Silverco’s La Negra posts $329M value over $21M costs
Original announcement by northernminer on
- Company
- Silverco Mining
- Ticker
- SICO
- Exchange
- Unavailable
- Region
- Mexico
- Primary commodity
- Silver
- Secondary commodities
- Copper, Lead, Zinc
- Document categories
- Resource update, Other
- Extracted
- 2026-09-21 16:50:14 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Silverco Mining has released a Preliminary Economic Assessment (PEA) for its La Negra mine in Mexico, projecting a post-tax NPV of $329 million and an IRR of 131%. The study defines an indicated resource of 15.2 Mt at 106 g/t silver and an inferred resource of 2.2 Mt at 92 g/t silver, supported by existing underground infrastructure.
Reasoning: The PEA reports a very high IRR (131%) and significant silver-lead-zinc-copper resources, though it is a preliminary study.
Positive factors
- High NPV and IRR from PEA
- Low initial capital costs due to existing infrastructure
- Significant indicated resource scale
- Expansion potential via new drilling program
Negative factors
- PEA is early-stage study (scoping level)
- Project relies on historical production restart
Facts used in scoring: 8
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The PEA is described as the latest effort to restore production and defines the current resource base.
Evidence · text
“The PEA marks the latest effort to restore the past-producing La Negra to sustained production”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The announcement is based on a Preliminary Economic Assessment (PEA).
Evidence · text
“A preliminary economic assessment (PEA) for Silverco Mining’s”
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
indicatedLa Negra · silverTonnes: 15200000Grade: 106Grade Unit: g/tContained Metal: 51.9Contained Unit: million oz. silverView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:52e961ea001be9b7718b
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 15200000
- Grade
- 106
- Grade Unit
- g/t
- Contained Metal
- 51.9
- Contained Unit
- million oz. silver
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: 106 g/t silver is a strong grade for an indicated resource.
Positive factors
- High grade for indicated resource
Evidence · text
“15.2 million indicated tonnes grading 106 grams silver per tonne”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
indicatedLa Negra · leadTonnes: 15200000Grade: 0.59Grade Unit: %Contained Metal: 199Contained Unit: million lb. leadView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- lead
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:52e961ea001be9b7718b
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 15200000
- Grade
- 0.59
- Grade Unit
- %
- Contained Metal
- 199
- Contained Unit
- million lb. lead
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Lead is a significant byproduct in the indicated resource.
Evidence · text
“0.59% lead”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
indicatedLa Negra · zincTonnes: 15200000Grade: 1.81Grade Unit: %Contained Metal: 608Contained Unit: million lb. zincView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:52e961ea001be9b7718b
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 15200000
- Grade
- 1.81
- Grade Unit
- %
- Contained Metal
- 608
- Contained Unit
- million lb. zinc
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Zinc is a significant byproduct in the indicated resource.
Evidence · text
“1.81% zinc”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
indicatedLa Negra · copperTonnes: 15200000Grade: 0.47Grade Unit: %Contained Metal: 158Contained Unit: million lb. copperView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:52e961ea001be9b7718b
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 15200000
- Grade
- 0.47
- Grade Unit
- %
- Contained Metal
- 158
- Contained Unit
- million lb. copper
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Copper is a significant byproduct in the indicated resource.
Evidence · text
“0.47% copper”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
inferredLa Negra · silverTonnes: 2200000Grade: 92Grade Unit: g/tContained Metal: 6.7Contained Unit: million oz. silverView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:c1dff0a14eec5b6e7429
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 92
- Grade Unit
- g/t
- Contained Metal
- 6.7
- Contained Unit
- million oz. silver
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Inferred resource provides lower geological confidence.
Negative factors
- Inferred category limits confidence
Evidence · text
“Inferred resources total 2.2 million tonnes at 92 grams silver”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
inferredLa Negra · leadTonnes: 2200000Grade: 1Grade Unit: %Contained Metal: 49.7Contained Unit: million lb. leadView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- lead
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:c1dff0a14eec5b6e7429
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 1
- Grade Unit
- %
- Contained Metal
- 49.7
- Contained Unit
- million lb. lead
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Lead is a byproduct in the inferred resource.
Evidence · text
“1% lead”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
inferredLa Negra · zincTonnes: 2200000Grade: 1.92Grade Unit: %Contained Metal: 95.7Contained Unit: million lb. zincView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:c1dff0a14eec5b6e7429
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 1.92
- Grade Unit
- %
- Contained Metal
- 95.7
- Contained Unit
- million lb. zinc
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Zinc is a byproduct in the inferred resource.
Evidence · text
“1.92% zinc”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
inferredLa Negra · copperTonnes: 2200000Grade: 0.21Grade Unit: %Contained Metal: 10.6Contained Unit: million lb. copperView all detailsHide details
Identity
- Project
- La Negra
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- SICO
Resource scope
- Estimate type
- resource
- Resource group id
- resource:c1dff0a14eec5b6e7429
- Deposit or zone
- La Negra
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2200000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 10.6
- Contained Unit
- million lb. copper
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Copper is a byproduct in the inferred resource.
Evidence · text
“0.21% copper”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
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
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.