Joaquin & Cerro Puntudo – 100% Acquistion of Joaquin Project from Global Major Pan American Silver
Consolidating a significant silver resource and district under a single company for the first time.
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. In October 2024, Unico Silver announced that it had completed a 100% acquisition of the Joaquin Project.
Joaquin contains a historical Foreign Estimate of 16.7Mt at 136gpt silver equivalent (AgEq2) for 73Moz AgEq (68Moz Ag, 64koz Au) in the La Negra and La Morocha deposits. It is strategically located 60km west of Unico Silvers’s 91Moz AgEq Cerro Leon resource and portfolio, enhancing future development options, with added scale and economics.
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.