Unico Silver has reported a 143% surge in its Joaquin project's mineral resource to 167 million ounces silver equivalent, reinforcing its status as a major silver developer. The company also progressed key pre-feasibility studies and expanded its investor reach with a US OTCQB listing.
- Joaquin mineral resource estimate rises 143% to 167Moz AgEq
- Combined district resources reach 330Moz AgEq
- Strong drilling confirms new mineralised corridors and open mineralisation
- Board strengthened with two executive director appointments
- US OTCQB listing broadens North American investor access
Joaquin Resource Surges, Cementing Silver Developer Status
Unico Silver (ASX:USL) has delivered a striking upgrade to its mineral resource at the Joaquin project in Argentina, announcing a maiden JORC (2012) Mineral Resource Estimate (MRE) of 45.3 million tonnes at 115 grams per tonne silver equivalent (AgEq), totalling 167 million ounces AgEq. This represents a 143% increase since the company acquired the project in October 2024, propelling Unico Silver into the ranks of leading pure-play silver developers with a globally significant resource base.
When combined with the Cerro Leon project, the district-level resource now stands at 330 million ounces AgEq, surpassing the coveted 300Moz threshold that signals serious scale in silver development. This milestone was underpinned by 27,723 metres of drilling completed since April 2025, with 78% of the Joaquin resource classified in the high-confidence Indicated category, providing a solid foundation for the company's upcoming Pre-Feasibility Study (PFS).
Drilling Momentum Uncovers New Corridors and Depth Extensions
During the March quarter, Unico Silver reported assays from 56 drill holes totalling 7,823 metres, highlighting continued success across multiple prospects. Notably, high-grade intercepts at the Breccia Puntudo prospect confirmed a new mineralised corridor with standout results such as 28 metres at 284gpt AgEq from 61 metres and 6 metres at 992gpt AgEq from 56 metres. These results reinforce the gold-rich nature of Breccia Puntudo, which was incorporated as a 100% inferred resource in the MRE.
Further drilling at La Negra SE extended mineralisation beyond the current resource boundaries, with hole JDD161-26 returning 27 metres at 162gpt AgEq from 215 metres, marking the deepest hole drilled to date at that prospect. Both La Negra SE and La Morocha SE remain open at depth and along strike, signalling potential for additional resource growth.
The company's March drilling achievements build on earlier successes, including the high-grade Breccia Puntudo assays reported in March 2026, which first unveiled the shallow oxide mineralisation and set the stage for the current resource expansion.
Advancing Pre-Feasibility and Environmental Workstreams
Unico Silver is progressing several critical PFS workstreams to transition the project towards development. These include baseline environmental studies, with Phase 2 environmental baseline work scheduled to commence in late April to support an Environmental Impact Assessment (EIA) for mining approvals. Engineering trade-off studies are underway, focusing on throughput optimisation, while ore hardness and metallurgical test work near completion will inform processing assumptions and recovery pathways.
Geotechnical drilling continues to refine open-pit design parameters, and preliminary tailings storage facility design is advancing. An updated Joaquin MRE incorporating recent infill drilling is planned for Q2 2026, ensuring the resource model remains current as drilling results flow in.
Corporate Moves and Market Access Expansion
In a strategic push to bolster its development capability, Unico Silver strengthened its board with two executive appointments: Peter Holmes was named Executive Director and Chair of the Technical Committee, while Peter Canterbury transitioned from Non-Executive to Executive Director. These moves align with the company's shift from exploration to development focus.
The company also implemented a Long-Term Incentive (LTI) framework for executive directors and key personnel, tied directly to material value-creating milestones including a maiden ore reserve exceeding 100Moz AgEq, admission to Argentina’s RIGI investment regime, and completion of a Definitive Feasibility Study.
On the capital markets front, Unico Silver commenced trading on the OTCQB Venture Market in the United States under the ticker "USLRF," significantly enhancing access to North American investors and improving liquidity. The primary ASX listing remains unchanged, with no dilution to existing shareholders.
Financial Position and Next Steps
The company ended the quarter with a robust cash balance of $62.7 million, having spent $10 million on exploration and evaluation activities, primarily drilling and feasibility work at Joaquin. Cash inflows included $6.28 million from option exercises, supporting ongoing operations.
Drilling operations have scaled back to two rigs for the southern hemisphere winter, with assay results for 82 holes (over 10,000 metres) pending. These results will focus on converting high-grade oxide resources at Breccia Puntudo from inferred to indicated, and extending mineralisation at La Negra SE and La Morocha SE.
Regional exploration is also gathering pace, with a BLEG drainage sampling campaign completed and a high-resolution magnetics survey slated for late May 2026, potentially uncovering new targets within the consolidated Joaquin district.
Bottom Line?
Unico Silver’s resource leap and development strides position it well, but upcoming assay results and feasibility outcomes will be pivotal in defining the project’s trajectory.
Questions in the middle?
- Will the pending assay results substantively expand the indicated resource and support reserve conversion?
- How will the environmental impact assessment and regulatory approvals progress amid Argentina’s mining regime?
- What impact will the OTCQB listing have on Unico Silver’s North American investor engagement and liquidity?