here.
Evidence · table
“0.55”
Context: 1.52
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · zincTonnes: 1520000Grade: 0.26Grade Unit: %Contained Metal: 4Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0b76b50d80936991b100
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 1520000
- Grade
- 0.26
- Grade Unit
- %
- Contained Metal
- 4
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 221
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Small supporting zinc disclosure has limited independent significance.
Negative factors
- Low zinc grade and unproven payable recovery.
Evidence · table
“0.26”
Context: 1.52
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · silverTonnes: 3970000Grade: 46Grade Unit: g/tContained Metal: 5.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 46
- Grade Unit
- g/t
- Contained Metal
- 5.8
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Fresh silver contributes within a polymetallic processing proposition.
Positive factors
- Indicated silver inventory.
Negative factors
- Modest silver grade and more complex fresh-material processing.
Evidence · table
“46”
Context: 3.97
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 3970000Grade: 0.31Grade Unit: g/tContained Metal: 40Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 40
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold is a modest supporting credit in fresh material.
Positive factors
- Indicated gold credit.
Negative factors
- Very low standalone gold grade; recovery optimization remains.
Evidence · table
“0.31”
Context: 3.97
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · leadTonnes: 3970000Grade: 0.79Grade Unit: %Contained Metal: 31Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 0.79
- Grade Unit
- %
- Contained Metal
- 31
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Fresh lead offers potential flotation credits.
Positive factors
- Indicated lead suited to the contemplated flotation stream.
Negative factors
- Economic assumptions and processing remain preliminary.
Evidence · table
“0.79”
Context: 3.97
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · zincTonnes: 3970000Grade: 2.09Grade Unit: %Contained Metal: 83Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:3a3cb6bded6a83eb10df
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 3970000
- Grade
- 2.09
- Grade Unit
- %
- Contained Metal
- 83
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 159
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The strongest zinc domain offers useful supporting value.
Positive factors
- Higher zinc grade in Indicated fresh material.
Negative factors
- Flotation economics remain unproven.
Evidence · table
“2.09”
Context: 3.97
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · silverTonnes: 8690000Grade: 95Grade Unit: g/tContained Metal: 26.5Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:45ad3bf0d61ec1b0e3f5
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 95
- Grade Unit
- g/t
- Contained Metal
- 26.5
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful classified silver subtotal, not additional inventory.
Positive factors
- Indicated subtotal spans multiple weathering domains.
Negative factors
- Subtotal overlaps component rows.
Evidence · table
“95”
Context: 8.69
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 8690000Grade: 0.48Grade Unit: g/tContained Metal: 135Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:45ad3bf0d61ec1b0e3f5
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 0.48
- Grade Unit
- g/t
- Contained Metal
- 135
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Supporting gold value across the classified domains.
Positive factors
- Indicated supporting gold subtotal.
Negative factors
- Low standalone grade; overlaps component rows.
Evidence · table
“0.48”
Context: 8.69
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · leadTonnes: 8690000Grade: 0.62Grade Unit: %Contained Metal: 54Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:45ad3bf0d61ec1b0e3f5
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 0.62
- Grade Unit
- %
- Contained Metal
- 54
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Potential supporting credits require economic clarification.
Positive factors
- Indicated lead subtotal.
Negative factors
- Lead assumptions conflict; overlaps domain rows.
Evidence · table
“0.62”
Context: 8.69
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · zincTonnes: 8690000Grade: 1.03Grade Unit: %Contained Metal: 90Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:45ad3bf0d61ec1b0e3f5
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8690000
- Grade
- 1.03
- Grade Unit
- %
- Contained Metal
- 90
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 188
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc adds potential value to the classified polymetallic resource.
Positive factors
- Indicated zinc inventory.
Negative factors
- Processing remains preliminary; overlaps components.
Evidence · table
“1.03”
Context: 8.69
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
inferredCerro Leon · silverTonnes: 1570000Grade: 4.1Grade Unit: mozContained Metal: 4.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 4.1
- Grade Unit
- moz
- Contained Metal
- 4.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Useful oxide inventory needs conversion drilling.
Positive factors
- Oxide silver supports free-milling growth potential.
Negative factors
- Inferred classification.
Evidence · table
“4.1”
Context: 1.57
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 1570000Grade: 0.54Grade Unit: g/tContained Metal: 27Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 27
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold contributes modestly to the speculative oxide inventory.
Positive factors
- Oxide gold credit.
Negative factors
- Inferred and low standalone gold grade.
Evidence · table
“0.54”
Context: 1.57
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 1570000Grade: 10Grade Unit: ktContained Metal: 10Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 10
- Grade Unit
- kt
- Contained Metal
- 10
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Supporting lead disclosure does not establish economic credits.
Negative factors
- Inferred lead; oxide payable recovery is not established.
Evidence · table
“10”
Context: 1.57
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 1570000Grade: 2Grade Unit: ktContained Metal: 2Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:8c0ee6bb976053d98040
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- oxide
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1570000
- Grade
- 2
- Grade Unit
- kt
- Contained Metal
- 2
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 153
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Small supporting inventory has little independent significance.
Negative factors
- Low-grade Inferred zinc.
Evidence · table
“2”
Context: 1.57
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 1810000Grade: 87Grade Unit: g/tContained Metal: 5.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 87
- Grade Unit
- g/t
- Contained Metal
- 5.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Useful silver inventory remains dependent on conversion drilling.
Positive factors
- Transitional silver supports free-milling potential.
Negative factors
- Inferred classification.
Evidence · table
“87”
Context: 1.81
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 1810000Grade: 0.51Grade Unit: g/tContained Metal: 30Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 0.51
- Grade Unit
- g/t
- Contained Metal
- 30
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds modest potential value to the transitional resource.
Positive factors
- Supporting transitional gold.
Negative factors
- Inferred and low standalone grade.
Evidence · table
“0.51”
Context: 1.81
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 1810000Grade: 0.51Grade Unit: %Contained Metal: 9Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 0.51
- Grade Unit
- %
- Contained Metal
- 9
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Supporting lead inventory is not a demonstrated payable credit.
Negative factors
- Inferred lead and unproven transitional recovery.
Evidence · table
“0.51”
Context: 1.81
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 1810000Grade: 0.29Grade Unit: %Contained Metal: 5Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:27f70771ec8a3265294e
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- transitional
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1810000
- Grade
- 0.29
- Grade Unit
- %
- Contained Metal
- 5
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 157
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Limited independent value is demonstrated for this supporting zinc inventory.
Negative factors
- Low-grade Inferred zinc.
Evidence · table
“0.29”
Context: 1.81
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 16590000Grade: 40Grade Unit: g/tContained Metal: 21.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 40
- Grade Unit
- g/t
- Contained Metal
- 21.1
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is meaningful but geology and processing require further work.
Positive factors
- Large fresh-material silver inventory.
Negative factors
- Inferred classification, modest grade and processing uncertainty.
Evidence · table
“40”
Context: 16.59
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 16590000Grade: 0.52Grade Unit: g/tContained Metal: 277Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 277
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds potential credits to a provisional fresh resource.
Positive factors
- Supporting gold scale.
Negative factors
- Low-grade Inferred material and recovery uncertainty.
Evidence · table
“0.52”
Context: 16.59
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 16590000Grade: 0.55Grade Unit: %Contained Metal: 91Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 0.55
- Grade Unit
- %
- Contained Metal
- 91
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Lead credits remain provisional despite meaningful inventory.
Positive factors
- Potential flotation lead inventory.
Negative factors
- Inferred classification and conflicting lead assumptions.
Evidence · table
“0.55”
Context: 16.59
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 16590000Grade: 1.54Grade Unit: %Contained Metal: 255Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:10e82fc151df5e78ef68
- Deposit or zone
- Pinguino-Sierra Blanca
- Material type
- fresh
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16590000
- Grade
- 1.54
- Grade Unit
- %
- Contained Metal
- 255
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 151
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc supplies potential scale but requires conversion and processing studies.
Positive factors
- Large supporting fresh zinc inventory.
Negative factors
- Inferred classification and preliminary flotation economics.
Evidence · table
“1.54”
Context: 16.59
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 19970000Grade: 47Grade Unit: g/tContained Metal: 30.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0468a7a284c581bc8289
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 47
- Grade Unit
- g/t
- Contained Metal
- 30.3
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Useful scale remains subject to conversion drilling.
Positive factors
- Substantial silver subtotal.
Negative factors
- Inferred inventory; overlaps component rows.
Evidence · table
“47”
Context: 19.97
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 19970000Grade: 0.52Grade Unit: g/tContained Metal: 334Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0468a7a284c581bc8289
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 334
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds potential value without establishing standalone economics.
Positive factors
- Supporting gold subtotal.
Negative factors
- Low-grade Inferred inventory; overlaps domain rows.
Evidence · table
“0.52”
Context: 19.97
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 19970000Grade: 0.55Grade Unit: %Contained Metal: 111Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0468a7a284c581bc8289
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 0.55
- Grade Unit
- %
- Contained Metal
- 111
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Potential credits require stronger geological and processing confidence.
Positive factors
- Supporting lead subtotal.
Negative factors
- Inferred and economically provisional; overlaps components.
Evidence · table
“0.55”
Context: 19.97
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 19970000Grade: 1.32Grade Unit: %Contained Metal: 263Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:0468a7a284c581bc8289
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 19970000
- Grade
- 1.32
- Grade Unit
- %
- Contained Metal
- 263
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 152
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc supports resource scale but remains provisional.
Positive factors
- Substantial zinc subtotal.
Negative factors
- Inferred classification; overlaps domain rows.
Evidence · table
“1.32”
Context: 19.97
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 28660000Grade: 62Grade Unit: g/tContained Metal: 56.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 62
- Grade Unit
- g/t
- Contained Metal
- 56.8
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The property subtotal supplies most global silver inventory, with conversion work outstanding.
Positive factors
- Meaningful disclosed silver scale.
Negative factors
- Combined total is predominantly Inferred and overlaps components.
Evidence · table
“62”
Context: 28.66
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 28660000Grade: 0.51Grade Unit: g/tContained Metal: 469Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 0.51
- Grade Unit
- g/t
- Contained Metal
- 469
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supports silver-led scale; this total overlaps component disclosures.
Positive factors
- Material supporting gold inventory.
Negative factors
- Low-grade combined total is predominantly Inferred.
Evidence · table
“0.51”
Context: 28.66
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 28660000Grade: 0.57Grade Unit: %Contained Metal: 165Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 165
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Potential lead value remains provisional; total overlaps domain rows.
Positive factors
- Supporting lead scale.
Negative factors
- Predominantly Inferred inventory and inconsistent economic assumptions.
Evidence · table
“0.57”
Context: 28.66
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 28660000Grade: 1.23Grade Unit: %Contained Metal: 353Contained Unit: ktView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:bbd8c674af4165e4adc1
- Deposit or zone
- Pinguino-Sierra Blanca
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 28660000
- Grade
- 1.23
- Grade Unit
- %
- Contained Metal
- 353
- Contained Unit
- kt
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 163
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Zinc offers potential credits; this total is not additive to its components.
Positive factors
- Substantial supporting zinc scale.
Negative factors
- Predominantly Inferred total and preliminary processing economics.
Evidence · table
“1.23”
Context: 28.66
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
indicatedCerro Leon · silverTonnes: 4700000Grade: 136Grade Unit: g/tContained Metal: 20.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:131822ca1c6af088b27c
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 136
- Grade Unit
- g/t
- Contained Metal
- 20.7
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: The classified development subset is particularly useful for early mine planning.
Positive factors
- Indicated pit-constrained free-milling silver supports the maiden Scoping Study.
Negative factors
- A resource, not a reserve; overlaps the broader estimate.
Evidence · table
“136”
Context: 4.7
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 4700000Grade: 0.63Grade Unit: g/tContained Metal: 95Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:131822ca1c6af088b27c
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4700000
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 95
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 197
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supports the early silver development case.
Positive factors
- Indicated free-milling gold credit within a pit-constrained subset.
Negative factors
- Low standalone gold grade.
Evidence · table
“0.63”
Context: 4.7
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
inferredCerro Leon · silverTonnes: 3400000Grade: 85Grade Unit: g/tContained Metal: 9.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:47575ba38739abba96a8
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 85
- Grade Unit
- g/t
- Contained Metal
- 9.2
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A useful extension of the development subset with lower geological confidence.
Positive factors
- Pit-constrained free-milling inventory adds development potential.
Negative factors
- Inferred classification requires conversion.
Evidence · table
“85”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 3400000Grade: 0.52Grade Unit: g/tContained Metal: 56.9Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:47575ba38739abba96a8
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3400000
- Grade
- 0.52
- Grade Unit
- g/t
- Contained Metal
- 56.9
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold adds provisional credits to the pit-constrained development subset.
Positive factors
- Free-milling supporting gold.
Negative factors
- Low-grade Inferred inventory.
Evidence · table
“0.52”
Context: 3.4
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 8100000Grade: 115Grade Unit: g/tContained Metal: 29.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:1ee453f6f20c229711fa
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 8100000
- Grade
- 115
- Grade Unit
- g/t
- Contained Metal
- 29.9
- Contained Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 171
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful development baseline, overlapping rather than adding to the global resource.
Positive factors
- Free-milling subset exceeds the stated exploration target; most equivalent ounces are Indicated.
Negative factors
- Combined total includes Inferred material and is not a reserve.
Evidence · table
“115”
Context: 8.1
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 8100000Grade: 0.58Grade Unit: g/tContained Metal: 152Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:1ee453f6f20c229711fa
- Deposit or zone
- PLUS 150 free-milling pit constrained resources
- Material type
- mixed
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 8100000
- Grade
- 0.58
- Grade Unit
- g/t
- Contained Metal
- 152
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 171
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Gold supports the development subset but does not establish independent economics.
Positive factors
- Supporting gold in the free-milling development inventory.
Negative factors
- Low standalone gold grade; combined total includes Inferred material.
Evidence · table
“0.58”
Context: 8.1
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
indicatedCerro Leon · silverTonnes: 9.4Grade: 28.9Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 28.9
- Grade Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful silver inventory with reasonable geological confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification supports geological confidence.
Negative factors
- Economic viability is not demonstrated.
Evidence · table
“28.9”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · goldTonnes: 9.4Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful silver inventory with reasonable geological confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification supports geological confidence.
Negative factors
- Economic viability is not demonstrated.
Evidence · table
“0.54”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · leadTonnes: 9.4Grade: 119Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 119
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful silver inventory with reasonable geological confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification supports geological confidence.
Negative factors
- Economic viability is not demonstrated.
Evidence · table
“119”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
indicatedCerro Leon · zincTonnes: 9.4Grade: 199Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:000679bd60a848de2824
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9.4
- Grade
- 199
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: A meaningful silver inventory with reasonable geological confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification supports geological confidence.
Negative factors
- Economic viability is not demonstrated.
Evidence · table
“199”
Context: 9.4
Tags used in scoring
Indicated Resourcepositive
No canonical definition is currently available.
Why it applies: category is "indicated"
inferredCerro Leon · silverTonnes: 21.6Grade: 33.1Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 33.1
- Grade Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“33.1”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 21.6Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“0.55”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 21.6Grade: 245Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 245
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“245”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 21.6Grade: 580Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:28fc6d57495716e9673d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21.6
- Grade
- 580
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“580”
Context: 21.6
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · silverTonnes: 31Grade: 62Grade Unit: mozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 62
- Grade Unit
- moz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“62”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · goldTonnes: 31Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 548
- Contained Unit
- koz
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“0.55”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · leadTonnes: 31Grade: 364Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 364
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“364”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
inferredCerro Leon · zincTonnes: 31Grade: 778Grade Unit: mlbView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:af27b1a00ae54f786f1c
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31
- Grade
- 778
- Grade Unit
- mlb
- Cutoff Grade
- 50
- Cutoff Unit
- g/t AgEq
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ACME Analytical Laboratories and ASI Laboratory and Alex Stewart Laboratories and ALS laboratories Mendoza
Location
- CRS
- WGS84 / UTM zone 19S
Review
- Needs Review
- No
- Historical
- No
Reasoning: Scale is useful, but conversion drilling is needed to improve confidence. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Substantial additional silver inventory.
Negative factors
- Inferred classification and modest silver grade.
Evidence · table
“778”
Context: 31
Tags used in scoring
Inferred Resourcenegative
No canonical definition is currently available.
Why it applies: category is "inferred"
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.