Unico Silver's (ASX:USL) Unico Silver Argentina subsidiary signed an exploration agreement with Victory Gold, with an option to purchase the Cerro La Mata project for $1.1 million, according to a Thursday filing with the Australian bourse.

The agreement grants the company exclusive tenure, access and exploration rights over the property for four years, with the option to acquire the 12 mining properties that comprise Cerro La Mata, which is located east of its Joaquin project, the filing said.

Unico Silver shares fell 14% in midday trade Thursday.