Unico Silver holds a 100% interest in the Cerro Leon and Joaquin silver gold districts located in the central Deseado Massif geological province, Santa Cruz Argentina.
Cerro Leon
The Cerro Leon project was born from three separate transactions from November 2022 to May 2024 and includes the Pinguino, Sierra Blanca and Conserrat districts. Cerro Leon is strategically located within the same structural corridor that is host to AngloGold Ashanti’s world-class Cerro Vanguardia mine.
Mineral Resource Estimate – Cerro Leon
Table 1: Cerro Leon Mineral Resource Estimate
Category | Tonnes | AgEq | AgEq (Moz) | Ag (gpt) | Au (gpt) | Pb (%) | Zn (%) | Ag Moz | Au (Koz) | Pb (Mlb) | Zn (Mlb) |
Indicated | 6.82 | 172 | 37.8 | 86 | 0.49 | 0.28 | 0.93 | 18.8 | 107 | 41.9 | 140 |
Inferred | 9.65 | 172 | 53.5 | 71 | 0.77 | 0.77 | 0.77 | 22.1 | 237 | 53.7 | 163 |
Total | 16.47 | 172 | 91.3 | 77 | 0.65 | 0.57 | 0.84 | 40.9 | 344 | 95.6 | 304 |
The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. Due to rounding to appropriate significant figures minor discrepancies may occur.
Joaquin
Joaquin comprises two contiguous tenements totalling 35,946 hectares. In March 2023, the Joaquin district was consolidated via the acquisition of Yamana by Pan America Silver, which included properties formerly held by Extorre Gold Mines, including Cerro Puntudo.
During August 2024, announced that it had interred a binding letter of intent (LOI) in respect of the proposed transaction to acquire a 100% interest in the Joaquin project from Pan American Silver. The transaction is due to close September 2024.
Press release: 20 August 2024, Acquisition of Joaquin Silver District
Mineral Resource Estimate – Joaquin
Table 2: Joaquin Project – Historical Foreign Estimate as of February 2013
Resource Category | Tonnes (Mt) | Ag (gpt) | Au (gpt) | Ag (Moz) | Au (Koz) | AgEq (gpt) | AgEq (Moz) |
M&I | 15.7 | 128 | 0.12 | 65.2 | 61.1 | 138 | 70.1 |
Inferred | 1 | 100 | 0.12 | 3.1 | 3.7 | 110 | 3.3 |
Total | 16.7 | 126 | 0.12 | 68.3 | 64.2 | 136 | 73.4 |
Table 3: Joaquin Project – Historical Production 2019 to 2022
Resource Category | Tonnes (Mt) | Ag (gpt) | Au (gpt) | Ag (Moz) | Au (Koz) | AgEq (gpt) | AgEq (Moz) |
Depletion | 0.33 | 410 | 0.14 | 4.3 | 1.5 | 421 | 4.5 |
Total | 0.33 | 410 | 0.14 | 4.3 | 1.5 | 421 | 4.5 |
Pursuant to the requirements of ASX Listing Rule 5.12 USL provides the following information in relation to the foreign estimates contained in this announcement in respect of the Joaquin Project:
1. The foreign estimate is sourced from a technical report on the Joaquin Project from NCL Ingenieria y Construccion Ltda, which was prepared for Coeur D’Alene Mines Corporation on 15 February 2013.
2.The foreign estimate uses categories of mineralization of inferred, indicated and measured resources, which are the same categories as in the JORC code.
3.These foreign estimates relate to the Joaquin Project, which USL has entered into the SPA to acquire. The acquisition is considered material to USL. The Joaquin Project is complementary to ULS’s existing Cerro Leon Project and is anticipated to provide an accelerated pathway to critical mass and resource development.
4-5. Detail on the reliability of the foreign estimate, including a summary of the work programs on which the foreign estimate is based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the foreign estimate, are summarised in the JORC Table in Appendix A
6.Limited confirmatory drilling has been completed by Pan American Silver since the February 2013 foreign estimate and the Company does not have access to any other recent estimates or data relevant to the reported mineralisation.
7.It is anticipated that desktop studies, database audit and a field review will be required to verify the foreign estimate as a mineral resource under the JORC Code. This work will be funded out of existing cash reserves and is anticipated to be completed within 6 months of closing the transaction.
8.Cautionary Statement
(a) The Foreign Estimate of mineralisation included in this announcement is not compliant with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and is a “Foreign Estimate”
(b) An independent resource consulting group NCL Ingenieria y Construccion Ltda. was commissioned by Coeur D’Alene Mines Corporation to prepare an independent Technical Report on the Joaquin Project suitable for reporting purpose under the standards of NI 43-101.
(c) A Competent Person (under ASX Listing Rules) has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code.
(d) It is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012.
9.A Competent Person’s statement is located at the end of this announcement.