Unico Silver (ASX:USL) is set to resume drilling this week at the Joaquin Project in Argentina, as part of an expanded campaign targeting over 30,000m of additional drilling across its assets.
The phase two program will begin at the La Negra southeast and La Morocha southeast prospects, where results have defined broad zones of shallow oxide mineralisation.
Both prospects remain open in all directions and will be systematically infilled and extended as part of the resource upgrade program.
This news comes after Unico – which has a market capitalisation of $198.65 million – completed a $25 million capital raise which will fund the exploration and resource growth activities at the Cerro Leon and Joaquin projects.
Managing Director Todd Williams says with the recent placement, the company is in a strong position to resume drilling.
“The first goal of the stage two drill campaign will be to convert these recent discoveries into high-confidence ounces to contribute to a second JORC- resource early Q1 2026,” Williams says.
“These will underpin the company’s maiden Scoping Study, targeted for H1 2026.”
Both resource estimates for Cerro Leon and Joaquin are currently underway and due in the coming weeks.
As of 30 June 2025, the company had $12.5 million cash at hand. As a result of the company’s cash at hand and the placement, Unico says it is fully funded to execute its near-term growth and development strategy.
Unico Silver is among the largest landholders in the Santa Cruz region of Argentina, with a portfolio of five advanced assets and a resource base of 160 million ounces of silver-equivalent.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver
