Unico Silver Options 17,287ha Adjoining Joaquin to Chase Epithermal Silver Depth
Key Takeaways
- Unico Silver has executed an Exploration Agreement with Option to Purchase over Cerro La Mata, covering 12 mining properties totalling approximately 17,287 hectares directly east of its 100%-owned Joaquin project in Santa Cruz Province, Argentina.
- Entry cost is US$200,000 on signing, with total consideration to acquire 100% of Cerro La Mata capped at US$1.1 million across four staged annual payments — no further consideration payable beyond a 1% NSR royalty retained by vendor Victory Gold S.A.
- Unico retains a withdrawal right at any time on 30 days' written notice with no penalty, meaning capital exposure is strictly limited to payments already made at any point in the option period.
- Surface mapping at Cerro La Mata has identified NNE-trending silicified ribs protruding up to 10 metres above surface — characteristic of the shallow upper levels of a low-sulphidation epithermal system, with higher-grade mineralisation interpreted to sit at depth.
- The coming field season will focus on detailed mapping, rock chip and soil sampling, and reprocessing of regional magnetics to define drill targets along untested NW-trending corridors.
Unico Silver expands its Joaquin district footprint with Cerro La Mata option
Unico Silver (ASX: USL) has executed an Exploration Agreement with Option to Purchase over the Cerro La Mata project in Santa Cruz Province, Argentina, directly adjoining the eastern boundary of its 100%-owned Joaquin project. The agreement covers 12 mining properties totalling approximately 17,287 hectares, with an entry cost of US$200,000 on signing to secure exclusive exploration rights and an option over 100% ownership.
This is a mineral tenure transaction and is separate from the acquisition of the La Mata estancia surface rights announced on 10 July 2026. The distinction matters: this deal locks in the underlying mining properties, not just surface access.
The strategic logic here is straightforward land consolidation. Rather than a standalone acquisition, this move extends Unico’s contiguous district footprint eastward, capturing what the company interprets as the continuation of the Joaquin vein field onto the Cerro La Mata ground.
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Deal structure and material terms
The agreement grants Unico exclusive tenure, access, and exploration rights for four years, with the option exercisable by written notice once all option payments have been made. A key investor-friendly feature is the withdrawal right: Unico may terminate at any time on 30 days’ written notice, with no penalty or compensation, and any option payments not yet due cease to be payable from the effective date of termination.
The vendor, Victory Gold S.A., retains a 1% net smelter return (NSR) royalty over all mineral products from the property.
The staged payment schedule is as follows:
| Milestone | Timing | Amount (USD) | Cumulative Total (USD) |
|---|---|---|---|
| Signing | On execution | $200,000 | $200,000 |
| Year 1 anniversary | 1 year from signing | $200,000 | $400,000 |
| Year 2 anniversary | 2 years from signing | $200,000 | $600,000 |
| Year 3 anniversary | 3 years from signing | $200,000 | $800,000 |
| Year 4 anniversary | 4 years from signing | $300,000 | $1,100,000 |
Total consideration to acquire 100% of Cerro La Mata is US$1.1 million over four years, with no further consideration payable on exercise of the option beyond the royalty and costs of transfer.
What is a low-sulphidation epithermal system, and why does it matter here?
A low-sulphidation epithermal (LSE) system is a type of mineral deposit that forms at shallow depths in the Earth’s crust, typically where hot, near-neutral fluids rise through volcanic rock and deposit gold and silver as they cool. These systems are a well-established source of high-grade silver-gold mineralisation globally.
At Cerro La Mata, surface mapping has identified NNE-trending silicified ribs protruding up to approximately 10 metres above surface at dome-tuff contacts, along with sub-horizontal silica mantos (silica caps). These textures and the intense silica replacement are characteristic of the shallow, upper levels of an LSE system.
The investment significance is in what sits beneath. Because the exposed level is interpreted to be shallow, any higher-grade mineralisation associated with the mapped structures is considered likely to lie at depth. That interpretation establishes a clear rationale for drilling. The host geology, the Jurassic Chon Aike Formation (a sequence of ignimbrites, tuffs, and volcaniclastic units intruded by rhyolitic domes), is the same sequence hosting Unico’s Joaquin vein system, reinforcing geological consistency across the expanded landholding.
Brunilda discovery results from elsewhere in the Joaquin district have already demonstrated that high-grade precious metals mineralisation exists within this same geological setting, reinforcing the case for systematic expansion across the vein field.
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Next steps: building towards drill targets
Planned fieldwork for the coming season is aimed at converting the surface geological signal into defined drill targets. The programme includes:
- Detailed mapping
- Rock chip and soil sampling
- Reprocessing of regional magnetics
The objective is to define drill targets along untested NW-trending corridors. Completing this work would position Unico to test depth extensions of the mapped epithermal structures with a drill bit.
La Negra stepout drilling within the Joaquin project has already returned exceptional high-grade intercepts, providing a direct precedent for the kind of results that systematic drill testing of NW-trending corridor targets can deliver.
From a district perspective, Cerro La Mata consolidates Unico’s landholding into a contiguous block connecting the Joaquin and Cerro Leon project areas, capturing the interpreted eastern extension of the Joaquin vein field. For investors, the structure of the deal is worth noting: a low-cost, staged option with an early exit right built in gives Unico leveraged exposure to a prospective epithermal corridor, while preserving capital discipline at every stage.
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