Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq from 45.4 Mt at 0.79 g/t - Grades Above Global Heap-Leach Average & Highest Grades at Surface
Original announcement by tmx on
- Company
- Zacatecas Silver Corp.
- Ticker
- ZAC
- Exchange
- TSX
- Region
- Morelos State, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-17 06:32:52 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Zacatecas Silver has announced an updated Mineral Resource Estimate for the Esperanza Gold Project in Mexico, showing a 21% increase in Measured & Indicated gold equivalent ounces and a 49% increase in tonnes compared to the 2022 estimate. The M&I resource stands at 45.4 Mt at 0.79 g/t AuEq, with grades positioned in the upper quartile for global heap-leach operations.
Reasoning: Significant growth in both tonnage and contained metal for the M&I resource, with grades exceeding global heap-leach averages.
Positive factors
- 21% increase in M&I AuEq ounces
- 49% increase in M&I tonnes
- Grades are in the upper quartile for heap-leach peers
- Near-surface high-grade Measured category
- Low cut-off grade supports scalability
Facts used in scoring: 16
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: M&I tonnes increased by 49% vs the December 2022 MRE.
Evidence · text
“49% increase in M&I tonnes vs. the December 2022 MRE”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: M&I AuEq ounces increased by 21% vs the December 2022 MRE.
Evidence · text
“a 21% increase in M&I AuEq ounces”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an updated Mineral Resource Estimate for the Esperanza Gold Project.
Evidence · text
“is pleased to announce an increase in the updated Mineral Resource Estimate”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Chris Wilson and Eugene Puritch are named as Qualified Persons.
Evidence · text
“reviewed and approved by Chris Wilson... and by Eugene Puritch... Dr. Wilson and Mr. Puritch are Qualified Persons”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The cut-off grade of 0.13 g/t AuEq is explicitly stated.
Evidence · text
“uses a cut-off of 0.13 g/t AuEq”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The release states the technical report supporting the MRE will be filed under NI 43-101.
Evidence · text
“will file the National Instrument 43-101 Technical Report”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Metallurgical work supports heap leach processing.
Evidence · text
“conventional open-pit heap-leach operation”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: the document describes a heap_leach route ("heap leach")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 16. Some facts used in scoring do not have a stored record.
Resource Estimates (14)
measuredEsperanza Gold Project · goldTonnes: 12850000Grade: 0.89Grade Unit: g/tContained Metal: 367000Contained Unit: ozView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:7e3c86afebc519ad1170
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 12850000
- Grade
- 0.89
- Grade Unit
- g/t
- Contained Metal
- 367000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: High-grade near-surface measured material.
Positive factors
- High grade for heap-leach
Evidence · table
“0.89”
Context: 12.85
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredEsperanza Gold Project · silverTonnes: 12850000Grade: 6.5Grade Unit: g/tContained Metal: 2703000Contained Unit: ozView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:7e3c86afebc519ad1170
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 12850000
- Grade
- 6.5
- Grade Unit
- g/t
- Contained Metal
- 2703000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Secondary metal component of measured resource.
Evidence · table
“6.5”
Context: 12.85
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedEsperanza Gold Project · goldTonnes: 32560000Grade: 0.7Grade Unit: g/tContained Metal: 737000Contained Unit: ozView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:5bbcc05b3d19c344b41a
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32560000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 737000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Indicated resource component.
Evidence · table
“0.70”
Context: 32.56
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedEsperanza Gold Project · silverTonnes: 32560000Grade: 9.2Grade Unit: g/tContained Metal: 9663000Contained Unit: ozView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:5bbcc05b3d19c344b41a
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32560000
- Grade
- 9.2
- Grade Unit
- g/t
- Contained Metal
- 9663000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Secondary metal component of indicated resource.
Evidence · table
“9.2”
Context: 32.56
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredEsperanza Gold Project · goldTonnes: 11200000Grade: 0.53Grade Unit: g/tContained Metal: 190000Contained Unit: ozView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:ce20a09a3ec8a886f283
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 11200000
- Grade
- 0.53
- Grade Unit
- g/t
- Contained Metal
- 190000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.57
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Inferred resource with expanded footprint.
Positive factors
- Tonnage increase vs prior
Negative factors
- Inferred category
Evidence · table
“0.53”
Context: 11.20
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredEsperanza Gold Project · silverTonnes: 11200000Grade: 11.2Grade Unit: g/tContained Metal: 4023000Contained Unit: ozView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:ce20a09a3ec8a886f283
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 11200000
- Grade
- 11.2
- Grade Unit
- g/t
- Contained Metal
- 4023000
- Contained Unit
- oz
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Secondary metal component of inferred resource.
Evidence · table
“11.2”
Context: 11.20
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredEsperanza Gold Project · goldTonnes: 12.85Grade: 0.89Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:13fa78b41bce88c5846e
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 12.85
- Grade
- 0.89
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: High-grade near-surface measured material. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High grade for heap-leach
Evidence · table
“0.89”
Context: 12.85
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
measuredEsperanza Gold Project · silverTonnes: 12.85Grade: 6.5Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:13fa78b41bce88c5846e
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 12.85
- Grade
- 6.5
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: High-grade near-surface measured material. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- High grade for heap-leach
Evidence · table
“6.5”
Context: 12.85
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedEsperanza Gold Project · goldTonnes: 32.56Grade: 0.7Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:3acd658ea177aa5d1840
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32.56
- Grade
- 0.7
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Indicated resource component. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“0.70”
Context: 32.56
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedEsperanza Gold Project · silverTonnes: 32.56Grade: 9.2Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:3acd658ea177aa5d1840
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 32.56
- Grade
- 9.2
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Indicated resource component. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“9.2”
Context: 32.56
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedEsperanza Gold Project · goldTonnes: 45.41Grade: 0.76Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:b941ac7ae44c73b64598
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 45.41
- Grade
- 0.76
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.79
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Indicated resource component. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“0.76”
Context: 45.41
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedEsperanza Gold Project · silverTonnes: 45.41Grade: 8.5Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:b941ac7ae44c73b64598
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 45.41
- Grade
- 8.5
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.79
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Indicated resource component. (Expanded from multi-commodity resource table for completeness.)
Evidence · table
“8.5”
Context: 45.41
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredEsperanza Gold Project · goldTonnes: 11.2Grade: 0.53Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:b586088c4b8fb6db9185
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 11.2
- Grade
- 0.53
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.57
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Inferred resource with expanded footprint. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage increase vs prior
Negative factors
- Inferred category
Evidence · table
“0.53”
Context: 11.20
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredEsperanza Gold Project · silverTonnes: 11.2Grade: 11.2Grade Unit: g/tView all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-06T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Chris Wilson, Eugene Puritch
- Resource group id
- resource:b586088c4b8fb6db9185
- Deposit or zone
- Esperanza
- Mining method
- open_pit
- Material type
- oxide
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 11.2
- Grade
- 11.2
- Grade Unit
- g/t
- Cutoff Grade
- 0.13
- Cutoff Unit
- g/t AuEq
Prior Estimate
- Resource Date
- 2026-04-06
Metal Equivalent
- Metal Eq. Grade
- 0.57
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Inferred resource with expanded footprint. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Tonnage increase vs prior
Negative factors
- Inferred category
Evidence · table
“11.2”
Context: 11.20
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
Metallurgical Results (2)
heap leachEsperanza Gold Project · goldRecovery: 75 %View all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Test Work
- Program Status
- scoping
- Test Type
- heap leach
- Sample
- metallurgical work supports 75% gold and 25% silver recoveries via heap leach
Recovery
- Recovery
- 75 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Standard heap leach recovery for oxide ore.
Positive factors
- Conventional heap leach route
Evidence · text
“75% gold and 25% silver recoveries via heap leach”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 75% is at or above the exceptional band (75%)
heap leachEsperanza Gold Project · silverRecovery: 25 %View all detailsHide details
Identity
- Project
- Esperanza Gold Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Morelos State, Mexico
- Ticker
- ZAC
Test Work
- Program Status
- scoping
- Test Type
- heap leach
- Sample
- metallurgical work supports 75% gold and 25% silver recoveries via heap leach
Recovery
- Recovery
- 25 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: Secondary metal recovery via heap leach.
Evidence · text
“75% gold and 25% silver recoveries via heap leach”
Tags used in scoring
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: processing_route matches the heap_leach signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 25% is below the weak band (75%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.