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Unico Silver (ASX:USL) has received drill results being heralded as a “defining moment” for the silver miner, with the hits validating its geological model and suggesting Joaquin’s La Negra prospect is even larger than expected.
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The “significant breakthrough,” found in the southeast extension of the company’s Argentinian dig site, comes as the silver miner looks to expand the mineralised footprint beyond a 2013 foreign estimate.
“This is an exceptional result and a defining moment for the Joaquin Project,” Unico’s managing director, Todd Williams, declared alongside the results today.
The miner’s chief added that “these [assay] results validate our geological model and demonstrate that the La Negra system is larger than previously interpreted, with mineralisation remaining open in all directions.”
Hole JDD017-25 intersected 90 metres at 144 grams per tonne silver-equivalent from 10 metres, including 4m @ 718g/t AgEq and 6m @ 559g/t AgEq from 38m.
The same hole is 25 metres west and down-dip of a historical hole, RD0037, which shows mineralisation is expanding at depth. The hole terminated in mineralisation, with true widths estimated to be 80% of reported widths.
Drilling also confirmed more than two kilometres of strike along the La Negra structure.
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“With drilling successfully completed and over 4,000 metres of assay results pending, we are well positioned to deliver a robust, high-confidence JORC Mineral Resource for Joaquin in the third quarter,” Mr Williams said.
“This discovery will underpin the PLUS 150 strategy to define more than 150M ounces of pit-constrained, free-milling silver across Joaquin and Cerro Leon.”
USL‘s value rocketed on Monday’s “defining” news, up +25.7% to 41.5cps.
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