Unico Silver Extends Joaquin Mineralisation and Secures Strategic Land
Unico Silver has reported continued high-grade drill success at its Joaquin Project, pushing mineralisation beyond existing resources while advancing its Pre-Feasibility Study and securing key land holdings.
- High-grade gold-silver intercepts extend beyond March 2026 resource
- Exploration drilling completed; focus shifts to Pre-Feasibility Study
- Acquisition of 10,172 hectares at La Mata de-risks project
- Upgraded US OTC listing to OTCQX Best Market
- Strong cash position of A$55 million supports development
Drilling Breakthroughs Push Joaquin Boundaries
Unico Silver (ASX:USL) capped the June quarter with standout drilling results at its 100%-owned Joaquin Project in Argentina’s Santa Cruz province. The company reported assays from 121 holes totalling over 16,000 metres, delivering some of the best intercepts recorded to date. Notably, Breccia Puntudo yielded a hole grading 11.25 metres at 1,301 grams per tonne silver equivalent (AgEq), including a higher-grade section of 6.8 metres at 1,934 gpt AgEq. Meanwhile, La Morocha SE produced a 52.3-metre intercept at 378 gpt AgEq, featuring an 8.5-metre zone hitting 1,813 gpt AgEq.
These results extend mineralisation well beyond the March 2026 Mineral Resource Estimate (MRE), with wide oxide gold-silver zones confirmed up to 250 metres southeast of previous limits at La Negra SE. Importantly, all reported drill results remain open at depth and along strike, underscoring significant potential for resource growth ahead of the company’s maiden Pre-Feasibility Study (PFS).
From Exploration to Pre-Feasibility Study Focus
With its exploration drill program now complete, Unico Silver has shifted gears toward advancing PFS workstreams. These include geotechnical drilling to inform pit design, Phase 2 baseline environmental studies necessary for mining approvals, and hydrological drilling to support water resource management. The maiden PFS is targeted for late Q3 2026, marking a pivotal milestone in Joaquin’s development timeline.
The company maintains a robust pipeline, with plans to resume exploration drilling in Q3 2026 to test extensions at La Morocha SE and La Negra SE, both of which remain open-ended. This strategic sequencing balances resource definition with advancing feasibility studies, positioning Unico Silver to refine project economics and development plans.
Strategic Land Acquisition De-Risks Project Development
Post-quarter, Unico Silver secured a binding agreement to acquire the La Mata estancia, a 10,172-hectare freehold landholding critical to Joaquin’s infrastructure and resource base. This acquisition replaces a previous 2017 surface-rights agreement limited to 1,250 hectares and expiring in 2034, converting it into permanent ownership. The land encompasses the La Morocha and La Negra Mineral Resources and preferred sites for the processing plant, tailings storage, and haul roads.
The US$12 million deal includes an initial US$3.5 million cash payment funded from existing reserves, plus deferred payments over three years and equity issuance. This move significantly reduces development risk by securing control over essential project components and enabling greater flexibility in design and permitting.
US Market Listing Upgrade and Financial Position
Unico Silver also upgraded its United States quotation from the OTCQB Venture Market to the OTCQX Best Market, the highest tier offered by OTC Markets Group. Trading under the ticker “USLRF,” this upgrade enhances visibility and access to North American investors, a key demographic for precious metals exposure.
Financially, the company ended the quarter with a strong cash balance of A$55 million, supporting ongoing exploration, feasibility activities, and corporate operations. During the quarter, Unico Silver raised approximately A$1.09 million through the exercise of options and performance rights, while spending A$8.47 million on exploration and evaluation, reflecting active investment in advancing Joaquin.
Mineral Resource Status and Next Steps
The combined Joaquin and Cerro Leon projects hold an estimated 330 million ounces silver equivalent, with no changes to the Mineral Resource estimates during the quarter. The newly reported drill results lie outside current resource boundaries and will be evaluated for inclusion in future updates.
Looking ahead, the company’s priorities include completing geotechnical and metallurgical testwork, advancing environmental baseline studies, and continuing hydrological assessments. Exploration drilling is set to recommence in Q3 2026 to pursue extensions at key prospects. The completion of the La Mata acquisition and staged payments will also be closely monitored as part of the project’s de-risking strategy.
Bottom Line?
Unico Silver’s June quarter marks a clear transition from exploration to development, with high-grade drilling success, strategic land acquisition, and a strengthened US market presence setting the stage for its upcoming Pre-Feasibility Study.
Questions in the middle?
- How will the expanded mineralisation outside current resources influence Joaquin’s future resource updates and valuation?
- What impact will the La Mata land acquisition have on permitting timelines and infrastructure planning?
- Can the maiden PFS deliver compelling economics to attract further investment or partnerships?
