Unico Silver (ASX:USL) said assay results from drilling at its Cerro Leon silver-gold project in Argentina confirmed multiple new discoveries and intercepts of high-grade shallow oxide silver mineralization, according to a Monday Australian bourse filing.

The drilling will be extended into an expanded phase 3 program totalling around 6,500 meters, comprising a combination of reverse circulation and diamond drilling, per the filing. It completed 63 diamond drill holes totalling 9,143 meters as part of the phase 2 program.

It will seek to conduct infill drilling at Karina, which lies outside the current mineral resource estimate, and other prospects to achieve indicated resource status.

Significant intercepts encountered during the drilling include 39 meters at 150 grams per tonne grade of silver equivalent from 60.6 meters, as well as 30 meters at 293 g/t grade of silver-equivalent from 92.6 meters.

A significant intercept encountered at the Karina prospect was 7.6 meters at 980 g/t grade of silver-equivalent from 11.4 meters.

Its shares rose over 2% on market close on Monday.