Joaquin Drilling Yields 23m at 268gpt AgEq and New Shallow Silver Discovery

Strong Start to Joaquin Drilling

Unico Silver Limited (ASX: USL) has reported a robust start to its Phase 1 drilling program at the Joaquin silver project in Argentina’s Santa Cruz province. The initial reverse circulation drilling campaign, comprising 20 holes over 2,712 metres, has confirmed significant extensions to the La Negra silver resource. Notably, multiple high-grade intercepts validate historical drilling and expand the mineralised envelope beyond previous Foreign Estimates, with mineralisation remaining open in several directions.

Among the standout results, hole JRC002-25 returned 17 metres at 258 grams per tonne silver equivalent (AgEq) from 63 metres, including a 1-metre intercept grading 1,213 gpt AgEq. Other impressive intercepts include 64 metres at 81 gpt AgEq and 23 metres at 268 gpt AgEq, underscoring the continuity and tenor of the mineralisation.

Discovery at Brunilda Enhances District Potential

Adding to the excitement, drilling at Brunilda, located 1.5 kilometres east of La Negra on a parallel structure, has intersected broad zones of near-surface silver mineralisation in all scout holes. This new discovery highlights the untapped potential of the broader Joaquin district and suggests multiple new targets remain to be tested.

Brunilda’s intercepts include 23 metres at 88 gpt AgEq from just 4 metres depth and 8 metres at 134 gpt AgEq, indicating promising shallow mineralisation that could complement the deeper La Negra resource.

Accelerated Drilling and Resource Growth Plans

To support rapid resource growth, Unico Silver has mobilised a second diamond drill rig to the site. This rig is currently testing deeper extensions and step-out targets, aiming to expand the mineralised footprint and underpin a maiden JORC-compliant Mineral Resource estimate. The company plans ongoing infill and extensional drilling at La Negra, alongside further drilling at Brunilda to delineate the scale and grade potential of the new discovery.

Managing Director Todd Williams emphasised the significance of these results, noting the system now exceeds two kilometres in strike length and remains open in multiple directions. He highlighted the compelling case for continued growth and the strengthening of Unico Silver’s position as the leading undeveloped silver project in Santa Cruz.

Context Within Santa Cruz Portfolio

The Joaquin project complements Unico Silver’s nearby Cerro Leon project, which holds a JORC-compliant Mineral Resource Estimate of 91 million ounces silver equivalent. Joaquin itself hosts a historical Foreign Estimate of 73 million ounces AgEq, though this remains to be upgraded to JORC standards pending further drilling and evaluation.

Unico Silver’s strategic focus on the Deseado Massif geological province leverages a prolific silver-gold district with significant exploration upside. The company’s methodical approach, combining modern drilling techniques and rigorous assay protocols, aims to unlock value from these underexplored assets.

Technical Rigor and Next Steps

The drilling program employs both reverse circulation and diamond drilling methods, with comprehensive sampling, logging, and quality control measures in place. Assay results are independently verified, and the company plans to integrate these findings into an updated resource model.

Looking ahead, Unico Silver intends to continue systematic drilling to test lateral and depth extensions, focusing on high-grade zones and new targets identified through geophysical and geological studies. The arrival of the second diamond rig is expected to accelerate this process, potentially unlocking further discoveries and enhancing resource confidence.