Unico Silver Limited (ASX:USL) has provided an update on its maiden integrated Pre-Feasibility Study (PFS) for the 100%-owned Joaquin and Cerro Leon silver-gold projects in Santa Cruz Province, Argentina, confirming the PFS remains on track for release in January 2027, with infill drilling returning high-grade silver intercepts to support the conversion of Inferred Mineral Resources to the Measured and Indicated categories.

Key Points

  • The maiden PFS for the Joaquin and Cerro Leon projects is targeted for release in January 2027, with all workstreams described as well advanced.
  • Infill drilling at La Negra returned 7.7m at 1,410gpt AgEq (1,393gpt Ag) from 38m in hole JDD297-26, including 1.2m at 8,835gpt AgEq from 44.5m.
  • Marta Este returned 28m at 355gpt AgEq (218gpt Ag) from 22m in hole P099-26; Achen returned 9.5m at 489gpt AgEq (408gpt Ag) from 81.6m in P106-26.
  • Exploration drilling intersected new gold-silver mineralisation at La Morena, including 36m at 122gpt AgEq from 17m in JDD308-26, and a new silver-dominant vein at La Morocha NE.
  • The company held A$100.2 million in cash as of 30 September 2026 and is fully funded.

Infill Drilling Results at Cerro Leon and Joaquin

Assays were received for seven infill and three metallurgical holes totalling 991 metres drilled at Cerro Leon, and 27 infill holes totalling 4,407 metres at Joaquin. At Cerro Leon, hole P107-26 at Achen returned 5.9m at 489gpt AgEq from 124.7m, including 1.5m at 1,717gpt AgEq from 124.7m, while Marta Norte hole P098-26 returned 14m at 300gpt AgEq from 7m. At Joaquin, La Morocha hole JDD302-26 returned 13.25m at 259gpt AgEq from 66.85m, including 3m at 751gpt AgEq from 68m. All drill results will be incorporated into a revised, pit-constrained Mineral Resource expected in January 2027.

Exploration Drilling Identifies New Mineralisation at La Morena and La Morocha NE

Assays from 10 recently completed exploration holes totalling 1,603 metres identified new mineralised structures at La Morena and La Morocha NE, both outside the current Mineral Resources. At La Morena, hole JDD316-26 returned 17.55m at 134gpt AgEq from 136.2m, including 2.25m at 495gpt AgEq from 148.65m, while JDD314-26 returned 4.4m at 308gpt AgEq from 61.2m. At La Morocha NE, hole JDD307-26 returned 5m at 242gpt AgEq from 51.2m, including 0.8m at 1,125gpt AgEq from 53m. The company stated these represent new discoveries at east-west gold veins and a new silver-dominant vein respectively.

PFS Workstreams and RIGI Application Progress

The integrated Joaquin and Cerro Leon PFS is being prepared with a team of independent consultants including Lycopodium for process engineering, metallurgy, tailings, infrastructure and capital costs, Orelogy for mining and ore reserve, INSA for geology and environmental studies, and Hidroar for water and hydrogeology. Process flow diagrams for dual tank leach and heap leach processing routes are nearing completion. Environmental baseline studies are complete, with the Environmental Impact Report targeted for lodgement in January 2027. The company's application under Argentina's Large Investment Incentive Regime is being prepared alongside the PFS, with inclusion targeted for the second half of 2027.