Highlights

• Unico Silver (ASX:USL) has defined 55 surface exploration targets from 19,406 BLEG, soil, lag and rock chip samples at its Joaquin and Cerro Leon projects in Santa Cruz Province, Argentina.

• Nine priority targets have been identified for the upcoming 2026-27 summer field season, seven of which lie outside the current Mineral Resources and two of which extend existing resource outlines.

• High-grade rock chip results include up to 32.6g/t gold at La Morena (J01) and 30.5g/t gold along the new 1.5km Lineamiento Oeste trend, with drilling at La Morena already returning 36m at 1.34g/t gold from 17m.

• The regional program runs in parallel with the company's Pre-Feasibility Study, which remains on track for release in January 2027.

Unico Silver Limited (ASX:USL), an ASX and OTCQX-listed silver-gold explorer focused on the Joaquin and Cerro Leon projects in Santa Cruz Province, Argentina, has reported the results of an extensive regional exploration campaign. The campaign has systematically turned 18 months of exploration work across the company's district-scale landholding into a ranked pipeline of 55 surface targets, defining a significant opportunity for resource growth beyond the existing Mineral Resources that underpin the company's Pre-Feasibility Study.

Surface Exploration Campaign and Target Generation

The regional program used BLEG stream sediment sampling to screen catchments, soil grids over mineralised corridors, and rock chip sampling of outcropping veins and breccias, combined with a validated compilation of historical samples. In total, 19,406 surface samples — 5,606 collected by Unico between 2023 and 2026 and 13,800 historical samples — along with 643 line-km of ground magnetics, underpin the target generation. The 55 targets have been defined from surface geochemistry only and are categorised as priority exploration targets (seven at Joaquin and Cerro Leon outside existing resources), resource extensions (two targets), and pipeline targets requiring further work before ranking for drilling.

Priority Targets and High-Grade Geochemistry

The standout exploration target is J01, the La Morena to Lineamiento Oeste gold corridor at the Joaquin project. Rock chips from La Morena have returned up to 32.6g/t gold, while Unico's 2026 sampling extended the trend approximately 1.5km east along Lineamiento Oeste, with rock chips up to 30.5g/t gold — a check re-sample confirming the original 19.0g/t gold result. Initial drilling at La Morena has returned 36m at 1.34g/t gold and 8g/t silver from 17m in JDD308-26 as reported in the same-day PFS update, confirming near-surface oxide mineralisation on east-west structures not tested by historical drilling.

Additional priority targets include J26, approximately 1km northwest of La Morena with rock chips up to 9.41g/t gold; J19 at south-west Cerro Puntudo with BLEG results up to 95.8ppb gold and rock chips to 13.3g/t gold; and J08 and J09 as extensions of the La Morena corridor to the north and east respectively. At Cerro Leon, priority targets include C01 at Sierra Blanca with rock chips up to 2,104g/t silver, and C04 at the Isla Zone with a 1.3km-mapped vein-breccia and rock chips up to 6.36g/t gold.

Pre-Feasibility Study and Delivery Timeline

Unico's regional target pipeline runs in parallel with its Pre-Feasibility Study for the existing Mineral Resources. The PFS, which is based on the company's existing Joaquin and Cerro Leon silver-gold resources, remains on schedule for release in January 2027. The 55-target pipeline identified through the regional campaign provides the basis for resource growth that could extend and enhance the PFS-level opportunity. With nine priority targets, most of them yet to be drilled, the company sees substantial scope to grow Joaquin and Cerro Leon beyond their current resource footprints.

Key Insights

The identification of 55 surface targets — seven priority exploration targets outside existing resources — provides a substantial pipeline for discovery drilling beyond the resource base underpinning the Pre-Feasibility Study.

The La Morena to Lineamiento Oeste corridor is a compelling target, combining high-grade rock chip results on the surface with early drill confirmation of near-surface oxide mineralisation on previously untested structures.

The simultaneous progression of the PFS and regional exploration demonstrates a mature and parallel-track strategy: de-risking existing resources while building the discovery pipeline.

The Cerro Leon targets, particularly C01 with 2,104g/t silver rock chips and C04's 1.3km vein-breccia, could add meaningfully to Unico's resource base if followed up with drilling.