Silverco Mining Releases Robust PEA for the Cusi Mine Highlighting High-Margin, Low Capital Restart
Original announcement by tmx on
- Company
- Silverco Mining Ltd.
- Ticker
- SICO
- Exchange
- TSX
- Region
- Chihuahua, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Lead, Gold, Zinc
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-14 22:50:42 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Silverco Mining has released a robust Preliminary Economic Assessment (PEA) for the restart of its 100%-owned Cusi Mine in Mexico, highlighting strong economics with an after-tax NPV(5%) of US$104.1 million and an IRR of 94.8% at base case silver prices. The PEA outlines a low-capital restart of US$19.2 million with a rapid payback period of 0.9 years, leveraging existing infrastructure and a conventional flotation circuit for high silver and lead recoveries. The project is underpinned by an updated NI 43-101 compliant Mineral Resource Estimate, with 4.89 Mt of Measured and Indicated resources at 206 g/t AgEq.
Reasoning: The Preliminary Economic Assessment for the Cusi Mine restart demonstrates robust economics with a high IRR, low initial capital, and rapid payback, supported by a significant Measured and Indicated resource base and strong silver recoveries. While the PEA is preliminary and includes speculative inferred resources, the overall outlook is highly positive for a near-term production restart.
Positive factors
- High Internal Rate of Return (IRR)
- Low initial capital expenditure
- Rapid payback period
- High silver recovery in metallurgical testwork
- Significant Measured and Indicated resource component
- NI 43-101 compliant resource estimate with QP sign-off
- Existing infrastructure and processing facility
Negative factors
- Preliminary Economic Assessment (PEA) includes speculative Inferred Mineral Resources
- Project economics are highly sensitive to metal prices
- Gold and zinc recoveries are in the weak band for flotation
Facts used in scoring: 24
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Resource Estimate was prepared by a Qualified Person as defined by NI 43-101 and peer reviewed by another Qualified Person.
Evidence · text
“The mineral resource was estimated by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Cusi Property on September 22-23, 2025. The mineral resource was peer reviewed by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101.”
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: The Mineral Resource Estimate was signed off by Ben Eggers, MAIG, P.Geo. and peer reviewed by Allan Armitage, Ph.D., P.Geo., both independent Qualified Persons.
Evidence · text
“The mineral resource was estimated by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Cusi Property on September 22-23, 2025. The mineral resource was peer reviewed by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The mineral resource is reported at a base case cut-off grade of 120 g/t AgEq.
Evidence · text
“Mineral resources are reported at a base case cut-off grade of 120 g/t AgEq.”
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: The resource estimate includes a Measured category of 0.69 Mt at 277 g/t Ag.
Evidence · table
“Measured”
Context: 0.69
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes an Indicated category of 4.21 Mt at 195 g/t Ag.
Evidence · table
“Indicated”
Context: 4.21
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes an Inferred category of 4.07 Mt at 172 g/t Ag, which the PEA states is too speculative for economic considerations.
Evidence · table
“Inferred”
Context: 4.07
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The PEA is based on an updated Mineral Resource Estimate for the Cusi Project with an effective date of October 20, 2025.
Evidence · text
“The PEA is based on the updated Mineral Resource Estimate (MRE) for the Cusi Project with an effective date of October 20, 2025”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Lead recovery is 91.5%, which is a strong result for a flotation circuit.
Evidence · table
“91.5”
Context: Lead Recovery
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Recent metallurgical test work was conducted on representative mineralized samples from both the Promontorio and San Miguel zones.
Evidence · text
“Recent test work was specifically conducted on representative mineralized samples from both the Promontorio and San Miguel zones.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The project utilizes a conventional comminution and flotation circuit.
Evidence · text
“The mill utilizes a conventional comminution and flotation circuit designed to produce a high-value bulk lead-silver concentrate.”
Flotationneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The processing facility employs a conventional mineral processing flowsheet consisting of multi-stage comminution followed by a flotation circuit.
Evidence · text
“The mill is engineered for a nominal throughput of 1,200 tpd and employs a conventional mineral processing flowsheet consisting of multi-stage comminution followed by a flotation circuit to produce a high-value bulk lead-silver concentrate.”
Actual Testpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Metallurgical recovery assumptions were established through the results of a modern metallurgical test work program.
Evidence · text
“The metallurgical recovery assumptions utilized in the PEA were established through the results of a modern metallurgical test work program in combination with long-term historical production data.”
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 24. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
measuredCusi Mine · silverTonnes: 690000Grade: 277Grade Unit: g/tContained Metal: 6725Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a9a698fb598dc16ed822
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 690000
- Grade
- 277
- Grade Unit
- g/t
- Contained Metal
- 6725
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 305
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Measured resource provides a high-confidence base for the project, with a strong silver grade and QP sign-off, indicating robust geological understanding.
Positive factors
- Highest confidence resource category
- High silver grade
- QP signed and NI 43-101 compliant
Evidence · table
“277”
Context: 0.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredCusi Mine · goldTonnes: 690000Grade: 0.08Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a9a698fb598dc16ed822
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 690000
- Grade
- 0.08
- Grade Unit
- g/t
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 305
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Measured gold grade is very low, indicating gold is a minor byproduct in this silver-focused resource, despite the high confidence category.
Positive factors
- Highest confidence resource category
- QP signed and NI 43-101 compliant
Negative factors
- Very low gold grade
Evidence · table
“0.08”
Context: 0.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredCusi Mine · leadTonnes: 690000Grade: 0.37Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a9a698fb598dc16ed822
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 690000
- Grade
- 0.37
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 305
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Measured lead grade contributes as a byproduct, adding value to the resource with high confidence.
Positive factors
- Highest confidence resource category
- QP signed and NI 43-101 compliant
Evidence · table
“0.37”
Context: 0.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredCusi Mine · zincTonnes: 690000Grade: 0.42Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a9a698fb598dc16ed822
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 690000
- Grade
- 0.42
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 305
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Measured zinc grade contributes as a byproduct, adding value to the resource with high confidence.
Positive factors
- Highest confidence resource category
- QP signed and NI 43-101 compliant
Evidence · table
“0.42”
Context: 0.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredCusi Mine · silverTonnes: 690000Grade: 305Grade Unit: g/tContained Metal: 6725Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a9a698fb598dc16ed822
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 690000
- Grade
- 305
- Grade Unit
- g/t
- Contained Metal
- 6725
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 305
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Measured silver equivalent resource provides a high-confidence, combined value for the project, with transparent assumptions for its calculation.
Positive factors
- Highest confidence resource category
- High silver equivalent grade
- QP signed and NI 43-101 compliant
- Metal equivalent assumptions disclosed
Evidence · table
“305”
Context: 0.69
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · silverTonnes: 4210000Grade: 195Grade Unit: g/tContained Metal: 34433Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:0a512318e025abbb9e2a
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4210000
- Grade
- 195
- Grade Unit
- g/t
- Contained Metal
- 34433
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Indicated silver resource represents a substantial portion of the project's value with good geological confidence, supporting future economic studies.
Positive factors
- Significant tonnage in Indicated category
- Strong silver grade
- QP signed and NI 43-101 compliant
Evidence · table
“195”
Context: 4.21
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · goldTonnes: 4210000Grade: 0.16Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:0a512318e025abbb9e2a
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4210000
- Grade
- 0.16
- Grade Unit
- g/t
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Indicated gold grade is very low, indicating gold is a minor byproduct in this silver-focused resource, despite the good confidence category.
Positive factors
- Significant tonnage in Indicated category
- QP signed and NI 43-101 compliant
Negative factors
- Very low gold grade
Evidence · table
“0.16”
Context: 4.21
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · leadTonnes: 4210000Grade: 0.78Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:0a512318e025abbb9e2a
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4210000
- Grade
- 0.78
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Indicated lead grade contributes as a valuable byproduct, adding to the overall economic potential of the resource.
Positive factors
- Significant tonnage in Indicated category
- QP signed and NI 43-101 compliant
Evidence · table
“0.78”
Context: 4.21
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · zincTonnes: 4210000Grade: 0.93Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:0a512318e025abbb9e2a
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4210000
- Grade
- 0.93
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Indicated zinc grade contributes as a valuable byproduct, adding to the overall economic potential of the resource.
Positive factors
- Significant tonnage in Indicated category
- QP signed and NI 43-101 compliant
Evidence · table
“0.93”
Context: 4.21
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · silverTonnes: 4210000Grade: 255Grade Unit: g/tContained Metal: 34433Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:0a512318e025abbb9e2a
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4210000
- Grade
- 255
- Grade Unit
- g/t
- Contained Metal
- 34433
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 255
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Indicated silver equivalent resource provides a substantial and well-defined base for the project's economics, with transparent assumptions.
Positive factors
- Significant tonnage in Indicated category
- Strong silver equivalent grade
- QP signed and NI 43-101 compliant
- Metal equivalent assumptions disclosed
Evidence · table
“255”
Context: 4.21
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · silverTonnes: 4890000Grade: 206Grade Unit: g/tContained Metal: 41157Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:6bb22e9eaa78f1e72710
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4890000
- Grade
- 206
- Grade Unit
- g/t
- Contained Metal
- 41157
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The combined Measured and Indicated silver resource provides a robust and high-confidence foundation for the project's economic assessment.
Positive factors
- Significant combined Measured and Indicated tonnage
- Strong silver grade
- QP signed and NI 43-101 compliant
Evidence · table
“206”
Context: 4.89
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · goldTonnes: 4890000Grade: 0.15Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:6bb22e9eaa78f1e72710
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4890000
- Grade
- 0.15
- Grade Unit
- g/t
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The combined Measured and Indicated gold grade is very low, confirming its minor byproduct status in this silver-dominant resource.
Positive factors
- Significant combined Measured and Indicated tonnage
- QP signed and NI 43-101 compliant
Negative factors
- Very low gold grade
Evidence · table
“0.15”
Context: 4.89
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · leadTonnes: 4890000Grade: 0.73Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:6bb22e9eaa78f1e72710
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4890000
- Grade
- 0.73
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The combined Measured and Indicated lead grade contributes as a valuable byproduct, enhancing the overall economic potential of the resource.
Positive factors
- Significant combined Measured and Indicated tonnage
- QP signed and NI 43-101 compliant
Evidence · table
“0.73”
Context: 4.89
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · zincTonnes: 4890000Grade: 0.86Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:6bb22e9eaa78f1e72710
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4890000
- Grade
- 0.86
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The combined Measured and Indicated zinc grade contributes as a valuable byproduct, enhancing the overall economic potential of the resource.
Positive factors
- Significant combined Measured and Indicated tonnage
- QP signed and NI 43-101 compliant
Evidence · table
“0.86”
Context: 4.89
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedCusi Mine · silverTonnes: 4890000Grade: 262Grade Unit: g/tContained Metal: 41157Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:6bb22e9eaa78f1e72710
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 4890000
- Grade
- 262
- Grade Unit
- g/t
- Contained Metal
- 41157
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 262
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The combined Measured and Indicated silver equivalent resource provides a robust and well-defined base for the project's economics, with transparent assumptions.
Positive factors
- Significant combined Measured and Indicated tonnage
- Strong silver equivalent grade
- QP signed and NI 43-101 compliant
- Metal equivalent assumptions disclosed
Evidence · table
“262”
Context: 4.89
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCusi Mine · silverTonnes: 4070000Grade: 172Grade Unit: g/tContained Metal: 31753Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a023240def24af9c40ab
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4070000
- Grade
- 172
- Grade Unit
- g/t
- Contained Metal
- 31753
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 243
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Inferred silver resource, while significant in tonnage, carries a lower confidence level and is explicitly noted as speculative for economic studies in the PEA.
Positive factors
- Significant tonnage in Inferred category
- QP signed and NI 43-101 compliant
Negative factors
- Inferred resources are considered too speculative for economic considerations in a PEA
Evidence · table
“172”
Context: 4.07
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCusi Mine · goldTonnes: 4070000Grade: 0.17Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a023240def24af9c40ab
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4070000
- Grade
- 0.17
- Grade Unit
- g/t
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 243
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Inferred gold grade is very low and, combined with the speculative nature of Inferred resources, contributes minimally to the project's economic confidence.
Positive factors
- Significant tonnage in Inferred category
- QP signed and NI 43-101 compliant
Negative factors
- Very low gold grade
- Inferred resources are considered too speculative for economic considerations in a PEA
Evidence · table
“0.17”
Context: 4.07
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCusi Mine · leadTonnes: 4070000Grade: 0.89Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a023240def24af9c40ab
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4070000
- Grade
- 0.89
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 243
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Inferred lead grade, while contributing as a byproduct, is part of a speculative resource category for economic evaluation.
Positive factors
- Significant tonnage in Inferred category
- QP signed and NI 43-101 compliant
Negative factors
- Inferred resources are considered too speculative for economic considerations in a PEA
Evidence · table
“0.89”
Context: 4.07
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCusi Mine · zincTonnes: 4070000Grade: 1.2Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:a023240def24af9c40ab
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4070000
- Grade
- 1.2
- Grade Unit
- %
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 243
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Inferred zinc grade, while contributing as a byproduct, is part of a speculative resource category for economic evaluation.
Positive factors
- Significant tonnage in Inferred category
- QP signed and NI 43-101 compliant
Negative factors
- Inferred resources are considered too speculative for economic considerations in a PEA
Evidence · table
“1.20”
Context: 4.07
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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
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
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredCusi Mine · silverTonnes: 4070000Grade: 243Grade Unit: g/tContained Metal: 31753Contained Unit: kozView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-10-20T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ben Eggers, Allan Armitage
- Resource group id
- resource:da9cb8d74f41ddbe4ee8
- Deposit or zone
- Cusi vein systems
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4070000
- Grade
- 243
- Grade Unit
- g/t
- Contained Metal
- 31753
- Contained Unit
- koz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2025-10-20
Metal Equivalent
- Metal Eq. Grade
- 243
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The Inferred silver equivalent resource, while substantial, is explicitly noted as speculative for economic studies in the PEA, lowering its confidence for immediate development.
Positive factors
- Significant tonnage in Inferred category
- QP signed and NI 43-101 compliant
- Metal equivalent assumptions disclosed
Negative factors
- Inferred resources are considered too speculative for economic considerations in a PEA
Evidence · table
“243”
Context: 4.07
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Metallurgical Results (4)
flotationCusi Mine · silverRecovery: 84 %Head Grade: 151Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional comminution and flotation circuit
- Sample
- representative mineralized samples from both the Promontorio and San Miguel zones
Recovery
- Recovery
- 84 %
- Recovery Basis
- actual_test
- Head Grade
- 151
- Head Grade Unit
- g/t
Lab
- Laboratory
- Forte Dynamics
- Consultant
- Forte Dynamics
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The 84% silver recovery is a moderate result for a flotation circuit, providing confidence for the PEA given its consistency with historical data and representative sampling.
Positive factors
- Moderate silver recovery for flotation
- Test work consistent with historical performance
- Multi-domain samples tested
Evidence · table
“84.0%”
Context: Silver Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationCusi Mine · leadRecovery: 91.5 %Head Grade: 0.85Head Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional comminution and flotation circuit
- Sample
- representative mineralized samples from both the Promontorio and San Miguel zones
Recovery
- Recovery
- 91.5 %
- Recovery Basis
- actual_test
- Head Grade
- 0.85
- Head Grade Unit
- %
Lab
- Laboratory
- Forte Dynamics
- Consultant
- Forte Dynamics
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The 91.5% lead recovery is a strong result for a flotation circuit, indicating efficient recovery of this byproduct metal and supporting the PEA economics.
Positive factors
- High lead recovery for flotation
- Test work consistent with historical performance
- Multi-domain samples tested
Evidence · table
“91.5”
Context: Lead Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationCusi Mine · zincRecovery: 73 %Head Grade: 1.1Head Grade Unit: %View all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional comminution and flotation circuit
- Sample
- representative mineralized samples from both the Promontorio and San Miguel zones
Recovery
- Recovery
- 73 %
- Recovery Basis
- actual_test
- Head Grade
- 1.1
- Head Grade Unit
- %
Lab
- Laboratory
- Forte Dynamics
- Consultant
- Forte Dynamics
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The 73% zinc recovery is a weak result for a flotation circuit, suggesting potential for optimization or indicating a more challenging recovery for this byproduct.
Positive factors
- Test work consistent with historical performance
- Multi-domain samples tested
Negative factors
- Weak zinc recovery for flotation
Evidence · table
“73.0”
Context: Zinc Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationCusi Mine · goldRecovery: 79 %Head Grade: 0.15Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cusi Mine
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- SICO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional comminution and flotation circuit
- Sample
- representative mineralized samples from both the Promontorio and San Miguel zones
Recovery
- Recovery
- 79 %
- Recovery Basis
- actual_test
- Head Grade
- 0.15
- Head Grade Unit
- g/t
Lab
- Laboratory
- Forte Dynamics
- Consultant
- Forte Dynamics
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-13T00:00:00.000Z
Reasoning: The 79% gold recovery is a weak result for a flotation circuit, indicating that gold is a minor byproduct with lower recovery efficiency compared to silver and lead.
Positive factors
- Test work consistent with historical performance
- Multi-domain samples tested
Negative factors
- Weak gold recovery for flotation
Evidence · table
“79.0”
Context: Gold Recovery
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 79% is below the weak band (80%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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.