Unico Silver Surges Cerro Leon Resource to 162Moz AgEq, Eyes 250Moz+ Milestone

Significant Resource Growth at Cerro Leon

Unico Silver Limited (ASX, USL) has delivered a landmark update to its Cerro Leon Project in Argentina, announcing a 73% increase in its JORC-compliant Mineral Resource Estimate (MRE) to 162 million ounces silver equivalent (AgEq). This latest estimate, based on over 20,000 metres of drilling completed during 2024 and 2025, elevates the project’s profile as a district-scale silver system in the prolific Deseado Massif region.

The updated resource now totals 31 million tonnes at an average grade of 161 grams per tonne AgEq, incorporating silver, gold, lead, and zinc credits. Notably, the maiden oxide and transitional resource alone exceeds the PLUS 150 Exploration Target set earlier this year, with 8.1 million tonnes at 171 g/t AgEq for 45 million ounces, of which more than two-thirds are classified as Indicated. This classification underpins early-stage feasibility and mine planning efforts, providing a robust foundation for the upcoming maiden Scoping Study.

Exploration Efficiency and Open Potential

The resource expansion has been achieved at an exceptionally low discovery cost of just USD 0.10 per silver equivalent ounce, reflecting efficient exploration and drilling programs. The mineralisation remains open at depth and along strike across multiple prospects within the Cerro Leon project, including Karina, CSS, Savary, Kasia, MS Link, and Archen. This open-ended potential suggests further resource growth is likely as drilling continues.

Importantly, the current MRE excludes the Joaquin Foreign Estimate of 73 million ounces AgEq, which remains a non-JORC compliant historical estimate pending formal re-evaluation. With the Joaquin MRE update expected imminently, Unico Silver anticipates a clear pathway to surpassing 250 million ounces AgEq globally, advancing its longer-term strategy to exceed 300 million ounces.

Geological and Metallurgical Confidence

The Cerro Leon mineralisation is hosted within a well-understood epithermal vein system characterized by quartz-adularia veins and breccias, with precious and base metal credits. The resource estimate is supported by rigorous geological modelling, extensive sampling, and robust QAQC protocols. Metallurgical test work indicates amenability to conventional open-pit mining and processing methods, including flotation circuits for lead and zinc concentrates and leach recovery for silver and gold.

Unico Silver’s Managing Director Todd Williams highlighted the milestone nature of the update, emphasizing the transformation of Cerro Leon from a legacy asset into a major silver district. The high proportion of Indicated resources in the oxide domain is particularly encouraging for near-term development prospects.

Looking Ahead

With ongoing drilling programs and the imminent Joaquin MRE update, Unico Silver is poised to further enhance its resource base. The company’s PLUS 150 development strategy has already been validated by exceeding exploration targets, and the forthcoming maiden Scoping Study will provide critical insights into project economics and mine planning. Investors and analysts will be watching closely as Unico Silver advances its portfolio towards potential production in one of the world’s most prolific silver regions.