(TheNewswire)
Toronto – TheNewswire - June 26, 2023 - AbraSilver Resource Corp.(TSXV:ABRA ) ; ( OTC:ABBRF) (“AbraSilver” or the “Company”) is pleased to announce the latest assay results from theongoing Phase III diamond drilling program on the Company’swholly-owned Diablillos property in Salta Province, Argentina(“Diablillos” or the “Project”).
Drilling is now aimed at determining the margins of thehigh-grade silver oxide mineralization at the JAC Zone, in preparationfor a Mineral Resource estimate to be announced later this year.
Key takeaways from the latest JAC Zone drill resultsinclude:
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DDH 23-030 was drilled to test thesouthwest area of the JAC Zone. The hole encountered 28.3 metres grading 76.3 g/t Ag from adownhole depth of 93.7 metres
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DDH 23-032 was drilled beyond the northwest area ofJAC, towards the Alpaca target. The hole intersected multiple zones ofsilver mineralization in oxides, including 24.5metres at 176.7 g/t Ag from 131.0 metresdownhole.
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Follow-up drilling in this area will be conducted totest for a possible new perpendicular zone of mineralization beyondthe JAC Zone, which coincides with a magnetic low.
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DDH 23-033 was drilled in the far southwest area of theJAC Zone and intersected 14.0 metres grading193.0 g/t Ag from 125.5 metres downhole.
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DDH 23-036 was drilled to test the southwest area ofthe JAC Zone. The hole intersected several zones of silvermineralization, including 10.0 metres grading520.0 g/t Ag, and a separate zone of 4.5 metres grading 496.8 g/t Ag.
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DDH 23-039 was drilled to test the southeastern area ofthe JAC Zone and intersected 19.0 metres grading253.4 g/t Ag, starting from a downhole depth of105.0 metres.
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DDH 23-044 was drilled along the southeastern area ofthe JAC Zone and intersected 20.0 metres grading112.5 g/t Ag, starting from a downhole depth ofonly 73.0 metres.
John Miniotis, President and CEO, commented,“Today’s drill results continue to grow the mineralized footprintof the new JAC zone in several directions. In addition, theseresults demonstrate continuity of silver mineralization beyond themain JAC Zone, highlighting the potential for additional silverMineral Resources in new target areas, like the Alpacatarget."
Dave O’Connor, Chief Geologist, commented,“Drilling to determine the extremities of the JAC mineralized systemcontinues to intersect several zones beyond the margins of the mainorebody and these areas demonstrate significant exploration upside. Inparticular, hole 23-032, which intersected silver oxide mineralisationbetween the main JAC Zone and the Alpaca target, demonstratespotential for mineralised structures perpendicular to the JAC trendand provides further validation of mineralization being associatedwith magnetic lows. This Alpaca-JAC target area, as well as theFantasma Zone, will be targeted in a new drilling campaign which willcommence following completion of the JAC drilling.”
The latest assay result highlights are summarized inTable 1 below.
Table 1 – Diablillos Drill Results in JAC Zone
(Intercepts greater than 2,000 gram-metres Ag shown inbold text) :
Drill Hole | Area | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t |
DDH-23-030 | Southwest | 93.7 | 122.0 | Oxides | 28.3 | 76.3 | - |
DDH-23-030 | 135.0 | 148.0 | Oxides | 13.0 | 108.7 | - | |
DDH-23-031 | Southeast | 148.5 | 157.0 | Oxides | 8.5 | 93.9 | 0.07 |
DDH-23-032 | Northwest/Alpaca | 60.5 | 80.0 | Oxides | 19.5 | 63.1 | - |
DDH-23-032 | 106.0 | 107.5 | Oxides | 1.5 | 193.2 | - | |
DDH-23-032 | 131.0 | 155.5 | Oxides | 24.5 | 176.7 | - | |
DDH-23-033 | Southwest | 125.5 | 139.5 | Oxides | 14.0 | 193.0 | - |
DDH-23-034 | Southwest | 115.0 | 121.0 | Oxides | 6.0 | 77.0 | - |
DDH-23-034 | 134.0 | 145.0 | Oxides | 11.0 | 47.5 | - | |
DDH-23-035 | Northwest | 112.0 | 121.0 | Oxides | 9.0 | 207.4 | - |
DDH-23-035 | 139.0 | 148.0 | Oxides | 9.0 | 78.1 | - | |
DDH-23-036 | Southwest | 86.5 | 91.0 | Oxides | 4.5 | 30.1 | - |
DDH-23-036 | 96.0 | 98.0 | Oxides | 2.0 | 58.6 | - | |
DDH-23-036 | 127.0 | 132.0 | Oxides | 5.0 | 40.9 | - | |
DDH-23-036 | 140.0 | 150.0 | Oxides | 10.0 | 520.0 | 0.04 | |
DDH-23-036 | 155.0 | 159.5 | Oxides | 4.5 | 496.8 | 0.10 | |
DDH-23-037 | Southwest | 84.0 | 93.0 | Oxides | 9.0 | 53.9 | - |
DDH-23-037 | 104.0 | 118.0 | Oxides | 14.0 | 83.5 | - | |
DDH-23-038 | Southwest | 103.0 | 116.0 | Oxides | 13.0 | 51.8 | - |
DDH-23-038 | 133.0 | 137.0 | Oxides | 4.0 | 103.3 | - | |
DDH-23-039 | Southeast | 105.0 | 124.0 | Oxides | 19.0 | 253.4 | - |
DDH-23-039 | 131.0 | 135.0 | Oxides | 4.0 | 106.8 | - | |
DDH-23-040 | Northwest | 79.0 | 101.0 | Oxides | 22.0 | 70.2 | 0.10 |
DDH-23-041 | Southeast | 79.0 | 86.0 | Oxides | 7.0 | 47.8 | - |
DDH-23-041 | 90.0 | 94.0 | Oxides | 4.0 | 59.6 | - | |
DDH-23-041 | 115.0 | 119.0 | Oxides | 4.0 | 62.0 | 0.04 | |
DDH-23-041 | 145.0 | 146.5 | Oxides | 1.5 | 105.6 | - | |
DDH-23-042 | Northwest | 80.0 | 85.0 | Oxides | 5.0 | 39.5 | - |
DDH-23-042 | 95.0 | 101.0 | Oxides | 6.0 | 37.7 | 0.08 | |
DDH-23-042 | 106.0 | 109.0 | Oxides | 3.0 | 46.5 | 0.07 | |
DDH-23-043 | Northwest | 72.0 | 77.0 | Oxides | 5.0 | 36.1 | - |
DDH-23-043 | 84.0 | 87.0 | Oxides | 3.0 | 50.5 | - | |
DDH-23-043 | 90.0 | 93.0 | Oxides | 3.0 | 50.1 | - | |
DDH-23-043 | 96.0 | 101.5 | Oxides | 5.5 | 48.8 | - | |
DDH-23-043 | 125.0 | 142.0 | Oxides | 17.0 | 61.7 | - | |
DDH-23-044 | Southeast | 73.0 | 93.0 | Oxides | 20.0 | 112.5 |
Note: All results in this news release arerounded. Assays are uncut and undiluted. Widths are drilled widths,not true widths. True widths are estimated to be approximately 80% ofthe interval widths for oxides.
Figure 1 – Plan View of Announced Drill Holes in JACZone
Figure 2 – Long Section Through Newly Announced DrillHoles in JAC Zone
Exploration Update
Drilling activity at Diablillos remains focused on therecently discovered JAC zone which is located southwest of theconceptual open pit that constrains the current Mineral Resourceestimate (“MRE”) on the main Oculto deposit (M&I MREcontaining 1.3 Moz gold and 109 Moz silver – Table 2).
To date, a total of 21,600 metres in 95 holes have beendrilled as part of the Phase III drill program. All holes will beincorporated into an updated MRE and will be included in aPre-Feasibility Study on the Diablillos project, which the Companyexpects to complete in the second half of 2023.
Moreover, additional exploration targets have beenidentified to the southwest of the Oculto MRE based on the recentlycompleted detailed ground magnetic survey. Some of these targets,including the Fantasma and Alpaca targets, will be drilled followingthe completion of the current Phase III drill program.
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-030 | E719383 | N7198609 | 4,144 | 315 | -60 | 186 |
DDH 23-031 | E719726 | N7198731 | 4,171 | 0 | -60 | 215 |
DDH 23-032 | E719211 | N7198663 | 4,132 | 0 | -60 | 203 |
DDH 23-033 | E719322 | N7198550 | 4,139 | 315 | -60 | 176 |
DDH 23-034 | E719414 | N7198585 | 4,151 | 315 | -60 | 173 |
DDH 23-035 | E719367 | N7198623 | 4,143 | 315 | -60 | 170 |
DDH 23-036 | E719451 | N7198620 | 4,148 | 315 | -60 | 203 |
DDH 23-037 | E719405 | N7198650 | 4,146 | 315 | -60 | 185 |
DDH 23-038 | E719360 | N7198578 | 4,142 | 315 | -60 | 170 |
DDH 23-039 | E719500 | N7198639 | 4,152 | 315 | -60 | 173 |
DDH 23-040 | E719450 | N7198676 | 4,148 | 315 | -60 | 179 |
DDH 23-041 | E719525 | N7198666 | 4,154 | 315 | -60 | 182 |
DDH 23-042 | E719485 | N7198700 | 4,151 | 315 | -60 | 182 |
DDH 23-043 | E719501 | N7198735 | 4,153 | 315 | -60 | 173 |
DDH 23-044 | E719550 | N7198697 | 4,157 | 315 | -60 |
About Diablillos
The 80 km 2 Diablillos property is located in the Argentine Puna region - thesouthern extension of the Altiplano of southern Peru, Bolivia, andnorthern Chile - and was acquired from SSR Mining Inc. by the Companyin 2016. There are several known mineral zones on the Diablillosproperty, with the Oculto zone being the most advanced with over120,000 metres drilled to date. Oculto is a high-sulphidationepithermal silver-gold deposit derived from remnant hot springsactivity following Tertiarty-age local magmatic and volcanic activity.Comparatively nearby examples of high sulphidation epithermal depositsinclude: Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/AltoChicama (Peru) Veladero (Argentina); and Filo del Sol(Argentina).
The most recent Mineral Resource estimate for theOculto Deposit is shown in Table 2:
Table 2 - Oculto Mineral ResourceEstimate – As of October 31, 2022
Category | Tonnage (000 t) | Ag (g/t) | Au (g/t) | Contained Ag (000 oz Ag) | Contained Au (000 oz Au) |
Measured | 19,336 | 98 | 0.88 | 60,634 | 544 |
Indicated | 31,978 | 47 | 0.73 | 48,737 | 752 |
Measured & Indicated | 51,314 | 66 | 0.79 | 109,370 | 1,297 |
Inferred | 2,216 | 30 | 0.51 | 2,114 | 37 |
Notes: Effective October 31, 2022. Mineral Resourcesare not Mineral Reserves and have not demonstrated economic viability.The Mineral Resource estimate is N.I. 43-101 compliant and wasprepared by Luis Rodrigo Peralta, B.Sc., FAusIMM CP(Geo), IndependentConsultant. The mineralization estimated in the Mineral Resource issub-horizontal with sub-vertical feeders and a reasonable prospect foreventual economic extraction by open pit methods. For additionalinformation please see Technical Report on the Diablillos Project,Salta Province, Argentina, dated November 28, 2022, completed byMining Plus, and available on www.SEDAR.com.
QA/QC and Core Sampling Protocols
AbraSilver applies industry standard explorationmethodologies and techniques, and all drill core samples are collectedunder the supervision of the Company’s geologists in accordance withindustry practices. Drill core is transported from the drill platformto the logging facility where drill data is compared and verified withthe core in the trays. Thereafter, it is logged, photographed, andsplit by diamond saw prior to being sampled. Samples are then bagged,and quality control materials are inserted at regular intervals; theseinclude blanks and certified reference materials as well as duplicatecore samples which are collected in order to measure samplerepresentivity. Groups of samples are then placed in large bags whichare sealed with numbered tags in order to maintain a chain-of-custodyduring the transport of the samples from the project site to thelaboratory.
All samples are received by the SGS offices in Saltawho then dispatch the samples to the SGS preparation facility in SanJuan. From there, the prepared samples are sent to the SGS laboratoryin Lima, Peru where they are analyzed. All samples are analyzed usinga multi-element technique consisting of a four acid digestion followedby ICP/AES detection, and gold is analyzed by 50g Fire Assay with anAAS finish. Silver results greater than 100g/t are reanalyzed usingfour acid digestion with an ore grade AAS finish.
Qualified Persons
David O’Connor P.Geo., Chief Geologist forAbraSilver, is the Qualified Person as defined by National Instrument43-101 Standards of Disclosure for Mineral Projects, and he hasreviewed and approved the scientific and technical information in thisnews release.
About AbraSilver
AbraSilver is an advanced-stage exploration companyfocused on rapidly advancing its 100%-owned Diablillos silver-goldproject in the mining-friendly Salta province of Argentina. Thecurrent Measured and Indicated Mineral Resource estimate forDiablillos consists of 51.3 Mt grading 66g/t Ag and 0.79g/t Au,containing approximately 109Moz silver and 1.3Moz gold, withsignificant further upside potential based on recent explorationdrilling. The Company is led by an experienced management team and haslong-term supportive shareholders including Mr. Eric Sprott. Inaddition, AbraSilver owns a portfolio of earlier-stage copper-goldprojects including the La Coipita copper-gold project in the San Juanprovince of Argentina. AbraSilver is listed on the TSX-V under thesymbol “ABRA” and in the U.S. under the symbol “ABBRF”.
For further information please visit the AbraSilverResource website at www.abrasilver.com , ourLinkedIn page at , and follow us on Twitter at
Alternatively please contact:
John Miniotis, President and CEO
Tel: +1 416-306-8334
Cautionary Statements
This news release includes certain"forward-looking statements" under applicable Canadiansecurities legislation. Forward-looking statements are necessarilybased upon a number of estimates and assumptions that, whileconsidered reasonable, are subject to known and unknown risks,uncertainties, and other factors which may cause the actual resultsand future events to differ materially from those expressed or impliedby such forward-looking statements. All statements that address futureplans, activities, events or developments that the Company believes,expects or anticipates will or may occur are forward-lookinginformation. There can be no assurance that such statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking statements.When considering this forward-looking information, readers should keepin mind the risk factors and other cautionary statements in theCompany’s disclosure documents filed with the applicable Canadiansecurities regulatory authorities on SEDAR at www.sedar.com. Therisk factors and other factors noted in the disclosure documents could cause actual events or results to differmaterially from those described in any forward-looking information.The Company disclaims any intention or obligation to update or reviseany forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required bylaw.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release
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