The UV visible spectra obtained after simultaneous cocondensation of silver and holmium atoms with argon matrices at 9 K have been studied in the 200-800 nm region. While no new feature can be observed upon deposition, selective irradiation into both silver or holmium atomic absorptions results in growth of a new band at 430 nm, associated with formation of a mixed silver holmium species, tentatively assigned as AgHo. To support the assignment of the observed bands ab initio quantum chemical calculations were carried out for the dinuclear and trinuclear silver and holmium species, using pseudopotential approaches. Results for the electronic excitation energies and corresponding transition dipole moments for the diatomic molecules Ag2, Ho2, AgHo provide evidence that the 430 nm band should be attributed to the mixed cluster AgHo (theoretical band position at 436 nm), while the doublets at 498/504 and 558/563 nm belong to the homonuclear species Ho2 (theoretical values are at 482 and 562 nm). First conclusions are drawn with respect to the formation of the metal trimers Ho3, Ag2Ho, AgHo2.