Unico Silver delays its maiden Pre-Feasibility Study to January 2027, integrating updated drilling results and advanced metallurgical testing that could expand resource scale and improve production efficiency.
- PFS timing shifted from September 2026 to January 2027
- Incorporates updated Mineral Resource Estimate from recent drilling
- Additional infill drilling underway to upgrade resource categories
- Heap-leach testwork suggests improved recoveries for low-grade material
- PFS to support RIGI application targeted for second half of 2027
PFS Delay Targets Higher Confidence and Resource Upside
Unico Silver Limited (ASX:USL) has pushed back the release of its maiden integrated Pre-Feasibility Study (PFS) for the Joaquin and Cerro Leon silver-gold projects in Argentina from September 2026 to January 2027. This strategic delay aims to incorporate an updated Mineral Resource Estimate (MRE) that reflects infill and extensional drilling completed since March 2026, alongside further drilling currently underway to maximise the conversion of Inferred resources into the higher-confidence Indicated category.
Drilling Success Fuels Resource Upgrade Potential
The updated MRE will include results from key zones such as La Negra SE, La Morocha SE, and Breccia Puntudo, areas where recent programs have extended mineralisation beyond the previous resource boundaries. This drilling momentum builds on earlier successes that pushed Joaquin’s mineral resource estimate significantly higher, a factor that underpins the company’s development ambitions and adds weight to the revised study.
Enhanced Metallurgical Testwork Could Boost Project Scale
Alongside resource updates, Unico is finalising additional metallurgical and process design testwork, including heap-leach column tests on low-grade material. Preliminary findings indicate improved recoveries, which could expand the resource base amenable to processing and enhance the overall production profile. These trade-off studies, now complete, have identified alternative processing routes that promise to optimise capital intensity and project scale.
Pathway to Regulatory and Environmental Approvals
Managing Director Todd Williams highlighted that the rescheduled PFS will provide a higher-confidence foundation for Unico’s upcoming RIGI (Regional Investment and Growth Initiative) application, targeted for the second half of 2027. The comprehensive nature of the study is expected to minimise the risk of later changes during environmental approvals and project financing stages.
Next Steps for Unico Silver
With infill drilling ongoing and metallurgical testwork nearing completion, the January 2027 PFS update will be a critical milestone for Unico. It will clarify the scale and economics of the Joaquin and Cerro Leon projects, setting the stage for reserve declaration and advancing development plans. Investors will be watching how the enhanced processing options and resource upgrades translate into project valuation and financing prospects.
Bottom Line?
Unico’s deliberate PFS delay reflects a calculated effort to strengthen the project’s foundation, but the final impact hinges on ongoing drilling and metallurgical results.
Questions in the middle?
- Will the additional infill drilling successfully convert a significant portion of Inferred resources to Indicated?
- How materially will the heap-leach testwork improve recoveries and alter the project’s processing strategy?
- What timeline and hurdles remain for Unico’s RIGI application and subsequent environmental approvals?