Unico Silver Ltd (ASX:USL, OTC:USLRF) has reported further high-grade gold-silver drill results from the Joaquin Project in Santa Cruz, Argentina, with new assays extending mineralisation beyond the March 2026 mineral resource across multiple prospects.
Joaquin regional prospects and focus of current drilling.
“We continue to see strong and consistent drilling results across the Joaquin district, with mineralisation now extending beyond the March 2026 Mineral Resource across multiple prospects. At Breccia Puntudo, the latest results represent the highest grades recorded to date and reinforce the potential of this structure as a key source of high-grade feed for the upcoming PFS," Unico managing director Todd Williams said.
"Importantly, mineralisation remains open along the 3.5 kilometres trend, with clear upside through further definition of high-grade shoots. At La Negra SE and La Morocha SE, step-out and extensional drilling continues to deliver wide zones of oxide mineralisation, confirming strong continuity and supporting further resource growth. These outcomes strengthen our strategy of building a scalable, high-margin oxide inventory, with a clear focus on converting resources to higher confidence categories and advancing material into the development pipeline.”
Results highlight high-grade Breccia Puntudo shoot
The standout result came from Breccia Puntudo, where hole JDD228-26 returned 11.25 metres at 1,301 g/t silver equivalent (AgEq), including 6.8 metres at 1,934 g/t AgEq.
The company said this was the best hole recorded to date at Breccia Puntudo, with the intercept sitting 70 metres down plunge from a previously reported 6 metres at 9.6 g/t gold and 58 g/t silver.
Other Breccia Puntudo results included 12.5 metres at 356 g/t AgEq from 67 metres and 23.8 metres at 149 g/t AgEq from 37.7 metres.
Joaquin drill results (silver equivalent grade by downhole thickness).
What the results mean
The assays support the potential for Breccia Puntudo to contribute high-grade material to the upcoming pre-feasibility study (PFS), with drilling focused on converting the March 2026 inferred resource to indicated status.
Mineralisation along the 3.5-kilometre Breccia Puntudo structure remains open, with drilling targeting vertical mineralised shoots developed in oxidised hematite-limonite breccias.
JDD228-26, Quebrada Norte, gold and silver assay results.
La Negra and La Morocha expand resource potential
At La Negra SE, step-out drilling returned wide oxide gold-silver zones 250 metres southeast of the March 2026 resource boundary.
Key results included 29.4 metres at 152 g/t AgEq from 51 metres, 23.3 metres at 124 g/t AgEq from 103 metres and 73 metres at 90 g/t AgEq from 21 metres.
At La Morocha SE, extensional drilling returned 23.5 metres at 266 g/t AgEq from 155 metres, including 14.2 metres at 398 g/t AgEq from 163.3 metres. This hole was 50 metres down plunge from an earlier intercept and indicates grades are increasing at depth.
Builds on March resource
The results build on Joaquin’s March 2026 mineral resource of 167 million ounces AgEq, comprising 45.3 million tonnes at 115 g/t AgEq.
Unico’s broader Santa Cruz portfolio, including Cerro Leon, hosts about 330 million ounces AgEq, giving the company scale across 2 silver-gold districts in Argentina.
What’s next
Near-term work will focus on converting Breccia Puntudo inferred resources to indicated status, expanding the La Negra SE and La Morocha SE mineral resources along strike and at depth, and completing water exploration drilling to support processing studies.
Geotechnical drilling has also been completed at Breccia Puntudo to support open-pit input parameters for the PFS.