Unico Silver (ASX:USL) is waiting to receive further assay results in order to conduct a revised mineral resource estimate for the Cerro Leon Project in Argentina.
The updated mineral resource estimate (MRE) will be undertaken late next year, following the completion of a broad and ongoing 50,000m drilling program, which also covers portions of the Joaquin Project
The Cerro Leon Project hosts a current MRE of 16.5 million tonnes at 172 grams per tonne (g/t) silver-equivalent, representing 91 million ounces of contained silver-equivalent.
This news comes after Unico Silver received the first assay results from the current 5,000m reverse circulation drilling program, which forms part of the larger 50,000m campaign, being conducted at Cerro Leon.
The results from the Karina prospect include 12m @ 307g/t silver-equivalent, including 3m @ 1,052g/t silver-equivalent; 5m @ 828g/t silver-equivalent; and 2m @ 1,500g/t silver-equivalent.
Managing Director Todd Williams says the first nine holes exceed expectations, and confirm the continuity of mineralisation along a 900m strike and the potential for further extensions at depth.
“Notably, hole PR003-24 reported an exceptional individual assay of 2,609g/t silver, validating the shallow, high-grade nature of mineralisation,” Williams says.
“With assays for 42 additional holes still pending and drilling set to scale up in January, shareholders can look forward to a steady stream of results and updates over the next 12 months.”
The company notes that drilling operations will scale up in the first week of 2025 with two diamond drill rigs mobilising to site. The diamond drilling program will test the vertical continuity of mineralisation across all of the priority prospects, including Karina.
Unico Silver is an emerging growth-oriented silver developer focused on its flagship Cerro Leon Project which lies in the Santa Cruz province of Argentina.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver
