Our Projects - UnicoSilver
Original announcement by research on
- Company
- Unico Silver
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Other, Resource update
- Extracted
- 2026-10-13 16:51:43 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver's portfolio webpage describes its wholly owned Joaquin and Cerro Leon silver projects in Santa Cruz, Argentina, with reported resources of 167 Moz and 162 Moz AgEq respectively. It outlines an oxide-first development strategy and PFS workstreams, while restating resource estimates rather than announcing new drill assays. Numerical inconsistencies, undisclosed resource cut-offs and absent silver-equivalent assumptions limit confidence in comparisons.
Reasoning: The resource base and development preparations support a moderately positive assessment, but the page mainly restates project information and contains unresolved numerical inconsistencies.
Positive factors
- Two wholly owned projects with disclosed JORC resource estimates.
- Joaquin has a substantial Indicated component.
- Pit-constrained oxide development strategy and PFS workstreams are described.
Negative factors
- This is an undated portfolio webpage, not a discrete announcement of new results.
- Cerro Leon is predominantly Inferred by tonnage.
- Resource cut-offs, equivalent-grade assumptions and responsible QP/CP names are undisclosed.
- Several table and narrative figures conflict.
Rubric flags
- Primary category follows the whole document's purpose. — Treat this as a portfolio webpage with secondary resource content, not a new resource or drill-results announcement.
- Extract exact effective dates only when stated. — Joaquin's table caption gives March 2026 and Cerro Leon references a September 2025 announcement; neither supplies an exact effective date or historical announcement day.
- Do not silently correct source inconsistencies. — Retain Joaquin's printed Inferred AgEq ounces of 20 Moz and total of 167 Moz; component AgEq ounces sum to 151 Moz. Gold component ounces sum to 524 koz versus the printed 522 koz total.
- Historical production is not a resource category. — Preserve the Joaquin 2019–2022 production/depletion table as raw data; do not map Depletion to a resource or reserve category. Its silver grades conflict between rows: 410 and 1410 g/t.
- Preserve contradictory narrative and tabular disclosures. — Cerro Leon narrative gives 61.4 Moz silver and 543 koz gold, whereas the table gives 62 Moz and 548 koz. Gold component ounces sum to 563 koz and zinc components to 779 Mlb versus 778 Mlb total.
- Combined-category totals use the least confident constituent. — Total facts are encoded as inferred because they combine Indicated and Inferred resources; this does not mean either project is all Inferred. Do not add totals to component rows.
- Promotional wording does not establish a reserve. — Do not classify Joaquin's 'Proven Resource' wording as a Proven Reserve; the actual estimate table reports Indicated and Inferred resources.
- Drill comparables require matching current drill results. — No current hole assays are supplied; do not compare resource averages with the provided individual drill intercepts or infer step-out success.
Facts used in scoring: 18
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The webpage explicitly identifies the Joaquin estimate as JORC (2012).
Evidence · text
“The JORC (2012) Mineral Resource Estimate for Joaquin includes:”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: Joaquin reports 34.5 Mt in the Indicated category.
Evidence · table
“Indicated”
Context: 34.5
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: Cerro Leon reports 21.6 Mt of Inferred resources, its largest category component.
Evidence · table
“Inferred”
Context: 21.6
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: The presented resource estimate lacks a disclosed reporting cut-off.
Evidence · text
“The current JORC-compliant Mineral Resource Estimate for Cerro Leon is as follows:”
Metal Equivalent Opaquenegative · Story-specific tag
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.
Why it applies: The page reports silver-equivalent resources without price, recovery or payability assumptions.
Evidence · text
“Established JORC-compliant Mineral Resource Estimate of 167 million ounces of silver equivalent (AgEq).”
Extracted facts
Stored fact records: 18. Some facts used in scoring do not have a stored record.
Resource Estimates (18)
indicatedJoaquin · silverTonnes: 34500000Grade: 103Grade Unit: mozContained Metal: 103Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:a6bbfa32f1c4de790475
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34500000
- Grade
- 103
- Grade Unit
- moz
- Contained Metal
- 103
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: A substantial Indicated silver resource supports development planning, but this page adds little new estimate information.
Positive factors
- 103 Moz silver in the Indicated category.
- JORC (2012) reporting is stated.
Negative factors
- Cut-off and QP/CP sign-off are undisclosed.
- Restated portfolio information.
Evidence · table
“103”
Context: 34.5
indicatedJoaquin · goldTonnes: 34500000Grade: 0.3Grade Unit: g/tContained Metal: 334Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:a6bbfa32f1c4de790475
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 34500000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 334
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold offers potential byproduct value; the grade does not establish a standalone gold development case.
Positive factors
- 334 koz gold reported in an Indicated silver resource.
Negative factors
- Low standalone gold grade.
- Cut-off and equivalent assumptions are undisclosed.
Evidence · table
“0.30”
Context: 34.5
inferredJoaquin · silverTonnes: 10800000Grade: 20Grade Unit: mozContained Metal: 20Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:d8ab0ad1651fce7b47da
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10800000
- Grade
- 20
- Grade Unit
- moz
- Contained Metal
- 20
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The silver adds scale, but geological uncertainty and an inconsistent equivalent-ounces column limit reliance.
Positive factors
- 20 Moz additional silver reported.
Negative factors
- Inferred geological confidence.
- The row's AgEq contained ounces conflict with the reported total.
- Cut-off is undisclosed.
Evidence · table
“20”
Context: 10.8
inferredJoaquin · goldTonnes: 10800000Grade: 0.55Grade Unit: g/tContained Metal: 190Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:d8ab0ad1651fce7b47da
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10800000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 190
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 106
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold contributes potential value to the silver project, subject to resource conversion and processing validation.
Positive factors
- 190 koz gold reported as potential byproduct inventory.
Negative factors
- Inferred classification.
- Equivalent assumptions and resource cut-off are undisclosed.
Evidence · table
“0.55”
Context: 10.8
inferredJoaquin · silverTonnes: 45300000Grade: 123Grade Unit: mozContained Metal: 123Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:3a7c38cdb4914b9fcf77
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45300000
- Grade
- 123
- Grade Unit
- moz
- Contained Metal
- 123
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This printed total represents the combined Indicated and Inferred inventory, not an additional resource or an all-Inferred estimate.
Positive factors
- 123 Moz total silver reported.
- Most component tonnage is Indicated.
Negative factors
- Total includes Inferred resources.
- AgEq component ounces do not reconcile to the total.
- Cut-off is undisclosed.
Evidence · table
“123”
Context: 45.3
inferredJoaquin · goldTonnes: 45300000Grade: 0.36Grade Unit: g/tContained Metal: 522Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:3a7c38cdb4914b9fcf77
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 45300000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 522
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 115
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The combined inventory provides potential gold credits, but the printed total has a reconciliation discrepancy.
Positive factors
- 522 koz total gold reported.
Negative factors
- Low standalone gold grade.
- Gold component ounces do not sum to the printed total.
- Total includes Inferred material.
Evidence · table
“0.36”
Context: 45.3
indicatedCerro Leon · silverTonnes: 9400000Grade: 28.9Grade Unit: mozContained Metal: 28.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 28.9
- Grade Unit
- moz
- Contained Metal
- 28.9
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The Indicated inventory provides a credible geological foundation, though development economics remain unquantified.
Positive factors
- 28.9 Moz silver in the Indicated category.
- JORC reporting stated.
Negative factors
- Cut-off, QP/CP names and equivalent assumptions are undisclosed.
Evidence · table
“28.9”
Context: 9.4
indicatedCerro Leon · goldTonnes: 9400000Grade: 0.54Grade Unit: g/tContained Metal: 165Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 165
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold may support the silver project's value as a coproduct or byproduct.
Positive factors
- 165 koz Indicated gold reported.
Negative factors
- Modest standalone gold grade.
- Recovery and equivalent assumptions are undisclosed.
Evidence · table
“0.54”
Context: 9.4
indicatedCerro Leon · leadTonnes: 9400000Grade: 119Grade Unit: mlbContained Metal: 119Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 119
- Grade Unit
- mlb
- Contained Metal
- 119
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Lead is a disclosed secondary metal whose economic contribution is not established here.
Positive factors
- 119 Mlb lead reported in Indicated material.
Negative factors
- Low standalone lead grade.
- Recovery and payability are undisclosed.
Evidence · table
“119”
Context: 9.4
indicatedCerro Leon · zincTonnes: 9400000Grade: 199Grade Unit: mlbContained Metal: 199Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:cc9c04ad1e60e0ca3f0d
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9400000
- Grade
- 199
- Grade Unit
- mlb
- Contained Metal
- 199
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 190
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Zinc offers potential secondary value but cannot be economically evaluated from this resource table alone.
Positive factors
- 199 Mlb zinc reported in Indicated material.
Negative factors
- Low standalone zinc grade.
- Recovery and payability are undisclosed.
Evidence · table
“199”
Context: 9.4
inferredCerro Leon · silverTonnes: 21600000Grade: 33.1Grade Unit: mozContained Metal: 33.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:689400e5fa0c540cd74a
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 33.1
- Grade Unit
- moz
- Contained Metal
- 33.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The larger but lower-confidence component requires conversion before supporting reserve-based development.
Positive factors
- 33.1 Moz silver adds resource scale.
Negative factors
- Inferred classification.
- Lower silver grade than the Indicated component.
- Cut-off is undisclosed.
Evidence · table
“33.1”
Context: 21.6
inferredCerro Leon · goldTonnes: 21600000Grade: 0.55Grade Unit: g/tContained Metal: 398Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:689400e5fa0c540cd74a
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 398
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold adds potential value, with geological and metallurgical uncertainty still unresolved.
Positive factors
- 398 koz gold reported.
Negative factors
- Inferred classification.
- Modest standalone grade.
- Recovery assumptions are undisclosed.
Evidence · table
“0.55”
Context: 21.6
inferredCerro Leon · leadTonnes: 21600000Grade: 245Grade Unit: mlbContained Metal: 245Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:689400e5fa0c540cd74a
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 245
- Grade Unit
- mlb
- Contained Metal
- 245
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The disclosed lead inventory is potential secondary value rather than demonstrated economic metal.
Positive factors
- 245 Mlb lead inventory disclosed.
Negative factors
- Inferred classification and low standalone grade.
- Recovery and payability are undisclosed.
Evidence · table
“245”
Context: 21.6
inferredCerro Leon · zincTonnes: 21600000Grade: 580Grade Unit: mlbContained Metal: 580Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:689400e5fa0c540cd74a
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 580
- Grade Unit
- mlb
- Contained Metal
- 580
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 154
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The zinc inventory has potential secondary value but remains technically and economically provisional.
Positive factors
- 580 Mlb zinc reported.
- Higher zinc grade than the Indicated component.
Negative factors
- Inferred classification.
- Low standalone zinc grade and undisclosed recovery.
Evidence · table
“580”
Context: 21.6
inferredCerro Leon · silverTonnes: 31000000Grade: 62Grade Unit: mozContained Metal: 62Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:01a3ee2c2ab11c9582d8
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 62
- Grade Unit
- moz
- Contained Metal
- 62
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The printed combined total establishes scale but is not an additional resource; confidence is constrained by category mix and inconsistent disclosure.
Positive factors
- 62 Moz total silver reported.
- An Indicated component is present.
Negative factors
- Most tonnage is Inferred.
- Narrative states 61.4 Moz instead of the table's 62 Moz.
- Cut-off and equivalent assumptions are undisclosed.
Evidence · table
“62”
Context: 31
inferredCerro Leon · goldTonnes: 31000000Grade: 0.55Grade Unit: g/tContained Metal: 548Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:01a3ee2c2ab11c9582d8
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 0.55
- Grade Unit
- g/t
- Contained Metal
- 548
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold offers potential secondary value, but the combined total contains unresolved numerical discrepancies.
Positive factors
- 548 koz total gold reported in the table.
Negative factors
- Narrative states 543 koz and category rows sum to a different value.
- Most resource tonnage is Inferred.
- Recovery assumptions are undisclosed.
Evidence · table
“0.55”
Context: 31
inferredCerro Leon · leadTonnes: 31000000Grade: 364Grade Unit: mlbContained Metal: 364Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:01a3ee2c2ab11c9582d8
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 364
- Grade Unit
- mlb
- Contained Metal
- 364
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This combined lead inventory may provide secondary value but does not establish economic recoverability.
Positive factors
- 364 Mlb total lead disclosed.
Negative factors
- Combined total is predominantly Inferred by tonnage.
- Low standalone grade.
- Recovery and payability are undisclosed.
Evidence · table
“364”
Context: 31
inferredCerro Leon · zincTonnes: 31000000Grade: 778Grade Unit: mlbContained Metal: 778Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:01a3ee2c2ab11c9582d8
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 31000000
- Grade
- 778
- Grade Unit
- mlb
- Contained Metal
- 778
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 161
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The combined inventory adds potential secondary scale, subject to conversion, recovery and reconciliation.
Positive factors
- 778 Mlb total zinc disclosed.
Negative factors
- Combined total is predominantly Inferred by tonnage.
- Low standalone zinc grade.
- Component contained zinc differs slightly from the total.
Evidence · table
“778”
Context: 31
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.