Unico Silver (ASX:USL) confirmed wide and shallow oxide silver-gold mineralization suitable for open pit development at its Joaquin project in Argentina during the quarter ended Dec. 31, 2025, with results of up to 165 grams per tonne of silver equivalent, according to a Monday filing with the Australian bourse.

The company also decided to proceed to a pre-feasibility study-level mineral resource estimate covering La Negra, La Negra SE and La Morocha discoveries following infill drill results, the filing said.

Additionally, the company raised about AU$50 million through a AU$40 million placement and a share purchase plan upsized to AU$10.3 million, per the filing.

Shares rose nearly 5% in afternoon trade Monday.