Mithril Derisks Target 1 with Mine Constrained and Diluted Resource Upgrade - 75% Indicated
Original announcement by tmx on
- Company
- Mithril Silver and Gold Limited
- Ticker
- MSG
- Exchange
- TSX
- Region
- Durango State, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-18 10:42:59 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mithril Silver and Gold Limited announced an upgraded Mineral Resource Estimate for its Target 1 deposit at the Copalquin Project in Mexico, with 75% of the total gold and silver now classified as Indicated. The estimate, which includes 3.391 Mt grading 3.15 g/t gold and 77.8 g/t silver (464 koz AuEq) in the Indicated category, is constrained by preliminary underground mining shapes and incorporates expected dilution, aiming for a more realistic representation for future mine planning. The company highlights a low discovery cost of less than US$20 per AuEq ounce and plans further drilling to expand the resource footprint.
Reasoning: The document reports a significant upgrade to the Target 1 Mineral Resource Estimate, with a high proportion (75%) of the resource now in the Indicated category. The estimate is de-risked by being constrained by preliminary underground mining shapes and incorporating dilution, making it more applicable for mine planning. The low discovery cost and high metallurgical recoveries further support a positive outlook, despite the lack of absolute prior figures for comparison.
Positive factors
- Significant resource upgrade with 75% of contained metal now in the Indicated category, enhancing confidence.
- Resource is constrained by preliminary underground mining shapes and incorporates expected mining dilution, providing a more realistic basis for future studies.
- Low discovery cost of less than US$20 per ounce AuEq.
- Compliant with JORC Code (2012) and CIM Definition Standards (2014), with independent QP sign-off and site visit.
- Metallurgical recoveries of 96% Au and 91% Ag are high for the processing route.
Negative factors
- No absolute prior resource numbers provided for direct comparison, only percentage increase.
- No production data available for reconciliation of the estimate.
Facts used in scoring: 20
Classification and evidence
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 20. Some facts used in scoring do not have a stored record.
Resource Estimates (18)
indicatedCopalquin Project, Target 1 · goldTonnes: 2557000Grade: 3.38Grade Unit: g/tContained Metal: 278Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:9fef948b4c14351cc0b9
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 2557000
- Grade
- 3.38
- Grade Unit
- g/t
- Contained Metal
- 278
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Indicated resource for El Refugio contributes significantly to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category.
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Evidence · table
“3.38”
Context: 2,557
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · silverTonnes: 2557000Grade: 73.7Grade Unit: g/tContained Metal: 6061Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:9fef948b4c14351cc0b9
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 2557000
- Grade
- 73.7
- Grade Unit
- g/t
- Contained Metal
- 6061
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Indicated resource for El Refugio contributes significantly to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category.
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Evidence · table
“73.7”
Context: 2,557
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · goldTonnes: 2557000Grade: 4.44Grade Unit: g/tContained Metal: 365Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:9fef948b4c14351cc0b9
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 2557000
- Grade
- 4.44
- Grade Unit
- g/t
- Contained Metal
- 365
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 4.44
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Indicated resource for El Refugio contributes significantly to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category.
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Evidence · table
“4.44”
Context: 2,557
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · goldTonnes: 1217000Grade: 2.17Grade Unit: g/tContained Metal: 85Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:0266a704272b07450d1a
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1217000
- Grade
- 2.17
- Grade Unit
- g/t
- Contained Metal
- 85
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Inferred resource for El Refugio contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“2.17”
Context: 1,217
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · silverTonnes: 1217000Grade: 82.1Grade Unit: g/tContained Metal: 3214Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:0266a704272b07450d1a
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1217000
- Grade
- 82.1
- Grade Unit
- g/t
- Contained Metal
- 3214
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Inferred resource for El Refugio contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“82.1”
Context: 1,217
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · goldTonnes: 1217000Grade: 3.35Grade Unit: g/tContained Metal: 131Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:0266a704272b07450d1a
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1217000
- Grade
- 3.35
- Grade Unit
- g/t
- Contained Metal
- 131
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 3.35
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Inferred resource for El Refugio contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“3.35”
Context: 1,217
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · goldTonnes: 834000Grade: 2.43Grade Unit: g/tContained Metal: 65Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:eebbcdc3ba4c261c822b
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 834000
- Grade
- 2.43
- Grade Unit
- g/t
- Contained Metal
- 65
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Indicated resource for La Soledad contributes to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category.
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Evidence · table
“2.43”
Context: 834
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · silverTonnes: 834000Grade: 90.2Grade Unit: g/tContained Metal: 2418Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:eebbcdc3ba4c261c822b
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 834000
- Grade
- 90.2
- Grade Unit
- g/t
- Contained Metal
- 2418
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Indicated resource for La Soledad contributes to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category.
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Evidence · table
“90.2”
Context: 834
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · goldTonnes: 834000Grade: 3.72Grade Unit: g/tContained Metal: 100Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:eebbcdc3ba4c261c822b
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 834000
- Grade
- 3.72
- Grade Unit
- g/t
- Contained Metal
- 100
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 3.72
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Indicated resource for La Soledad contributes to the overall upgraded resource, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category.
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Evidence · table
“3.72”
Context: 834
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · goldTonnes: 219000Grade: 2.54Grade Unit: g/tContained Metal: 18Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:c59ddde6fc88a810e27a
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 219000
- Grade
- 2.54
- Grade Unit
- g/t
- Contained Metal
- 18
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Inferred resource for La Soledad contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“2.54”
Context: 219
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · silverTonnes: 219000Grade: 26.1Grade Unit: g/tContained Metal: 184Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:c59ddde6fc88a810e27a
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 219000
- Grade
- 26.1
- Grade Unit
- g/t
- Contained Metal
- 184
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Inferred resource for La Soledad contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“26.1”
Context: 219
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · goldTonnes: 219000Grade: 2.92Grade Unit: g/tContained Metal: 21Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:c59ddde6fc88a810e27a
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 219000
- Grade
- 2.92
- Grade Unit
- g/t
- Contained Metal
- 21
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 2.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This Inferred resource for La Soledad contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“2.92”
Context: 219
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · goldTonnes: 3391000Grade: 3.15Grade Unit: g/tContained Metal: 343Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:b47063291c2db23aea20
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3391000
- Grade
- 3.15
- Grade Unit
- g/t
- Contained Metal
- 343
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This total Indicated resource represents a significant portion of the upgraded MRE, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category (75% of total).
- Mine-constrained and diluted for realistic planning.
- Significant resource upgrade.
Evidence · table
“3.15”
Context: 3,391
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · silverTonnes: 3391000Grade: 77.8Grade Unit: g/tContained Metal: 8479Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:b47063291c2db23aea20
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3391000
- Grade
- 77.8
- Grade Unit
- g/t
- Contained Metal
- 8479
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This total Indicated resource represents a significant portion of the upgraded MRE, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category (75% of total).
- Mine-constrained and diluted for realistic planning.
- Significant resource upgrade.
Evidence · table
“77.8”
Context: 3,391
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedCopalquin Project, Target 1 · goldTonnes: 3391000Grade: 4.26Grade Unit: g/tContained Metal: 464Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:b47063291c2db23aea20
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 3391000
- Grade
- 4.26
- Grade Unit
- g/t
- Contained Metal
- 464
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 4.26
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This total Indicated resource represents a significant portion of the upgraded MRE, providing high confidence and a realistic basis for future mine planning due to its mine-constrained and diluted nature.
Positive factors
- High confidence Indicated category (75% of total).
- Mine-constrained and diluted for realistic planning.
- Significant resource upgrade.
Evidence · table
“4.26”
Context: 3,391
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · goldTonnes: 1436000Grade: 2.23Grade Unit: g/tContained Metal: 103Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:94747937fccc6f2c9d22
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1436000
- Grade
- 2.23
- Grade Unit
- g/t
- Contained Metal
- 103
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This total Inferred resource contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“2.23”
Context: 1,436
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · silverTonnes: 1436000Grade: 73.6Grade Unit: g/tContained Metal: 3398Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:94747937fccc6f2c9d22
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1436000
- Grade
- 73.6
- Grade Unit
- g/t
- Contained Metal
- 3398
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This total Inferred resource contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“73.6”
Context: 1,436
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredCopalquin Project, Target 1 · goldTonnes: 1436000Grade: 3.28Grade Unit: g/tContained Metal: 151Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-29T00:00:00.000Z
- Reporting standards
- jorc, other
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:94747937fccc6f2c9d22
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1436000
- Grade
- 3.28
- Grade Unit
- g/t
- Contained Metal
- 151
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-06-29
Metal Equivalent
- Metal Eq. Grade
- 3.28
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Minerals
Location
- CRS
- UTM/UPS WGS 84 zone 13 N
- Loc. Confidence
- high
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: This total Inferred resource contributes to the overall resource, but with lower confidence than the Indicated portion, as expected for this category.
Positive factors
- Mine-constrained and diluted for realistic planning.
- Part of a significant resource upgrade.
Negative factors
- Lower confidence Inferred category.
Evidence · table
“3.28”
Context: 1,436
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Metallurgical Results (2)
metallurgical test workCopalquin Project, Target 1 · goldRecovery: 96 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Test Work
- Test Type
- metallurgical test work
- Processing Route
- flotation, intensive cyanide leaching of flotation concentrate and conventional cyanide leaching of the flotation tail. Merrill-Crowe zinc precipitation assumed to recover gold and silver from solutions prior to smelting to produce gold-silver doré bars.
- Sample
- Target 1 composite samples
Recovery
- Recovery
- 96 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS laboratory Mexico
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-02-25T00:00:00.000Z
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: Historical metallurgical test work showed high gold recovery, which is a positive indicator for the project's processing amenability, though the data is not new.
Positive factors
- High gold recovery (96%) for the stated processing route.
- Test work conducted on representative composite samples.
Negative factors
- Results are historical, from 2022.
Evidence · text
“Metallurgical recoveries of 96% Au and 91% Ag were determined from metallurgical test work on Target 1 composite samples. (ASX Announcement 25 February 2022).”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 96% is at or above the exceptional band (95%)
metallurgical test workCopalquin Project, Target 1 · silverRecovery: 91 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin Project, Target 1
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Test Work
- Test Type
- metallurgical test work
- Processing Route
- flotation, intensive cyanide leaching of flotation concentrate and conventional cyanide leaching of the flotation tail. Merrill-Crowe zinc precipitation assumed to recover gold and silver from solutions prior to smelting to produce gold-silver doré bars.
- Sample
- Target 1 composite samples
Recovery
- Recovery
- 91 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS laboratory Mexico
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-02-25T00:00:00.000Z
Dates
- Event date
- 2026-06-30T00:00:00.000Z
Reasoning: Historical metallurgical test work showed high silver recovery, which is a positive indicator for the project's processing amenability, though the data is not new.
Positive factors
- High silver recovery (91%) for the stated processing route.
- Test work conducted on representative composite samples.
Negative factors
- Results are historical, from 2022.
Evidence · text
“Metallurgical recoveries of 96% Au and 91% Ag were determined from metallurgical test work on Target 1 composite samples. (ASX Announcement 25 February 2022).”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 91% is at or above the exceptional band (90%)
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.