# Batero Gold Corp Announces Mineral Resource Update and Robust Preliminary Economic Assessment for the La Cumbre Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509 Original source: https://money.tmx.com/en/quote/BAT/news/6285443359163881/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom Publisher: tmx Original announcement: 2022-10-06T21:40:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Batero Gold Corp - Ticker: BAT - Exchange: TSX - Region: Colombia - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Metallurgy - Extracted: 2026-08-21 11:59:01 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Batero Gold Corp. announced an updated Mineral Resource Estimate for its La Cumbre project, which includes a significant increase of 1.7 million ounces of gold from the Primary zone, resulting in 99.3% Measured and Indicated resources. Concurrently, a Preliminary Economic Assessment \(PEA\) was released, outlining robust economics with a post-tax Net Present Value \(NPV\) of $481 million and an Internal Rate of Return \(IRR\) of 32.1%. The PEA details a two-phase development plan, incorporating both heap leaching for oxide/transitional material and flotation/gravimetry with CIL for primary sulfide ore, with gold recoveries of 85.5% and 80.6% respectively. Reasoning: Batero Gold Corp announced an updated Mineral Resource Estimate for its La Cumbre project, showing a significant increase in gold ounces and exceptional M&I confidence, supported by a robust Preliminary Economic Assessment \(PEA\) with strong economic metrics. However, the PEA's preliminary nature and reliance on inferred resources, along with low silver grades and recoveries, present some cautionary notes. - Positive factor: Exceptional M&I confidence \(99.3%\) - Positive factor: Strong contained gold \(2.195 Moz\) - Positive factor: Strong gold grade \(0.503 g/t\) for porphyry open pit - Positive factor: Robust post-tax NPV \($481M\) and IRR \(32.1%\) from the PEA - Positive factor: QP/CP Signed and NI 43-101 Compliant resource - Positive factor: Disclosed cut-off grades for resource and PEA - Positive factor: High gold recovery for oxide/transitional material \(85.5% via heap leach\) - Positive factor: Reasonable overall gold recovery for primary sulfide \(80.6%\) - Negative factor: PEA is preliminary and includes inferred resources, which are considered geologically speculative for economic viability - Negative factor: Low contained silver \(6.4 Moz, below weak threshold\) - Negative factor: Very low silver grade \(1.47 g/t, below marginal threshold\) - Negative factor: Low silver recovery \(46.9%\) Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 9 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Resource estimate prepared in compliance with NI 43-101 \(Canada\) as stated by QP. Evidence · text > Qualified Person under National Instrument 43 101 Standards of Disclosure for Mineral Projects **QP/CP Signed** Polarity: positive Definition: 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: Mr. Walter La Torre, MAusIMM \(CP\), is a Qualified Person and approved the disclosure. Evidence · text > Mr. Walter La Torre, MAusIMM \(CP\), is a Qualified Person **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an update to the existing mineral resource estimate. Evidence · text > Mineral Resource update **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate and metallurgical testwork are presented as part of a Preliminary Economic Assessment. Evidence · text > preliminary economic assessment \("PEA"\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades for oxide, transitional, and primary zones are explicitly stated for the resource estimate. Evidence · text > Mineral Resources \(Oxide\) are reported using a 0.218 Au g/t cut off grade. Mineral Resources \(Transitional\) are reported using a 0.218 Au g/t cut off grade. Mineral Resources \(Primary\) are reported using a 0.179 Au g/t Au g/t cut off grade. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The PEA includes inferred resources, which are considered geologically speculative. Evidence · text > this preliminary economic assessment is preliminary in nature, including resources inferred in the Mineral Resources Statement that are considered too geologically speculative to apply the economic considerations that would allow them to be classified as mineral reserves. **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: Silver recovery of 46.9% for oxide and transitional material is below the weak band for heap leach. Evidence · table > 46.9% Context: Silver Recovery **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: Phase one processing involves heap leaching for oxide and transitional material. Evidence · text > processed in leach pads at a throughput of 15 ktpd. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: Phase two processing involves flotation, gravimetry, and CIL for primary sulfide material. Evidence · text > processed in a flotation and gravimetry plant at a throughput of 30 ktpd. **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource includes a significant Measured component, indicating high geological confidence. Evidence · table > Measured Context: 129,421,866 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource includes a significant Indicated component, indicating reasonable geological confidence. Evidence · table > Indicated Context: 6,283,667 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The resource update includes a significant increase of 1.7 Moz Au from the Primary zone. Evidence · text > increase the resources in 113 Mt with 0.462 Au g/t and 1.7 Moz Au. **PEA is Preliminary** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The economic assessment is preliminary in nature and includes inferred resources, which are considered speculative. Evidence · text > This preliminary economic assessment is preliminary in nature, including resources inferred in the Mineral Resources Statement that are considered too geologically speculative to apply the economic considerations that would allow them to be classified as mineral reserves. **PEA Cut-off Disclosed** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Cut-off grades for leachable \(0.243 g/t Au\) and mill process \(0.20 g/t Au\) materials used in the PEA are disclosed. Evidence · text > Cut-off for leachable materials is 0.243 Au g/t and for mill process is 0.20 Au g/t ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-0) gold #### Identity - Commodity: gold - Ticker: BAT #### Resource Data - Category: measured - Tonnes: 129421866 - Grade: 0.509 - Grade Unit: g/t - Contained Metal: 2117649 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Measured resource provides high confidence in the estimate. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant Evidence · table > 0.509 Context: 129,421,866 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-1) silver #### Identity - Commodity: silver - Ticker: BAT #### Resource Data - Category: measured - Tonnes: 129421866 - Grade: 1.52 - Grade Unit: g/t - Contained Metal: 6336330 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Measured resource provides high confidence in the estimate. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant Evidence · table > 1.52 Context: 129,421,866 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-2) gold #### Identity - Commodity: gold - Ticker: BAT #### Resource Data - Category: indicated - Tonnes: 6283667 - Grade: 0.383 - Grade Unit: g/t - Contained Metal: 77476 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Indicated resource provides reasonable confidence in the estimate. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant Evidence · table > 0.383 Context: 6,283,667 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-3) silver #### Identity - Commodity: silver - Ticker: BAT #### Resource Data - Category: indicated - Tonnes: 6283667 - Grade: 0.45 - Grade Unit: g/t - Contained Metal: 91432 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Indicated resource provides reasonable confidence in the estimate. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant Evidence · table > 0.45 Context: 6,283,667 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-4) gold #### Identity - Commodity: gold - Ticker: BAT #### Resource Data - Category: inferred - Tonnes: 904088 - Grade: 0.413 - Grade Unit: g/t - Contained Metal: 12005 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Inferred resource is speculative and has lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Negative factor: PEA includes inferred resources Evidence · table > 0.413 Context: 904,088 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-5) silver #### Identity - Commodity: silver - Ticker: BAT #### Resource Data - Category: inferred - Tonnes: 904088 - Grade: 1.32 - Grade Unit: g/t - Contained Metal: 38472 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Inferred resource is speculative and has lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Negative factor: PEA includes inferred resources Evidence · table > 1.32 Context: 904,088 ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-6) gold #### Identity - Commodity: gold - Ticker: BAT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: High gold recovery for oxide and transitional material via heap leaching is positive for project economics. - Positive factor: High Recovery - Positive factor: Heap Leach Route Evidence · text > estimated recovery of 85.5% in 18 days of spraying. ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-7) silver #### Identity - Commodity: silver - Ticker: BAT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Silver recovery of 46.9% for oxide and transitional material is relatively low. - Negative factor: Low Recovery Evidence · table > 46.9% Context: Silver Recovery ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/batero-gold-corp-announces-mineral-resource-update-and-robust-preliminary-econom--72ae17d8-1084-4c75-ad75-0a70bf407509#fact-resource-facts-8) gold #### Identity - Commodity: gold - Ticker: BAT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2022-10-06T00:00:00.000Z Reasoning: Overall gold recovery of 80.6% for primary sulfide material using a combined gravimetric, flotation, and CIL process is reasonable. - Positive factor: Mill Route Evidence · text > giving an overall recovery of 80.6% gold. ## 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.