SONORO ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE AND ROBUST UPDATED PEA FOR CERRO CALICHE GOLD PROJECT: AFTER-TAX NPV OF USD $224 MILLION AND AFTER-TAX IRR OF 50%
Original announcement by tmx on
- Company
- Sonoro Gold Corp.
- Ticker
- SGO
- Exchange
- TSX
- Region
- Sonora State, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-14 22:54:21 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Sonoro Gold Corp. announced an updated Mineral Resource Estimate and Preliminary Economic Assessment for its Cerro Caliche gold project in Sonora State, Mexico. The PEA outlines a robust open pit, heap leach operation with an after-tax NPV of $224 million and an IRR of 50% at base case prices. The updated MRE reports 51.75 Mt at 0.37 g/t Au and 3.7 g/t Ag (644 koz AuEq) in the Measured and Indicated categories, with an additional 8.8 Mt at 0.34 g/t AuEq (97 koz AuEq) Inferred.
Reasoning: The updated Mineral Resource Estimate and Preliminary Economic Assessment for the Cerro Caliche gold project demonstrate robust economics and increased resource confidence, supporting a viable open pit, heap leach operation.
Positive factors
- Robust project economics demonstrated by updated PEA with strong after-tax NPV and IRR
- Significant Measured and Indicated Mineral Resources reported
- NI 43-101 compliant and QP signed estimate
- Open pit, heap leach operation with strong gold recovery
- Potential for future expansion of mine capacity and LOM
Negative factors
- PEA is preliminary and includes Inferred Mineral Resources
- Silver recovery is low at 27%
- Only preliminary bench-scale testwork is implied for metallurgy
Facts used in scoring: 14
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under National Instrument 43-101 ("NI43-101").
Evidence · text
“Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under National Instrument 43-101 ("NI43-101").”
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: Eugene Puritch, P.Eng, FEC, CET, Andrew Bradfield, P.Eng., William Stone, PhD, P.Geo., Fred Brown, P.Geo., Jarita Barry, P.Geo., David Burga, P.Geo., and D. Grant Feasby, P.Eng all of P&E Mining Consultants Inc. are independent of the Company and are Qualified Persons as defined in NI 43-101.
Evidence · text
“Eugene Puritch, P.Eng, FEC, CET, Andrew Bradfield, P.Eng., William Stone, PhD, P.Geo., Fred Brown, P.Geo., Jarita Barry, P.Geo., David Burga, P.Geo., and D. Grant Feasby, P.Eng all of P&E Mining Consultants Inc. are independent of the Company and are Qualified Persons as defined in NI 43-101.”
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 9,683 k tonnes at 0.41 g/t Au.
Evidence · table
“Measured”
Context: 9,683
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 42,070 k tonnes at 0.36 g/t Au.
Evidence · table
“Indicated”
Context: 42,070
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 8,801 k tonnes at 0.33 g/t Au.
Evidence · table
“Inferred”
Context: 8,801
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Mineral Resources have been reported using a cut-off of 0.13 g/t AuEq.
Evidence · text
“Mineral Resources have been reported using a cut-off of 0.13 g/t AuEq.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document title explicitly states "UPDATED MINERAL RESOURCE ESTIMATE".
Evidence · text
“UPDATED MINERAL RESOURCE ESTIMATE”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The updated PEA utilizes the pit-constrained updated Mineral Resource Estimate prepared by P&E.
Evidence · text
“The updated PEA utilizes the pit-constrained updated Mineral Resource Estimate prepared by P&E.”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: The PEA demonstrates the potential viability for an open pit, heap leach mining operation.
Evidence · text
“open pit, heap leach mining operation”
Strong Recoverypositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Gold recovery of 72% for a heap leach operation is within the strong band (65-75%).
Evidence · text
“Gold recovery of 72%”
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: Silver recovery of 27% for a heap leach operation is below the weak band (45%).
Evidence · text
“silver recovery of 27%”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The PEA is preliminary in nature and does not mention higher-scale metallurgical testwork like pilot or locked-cycle tests.
Evidence · text
“The updated PEA is preliminary in nature”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("concentrate")
Extracted facts
Stored fact records: 14. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
measuredCerro Caliche · goldTonnes: 9683000Grade: 0.43Grade Unit: g/tContained Metal: 133000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:1d8b74bb8a03c42a078c
- Mining method
- combined
Resource Data
- Category
- measured
- Tonnes
- 9683000
- Grade
- 0.43
- Grade Unit
- g/t
- Contained Metal
- 133000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.43
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Measured gold equivalent resource provides a consolidated view of the high-confidence metal content.
Positive factors
- High confidence Measured category resource
- Metal equivalent grade provides a combined value for gold and silver
Evidence · table
“0.43”
Context: 9,683
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
measuredCerro Caliche · silverTonnes: 9683000Grade: 3.5Grade Unit: g/tContained Metal: 1086000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:1d8b74bb8a03c42a078c
- Mining method
- combined
Resource Data
- Category
- measured
- Tonnes
- 9683000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 1086000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Measured silver resource adds to the project's overall metal content and confidence.
Positive factors
- High confidence Measured category resource
Evidence · table
“3.5”
Context: 9,683
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
indicatedCerro Caliche · goldTonnes: 42070000Grade: 0.38Grade Unit: g/tContained Metal: 511000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:38cd1ce7b68394231d6e
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 42070000
- Grade
- 0.38
- Grade Unit
- g/t
- Contained Metal
- 511000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Indicated gold equivalent resource consolidates the metal content, enhancing the project's overall confidence.
Positive factors
- Large Indicated category resource provides significant confidence and scale
- Metal equivalent grade provides a combined value for gold and silver
Evidence · table
“0.38”
Context: 42,070
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
indicatedCerro Caliche · silverTonnes: 42070000Grade: 3.8Grade Unit: g/tContained Metal: 5144000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:38cd1ce7b68394231d6e
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 42070000
- Grade
- 3.8
- Grade Unit
- g/t
- Contained Metal
- 5144000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Indicated silver resource contributes to the overall metal content and confidence of the project.
Positive factors
- Large Indicated category resource adds significant confidence and scale
Evidence · table
“3.8”
Context: 42,070
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
inferredCerro Caliche · goldTonnes: 8801000Grade: 0.34Grade Unit: g/tContained Metal: 97000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:40eeacc7f940420aa8e6
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 8801000
- Grade
- 0.34
- Grade Unit
- g/t
- Contained Metal
- 97000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.34
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Inferred gold equivalent resource provides additional potential but with lower confidence, as noted in the PEA.
Positive factors
- Adds to the overall resource base
- Metal equivalent grade provides a combined value for gold and silver
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.34”
Context: 8,801
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
inferredCerro Caliche · silverTonnes: 8801000Grade: 3.7Grade Unit: g/tContained Metal: 1040000Contained Unit: ozView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:40eeacc7f940420aa8e6
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 8801000
- Grade
- 3.7
- Grade Unit
- g/t
- Contained Metal
- 1040000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Inferred silver resource contributes to the overall metal content but with lower confidence.
Positive factors
- Adds to the overall resource base
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“3.7”
Context: 8,801
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
measuredCerro Caliche · goldTonnes: 9683Grade: 0.41Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:d0cbf9b3879a4db4bfc7
- Mining method
- combined
Resource Data
- Category
- measured
- Tonnes
- 9683
- Grade
- 0.41
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.43
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Measured gold resource provides high confidence and contributes significantly to the project's economics. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category resource
- Good gold grade for an open pit heap leach operation
Evidence · table
“0.41”
Context: 9,683
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
measuredCerro Caliche · silverTonnes: 9683Grade: 3.5Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:d0cbf9b3879a4db4bfc7
- Mining method
- combined
Resource Data
- Category
- measured
- Tonnes
- 9683
- Grade
- 3.5
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.43
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Measured gold resource provides high confidence and contributes significantly to the project's economics. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High confidence Measured category resource
- Good gold grade for an open pit heap leach operation
Evidence · table
“3.5”
Context: 9,683
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
indicatedCerro Caliche · goldTonnes: 42070Grade: 0.36Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:2757c6a75581c995e5c4
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 42070
- Grade
- 0.36
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Indicated gold resource significantly increases the project's confidence and scale, supporting the PEA. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Large Indicated category resource adds significant confidence and scale
- Good gold grade for an open pit heap leach operation
Evidence · table
“0.36”
Context: 42,070
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
indicatedCerro Caliche · silverTonnes: 42070Grade: 3.8Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:2757c6a75581c995e5c4
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 42070
- Grade
- 3.8
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Indicated gold resource significantly increases the project's confidence and scale, supporting the PEA. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Large Indicated category resource adds significant confidence and scale
- Good gold grade for an open pit heap leach operation
Evidence · table
“3.8”
Context: 42,070
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
inferredCerro Caliche · goldTonnes: 8801Grade: 0.33Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:8a4dc5a38f3c713bd6c2
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 8801
- Grade
- 0.33
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.34
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Inferred gold resource provides additional potential but carries lower confidence, as noted in the PEA. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Adds to the overall resource base
Negative factors
- Inferred category has lower geological confidence and cannot be converted to reserves
Evidence · table
“0.33”
Context: 8,801
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
inferredCerro Caliche · silverTonnes: 8801Grade: 3.7Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eugene Puritch, Andrew Bradfield, William Stone, Fred Brown, Jarita Barry, David Burga, D. Grant Feasby
- Resource group id
- resource:8a4dc5a38f3c713bd6c2
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 8801
- Grade
- 3.7
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2025-12-04
Metal Equivalent
- Metal Eq. Grade
- 0.34
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The Inferred gold resource provides additional potential but carries lower confidence, as noted in the PEA. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Adds to the overall resource base
Negative factors
- Inferred category has lower geological confidence and cannot be converted to reserves
Evidence · table
“3.7”
Context: 8,801
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
Metallurgical Results (2)
Fact 1Cerro Caliche · goldRecovery: 72 %Head Grade: 0.36Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Test Work
- Program Status
- scoping
- Processing Route
- heap leach
Recovery
- Recovery
- 72 %
- Recovery Basis
- actual_test
- Head Grade
- 0.36
- Head Grade Unit
- g/t
Lab
- Consultant
- P&E Mining Consultants Inc.
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The 72% gold recovery is strong for a heap leach operation and is a key positive factor for the project's economics.
Positive factors
- Strong gold recovery for a heap leach operation
- Supports the economic viability outlined in the PEA
Negative factors
- Preliminary nature of PEA implies bench-scale testwork
Evidence · text
“Gold recovery of 72%”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
Fact 2Cerro Caliche · silverRecovery: 27 %Head Grade: 3.7Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Cerro Caliche
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sonora State, Mexico
- Ticker
- SGO
Test Work
- Program Status
- scoping
- Processing Route
- heap leach
Recovery
- Recovery
- 27 %
- Recovery Basis
- actual_test
- Head Grade
- 3.7
- Head Grade Unit
- g/t
Lab
- Consultant
- P&E Mining Consultants Inc.
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-28T00:00:00.000Z
Reasoning: The 27% silver recovery is low for a heap leach operation, indicating potential for metal loss or requiring further optimization.
Negative factors
- Low silver recovery for a heap leach operation
- Preliminary nature of PEA implies bench-scale testwork
Evidence · text
“silver recovery of 27%”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 27% is below the weak band (75%)
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.