Unico Silver Limited announced a JORC Mineral Resource Estimate (MRE) for the Company’s 100%-owned Cerro Leon Project in Santa Cruz province.
By Panorama Minero
Highlights include:
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Substantial increase to global mineral resources
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Cerro Leon global resource now stands at 31Mt at 161gpt silver equivalent (AgEq) for 162 Moz AgEq, up from 93Moz AgEq representing a 73% increase in ounces from the May 2023 MRE
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MRE excludes the Joaquin Foreign Estimate (2013) of 73 Moz AgEq, with historical production of 4.3Moz Ag by Pan American Silver from 2019–2021.
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The updated MRE is underpinned by 20,456 m of new drilling completed during 2024-2025, with discovery cost of USD 10c per AgEq ounce.
Maiden oxide resource exceeds PLUS 150 Exploration Target
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Free-milling resources (oxide and transitional): 8.1 Mt @ 171 g/t AgEq for 45 Moz AgEq exceeds Exploration Target set for the Cerro Leon project.
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Over 67% in Indicated category, supporting early-stage feasibility work and mine planning.
High-grade mineralisation is open at depth and along strike at multiple prospects
- At all prospects, MRE is limited by drilling and high-grade mineralised shoots remain open to depth and along strike.
Managing Director Todd Williams commented:
“This updated resource is 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. This includes over 45 million ounces 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”.
“With Joaquin’s updated MRE due shortly, and both projects delivering new and evolving discoveries, we now have clear line-of-sight to +250 million ounces of AgEq — and a platform to build toward our longer-term BEYOND 300 strategy”.
