Unico Silver (ASX:USL) said the mineral resource estimate for its Joaquin Project in Argentina stands at 45.3 million tonnes at 115 grams per tonne silver equivalent (AgEq) for 167 million ounces AgEq, up 143% in contained AgEq since the project's acquisition in October 2024, according to a Tuesday Australian bourse filing.

The company said the mineral resource includes 123 million ounces of silver and 521,000 ounces of gold, with 78% in the high-confidence indicated category, providing a foundation for the upcoming pre-feasibility study (PFS).

The updated MRE is underpinned by 27,723 meters of drilling completed since April 2025, with an all-in discovery cost of $0.11 per AgEq ounce, per the filing.

Combined resources at Joaquin and Cerro Leon now total 76.2 million tonnes at 135 grams per tonne AgEq for 330 million ounces AgEq, including 185 million ounces of silver and 1.1 million ounces of gold, representing a 43% increase since September 2025, the filing added.

Total free-milling resources stand at 53.4 million tonnes at 124 grams per tonne AgEq for 212 million ounces AgEq, including 153 million ounces of silver and 673,000 ounces of gold, the company added.

The company's shares rose nearly 3% in recent Tuesday trade.