UNICO OUTLINES GROWTH STRATEGY
Original announcement by research on
- Company
- Unico Silver Limited
- Ticker
- USL
- Exchange
- ASX
- Region
- Santa Cruz, Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Other, Resource update, Metallurgy, Drill results
- Extracted
- 2026-10-13 17:22:16 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Unico outlines a transition from explorer to developer using a conceptual 123–176 Moz AgEq free-milling Exploration Target across Cerro Leon and Joaquin in Santa Cruz, Argentina, with updated resources planned for Q3 2025. The announcement restates historical drilling, resources and metallurgical work; it reports no new assays, new mineral resource estimate or completed economic study. Its longer-term 300 Moz AgEq ambition is explicitly aspirational, while Joaquin's 2013 foreign estimate still requires JORC verification and adjustment for historical production.
Reasoning: The current event is a corporate exploration and development roadmap. Its strategic focus is constructive, but the proposed scale and production pathway require resource conversion, fresh technical studies and economic validation.
Positive factors
- Defines a development strategy centred on pit-constrained, free-milling mineralisation at two wholly owned projects.
- Historical testwork and technical studies provide a starting point for development evaluation.
- Updated resources are targeted for Q3 2025, followed by geotechnical work, pit optimisation and a scoping study.
Negative factors
- The 123–176 Moz AgEq Exploration Target is conceptual and is not a mineral resource.
- The 300 Moz AgEq ambition is explicitly aspirational and is not an Exploration Target.
- Resource estimates, drill intercepts and metallurgical results are historical restatements, rather than new completed technical results.
- Joaquin's 2013 foreign estimate remains unverified under JORC and predates subsequent production.
- Historical whole-ore cyanidation recoveries of approximately 80–85% leave meaningful recovery and modern design-validation work outstanding.
Rubric flags
- Exploration Targets are not mineral resources — Retain Tables 1 and 5 as conceptual target data; do not assign their ranges or prospects resource categories.
- Equivalent-only intercepts — The four sulphide intervals disclose AgEq only. Their commodity label denotes the silver focus; individual silver grades remain unset.
- Historical estimate compliance — Joaquin was prepared under NI 43-101 but is explicitly not JORC compliant; non_compliant refers to JORC, not its original Canadian reporting basis.
- Source inconsistencies — Table 5 prints Cerro Leon silver grade as 16 gpt, whereas Table 1 prints 165 gpt at midpoint. Preserve both verbatim; do not silently correct either.
- Historical production dates — The target-basis text says 2019–2021, while Table 9 and later text say 2019–2022. Preserve the discrepancy without resolving it.
- Grind and retention reporting — Historical whole-ore cyanidation is summarised at 75 μm and 48–90 hours. The source does not identify 75 μm explicitly as P80 or allocate a single retention time to each result.
- Programme-specific metadata — The May 2025 appendix supplies assay QA/QC and grid context, but no actual collar rows here. Do not derive coordinates, EPSG codes or copy its laboratory into the older resource and metallurgical programmes.
- Missing other-category fact schema — Keep the strategy, future milestones and conceptual target quantities in summary, interpretation and raw tables because no other-category fact field reference was supplied.
Facts used in scoring: 39
Classification and evidence
Conceptual Exploration Targetneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The 123–176 Moz AgEq range is conceptual and must not be treated as an established resource.
Evidence · text
“The potential quantity and grade of the Exploration Target is conceptual in nature”
Aspirational Growthneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The 300 Moz AgEq ambition lacks sufficient work to qualify as an Exploration Target.
Evidence · text
“is aspirational only and is not an Exploration Target”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The development target is restricted to domains considered recoverable through whole-ore cyanidation.
Evidence · text
“limited to mineralised domains considered to be free milling and recoverable”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Historical Joaquin work supports agitated cyanide tank leaching.
Evidence · text
“recoverable by agitated cyanide leaching in tanks”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The appendix discloses blanks, duplicates and standards.
Evidence · text
“Blanks: 1 in 50”
Stale Data Re-releasenegative · Story-specific tag
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The quoted drilling supports the roadmap but was previously disclosed rather than newly assayed.
Evidence · text
“The drill hole data underpinning this Exploration Target has been previously disclosed”
Nearology Playneutral · Story-specific tag
Value premise rests on proximity to a known deposit rather than own results.
Why it applies: Cerro Leon is positioned through its shared structural corridor with Cerro Vanguardia.
Evidence · text
“within the same structural corridor that is host to AngloGold Ashanti’s world- class Cerro Vanguardia mine”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 39. Some facts used in scoring do not have a stored record.
Drill Results (5)
P005-25Cerro Leon · silverIntercept: 72.4 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- P005-25
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Intercept
- 72.4 m
- From
- 46.6 m
- To
- 119 m
- Intercept Depth
- 46.6 m
Classification
- Sample Type
- drill
- Group ID
- P005-25:46.6-119
- Mining Method
- unknown
Location
- Location
- MS Link
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart Laboratories
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Metal Eq. Grade
- 83
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Compositing
- Dilution Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-05-05T00:00:00.000Z
Reasoning: Suggests a broad mineralised target, but apparent length alone does not establish economic thickness.
Positive factors
- Long 72.4 m mineralised downhole interval.
Negative factors
- Modest equivalent grade with no individual metal grades or true width.
- Historical restatement.
Evidence · text
“MS Link (P005-25) 72.4m at 83gpt AgEq from 46.6m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
QA/QC DisclosedRejected · positive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Reason: qaqc_disclosed is true
Cut-off UndisclosedRejected · negative
High-grade interval reported without stating the cut-off grade used for compositing.
Reason: no cutoff_grade was stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
DDJ-117Joaquin North · silverGrade: 1699Grade Unit: g/tIntercept: 4.5 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- DDJ-117
- Project
- Joaquin North
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 1699
- Grade Unit
- g/t
- Intercept
- 4.5 m
- From
- 272 m
- To
- 276.5 m
- Intercept Depth
- 272 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Group ID
- DDJ-117:272-276.5
- Mining Method
- underground
Location
- Location
- La Negra
- CRS
- WGS84 / UTM Zone 19S
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart Laboratories
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Assumptions Disclosed
- Yes
Compositing
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
- Dilution Disclosed
- Yes
- Max Dilution
- 3 m
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-08-22T00:00:00.000Z
Reasoning: Strong historical depth potential, constrained by uncertain true width and access context.
Positive factors
- Very high silver grade; exceeds baseline best silver grade and grade-times-length.
Negative factors
- Only 4.5 m downhole with no quantified true width.
- Depth and narrow geometry imply additional development requirements.
Evidence · text
“DDJ-117 returning 4.5m at 1699gpt Ag, 22gpt Au from 272m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
Bonanza InterceptRejected · positive
Exceptionally high-grade zone, well above the deposit-type norm.
Reason: 1699 g/t silver over 4.5 m is exceptionally high-grade with meaningful downhole metal accumulation.
Evidence · text
“DDJ-117 returning 4.5m at 1699gpt Ag, 22gpt Au from 272m”
Apparent Width OnlyRejected · negative
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Reason: The 4.5 m epithermal interval has no quantified true width in this document.
Evidence · text
“Length corresponds to the interval surveyed along hole trace.”
QA/QC DisclosedRejected · positive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Reason: qaqc_disclosed is true
Compositing TransparentRejected · positive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Reason: cutoff_grade and internal dilution are both stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
DDJ-117Joaquin North · goldGrade: 22Grade Unit: g/tIntercept: 4.5 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- DDJ-117
- Project
- Joaquin North
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 22
- Grade Unit
- g/t
- Intercept
- 4.5 m
- From
- 272 m
- To
- 276.5 m
- Intercept Depth
- 272 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Group ID
- DDJ-117:272-276.5
- Mining Method
- underground
Location
- Location
- La Negra
- CRS
- WGS84 / UTM Zone 19S
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart Laboratories
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Assumptions Disclosed
- Yes
Compositing
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
- Dilution Disclosed
- Yes
- Max Dilution
- 3 m
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2024-08-22T00:00:00.000Z
Reasoning: A strong historical high-grade target requiring geometry and development validation.
Positive factors
- Exceptional underground gold grade; exceeds baseline best grade and grade-times-length.
Negative factors
- Narrow downhole interval with no quantified true width.
- Historical depth result does not establish continuity or economic access.
Evidence · text
“DDJ-117 returning 4.5m at 1699gpt Ag, 22gpt Au from 272m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
QA/QC DisclosedRejected · positive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Reason: qaqc_disclosed is true
Compositing TransparentRejected · positive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Reason: cutoff_grade and internal dilution are both stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JRC017-25Joaquin North · silverGrade: 238Grade Unit: g/tIntercept: 23 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JRC017-25
- Project
- Joaquin North
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 238
- Grade Unit
- g/t
- Intercept
- 23 m
- From
- 98 m
- To
- 121 m
- Intercept Depth
- 98 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Group ID
- JRC017-25:98-121
- Mining Method
- open_pit
Location
- Location
- La Negra Ext
- CRS
- WGS84 / UTM Zone 19S
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart Laboratories
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Assumptions Disclosed
- Yes
Compositing
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
- Dilution Disclosed
- Yes
- Max Dilution
- 3 m
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-05-19T00:00:00.000Z
Reasoning: Restates a known interval rather than improving or extending it.
Positive factors
- Strong silver grade over 23 m; above baseline average.
Negative factors
- Exactly matches the baseline's JRC017-25 result; no new information.
- True width is not quantified.
Evidence · text
“(JRC017-25) 23m at 238gpt Ag, 0.38gpt Au from 98m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
QA/QC DisclosedRejected · positive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Reason: qaqc_disclosed is true
Compositing TransparentRejected · positive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Reason: cutoff_grade and internal dilution are both stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
JRC017-25Joaquin North · goldGrade: 0.38Grade Unit: g/tIntercept: 23 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- JRC017-25
- Project
- Joaquin North
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- USL
Geometry
- Grade
- 0.38
- Grade Unit
- g/t
- Intercept
- 23 m
- From
- 98 m
- To
- 121 m
- Intercept Depth
- 98 m
Classification
- Deposit Type
- epithermal
- Sample Type
- drill
- Group ID
- JRC017-25:98-121
- Mining Method
- open_pit
Location
- Location
- La Negra Ext
- CRS
- WGS84 / UTM Zone 19S
- Loc. Source
- document
QA/QC
- Laboratory
- Alex Stewart Laboratories
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
- QA/QC Methods
- standards, blanks, duplicates
Metal Equivalent
- Assumptions Disclosed
- Yes
Compositing
- Cutoff Grade
- 40
- Cutoff Unit
- g/t AgEq
- Dilution Disclosed
- Yes
- Max Dilution
- 3 m
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2025-05-19T00:00:00.000Z
Reasoning: A known modest gold credit, not a new assay or extension.
Positive factors
- Gold credit accompanies strong silver mineralisation.
Negative factors
- Exactly matches the baseline result and is below average gold grade.
- True width is not quantified.
Evidence · text
“(JRC017-25) 23m at 238gpt Ag, 0.38gpt Au from 98m”
Rejected tags
Rejected tags — excluded from scoring because their label or evidence could not be verified.
QA/QC DisclosedRejected · positive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Reason: qaqc_disclosed is true
Compositing TransparentRejected · positive
Cut-off grade and internal dilution rules are clearly stated for reported intervals.
Reason: cutoff_grade and internal dilution are both stated
Stale Data Re-releaseRejected · negative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Reason: the fact restates a prior release
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
- Ownership percent
- 100 %
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: Provides a credible geological baseline, rather than new resource growth.
Positive factors
- Indicated JORC resource with named CP and disclosed equivalent assumptions.
Negative factors
- Historical restatement; cut-off and effective date are not stated.
Evidence · table
“86”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
- Ownership percent
- 100 %
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 resource's combined value but is not its primary driver.
Positive factors
- Indicated gold credit in a polymetallic JORC resource.
Negative factors
- Low standalone gold grade; historical estimate with undisclosed cut-off.
Evidence · table
“0.49”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
- Ownership percent
- 100 %
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: A limited byproduct contribution, not a standalone lead resource development case.
Positive factors
- Lead grade and contained metal explicitly disclosed.
Negative factors
- Lead credits are economically considered only at Marta Centro.
- Historical estimate; cut-off undisclosed.
Evidence · table
“0.28”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4164d3b89ff652e481db
- Ownership percent
- 100 %
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 potential byproduct contribution whose value is scope-dependent.
Positive factors
- Indicated zinc grade and contained metal are disclosed.
Negative factors
- Zinc credits are considered only at Marta Centro.
- Low standalone grade; historical estimate.
Evidence · table
“0.93”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement.
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“71”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
- Ownership percent
- 100 %
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: A historical gold credit requiring resource-confidence improvement.
Positive factors
- Disclosed gold inventory contributes to polymetallic value.
Negative factors
- Inferred confidence and low standalone gold grade.
- Cut-off undisclosed.
Evidence · table
“0.77”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
- Ownership percent
- 100 %
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 scope-limited potential byproduct, with no new resource information.
Positive factors
- Lead inventory is explicitly reported.
Negative factors
- Inferred confidence; economic credits restricted to Marta Centro.
- Historical estimate.
Evidence · table
“0.77”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:23260062cc9e4e659245
- Ownership percent
- 100 %
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: Potential byproduct inventory, requiring both geological and processing validation.
Positive factors
- Zinc inventory is explicitly disclosed.
Negative factors
- Inferred confidence and low standalone grade; credits restricted to Marta Centro.
Evidence · table
“0.77”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
- Ownership percent
- 100 %
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: A substantial historical baseline; combined total is conservatively classified as Inferred.
Positive factors
- Disclosed total combines Indicated and Inferred silver inventory.
Negative factors
- Most tonnes are Inferred; this total overlaps component facts.
- Historical restatement and undisclosed cut-off.
Evidence · table
“77”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
- Ownership percent
- 100 %
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 contributes to combined project value without constituting new growth.
Positive factors
- Explicit total gold inventory.
Negative factors
- Low standalone grade; majority-Inferred mixed total overlaps components.
- Historical estimate.
Evidence · table
“0.65”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
- Ownership percent
- 100 %
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: Preserves disclosed byproduct scale without assuming all lead has economic value.
Positive factors
- Explicit total lead inventory.
Negative factors
- Credits restricted to Marta Centro; mixed total overlaps components.
- Historical restatement.
Evidence · table
“0.57”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:4bc6dbc69f6cc3c73db3
- Ownership percent
- 100 %
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: A disclosed potential byproduct inventory, rather than new resource growth.
Positive factors
- Explicit total zinc inventory.
Negative factors
- Low standalone grade; credits restricted to Marta Centro.
- Mixed total overlaps components and is historical.
Evidence · table
“0.84”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:a1e8ad5cd6f6452886fc
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 65.2
- Grade Unit
- moz
- Contained Metal
- 65.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
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
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: A useful historical conversion baseline, not a current undepleted JORC resource.
Positive factors
- Large historical M&I silver inventory prepared under NI 43-101 with a named QP.
Negative factors
- Not JORC compliant or verified by a current CP.
- 2013 estimate predates production; cut-off is undisclosed.
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:a1e8ad5cd6f6452886fc
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 61.1
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
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
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: A minor historical gold credit accompanying the silver resource.
Positive factors
- Gold credit is explicitly quantified in the historical M&I estimate.
Negative factors
- Very low gold grade; unverified under JORC and predates production.
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:f686c744c7fd7d3fe14d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 3.1
- Grade Unit
- moz
- Contained Metal
- 3.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
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
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: Speculative historical inventory requiring validation.
Positive factors
- Explicit historical silver inventory.
Negative factors
- Inferred confidence, stale estimate and no current JORC verification.
- Cut-off undisclosed.
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:f686c744c7fd7d3fe14d
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1000000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 3.7
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
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
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: A minor historical byproduct quantity.
Positive factors
- Disclosed gold credit.
Negative factors
- Small, low-grade Inferred inventory from an unverified 2013 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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:25858f4562b005ae59dd
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 68.3
- Grade Unit
- moz
- Contained Metal
- 68.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2013-02-15
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
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: Preserves the printed historical total, conservatively classified by its least-confident constituent.
Positive factors
- Substantial historical total with most tonnes in M&I.
Negative factors
- Unverified under JORC, stale and predates production.
- Total overlaps components; cut-off undisclosed.
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Effective date
- 2013-02-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Luis Oviedo H
- Resource group id
- resource:25858f4562b005ae59dd
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 16700000
- Grade
- 0.12
- Grade Unit
- g/t
- Contained Metal
- 64.2
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2013-02-15
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
- Historical Source Date
- 2024-08-20T00:00:00.000Z
Reasoning: A modest historical byproduct inventory rather than current growth.
Positive factors
- Printed total gold credit retained.
Negative factors
- Low gold grade; historical total predates production and remains unverified under JORC.
- Overlaps component rows.
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:316af42d84a27c7b45a5
- Ownership percent
- 100 %
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: Provides a credible geological baseline, rather than new resource growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated JORC resource with named CP and disclosed equivalent assumptions.
Negative factors
- Historical restatement; cut-off and effective date are not stated.
Evidence · table
“18.8”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:316af42d84a27c7b45a5
- Ownership percent
- 100 %
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: Provides a credible geological baseline, rather than new resource growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated JORC resource with named CP and disclosed equivalent assumptions.
Negative factors
- Historical restatement; cut-off and effective date are not stated.
Evidence · table
“0.49”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:316af42d84a27c7b45a5
- Ownership percent
- 100 %
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: Provides a credible geological baseline, rather than new resource growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated JORC resource with named CP and disclosed equivalent assumptions.
Negative factors
- Historical restatement; cut-off and effective date are not stated.
Evidence · table
“41.9”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:316af42d84a27c7b45a5
- Ownership percent
- 100 %
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: Provides a credible geological baseline, rather than new resource growth. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Indicated JORC resource with named CP and disclosed equivalent assumptions.
Negative factors
- Historical restatement; cut-off and effective date are not stated.
Evidence · table
“140”
Context: 6.82
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c8ce1014f61dd2106340
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“22.1”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c8ce1014f61dd2106340
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“0.77”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c8ce1014f61dd2106340
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“53.7”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:c8ce1014f61dd2106340
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“163”
Context: 9.65
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:2feabb2da7c1cf87abd7
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“40.9”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:2feabb2da7c1cf87abd7
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“0.65”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:2feabb2da7c1cf87abd7
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“95.6”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
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, Argentina
- Ticker
- USL
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Ian Taylor
- Resource group id
- resource:2feabb2da7c1cf87abd7
- Ownership percent
- 100 %
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: Defines potential inventory requiring further confidence improvement. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Meaningful disclosed silver inventory under JORC.
Negative factors
- Inferred confidence; historical restatement with no cut-off disclosed.
Evidence · table
“304”
Context: 16.47
Tags used in scoring
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Metallurgical Results (4)
cyanide leachingCerro Leon · goldRecovery: 85 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- scoping
- Test Type
- cyanide leaching
- Processing Route
- whole ore cyanidation
- Sample
- 2010–2013 oxide testwork; 51 drill holes and 26 trenches
- Grind P80
- 75 µm
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: An encouraging oxide baseline, below strong gold mill-leach recovery.
Positive factors
- Moderate mill-leach gold recovery from free-milling oxide material.
Negative factors
- Historical scoping results; reagent consumption and modern validation are undisclosed.
Evidence · table
“~80% Ag, ~85% Au”
Context: Whole Ore
cyanide leachingCerro Leon · silverRecovery: 80 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Cerro Leon
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Program Status
- scoping
- Test Type
- cyanide leaching
- Processing Route
- whole ore cyanidation
- Sample
- 2010–2013 oxide testwork; 51 drill holes and 26 trenches
- Grind P80
- 75 µm
Recovery
- Recovery
- 80 %
- Recovery Basis
- actual_test
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Supports the oxide route without resolving the separate sulphide processing opportunity.
Positive factors
- Free-milling oxide material with approximately 80% silver recovery and distributed samples.
Negative factors
- Historical scoping work; sulphide material is excluded.
- Reagent consumption and individual variability results are undisclosed.
Evidence · table
“~80% Ag, ~85% Au”
Context: Whole Ore
Fact 3Joaquin · silverRecovery: 81 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- silver
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Processing Route
- Manantial Espejo Merrill Crowe processing facility
- Sample
- La Morocha ore; estimated metallurgical recovery cited to the January 2018 PFS
- Leach Time
- 96 hours
Recovery
- Recovery
- 81 %
- Recovery Basis
- unspecified
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: Retains the distinct 81% estimate without treating it as a new achieved test result.
Positive factors
- Historical operating-facility context supports processing-route relevance.
Negative factors
- Recovery is described as estimated; achieved production recovery is not established.
- No like-for-like improvement comparison is justified.
Evidence · text
“The metallurgical recovery for both silver and gold were estimated to be 81%”
Fact 4Joaquin · goldRecovery: 81 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Joaquin
- Commodity
- gold
- Region
- argentina
- Reported Region
- Santa Cruz, Argentina
- Ticker
- USL
Test Work
- Processing Route
- Manantial Espejo Merrill Crowe processing facility
- Sample
- La Morocha ore; estimated metallurgical recovery cited to the January 2018 PFS
- Leach Time
- 96 hours
Recovery
- Recovery
- 81 %
- Recovery Basis
- unspecified
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Reasoning: A historical design-context estimate with appreciable gold losses.
Positive factors
- Historical processing facility provides relevant development context.
Negative factors
- Estimated gold recovery is low for a mill-leach route; achieved recovery is not demonstrated here.
- No like-for-like recovery improvement established.
Evidence · text
“The metallurgical recovery for both silver and gold were estimated to be 81%”
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.