Joaquin Project Drilling to Hit 30,000 Metres Following $25M Raise
Unico Silver Limited has secured $25 million in funding to restart drilling at its Joaquin Project in Argentina, targeting promising high-grade silver zones. The company aims to upgrade resources and deliver a scoping study by mid-2026.
- Successful $25 million equity placement completed
- Drilling to recommence focusing on La Negra SE and La Morocha SE
- Targets over 30,000 metres of additional drilling
- Second JORC Mineral Resource Estimate expected Q1 2026
- Maiden Scoping Study targeted for first half of 2026
Funding Secures Next Phase at Joaquin
Unico Silver Limited has announced the recommencement of drilling activities at its wholly owned Joaquin Project in Santa Cruz, Argentina. This follows a successful $25 million equity placement that has bolstered the company’s cash position and fully funded an expanded drilling campaign. With $12.5 million in cash as of June 30, 2025, plus the recent capital injection, Unico is well positioned to accelerate exploration and resource development.
Targeting High-Grade Discoveries
The renewed drilling program will focus initially on the La Negra SE and La Morocha SE prospects, where recent assays have revealed broad zones of shallow, high-grade oxide mineralisation. Highlights include a 90-metre intercept grading 144 grams per tonne silver equivalent at La Negra SE and a 69-metre intercept at 163 grams per tonne silver equivalent at La Morocha SE. Both zones remain open in all directions, offering significant potential for resource expansion.
Strategic Milestones on the Horizon
Unico Silver aims to convert these promising drill results into a second JORC Mineral Resource Estimate by the first quarter of 2026. This updated resource will underpin the company’s maiden Scoping Study, scheduled for release in the first half of 2026. These milestones are critical steps in advancing the Joaquin Project towards development and eventual production.
Strong Institutional Support and Growth Ambitions
Managing Director Todd Williams highlighted the strong backing from both domestic and international institutional investors, which has enabled the company to maintain momentum. The ongoing discoveries and fully funded exploration program support Unico’s broader PLUS 150 development strategy and longer-term BEYOND 300 growth plans, signaling confidence in the project’s potential.
Looking Ahead
As drilling ramps up, the market will be watching closely for further assay results and resource updates. The company’s ability to convert high-grade discoveries into a robust resource base will be pivotal in shaping its development trajectory and investor sentiment.
Bottom Line?
Unico Silver’s well-funded drilling restart sets the stage for a pivotal resource upgrade and development study in 2026.
Questions in the middle?
- How will the updated resource estimate impact project valuation and financing options?
- What are the potential timelines and hurdles for advancing from scoping study to production?
- Could further drilling extend mineralisation beyond current targets at Joaquin?
