Unico Silver (ASX:USL) has discovered a new mineralised zone southeast of the La Morocha deposit within the Joaquin Project in Argentina, after conducting a drilling program.
This is the second “major” discovery found in July following the La Negra southeast step out, as Mining.com.au reported, and further reinforces the scale and growth potential of the Joaquin system.
La Morocha highlights the discovery potential of the underexplored Cerro Puntungo tenement – an area historically overlooked due to fragmented ownership, but now fully consolidated by Unico.
Unico drilled three holes for 622m to test southeast extensions of La Morocha’s structure. Assays returned for two holes include 69m @ 163 grams per tonne silver-equivalent (AgEq) from 124m, including 8.5m @ 656g/t AgEq from 163.5m.
Managing Director Todd Williams says La Morocha southeast extends mineralisation beyond the boundaries of the 2013 foreign estimate into the underexplored Cerro Puntundo property.
“With mineralisation open at depth and along strike, the pace of discovery has already overtaken the upcoming mineral resource estimate due in September – an exceptional result and compelling sign of growth to come,” Williams says.
Unico, which has a market capitalisation of $199.26 million, says with results from 27 additional holes still pending across Joaquin and two discoveries reported, the company is shifting its focus to further resource growth.
The Joaquin Project comprises two contiguous tenements totalling 35,946 hectares and contains a historical foreign estimate of 16.7 million tonnes @ 136g/t AgEq for 73 million ounces in the La Negra and La Morocha deposits.
Unico Silver is an emerging growth-oriented silver developer focused on its flagship Cerro Leon Project located in the Santa Cruz province of Argentina.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver
