(TheNewswire)
La Coipita Drill HoleReturned a Broad Intercept Totaling 694 Metres at 0.16% Cu and 81 ppmMo
Toronto, ON - TheNewswire - July12, 2023 - AbraSilverResource Corp. (TSX.V:ABRA) (OTC:ABBRF) (" AbraSilver "or the “ Company ”) is pleased to announce the latest assayresults from the Company’s Diablillos property in Salta Province,Argentina (“Diablillos” or the “Project”), as well as the LaCoipita project located in the San Juan province of Argentina. Highlights include:
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At JAC, results continue to encounter silver-richintercepts outside the main mineralized zone, as drilling remainsfocused on determining the margins of the high-grade silver oxidemineralization.
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DDH 23-046 located in the northwestern part of the mainzone encountered 3.0 metres at 2,070 g/t Ag and0.27 g/t Au.
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DDH 23-050 intercepted 10.5metres at 281 g/t Ag on the SE edge of the mainzone.
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DDH 23-052 encountered 35.5metres at 112 g/t Ag on the NW edge of the mainzone from a downhole depth of only 41.0 metres.
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At La Coipita, hole DDHC23-001 intersected a broad zone of continuouscopper-molybdenum mineralization totaling 694mgrading 0.16% Cu and 81 ppm Mo at the Yaretastarget from a downhole depth of 548.0 metres.. This large intersectiondemonstrates the substantial size potential of the Yaretas porphyrysystem.
John Miniotis, President and CEO, commented, “Withthe Phase III drill program nearing completion, we are very pleasedthat we continue to encounter wide intersections of silvermineralization beyond the main mineralized zone at JAC. The JAC zonefeatures a highly attractive combination of scale, grade andcontinuity, which is expected to significantly enhance the economicsof our Diablillos project. We look forward to receiving additionaldrill results and incorporating all the data into an updated MineralResource estimate later this year.”
The latest assay result highlights are summarized inTable 1 for Diablillos and Table 2 for La Coipita.
Table 1 – Summary of Diablillos Drill Results in JACZone
(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-23-046 | Northwest | 134.0 | 141.0 | Oxides | 7.0 | 118.7 | - |
DDH-23-046 | 144.0 | 149.0 | Oxides | 5.0 | 112.5 | - | |
DDH-23-046 | 152.0 | 155.0 | Oxides | 3.0 | 100.1 | - | |
DDH-23-046 | 157.0 | 160.0 | Oxides | 3.0 | 2,070.0 | 0.27 | |
DDH-23-046 | 167.5 | 170.5 | Oxides | 3.0 | 57.2 | - | |
DDH-23-048 | Oculto/JAC edge | 96.0 | 106.0 | Oxides | 10.0 | 39.1 | 0.06 |
DDH-23-049 | Southeast | 90.0 | 136.0 | Oxides | 46.0 | 49.5 | - |
DDH-23-049 | 148.5 | 160.8 | Oxides | 12.3 | 60.2 | ||
DDH-23-050 | Southeast | 152.0 | 154.0 | Oxides | 2.0 | 90.5 | - |
DDH-23-050 | 156.5 | 167.0 | Oxides | 10.5 | 281.4 | ||
DDH-23-052 | Northwest | 41.0 | 76.5 | Oxides | 35.5 | 112.0 | - |
DDH-23-052 | 99.5 | 137.0 | Oxides | 37.5 | 40.7 | - | |
DDH-23-052 | 142.5 | 163.5 | Oxides | 21.0 | 90.4 | - |
Note: All results in this news release for Diablillosare rounded. Assays are uncut and undiluted. Widths are drilledwidths, not true widths. True widths are estimated to be approximately80% of the interval widths for oxides.
Table 2 – Summary of La Coipita Drill Result
Drill Hole | From (m) | To (m) | Interval (m) | Cu % | Mo ppm | Hole Length (m) |
DDHC-23-001 | 548.0 | 1,242.3 | 694.3 | 0.16 | 81.2 |
Note: All results in this news release for La Coipitarounded. Assays are uncut and undiluted. Widths are drilled widths,not true widths. True widths cannot be determined based due to theuncertain geometry of mineralization.
Dave O’Connor, Chief Geologist, commented,“ Our drillresult at the Yaretas target on the La Coipita porphyrycopper-molybdenum project intersected approximately 700 metres ofporphyry style mineralization to the bottom of the hole. We have onlydrilled two deep holes into this underlying porphyry target, both ofwhich ended in copper porphyry style mineralization, demonstratingclear signs of a major porphyry system. The progenitor porphyry intrusionand it’s adjacent potassic alteration remain untested and representattractive exploration targets. Additionally,numerous other porphyry exploration targets have been identifiedwithin the vast 70,000 hectare land package at La Coipita. Althoughthe exploration program is at an early stage, we remain encouragedthat there is potential for discovery of a majorporphyry mineralised system in this prolific copper belt, which ishost to numerous world-class copper porphyry mines and projects underdevelopment."
Diablillos 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 4).
To date, a total of approximately 22,000 metres in 113holes have been drilled as part of the Phase III drill program. Thefinal two drill holes of the Phase III exploration program areexpected to be completed within the next two weeks. All holes willthen be incorporated 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 Fantasma and Alpaca, will be drilled following thecompletion of the current Phase III drill program.
La Coipita Project Exploration Update
The Company has option agreements to acquire a 100%interest in the La Coipita project which encompasses a large areacontaining numerous exploration targets, totaling approximately 70,000hectares, within the Miocene porphyry-epithermalbelt of Argentina and Chile (see Aug. 17, 2021, newsrelease ). In 2022, the companydrilled two initial deep holes at the Yaretas target to test for apotential large copper-gold-molybdenum porphyry target (see June 28, 2022, newsrelease ). Based on the successfulresults, the Company followed-up with one additional deep hole atYaretas, DDCH 23-001.
Diamond drill hole DDHC 23-001 returned a broadinterval of copper-molybdenum porphyry mineralization of 694.3 metres grading 0.16% copper and 81 ppmmolybdenum. The hole intersected a broad zone ofpyrite and associated chalcopyrite mineralisation in finedisseminations and stockwork veining in a major porphyry system.Secondary coatings and replacements of these sulphides with covelliteand chalcocite is widespread and a subsequent phase of quartz veininghosts molybdenite. The mineralisation occurs mainly in a granite whichis host to the progenitor porphyry intrusion that was not intersectedin this hole.
Additionally, aside from drilling the Yaretas target,the Company conducted reconnaissance surface geochemical sampling andgeological mapping over other target areas within the La Coipitaconcession block which encountered multiple anomalous results. Atthe Valle Hermoso target, located approximately 25 kilometres south ofYaretas, a high-grade grab sample contained 3.49% copper, 0.42 g/t gold and 20.6 g/t silver. The samples at Valle Hermoso are interpretedas being part of a high sulphidation system related to an underlyingporphyry body and represent a valid exploration target for potentialfuture drilling.
Table 3 – Summary ofSelect Samples from La Coipita Above 0.5% Cu
Target | UTM Coordinates | Sample (#) | Cu (%) | Au (g/t) | Ag (g/t) | |
Valle Hermoso | E381628 | N6591373 | 7806 | 3.49 | 0.42 | 20.6 |
Valle Hermoso | E381625 | N6591392 | 7805 | 0.67 | 0.25 | 2.3 |
Note: The reader is cautioned that grab samples areselective by nature and do not necessarily represent the true metalcontent of the mineralized zones.
Upcoming Milestones and Catalysts
The Company anticipates announcing several upcomingmilestones over the next few months, including:
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Complete final two drill holes at JAC as part of PhaseIII exploration program (end of July 2023)
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Submission of Environmental Impact Assessment (EIA) forDiablillos (end of July 2023)
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Announcing assay results from the remaining 22 holesfrom the Phase III program (ongoing)
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Updated Mineral Resource estimate for the Diablillosproject (October 2023)
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Conduct a CSAMT geophysical survey at Diablillos andprioritize exploration targets for the upcoming Phase IV drillcampaign (Q4 2023).
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Pre-Feasibility Study completed for Diablillos project(December 2023)
Figure 1 – Plan View of Announced Drill Holes in JACZone
Figure 2 – La Coipita Drill Assay Section (LookingWest)
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 deposits include: Yanacocha (Peru); El Indio(Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); andFilo del Sol (Argentina).
The most recent Mineral Resource estimate for theOculto Deposit is shown in Table 4:
Table 4 - 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.
About La Coipita
The La Coipita project consists of over 70,000 hectaresin the western portion of Calingasta Department, located in themining-friendly San Juan Province of Argentina adjacent to the Chileanborder. Access to the area is via Calingasta, the nearest town,along 125 km of unpaved road to the Los Azules Cu-Mo porphyry project(Indicated Resource of 962 Mt @ 0.48% Cu and 0.06 g/t Au) (1) and then north along a dirt road tothe La Coipita Cu-Au project. Elevation across the property rangesbetween 3,500 and 4,500 MASL with moderate to high relief.
The project lies within the Miocene porphyry-epithermalbelt of Argentina and Chile. During the mid-Miocene, the areadeveloped an active magmatic arc, on its western side, and a back-arcextensional environment, to the east. Contemporaneous with thedeposition of volcanic/volcaniclastic rocks was the emplacement ofporphyry Cu-Mo-Au and/or epithermal Au-Ag (Cu) systems (e.g. Filo delSol HS with Cu-Au porphyry, Los Pelambres/El Pachón Cu-Mo porphyry,Los Azules Cu-Au-Mo porphyry, El Indio/Veladero/Pascua Lama HS Aucluster).
The Company has an option to earn a 100% interest inthe La Coipita project by making remaining staged-payments totalingUS$6.4 million by August 2026. The Company will seek joint venturepartners to fund exploration and the remaining payments and therebyearn an interest in the La Coipita project.
(1) Note: Mineralization contained on nearbyproperties is not indicative of similar mineralization being found onthe La Coipita Project.
Collar Data – Diablillos
Hole Number | UTM Coordinates | Elevation (m) | Azimuth | Dip | Depth (m) | |
DDH 23-046 | E719576 | N7198737 | 4160 | 0 | -60 | 194 |
DDH 23-048 | E719900 | N7199025 | 4188 | 0 | -60 | 164 |
DDH 23.049 | E719526 | N7198598 | 4154 | 0 | -60 | 180 |
DDH 23-050 | E719700 | N7198710 | 4170 | 0 | -60 | 194 |
DDH 23-052 | E719600 | N7198829 | 4160 | 0 | -60 | 206 |
Collar Data – La Coipita
Hole Number | UTM Coordinates | Elevation (m) | Azimuth | Dip | Depth (m) | |
DDHC 23 001 | E383267 | N6615644 | 4171 | 333 | -80 | 1242.3 |
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 couldcause actual events or results to differ materially from thosedescribed in any forward-looking information. The Company disclaimsany intention or obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise, except as required by law.
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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