Mithril Silver And Gold December 2025 Quarterly Report Continued Exploration Success
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
- Drill results, Resource update, Metallurgy
- Extracted
- 2026-09-18 11:00:57 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mithril Silver And Gold reports continued exploration success at its Copalquin Gold-Silver Project in Mexico, with high-grade gold and silver intercepts extending the Target 1 strike and confirming a new silver-rich system at Target 5. The company also provided an update on its maiden JORC/NI 43-101 compliant resource estimate for Target 1, which, despite being historical, shows high-grade gold equivalent resources with a moderate indicated component. The company maintains a strong cash balance to fund ongoing exploration.
Reasoning: The document reports strong exploration results with high-grade intercepts and new discoveries, alongside a healthy financial position. While the resource estimate is historical, it provides a high-grade baseline. The overall tone is positive for continued exploration success and growth potential.
Positive factors
- High-grade gold and silver intercepts reported from ongoing drilling
- Extension of mineralized strike length at Target 1
- Confirmation of a new silver-rich epithermal system at Target 5 with bonanza grades
- Strong cash balance to fund continued exploration
- Acquisition of new prospective ground (La Dura) adjacent to existing project
Negative factors
- Resource estimate is historical (effective date 2021) and has a significant inferred component
- Some high-grade intercepts are over narrow widths
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 36
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Drill Results (24)
MTH-RE25-44Copalquin Gold–Silver · goldGrade: 2.78Grade Unit: g/tIntercept: 7.2 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-44
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 2.78
- Grade Unit
- g/t
- Intercept
- 7.2 m
- From
- 260.9 m
- To
- 268.1 m
- Intercept Depth
- 260.9 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-44:260.9-268.1
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept shows a strong gold grade over a moderate width, contributing to the overall exploration success and strike extension at Target 1.
Positive factors
- Strong gold grade for epithermal deposit
- Moderate intercept length
- QA/QC procedures disclosed
Evidence · text
“7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-44Copalquin Gold–Silver · silverGrade: 148Grade Unit: g/tIntercept: 7.2 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-44
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 148
- Grade Unit
- g/t
- Intercept
- 7.2 m
- From
- 260.9 m
- To
- 268.1 m
- Intercept Depth
- 260.9 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-44:260.9-268.1
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept shows a moderate silver grade over a moderate width, supporting the polymetallic nature of the mineralization at Target 1.
Positive factors
- Moderate silver grade for epithermal deposit
- Moderate intercept length
- QA/QC procedures disclosed
Evidence · text
“7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-44Copalquin Gold–Silver · goldGrade: 7.41Grade Unit: g/tIntercept: 2.05 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-44
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 7.41
- Grade Unit
- g/t
- Intercept
- 2.05 m
- From
- 266.05 m
- To
- 268.1 m
- Intercept Depth
- 266.05 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-44:266.05-268.1
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows a bonanza gold grade, significantly enhancing the overall intercept's value.
Positive factors
- Exceptional gold grade for epithermal deposit
- QA/QC procedures disclosed
Evidence · text
“including 2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Gold grade of 7.41 g/t is well above the exceptional threshold for epithermal deposits.
Evidence · text
“2.05 m @ 7.41 g/t gold”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-44Copalquin Gold–Silver · silverGrade: 419Grade Unit: g/tIntercept: 2.05 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-44
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 419
- Grade Unit
- g/t
- Intercept
- 2.05 m
- From
- 266.05 m
- To
- 268.1 m
- Intercept Depth
- 266.05 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-44:266.05-268.1
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows a strong silver grade, supporting the high-grade nature of the mineralization.
Positive factors
- Strong silver grade for epithermal deposit
- QA/QC procedures disclosed
Evidence · text
“including 2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-44Copalquin Gold–Silver · goldGrade: 3.97Grade Unit: g/tIntercept: 2.8 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-44
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 3.97
- Grade Unit
- g/t
- Intercept
- 2.8 m
- From
- 272.35 m
- To
- 275.15 m
- Intercept Depth
- 272.35 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-44:272.35-275.15
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows a strong gold grade, further enhancing the overall intercept's value.
Positive factors
- Strong gold grade for epithermal deposit
- QA/QC procedures disclosed
Evidence · text
“plus 2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-44Copalquin Gold–Silver · silverGrade: 208Grade Unit: g/tIntercept: 2.8 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-44
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 208
- Grade Unit
- g/t
- Intercept
- 2.8 m
- From
- 272.35 m
- To
- 275.15 m
- Intercept Depth
- 272.35 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-44:272.35-275.15
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows a strong silver grade, supporting the polymetallic nature of the mineralization.
Positive factors
- Strong silver grade for epithermal deposit
- QA/QC procedures disclosed
Evidence · text
“plus 2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-45Candelaria Silver-Rich · goldGrade: 7.19Grade Unit: g/tIntercept: 8.03 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-45
- Project
- Candelaria Silver-Rich
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 7.19
- Grade Unit
- g/t
- Intercept
- 8.03 m
- From
- 257.72 m
- To
- 265.75 m
- Intercept Depth
- 257.72 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-45:257.72-265.75
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept shows a bonanza gold grade over a moderate width, representing a very strong result for Target 1.
Positive factors
- Exceptional gold grade for epithermal deposit
- Moderate intercept length
- QA/QC procedures disclosed
Evidence · text
“8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45)”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Gold grade of 7.19 g/t is well above the exceptional threshold for epithermal deposits.
Evidence · text
“8.03 m @ 7.19 g/t gold”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-45Candelaria Silver-Rich · silverGrade: 260Grade Unit: g/tIntercept: 8.03 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-45
- Project
- Candelaria Silver-Rich
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 260
- Grade Unit
- g/t
- Intercept
- 8.03 m
- From
- 257.72 m
- To
- 265.75 m
- Intercept Depth
- 257.72 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-45:257.72-265.75
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept shows a strong silver grade over a moderate width, supporting the high-grade polymetallic mineralization.
Positive factors
- Strong silver grade for epithermal deposit
- Moderate intercept length
- QA/QC procedures disclosed
Evidence · text
“8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-45Candelaria Silver-Rich · goldGrade: 9.87Grade Unit: g/tIntercept: 4.4 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-45
- Project
- Candelaria Silver-Rich
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 9.87
- Grade Unit
- g/t
- Intercept
- 4.4 m
- From
- 260.7 m
- To
- 265.1 m
- Intercept Depth
- 260.7 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-45:260.7-265.1
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows an exceptional gold grade, significantly enhancing the overall intercept's value and indicating high-grade zones.
Positive factors
- Exceptional gold grade for epithermal deposit
- QA/QC procedures disclosed
Evidence · text
“including 4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Gold grade of 9.87 g/t is well above the exceptional threshold for epithermal deposits.
Evidence · text
“4.40 m @ 9.87 g/t gold”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MTH-RE25-45Candelaria Silver-Rich · silverGrade: 507Grade Unit: g/tIntercept: 4.4 mView all detailsHide details
Identity
- Hole ID
- MTH-RE25-45
- Project
- Candelaria Silver-Rich
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 507
- Grade Unit
- g/t
- Intercept
- 4.4 m
- From
- 260.7 m
- To
- 265.1 m
- Intercept Depth
- 260.7 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- MTH-RE25-45:260.7-265.1
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows an exceptional silver grade, supporting the high-grade polymetallic mineralization.
Positive factors
- Exceptional silver grade for epithermal deposit
- QA/QC procedures disclosed
Evidence · text
“including 4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Silver grade of 507 g/t is above the exceptional threshold for epithermal deposits.
Evidence · text
“507 g/t silver”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-003Copalquin Gold–Silver · silverGrade: 500Grade Unit: g/tIntercept: 2.75 mView all detailsHide details
Identity
- Hole ID
- AP25-003
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 500
- Grade Unit
- g/t
- Intercept
- 2.75 m
- From
- 93.6 m
- To
- 96.35 m
- Intercept Depth
- 93.6 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-003:93.6-96.35
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 660
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows exceptional silver and silver equivalent grades, indicating a significant new discovery.
Positive factors
- Exceptional silver grade and AgEq for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003)”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Silver grade of 500 g/t is at the exceptional threshold for epithermal deposits, and AgEq is 660 g/t.
Evidence · text
“500 g/t silver”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-003Copalquin Gold–Silver · goldGrade: 2.28Grade Unit: g/tIntercept: 2.75 mView all detailsHide details
Identity
- Hole ID
- AP25-003
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 2.28
- Grade Unit
- g/t
- Intercept
- 2.75 m
- From
- 93.6 m
- To
- 96.35 m
- Intercept Depth
- 93.6 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-003:93.6-96.35
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 660
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows a strong gold grade, contributing to the overall high silver equivalent value.
Positive factors
- Strong gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“2.75 m @ 660 g/t AgEq (2.28 g/t gold, 500 g/t silver) from 93.6 m (AP25-003)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-003Copalquin Gold–Silver · silverGrade: 1308Grade Unit: g/tIntercept: 1 mView all detailsHide details
Identity
- Hole ID
- AP25-003
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 1308
- Grade Unit
- g/t
- Intercept
- 1 m
- From
- 94.7 m
- To
- 95.7 m
- Intercept Depth
- 94.7 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-003:94.7-95.7
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 1714
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows bonanza silver and silver equivalent grades over a narrow width, highlighting very high-grade mineralization within the new target area.
Positive factors
- Exceptional silver grade and AgEq for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“including 1.00 m @ 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Silver grade of 1308 g/t is well above the exceptional threshold for epithermal deposits, and AgEq is 1714 g/t.
Evidence · text
“1,308 g/t silver”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-003Copalquin Gold–Silver · goldGrade: 5.8Grade Unit: g/tIntercept: 1 mView all detailsHide details
Identity
- Hole ID
- AP25-003
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 5.8
- Grade Unit
- g/t
- Intercept
- 1 m
- From
- 94.7 m
- To
- 95.7 m
- Intercept Depth
- 94.7 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-003:94.7-95.7
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 1714
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows an exceptional gold grade, contributing significantly to the high silver equivalent value.
Positive factors
- Exceptional gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“including 1.00 m @ 1,714 g/t AgEq (5.80 g/t gold, 1,308 g/t silver) from 94.7 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Gold grade of 5.80 g/t is above the exceptional threshold for epithermal deposits.
Evidence · text
“5.80 g/t gold”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-005Copalquin Gold–Silver · silverGrade: 246Grade Unit: g/tIntercept: 3.35 mView all detailsHide details
Identity
- Hole ID
- AP25-005
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 246
- Grade Unit
- g/t
- Intercept
- 3.35 m
- From
- 90.15 m
- To
- 93.5 m
- Intercept Depth
- 90.15 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-005:90.15-93.5
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 366
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows strong silver and silver equivalent grades, confirming mineralization.
Positive factors
- Strong silver grade and AgEq for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“3.35 m @ 366 g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-005Copalquin Gold–Silver · goldGrade: 1.71Grade Unit: g/tIntercept: 3.35 mView all detailsHide details
Identity
- Hole ID
- AP25-005
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 1.71
- Grade Unit
- g/t
- Intercept
- 3.35 m
- From
- 90.15 m
- To
- 93.5 m
- Intercept Depth
- 90.15 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-005:90.15-93.5
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 366
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows a moderate gold grade, contributing to the overall silver equivalent value.
Positive factors
- Moderate gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“3.35 m @ 366 g/t AgEq (1.71 g/t gold, 246 g/t silver) from 90.15 m (AP25-005)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-005Copalquin Gold–Silver · silverGrade: 771Grade Unit: g/tIntercept: 1.05 mView all detailsHide details
Identity
- Hole ID
- AP25-005
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 771
- Grade Unit
- g/t
- Intercept
- 1.05 m
- From
- 92.45 m
- To
- 93.5 m
- Intercept Depth
- 92.45 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-005:92.45-93.5
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 1146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows bonanza silver and silver equivalent grades over a narrow width, indicating very high-grade mineralization within the new target area.
Positive factors
- Exceptional silver grade and AgEq for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“including 1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Silver grade of 771 g/t is well above the exceptional threshold for epithermal deposits, and AgEq is 1146 g/t.
Evidence · text
“771 g/t silver”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-005Copalquin Gold–Silver · goldGrade: 5.35Grade Unit: g/tIntercept: 1.05 mView all detailsHide details
Identity
- Hole ID
- AP25-005
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 5.35
- Grade Unit
- g/t
- Intercept
- 1.05 m
- From
- 92.45 m
- To
- 93.5 m
- Intercept Depth
- 92.45 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-005:92.45-93.5
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 1146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This included interval shows an exceptional gold grade, contributing significantly to the high silver equivalent value.
Positive factors
- Exceptional gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“including 1.05 m @ 1,146 g/t AgEq (5.35 g/t gold, 771 g/t silver) from 92.45 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Gold grade of 5.35 g/t is above the exceptional threshold for epithermal deposits.
Evidence · text
“5.35 g/t gold”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-006Copalquin Gold–Silver · silverGrade: 409Grade Unit: g/tIntercept: 1.25 mView all detailsHide details
Identity
- Hole ID
- AP25-006
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 409
- Grade Unit
- g/t
- Intercept
- 1.25 m
- From
- 119.2 m
- To
- 120.45 m
- Intercept Depth
- 119.2 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-006:119.2-120.45
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 728
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows exceptional silver equivalent grades over a narrow width, indicating high-grade mineralization.
Positive factors
- Exceptional silver equivalent grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“1.25 m @ 728 g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006)”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Silver grade of 409 g/t is strong for epithermal deposits, and AgEq is 728 g/t (exceptional).
Evidence · text
“409 g/t silver”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-006Copalquin Gold–Silver · goldGrade: 4.55Grade Unit: g/tIntercept: 1.25 mView all detailsHide details
Identity
- Hole ID
- AP25-006
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 4.55
- Grade Unit
- g/t
- Intercept
- 1.25 m
- From
- 119.2 m
- To
- 120.45 m
- Intercept Depth
- 119.2 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-006:119.2-120.45
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 728
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows a strong gold grade, contributing to the overall high silver equivalent value.
Positive factors
- Strong gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“1.25 m @ 728 g/t AgEq (4.55 g/t gold, 409 g/t silver) from 119.2 m (AP25-006)”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-006Copalquin Gold–Silver · silverGrade: 447Grade Unit: g/tIntercept: 0.9 mView all detailsHide details
Identity
- Hole ID
- AP25-006
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 447
- Grade Unit
- g/t
- Intercept
- 0.9 m
- From
- 138.1 m
- To
- 139 m
- Intercept Depth
- 138.1 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-006:138.1-139
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 616
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows exceptional silver equivalent grades over a narrow width, indicating high-grade mineralization.
Positive factors
- Exceptional silver equivalent grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“plus 0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m”
Tags used in scoring
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: Silver grade of 447 g/t is strong for epithermal deposits, and AgEq is 616 g/t (exceptional).
Evidence · text
“447 g/t silver”
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-006Copalquin Gold–Silver · goldGrade: 2.41Grade Unit: g/tIntercept: 0.9 mView all detailsHide details
Identity
- Hole ID
- AP25-006
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 2.41
- Grade Unit
- g/t
- Intercept
- 0.9 m
- From
- 138.1 m
- To
- 139 m
- Intercept Depth
- 138.1 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-006:138.1-139
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 616
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows a strong gold grade, contributing to the overall high silver equivalent value.
Positive factors
- Strong gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“plus 0.90 m @ 616 g/t AgEq (2.41 g/t gold, 447 g/t silver) from 138.1 m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-006Copalquin Gold–Silver · silverGrade: 321Grade Unit: g/tIntercept: 0.8 mView all detailsHide details
Identity
- Hole ID
- AP25-006
- Project
- Copalquin Gold–Silver
- Commodity
- silver
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 321
- Grade Unit
- g/t
- Intercept
- 0.8 m
- From
- 149.5 m
- To
- 150.3 m
- Intercept Depth
- 149.5 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-006:149.5-150.3
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 427
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows strong silver and silver equivalent grades over a narrow width, indicating high-grade mineralization.
Positive factors
- Strong silver grade and AgEq for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“plus 0.80 m @ 427 g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
AP25-006Copalquin Gold–Silver · goldGrade: 1.51Grade Unit: g/tIntercept: 0.8 mView all detailsHide details
Identity
- Hole ID
- AP25-006
- Project
- Copalquin Gold–Silver
- Commodity
- gold
- Region
- mexico
- Reported Region
- mexico
- Ticker
- MSG
Geometry
- Grade
- 1.51
- Grade Unit
- g/t
- Intercept
- 0.8 m
- From
- 149.5 m
- To
- 150.3 m
- Intercept Depth
- 149.5 m
Classification
- Deposit Type
- epithermal
- Program
- exploration
- Sample Type
- drill
- Group ID
- AP25-006:149.5-150.3
- Mining Method
- underground
QA/QC
- Laboratory
- ALS Global
- QP Signed
- Yes
- QA/QC Methods
- standards
Metal Equivalent
- Metal Eq. Grade
- 427
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This intercept from a new target area shows a moderate gold grade, contributing to the overall silver equivalent value.
Positive factors
- Moderate gold grade for epithermal deposit
- First drilling in a new target area
- Metal equivalent assumptions disclosed
- QA/QC procedures disclosed
Evidence · text
“plus 0.80 m @ 427 g/t AgEq (1.51 g/t gold, 321 g/t silver) from 149.5 m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (10)
indicatedCopalquin Gold–Silver Project · goldTonnes: 691000Grade: 5.43Grade Unit: g/tContained Metal: 121Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:e9aebf5c3e2c2f8b6a1f
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 691000
- Grade
- 5.43
- Grade Unit
- g/t
- Contained Metal
- 121
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Metal Eq. Grade
- 7.06
- Metal Eq. Unit
- g/t Gold Eq.*
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This indicated resource shows a high gold grade, but its historical nature and moderate contained metal reduce its current impact.
Positive factors
- High gold grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
Evidence · table
“5.43”
Context: 691
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
indicatedCopalquin Gold–Silver Project · silverTonnes: 691000Grade: 114.2Grade Unit: g/tContained Metal: 2538Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:e9aebf5c3e2c2f8b6a1f
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 691000
- Grade
- 114.2
- Grade Unit
- g/t
- Contained Metal
- 2538
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This indicated resource shows a moderate silver grade, contributing to the overall polymetallic resource, but is historical.
Positive factors
- Moderate silver grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
Evidence · table
“114.2”
Context: 691
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin Gold–Silver Project · goldTonnes: 1447000Grade: 4.63Grade Unit: g/tContained Metal: 215Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:f701252465a0e853f4df
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1447000
- Grade
- 4.63
- Grade Unit
- g/t
- Contained Metal
- 215
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Metal Eq. Grade
- 6.59
- Metal Eq. Unit
- g/t Gold Eq.*
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This inferred resource shows a high gold grade, but its historical nature and lower confidence category limit its current impact.
Positive factors
- High gold grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
- Inferred category indicates lower confidence
Evidence · table
“4.63”
Context: 1,447
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating lower geological confidence.
Evidence · table
“Inferred”
Context: El Refugio
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin Gold–Silver Project · silverTonnes: 1447000Grade: 137.1Grade Unit: g/tContained Metal: 6377Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:f701252465a0e853f4df
- Deposit or zone
- El Refugio
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1447000
- Grade
- 137.1
- Grade Unit
- g/t
- Contained Metal
- 6377
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This inferred resource shows a moderate silver grade, contributing to the overall polymetallic resource, but is historical and in the inferred category.
Positive factors
- Moderate silver grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
- Inferred category indicates lower confidence
Evidence · table
“137.1”
Context: 1,447
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating lower geological confidence.
Evidence · table
“Inferred”
Context: El Refugio
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin Gold–Silver Project · goldTonnes: 278000Grade: 4.12Grade Unit: g/tContained Metal: 37Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:79237f444d1c0ce89176
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 278000
- Grade
- 4.12
- Grade Unit
- g/t
- Contained Metal
- 37
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Metal Eq. Grade
- 7.38
- Metal Eq. Unit
- g/t Gold Eq.*
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This inferred resource shows a high gold grade, but its historical nature and lower confidence category limit its current impact.
Positive factors
- High gold grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
- Inferred category indicates lower confidence
Evidence · table
“4.12”
Context: 278
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating lower geological confidence.
Evidence · table
“Inferred”
Context: La Soledad
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
inferredCopalquin Gold–Silver Project · silverTonnes: 278000Grade: 228.2Grade Unit: g/tContained Metal: 2037Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:79237f444d1c0ce89176
- Deposit or zone
- La Soledad
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 278000
- Grade
- 228.2
- Grade Unit
- g/t
- Contained Metal
- 2037
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This inferred resource shows a strong silver grade, contributing to the overall polymetallic resource, but is historical and in the inferred category.
Positive factors
- Strong silver grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
- Inferred category indicates lower confidence
Evidence · table
“228.2”
Context: 278
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating lower geological confidence.
Evidence · table
“Inferred”
Context: La Soledad
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.2 years before this release
indicatedCopalquin Gold–Silver Project · goldTonnes: 691000Grade: 5.43Grade Unit: g/tContained Metal: 121Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:9e601363e44391342c71
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 691000
- Grade
- 5.43
- Grade Unit
- g/t
- Contained Metal
- 121
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Metal Eq. Grade
- 7.06
- Metal Eq. Unit
- g/t Gold Eq.*
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This total indicated resource shows a high gold grade, but its historical nature and moderate contained metal reduce its current impact.
Positive factors
- High gold grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
Evidence · table
“5.43”
Context: 691
Tags used in scoring
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: This is the first formal MRE for the project, establishing a baseline.
Evidence · text
“Maiden JORC mineral resource estimate at the first of several target areas (Target 1)”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The effective date of the resource estimate (2021-11-17) is more than 2 years old.
Evidence · text
“ASX release 17 November 2021”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedCopalquin Gold–Silver Project · silverTonnes: 691000Grade: 114.2Grade Unit: g/tContained Metal: 2538Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:9e601363e44391342c71
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 691000
- Grade
- 114.2
- Grade Unit
- g/t
- Contained Metal
- 2538
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This total indicated resource shows a moderate silver grade, contributing to the overall polymetallic resource, but is historical.
Positive factors
- Moderate silver grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
Evidence · table
“114.2”
Context: 691
Tags used in scoring
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: This is the first formal MRE for the project, establishing a baseline.
Evidence · text
“Maiden JORC mineral resource estimate at the first of several target areas (Target 1)”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The effective date of the resource estimate (2021-11-17) is more than 2 years old.
Evidence · text
“ASX release 17 November 2021”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredCopalquin Gold–Silver Project · goldTonnes: 1725000Grade: 4.55Grade Unit: g/tContained Metal: 252Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:cf5c9173e8d3015ff533
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1725000
- Grade
- 4.55
- Grade Unit
- g/t
- Contained Metal
- 252
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Metal Eq. Grade
- 6.72
- Metal Eq. Unit
- g/t Gold Eq.*
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This total inferred resource shows a high gold grade, but its historical nature and lower confidence category limit its current impact.
Positive factors
- High gold grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
- Inferred category indicates lower confidence
Evidence · table
“4.55”
Context: 1,725
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating lower geological confidence.
Evidence · table
“Inferred”
Context: Total
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: This is the first formal MRE for the project, establishing a baseline.
Evidence · text
“Maiden JORC mineral resource estimate at the first of several target areas (Target 1)”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The effective date of the resource estimate (2021-11-17) is more than 2 years old.
Evidence · text
“ASX release 17 November 2021”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredCopalquin Gold–Silver Project · silverTonnes: 1725000Grade: 151.7Grade Unit: g/tContained Metal: 8414Contained Unit: kozView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-11-17T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Rodney Webster, Andrew Proudman, John Skeet, Darren LeFort
- Resource group id
- resource:cf5c9173e8d3015ff533
- Deposit or zone
- Total
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1725000
- Grade
- 151.7
- Grade Unit
- g/t
- Contained Metal
- 8414
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2021-11-17
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: This total inferred resource shows a strong silver grade, contributing to the overall polymetallic resource, but is historical and in the inferred category.
Positive factors
- Strong silver grade for epithermal deposit
- JORC and NI 43-101 compliant
- QP signed
- Metal equivalent assumptions disclosed
Negative factors
- Estimate is historical (effective date 2021)
- Inferred category indicates lower confidence
Evidence · table
“151.7”
Context: 1,725
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating lower geological confidence.
Evidence · table
“Inferred”
Context: Total
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: This is the first formal MRE for the project, establishing a baseline.
Evidence · text
“Maiden JORC mineral resource estimate at the first of several target areas (Target 1)”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The effective date of the resource estimate (2021-11-17) is more than 2 years old.
Evidence · text
“ASX release 17 November 2021”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Metallurgical Results (2)
Fact 1Copalquin Gold–Silver Project · silverRecovery: 91 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Test Work
- Program Status
- preliminary
Recovery
- Recovery
- 91 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-02-25T00:00:00.000Z
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: Preliminary metallurgical test work showed good silver recovery, but these results are historical and will be updated with the resource.
Positive factors
- Good silver recovery for preliminary test work
- QP signed
Negative factors
- Results are historical (2022)
Evidence · text
“recoveries of 91% for silver”
Tags used in scoring
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%)
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Stale Data Re-releaseRejected · negative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: Metallurgical test work results are from an ASX Announcement dated February 25, 2022, making them historical.
Evidence · text
“ASX Announcement 25 February 2022”
Fact 2Copalquin Gold–Silver Project · goldRecovery: 96 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Copalquin Gold–Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Durango State, Mexico
- Ticker
- MSG
Test Work
- Program Status
- preliminary
Recovery
- Recovery
- 96 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-02-25T00:00:00.000Z
Dates
- Event date
- 2026-01-30T00:00:00.000Z
Reasoning: Preliminary metallurgical test work showed excellent gold recovery, but these results are historical and will be updated with the resource.
Positive factors
- Excellent gold recovery for preliminary test work
- QP signed
Negative factors
- Results are historical (2022)
Evidence · text
“and 96% for gold (ASX Announcement 25 February 2022)”
Tags used in scoring
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%)
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Stale Data Re-releaseRejected · negative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: Metallurgical test work results are from an ASX Announcement dated February 25, 2022, making them historical.
Evidence · text
“ASX Announcement 25 February 2022”
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.