Unico Silver Delivers Timely 73% MRE Increase at Cerro Leon Project in Argentina
Unico Silver (ASX: USL) has reported a 73% increase in silver equivalent ounces at its Cerro Leon project in Santa Cruz, at time when silver prices are hitting record highs.
The company says the increase in the Argentine project’s mineral resources estimate (MRE) to 162 million ounces of silver equivalent is an important milestone as it approaches a global resource of 250Moz silver equivalent.
That global resource will benefit further from the inclusion of an upcoming Joaquin deposit MRE, with that asset and its rich silver producing history not included in the latest Cerro Leon MRE update.
Extensive Drilling Underway
The significant growth in the MRE comes on the back of the 20,456 metres of new drilling Unico completed during 2024-2025 across the CSS, Karina, Savary, Kasia, MS Link, and Archen prospects at a discovery cost of US$0.10 per silver equivalent ounce.
Unico has confirmed that the high-grade mineralisation at Cerro Leon is open at depth and along strike, and has an additional 30,000m of drilling currently underway.
The project comprises three separate projects that became one as Unico expanded its Argentinian silver strategy through a series of transactions with Austral Gold (ASX: AGD), Capella Metals, and private Australian company RN Gold.
The company has successfully consolidated the Cerro Leon asset into what it now considers is one of the largest undeveloped silver and gold resources in the highly prospective Santa Cruz province.
Major Project Milestone
Managing director Todd Williams described the success of the updated resource as a defining milestone for Unico.
“We’ve grown Cerro Leon from a legacy asset into a district-scale silver system, now hosting 162 million silver equivalent ounces, including more than 45Moz of open pit, free-milling material—surpassing the upper end of our Plus 150 exploration target set for the Cerro Leon project in June 2025.”
“Importantly, 67% of those free-milling ounces are now in the Indicated category, giving us a solid foundation for the maiden scoping study.”