Resource Estimate Delay Highlights Scale of La Negra SE Discovery Risks

Drilling Success at La Negra SE

Unico Silver Limited has reported compelling assay results from its extensional drilling program at the La Negra SE discovery, part of the company’s 100%-owned Joaquin Project in Santa Cruz, Argentina. The first two drill holes, totaling 376 metres, have confirmed the continuity of high-grade silver-gold mineralisation both down-dip and along strike. Notably, mineralisation now extends over 425 metres of strike length and 125 metres vertically, with true thicknesses reaching up to 75 metres.

Among the standout intercepts are 81 metres grading 148 grams per tonne silver equivalent (AgEq), including a high-grade sub-interval of 6.8 metres at 718 gpt AgEq, and 44.9 metres at 259 gpt AgEq with a 7.3-metre section hitting 887 gpt AgEq. These results reinforce the potential scale and robustness of the La Negra SE discovery, which remains open to further expansion.

Strategic Implications and Resource Update

Given the success of the drilling campaign, Unico Silver has prudently deferred its maiden JORC Mineral Resource Estimate (MRE) to November 2025. This delay allows the company to incorporate the latest drilling results and the expanded mineralised footprint into a higher-confidence resource model. The updated MRE will be pivotal in underpinning the company’s PLUS 150 development strategy, which aims to define a substantial, pit-constrained, free-milling silver resource.

The Joaquin Project currently holds a historical foreign estimate of approximately 73 million ounces silver equivalent, which is not yet JORC-compliant. The ongoing drilling and resource definition work are critical steps toward converting this into a JORC-compliant resource, enhancing market confidence and valuation.

Expanding Exploration Horizons

Unico Silver’s fully funded Phase 2 drill program, targeting 20,000 metres, is progressing well and will extend beyond La Negra SE. Upcoming drilling will focus on other promising discoveries within the Joaquin district, including La Morocha SE and Brunilda. These targets have shown encouraging preliminary results, such as La Morocha SE’s 69 metres at 177 gpt AgEq, and are expected to contribute significantly to future resource growth.

Managing Director Todd Williams highlighted the program’s momentum, noting that over 10,000 metres have been completed in Phase 1, with Phase 2 drilling tracking ahead of schedule. The company’s strategic emphasis on regional exploration and shallow oxide mineralisation aims to build a robust resource base to support future development.

Geological and Operational Context

The Joaquin Project lies within the Deseado Massif geological province, a prolific silver-gold district in southern Argentina. The mineralisation style is epithermal, hosted in Jurassic volcanic rocks, with structural controls that have guided exploration targeting. Unico Silver’s systematic diamond drilling, rigorous sampling, and quality assurance protocols underpin the reliability of the assay results.

Complementing Joaquin, the company also holds the Cerro Leon project, with a JORC-compliant resource of 162 million ounces silver equivalent. Together, these assets position Unico Silver as a significant player in the Santa Cruz silver-gold sector.