Unico Silver Confirms High-Grade Continuity at Joaquin, Feasibility Study Advances

• High-grade silver-gold assays from 29 drill holes at La Negra SE and La Morocha SE
• Mineralisation extended along strike and at depth, remaining open for further growth
• 30,000m drill program underway with geotechnical drilling and environmental studies
• Updated Mineral Resource Estimate and maiden feasibility study expected in 2025
• Project strategically located near AngloGold Ashanti’s Cerro Vanguardia mine

Robust Infill Drilling Results Reinforce Joaquin’s Potential

Unico Silver Limited (ASX – USL) has delivered a compelling update from its Joaquin Project in Santa Cruz, Argentina, reporting high-grade silver and gold assay results from 29 infill and extensional drill holes. The results confirm the continuity of near-surface mineralisation at the La Negra SE and La Morocha SE prospects, two key zones within the project’s expansive footprint.

Noteworthy intercepts include intervals such as 8.1 metres grading 474 grams per tonne silver equivalent (AgEq) at La Negra SE, and 67 metres at 97 gpt AgEq at La Morocha SE, with some sections showing even higher grades over narrower widths. These findings extend mineralisation by up to 50 metres southeast and demonstrate vertical continuity, with true thicknesses ranging from 15 to 60 metres.

Advancing Towards a Maiden Feasibility Study

Managing Director Todd Williams emphasised the significance of these results in building a high-confidence, pit-constrained resource base essential for the upcoming maiden feasibility study. With four drill rigs currently active and a fifth joining shortly, Unico Silver is intensifying efforts to both infill and expand mineralised zones while concurrently conducting geotechnical drilling to inform open-pit design parameters.

The company’s integrated approach also includes scheduled environmental baseline studies, reflecting a comprehensive strategy to de-risk project development. The ongoing 30,000-metre drill program aims to refine the Mineral Resource Estimate (MRE), with an updated JORC-compliant resource expected later this year.

Strategic Location and Historical Context

The Joaquin Project benefits from its strategic location within the Deseado Massif geological province, a prolific silver-gold district in southern Argentina. It lies near AngloGold Ashanti’s Cerro Vanguardia mine, a world-class operation, underscoring the region’s mineral potential. Historically, Pan American Silver Corp operated at Joaquin, producing 4.3 million ounces of silver between 2019 and 2022.

Unico Silver holds 100% ownership of Joaquin and adjacent assets, subject to a 2% net smelter return royalty payable to Metalla Royalties. The company’s exploration success builds on extensive prior work, including over 9,800 metres drilled since September 2025 and a rich dataset from previous operators.

Looking Ahead – Exploration and Development Plans

Future drilling will focus on extending mineralisation at La Negra SE and La Morocha SE, both along strike and at depth, while also targeting regional scout drilling to identify new high-grade shoots. Geotechnical and environmental studies will continue to support mine design and permitting efforts.

While the current resource estimate at Joaquin remains a Foreign Estimate pending JORC compliance, the company’s ongoing work aims to upgrade classification and confirm economic viability. This positions Joaquin as a promising near-term production opportunity within Unico Silver’s broader portfolio.

Bottom Line?

Unico Silver’s latest drilling results at Joaquin set the stage for a pivotal resource upgrade and feasibility study, with market eyes now on upcoming milestones.

Questions in the middle?

• How will the updated Mineral Resource Estimate impact project valuation and financing options?
• What are the timelines and key risks for advancing the feasibility study and permitting processes?
• Could further drilling reveal additional high-grade zones beyond current extents at Joaquin?