Unico Silver (ASX:USL) is planning to transition from an explorer to developer focusing on high-value free-milling silver ounces at the Joaquin and Cerro Leon projects in Argentina.
The company has formed a PLUS 150 and BEYOND 300 exploration and development plan to accelerate this transition.
At Joaquin, the company says potential exists for new discoveries, with five regional prospects prioritised for future exploration work.
Two diamond rigs are currently at the project and will continue drilling until the end of June to complete a phase-one 10,000m drilling program.
Meanwhile at Cerro Leon, high-grade oxide mineralisation starts at surface and extends to 50m vertically, with potential low strip.
A phase-three diamond and reverse circulation drilling program is nearing completion at Cerro Leon. The final drill results supporting the PLUS 150 strategy are expected shortly.
Unico, which has a market capitalisation of $120.4 million, aims to convert the Joaquin 2013 foreign estimate into a JORC-compliant resource, as well as deliver a maiden resource at the Breccia Puntundo and La Negra deposits within Cerro Leon.
The resource estimates are expected to be delivered in Q3 2025.
Upon completion, detailed geotechnical studies and pit optimisation will form the basis of a maiden Scoping Study in line with the PLUS 150 development strategy.
Both of the projects are located in the central Deseado Massif geological province, Santa Cruz, Argentina.
Cerro Leon has a current resource of 91 million ounces silver-equivalent for 16.5 million tonnes @ 172 grams per tonne silver-equivalent, while Joaquin has a foreign estimate of 73 million ounces silver-equivalent for 16.7 million tonnes @ 136g/t silver-equivalent.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver
