Unico Silver (ASX:USL) has returned a resource estimate of 45.3 million tonnes @ 115 grams per tonne silver equivalent for 167 million ounces silver equivalent for the Joaquin Project in Santa Cruz, Argentina.
The updated resource represents a 143% increase in contained silver equivalent for the project since Unico acquired the asset in October 2024.
Unico says the resource estimate confirms Joaquin to be a “unique silver dominant system”, with 78% of the resource falling in the indicated category.
The updated resource estimate will be used in an upcoming Prefeasibility Study (PFS), which is expected to be delivered in Q3 2026.
Unico has completed 27,723m of drilling since April 2025, using a discovery cost of US$0.11 per silver equivalent ounce.
This resource update brings a combined resource of 76.2 million tonnes @ 135g/t silver equivalent for 330 million ounces silver equivalent for the Joaquina and Cerro Leon projects.
The combined resource represents a 43% increase since September 2025.
Managing Director Todd Williams says Joaquin is established as a “cornerstone asset” for the company within its greater Santa Cruz portfolio due to this resource update.
“Importantly, the majority of this growth sits within near-surface oxide mineralisation, which is well suited to conventional open-pit mining and whole-ore cyanidation processing,” Williams says.
“The updated resource now provides a robust foundation for the upcoming Prefeasibility Study, with 78% of tonnes in the indicated category and more than 200 million ounces of free-milling oxide material supporting our phase one ‘Oxide First’ development strategy.
“Few silver development companies globally control a resource base of this scale within a single mining district.
“With a clear pathway toward development and significant exploration upside remaining across the district, we believe Unico Silver is uniquely positioned to unlock substantial long-term value from the Joaquin silver district.”
Unico’s total free-milling resources stands at 53.4 million tonnes @ 124g/t silver equivalent for 212 million ounces silver equivalent.
The company is currently undergoing technical programs for the PFS, including metallurgy, pit optimisation, geotechnical studies, flowsheet design, and environmental baseline work.
Unico Silver is a mineral explorer focused on discovering silver and gold deposits in Argentina’s Santa Cruz region.
Write to Maddison Elliott at Mining.com.au
Images: Unico Silver
