Argenta Silver (TSXV:AGAG) is aiming for rapid resource growth at its flagship El Quevar project in Salta, Argentina, following an upsized C$13 million bought deal financing and promising initial drill results.
President & CEO Joaquín Marias told Kitco that the company's ambition is to unlock the full scale of a district that he believes has been underexplored and undervalued for over a decade.“I wake up every morning dreaming of 250 million ounces of silver,” said Marias. “We are working as fast as we can towards that.”
Backed by sector legends
Argenta Silver’s investors include Frank Giustra and the Fiore Group. The project also counts on investor Eduardo Elsztain, an established figure in the real estate, agriculture, and mining sectors. Elsztain's investment brings long-term capital, strong local knowledge, and political support, according to Marias. “Eduardo understands the mining game deeply,” he said. “These are the kind of shareholders we want, long-term, high-quality investors who understand that value takes time.”
Reviving a dormant asset with a head start
El Quevar has a long exploration history. It was previously held by Apex Silver, Golden Minerals, and Barrick Mining. In total, 104,000 meters of drilling have been completed on the property, with 75% of that concentrated in the current resource area.
The existing resource includes 45 million ounces of silver in the indicated category and 4 million ounces inferred. Marias said the resource is well-defined but still leaves room for major growth. “Only 25% of drilling has gone into exploration,” he said. “Around 97% of the surface remains completely unexplored.”
Step-outs and scalability
In July 2025, Argenta reported its first set of drill results. One step-out hole intersected 19.2 meters at 112 g/t silver, extending a known high-grade zone by 50 meters. Another hole confirmed 20.2 meters grading 533 g/t silver. “That step-out was key. We drilled between the end of the resource and a historically mineralized zone,” said Marias. “If we keep hitting like that, we could extend the deposit by another 150 meters.”
The company is already halfway finished its current 4,000 meter programme, and a follow-up campaign of 10,000 to 15,000 meters is planned for the southern hemisphere summer with results expected to flow into early 2026.
Infrastructure advantages
One of El Quevar's major advantages is its infrastructure. The site includes 60 km of internal roads, an on-site camp, and two water wells. Nearby facilities include a railway, high-voltage power line tied to solar farms, a mining-specific gas pipeline just three kilometers away, and a partially paved access road. “These are costs we don’t have to carry,” Marias noted. “Most projects in the world would need to build this from scratch.”
Metallurgy and resource quality
El Quevar completed its metallurgical test work in 2012. While the deposit contains some deleterious elements such as arsenic and antimony, current data shows levels are within manageable industry norms. “The rocks don’t change, but technology does,” he said. “We haven’t found anything alarming in the current dataset.”
Positioned for Argentina’s new mining wave
Marias pointed to recent reforms under Argentina President Javier Milei as a key moment for the country’s mining sector. These include currency and import/export deregulation, as well as the ‘Large Investment Incentive’ program for projects above US$200 million, which lowers the overall tax load to below 35%. “It was a nightmare to operate in Argentina before. Now there's new energy and new interest,” he said. “We’re already seeing global majors like Rio Tinto coming in.”
Argenta is not yet eligible for the large investment incentives but anticipates future pathways for inclusion as the project advances.
Capitalized for growth
The bought deal financing in July this year was upsized from C$10 million to C$13 million due to strong demand. Argenta confirmed institutional investors are coming aboard, a shift from the company’s initial 55% retail shareholding base. “We want to build something for the long term,” the President and CEO said. “These investors see that and are backing our vision.”
What’s next for Argenta?
Over the next 18 months, Argenta plans to:
- Complete the 4,000-meter ongoing drill program by September or October 2025
- Launch a 10,000 to 15,000-meter follow-up campaign through summer 2026
- Publish steady drill results every 3 to 4 weeks
- Expand the current resource through step-outs and exploration on untested zones
Marias said Argenta’s roadmap aligns with other successful juniors in the region who have moved from small-scale resources to pre-feasibility within seven years. “This project was dormant for 10 years,” he said. “Now it’s time to awaken it.”
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