Successful $25m Placement to Accelerate Development
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz province, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Capital raise, Resource update
- Extracted
- 2026-10-13 17:15:24 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico Silver received firm commitments for an A$25 million placement of approximately 71.4 million shares at A$0.35, a 10.3% discount to the last closing price. Proceeds will fund an additional 30,000 metres of drilling at Cerro Leon and Joaquin, planned resource updates, a maiden Scoping Study and working capital. The announcement restates existing resource estimates rather than reporting new assays or a new resource; Joaquin's February 2013 foreign estimate is not JORC compliant.
Reasoning: The financing materially supports development milestones, with institutional backing offset by discounted equity dilution and remaining technical execution risk.
Positive factors
- A$25 million in firm commitments strengthens funding for drilling, resource updates and a maiden Scoping Study.
- Domestic and offshore institutional support includes North American cornerstone investors.
Negative factors
- Approximately 71.4 million new shares create dilution at a 10.3% discount to the last closing price.
- Settlement remains prospective.
- Resource upgrades and study outcomes are planned rather than completed; Joaquin's historical foreign estimate remains unverified under JORC.
Rubric flags
- Category-specific fact schemas — No capital_raise or production fact schema was supplied; placement terms remain in the summary and interpretation, and historical production is preserved in the raw table.
- Resource date precision — Joaquin's estimate is dated only February 2013; retain that provenance in the table title without inventing an ISO day.
- Cerro Leon tonnage unit — Table 1 labels tonnage only as Tonnes, but its 16.47 total corresponds to the narrative's 16.5Mt; interpret its row values as millions of tonnes.
- Cerro Leon lead data consistency — The printed inferred lead grade and contained quantity are not internally consistent with the stated tonnage; preserve the source values without correction.
Facts used in scoring: 30
Classification and evidence
Institutional Placementpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The A$25 million placement has domestic and offshore institutional support, including cornerstone investors.
Evidence · text
“including key North American based cornerstone investors.”
Discounted Equity Dilutionnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Approximately 71.4 million shares will be issued at a 10.3% discount to the last closing price.
Evidence · text
“The Offer Price represents a 10.3% discount to the last closing price”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The restated Cerro Leon resource is explicitly reported under JORC 2012.
Evidence · text
“Ore Reserves (JORC Code) 2012 Edition.”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: Joaquin's February 2013 foreign estimate has not been classified as a JORC resource by a Competent Person.
Evidence · text
“Table 2: Joaquin Project – Historical Foreign Estimate as of February 2013”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: Cerro Leon restates a May 2023 release and Joaquin's estimate dates to February 2013, both more than two years before this announcement.
Evidence · text
“dated 18 May 2023”
Extracted facts
Stored fact records: 30. Some facts used in scoring do not have a stored record.
Resource Estimates (30)
indicatedCerro Leon · silverTonnes: 6820000Grade: 86Grade Unit: g/tContained Metal: 18.8Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 86
- Grade Unit
- g/t
- Contained Metal
- 18.8
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A meaningful indicated silver component, but no new resource information.
Positive factors
- Indicated classification and JORC reporting support geological confidence.
Negative factors
- Restated estimate; cut-off and effective date are undisclosed here.
Evidence · table
“86”
Context: 6.82
indicatedCerro Leon · goldTonnes: 6820000Grade: 0.49Grade Unit: g/tContained Metal: 107Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.49
- Grade Unit
- g/t
- Contained Metal
- 107
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Gold contributes to the polymetallic resource rather than establishing a separate development case.
Positive factors
- 107 koz of indicated gold provides a disclosed secondary metal contribution.
Negative factors
- Historical restatement; standalone gold economics are not established.
Evidence · table
“0.49”
Context: 6.82
indicatedCerro Leon · leadTonnes: 6820000Grade: 0.28Grade Unit: %Contained Metal: 41.9Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 41.9
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Low-grade lead has a limited, prospect-specific economic contribution.
Positive factors
- Lead quantities and equivalent assumptions are disclosed.
Negative factors
- Lead credits are considered only for Marta Centro; this is historical information.
Evidence · table
“0.28”
Context: 6.82
indicatedCerro Leon · zincTonnes: 6820000Grade: 0.93Grade Unit: %Contained Metal: 140Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4164d3b89ff652e481db
Resource Data
- Category
- indicated
- Tonnes
- 6820000
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 140
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Zinc is a secondary contribution with restricted economic recognition.
Positive factors
- Indicated zinc content is explicitly reported.
Negative factors
- Zinc credits are considered only for Marta Centro; no new estimate is reported.
Evidence · table
“0.93”
Context: 6.82
inferredCerro Leon · silverTonnes: 9650000Grade: 71Grade Unit: g/tContained Metal: 22.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 22.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades.
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“71”
Context: 9.65
inferredCerro Leon · goldTonnes: 9650000Grade: 0.77Grade Unit: g/tContained Metal: 237Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- g/t
- Contained Metal
- 237
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Potential gold contribution remains dependent on resource conversion and project economics.
Positive factors
- 237 koz of gold contributes to the silver-equivalent inventory.
Negative factors
- Inferred classification and historical restatement constrain reliance.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · leadTonnes: 9650000Grade: 0.77Grade Unit: %Contained Metal: 53.7Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- %
- Contained Metal
- 53.7
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A historical secondary-metal inventory with limited economic recognition.
Positive factors
- Lead grade and contained quantity are disclosed.
Negative factors
- Inferred classification; lead credits are restricted to Marta Centro.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · zincTonnes: 9650000Grade: 0.77Grade Unit: %Contained Metal: 163Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:23260062cc9e4e659245
Resource Data
- Category
- inferred
- Tonnes
- 9650000
- Grade
- 0.77
- Grade Unit
- %
- Contained Metal
- 163
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Reported zinc provides potential secondary value without new technical information.
Positive factors
- 163 Mlb of zinc is explicitly disclosed.
Negative factors
- Inferred classification; zinc credits are restricted to Marta Centro.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · silverTonnes: 16470000Grade: 77Grade Unit: g/tContained Metal: 40.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 77
- Grade Unit
- g/t
- Contained Metal
- 40.9
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: The total demonstrates portfolio scale but does not represent newly added or uniformly indicated resources.
Positive factors
- The printed total contains 40.9 Moz silver with transparent equivalent assumptions.
Negative factors
- The total combines Indicated and Inferred material and is a historical restatement.
Evidence · table
“77”
Context: 16.47
inferredCerro Leon · goldTonnes: 16470000Grade: 0.65Grade Unit: g/tContained Metal: 344Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 344
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Gold is a meaningful secondary contribution within the historical combined total.
Positive factors
- 344 koz total gold supports the polymetallic inventory.
Negative factors
- The printed total combines confidence categories and adds no new resource information.
Evidence · table
“0.65”
Context: 16.47
inferredCerro Leon · leadTonnes: 16470000Grade: 0.57Grade Unit: %Contained Metal: 95.6Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 95.6
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: The lead total is an inventory disclosure with restricted economic significance.
Positive factors
- Total lead content is disclosed.
Negative factors
- Economic credits apply only at Marta Centro; the total combines categories and is historical.
Evidence · table
“0.57”
Context: 16.47
inferredCerro Leon · zincTonnes: 16470000Grade: 0.84Grade Unit: %Contained Metal: 304Contained Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
Resource Data
- Category
- inferred
- Tonnes
- 16470000
- Grade
- 0.84
- Grade Unit
- %
- Contained Metal
- 304
- Contained Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: Potential zinc value is secondary and limited by the stated credit policy.
Positive factors
- 304 Mlb total zinc is reported with equivalent assumptions.
Negative factors
- Zinc credits apply only at Marta Centro; the combined total is historical.
Evidence · table
“0.84”
Context: 16.47
indicatedJoaquin · silverTonnes: 15700000Grade: 65.2Grade Unit: mozContained Metal: 65.2Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- Resource group id
- resource:049518a14c2930a18be1
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Contained Metal
- 65.2
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The historical M&I inventory indicates potential scale but cannot be treated as a verified current JORC resource.
Positive factors
- The historical M&I row reports substantial silver scale.
Negative factors
- February 2013 foreign estimate is not JORC compliant and requires verification.
- Subsequent historical production is disclosed; this is not a current remaining-resource estimate.
Evidence · table
“65.2”
Context: 15.7
indicatedJoaquin · goldTonnes: 15700000Grade: 0.12Grade Unit: g/tContained Metal: 61.1Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- Resource group id
- resource:049518a14c2930a18be1
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 138
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Gold represents a modest historical byproduct contribution.
Positive factors
- Historical M&I gold quantities are disclosed.
Negative factors
- Very low gold grade; the February 2013 foreign estimate remains unverified under JORC.
Evidence · table
“0.12”
Context: 15.7
inferredJoaquin · silverTonnes: 1000000Grade: 3.1Grade Unit: mozContained Metal: 3.1Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- Resource group id
- resource:fcc8f74fe79ca607a7fb
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Contained Metal
- 3.1
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: This small historical component provides limited current underwriting value.
Positive factors
- A separate inferred silver component is explicitly reported.
Negative factors
- Inferred classification adds uncertainty to an old, non-JORC foreign estimate.
Evidence · table
“3.1”
Context: 1
inferredJoaquin · goldTonnes: 1000000Grade: 0.12Grade Unit: g/tContained Metal: 3.7Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- Resource group id
- resource:fcc8f74fe79ca607a7fb
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 110
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The gold component has very limited materiality and no current novelty.
Positive factors
- Gold grade and contained quantity are disclosed separately.
Negative factors
- Small, low-grade inferred byproduct inventory within an unverified historical estimate.
Evidence · table
“0.12”
Context: 1
inferredJoaquin · silverTonnes: 16700000Grade: 68.3Grade Unit: mozContained Metal: 68.3Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- Resource group id
- resource:6a6102e7394f5dc39195
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Contained Metal
- 68.3
- Contained Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: The historical total supports project potential, with substantial verification and currency limitations.
Positive factors
- 68.3 Moz silver demonstrates substantial historical inventory.
Negative factors
- Total combines M&I and Inferred material from February 2013.
- Not JORC compliant; subsequent production means it is not a current remaining-resource statement.
Evidence · table
“68.3”
Context: 16.7
inferredJoaquin · goldTonnes: 16700000Grade: 0.12Grade Unit: g/tContained Metal: 64.2Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- Resource group id
- resource:6a6102e7394f5dc39195
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 136
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: A modest historical gold contribution within a predominantly silver project.
Positive factors
- The printed total preserves gold's secondary contribution.
Negative factors
- Low grade and combined historical categories; the foreign estimate remains unverified under JORC.
Evidence · table
“0.12”
Context: 16.7
indicatedCerro Leon · silverTonnes: 6.82Grade: 18.8Grade Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:316af42d84a27c7b45a5
Resource Data
- Category
- indicated
- Tonnes
- 6.82
- Grade
- 18.8
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A meaningful indicated silver component, but no new resource information. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification and JORC reporting support geological confidence.
Negative factors
- Restated estimate; cut-off and effective date are undisclosed here.
Evidence · table
“18.8”
Context: 6.82
indicatedCerro Leon · goldTonnes: 6.82Grade: 0.49Grade Unit: g/tContained Metal: 107Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:316af42d84a27c7b45a5
Resource Data
- Category
- indicated
- Tonnes
- 6.82
- Grade
- 0.49
- Grade Unit
- g/t
- Contained Metal
- 107
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A meaningful indicated silver component, but no new resource information. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification and JORC reporting support geological confidence.
Negative factors
- Restated estimate; cut-off and effective date are undisclosed here.
Evidence · table
“0.49”
Context: 6.82
indicatedCerro Leon · leadTonnes: 6.82Grade: 41.9Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:316af42d84a27c7b45a5
Resource Data
- Category
- indicated
- Tonnes
- 6.82
- Grade
- 41.9
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A meaningful indicated silver component, but no new resource information. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification and JORC reporting support geological confidence.
Negative factors
- Restated estimate; cut-off and effective date are undisclosed here.
Evidence · table
“41.9”
Context: 6.82
indicatedCerro Leon · zincTonnes: 6.82Grade: 140Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:316af42d84a27c7b45a5
Resource Data
- Category
- indicated
- Tonnes
- 6.82
- Grade
- 140
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A meaningful indicated silver component, but no new resource information. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated classification and JORC reporting support geological confidence.
Negative factors
- Restated estimate; cut-off and effective date are undisclosed here.
Evidence · table
“140”
Context: 6.82
inferredCerro Leon · silverTonnes: 9.65Grade: 22.1Grade Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:c8ce1014f61dd2106340
Resource Data
- Category
- inferred
- Tonnes
- 9.65
- Grade
- 22.1
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“22.1”
Context: 9.65
inferredCerro Leon · goldTonnes: 9.65Grade: 0.77Grade Unit: g/tContained Metal: 237Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:c8ce1014f61dd2106340
Resource Data
- Category
- inferred
- Tonnes
- 9.65
- Grade
- 0.77
- Grade Unit
- g/t
- Contained Metal
- 237
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“0.77”
Context: 9.65
inferredCerro Leon · leadTonnes: 9.65Grade: 53.7Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:c8ce1014f61dd2106340
Resource Data
- Category
- inferred
- Tonnes
- 9.65
- Grade
- 53.7
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“53.7”
Context: 9.65
inferredCerro Leon · zincTonnes: 9.65Grade: 163Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:c8ce1014f61dd2106340
Resource Data
- Category
- inferred
- Tonnes
- 9.65
- Grade
- 163
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“163”
Context: 9.65
inferredCerro Leon · silverTonnes: 16.47Grade: 40.9Grade Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:2feabb2da7c1cf87abd7
Resource Data
- Category
- inferred
- Tonnes
- 16.47
- Grade
- 40.9
- Grade Unit
- moz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“40.9”
Context: 16.47
inferredCerro Leon · goldTonnes: 16.47Grade: 0.65Grade Unit: g/tContained Metal: 344Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:2feabb2da7c1cf87abd7
Resource Data
- Category
- inferred
- Tonnes
- 16.47
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 344
- Contained Unit
- koz
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“0.65”
Context: 16.47
inferredCerro Leon · leadTonnes: 16.47Grade: 95.6Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- lead
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:2feabb2da7c1cf87abd7
Resource Data
- Category
- inferred
- Tonnes
- 16.47
- Grade
- 95.6
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“95.6”
Context: 16.47
inferredCerro Leon · zincTonnes: 16.47Grade: 304Grade Unit: mlbHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- zinc
- Region
- argentina
- Reported Region
- Santa Cruz province, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- Resource group id
- resource:2feabb2da7c1cf87abd7
Resource Data
- Category
- inferred
- Tonnes
- 16.47
- Grade
- 304
- Grade Unit
- mlb
Metal Equivalent
- Metal Eq. Grade
- 172
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-05-18T00:00:00.000Z
Reasoning: A substantial silver component that still requires confidence upgrades. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- 22.1 Moz of silver establishes exploration scale.
Negative factors
- Inferred classification limits geological confidence; the estimate is restated.
Evidence · table
“304”
Context: 16.47
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.