(TheNewswire)
Toronto, ON - TheNewswire- August 30, 2023 - AbraSilver ResourceCorp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” orthe “ Company ”) is pleased to announce assay results forthe final set of drill holes completed as part of the Company’shighly-successful Phase III drill program, on its wholly-ownedDiablillos property in Salta Province, Argentina (“Diablillos” orthe “Project”).
The reported holes were designed to delineate themargins of the JAC zone, ahead of the upcoming Mineral Resourceestimate (“MRE”) and a Pre-Feasibility Study (“PFS”) on theDiablillos project. Key takeaways include:
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Holes DDH 23-066 to DDH23-070 were drilled to determine the northwesternedge of the JAC zone. All holes encounteredsilver mineralization, with a broad intercept of64 m grading 148 g/t Ag in hole DDH 23-070 from a downhole depth of only 41 m.
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Holes DDH 23-071 to DDH 23-075 were drilled to test the northeastern edge of the JAC zone.The holes encountered several narrower zones of silver mineralization,with hole DDH 23-075 intersecting 15.0 m at 93g/t Ag and 0.78 g/t Au.
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Results from DDH 23-075 are highly encouraging as theydemonstrate the continuity of mineralization between the JAC zone andthe main Oculto deposit, and the possibility of a combined open pit.
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Hole DDH 23-065 was drilled beyond the northwesternedge of the JAC zone, into the recently discovered JAC North zone . The hole successfullyencountered a near-surface intercept of 7 mgrading 119 g/t Ag and 0.14 g/t Au, starting at a downhole depth ofonly 85 m.
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This encouraging result further confirms the presenceof a new significant mineralized structure beyond the main JAC zone.
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As announced on August 9,2023 , the newly discovered JAC Northzone is located over 900 m beyond the limit of the conceptual open pitthat defines the current Mineral Resource estimate at Oculto andapproximately 100 m northwest of the high-grade JAC zone.
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While hole DDH 23-075 represented the final drill holeat the main JAC zone as part of the Phase III drill campaign, theCompany completed drilling of six additionalholes at nearby exploration targets (namely JAC North, Alpaca andFantasma).
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These results are expected to be received within thenext few weeks and will help determine the highest-priority targetsfor the next phase of exploration.
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The Phase III drill program has now been successfullycompleted. The Company is preparing an updatedMRE which remains on schedule to be completed within the next fewweeks, to be followed by a PFS on the Diablillos project.
John Miniotis, President and CEO, commented, “We aredelighted with the results of our highly successful Phase III drillcampaign. The consistent, high-grade drill results encounteredthroughout the past year clearly demonstrate the large-scalesilver-gold mineralization potential at our flagship Diablillosproject. The completion of this drill campaign represents anothermajor milestone for the Company and reinforces our belief in thetremendous value remaining to be unlocked through our ongoingexploration efforts.”
The latest assay result highlights are summarized inTable 1 below.
Table 1 – Summary of Diablillos Drill Results
Drill Hole | Area | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | |
DDH-23-065 | JAC North | 85.0 | 92.0 | Oxides | 7.0 | 119.1 | 0.14 | |
DDH-23-065 | 101.0 | 117.0 | Oxides | 16.0 | 63.4 | - | ||
DDH-23-066 | JAC | 140.0 | 159.0 | Oxides | 19.0 | 68.9 | - | |
DDH-23-068 | JAC | 36.0 | 44.0 | Oxides | 8.0 | 175.4 | - | |
DDH-23-068 | 62.0 | 91.0 | Oxides | 29.0 | 69.6 | - | ||
DDH-23-069 | JAC | 39.0 | 42.0 | Oxides | 3.0 | 58.4 | - | |
DDH-23-069 | 46.0 | 50.0 | Oxides | 4.0 | 36.4 | - | ||
DDH-23-070 | JAC | 41.0 | 105.0 | Oxides | 64.0 | 148.1 | - | |
DDH-23-070 | 135.0 | 139.0 | Oxides | 4.0 | 93.9 | - | ||
DDH-23-071 | JAC | 72.0 | 76.0 | Oxides | 4.0 | 32.2 | - | |
DDH-23-072 | JAC | 90.0 | 96.0 | Oxides | 6.0 | 56.1 | - | |
DDH-23-073 | JAC | 94.5 | 112.0 | Oxides | 17.5 | 68.9 | 0.20 | |
DDH-23-074 | JAC | 163.0 | 165.0 | Oxides | 2.0 | 41.8 | - | |
DDH-23-075 | JAC/Oculto | 94.5 | 102.0 | Oxides | 7.5 | 42.7 | - | |
DDH-23-075 | 112.0 | 127.0 | Oxides | 15.0 | 93.1 | 0.78 |
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 Latest Drill Holes
Exploration Update
The Phase III drill program successfully achieved allof its key objectives, namely:
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Systematically grid drilling the silver-dominantmineralisation at the JAC zone in order to estimate Measured andIndicated Mineral Resources which can be incorporated into the plannedoverall Diablillos MRE update and PFS.
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Delineate the margins of the JAC zone and conductgeotechnical drilling necessary for a conceptual open pitdesign.
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Conduct reconnaissance drilling at other targets on theDiablillos land package, including the Fantasma, Alpaca and JAC Northzones.
All Phase III drill holes from the JAC zone will beincorporated into an updated MRE and will be included in a PFS on thefull Diablillos project. Our next phase of drilling (Phase IV) willexplore additional targets which will all be prioritized based ondistance from the probable porphyry progenitor beneath Oculto andfavourability of structural trends reflected in magnetic surveys, withspecial reference to any historical drill data. Current prioritytargets in the area west of Oculto include JAC North, Alpaca andFantasma, with additional targets also being developed to the east andnorth of Oculto.
Highlights of selected high-grade drill resultsreported from the Phase III drill program are summarized in Table 2below:
Table 2 – Highlights of Phase III High-GradeIntercepts at JAC Zone
Drill Hole | From (m) | To (m) | Type | Interval (m) | Ag (g/t) | Au (g/t) | AgEq 1 (g/t) |
DDH-22-019 | 89.0 | 176.0 | Oxides | 87.0 | 346.0 | 0.15 | 356.5 |
DDH-22-044 | 121.0 | 179.0 | Oxides | 58.0 | 208.8 | 0.20 | 222.8 |
DDH-22-046 | 123.0 | 165.5 | Oxides | 42.5 | 400.5 | 0.11 | 408.2 |
DDH-22-052 | 139.5 | 164.5 | Oxides | 25.0 | 754.4 | 0.12 | 764.2 |
DDH-22-053 | 140.5 | 168.5 | Oxides | 28.0 | 266.4 | 0.64 | 318.8 |
DDH-22-056 | 110.0 | 167.5 | Oxides | 57.5 | 141.4 | 0.27 | 163.5 |
DDH-22-057 | 144.0 | 164.0 | Oxides | 20.0 | 498.6 | 0.10 | 506.8 |
DDH-22-060 | 114.0 | 154.0 | Oxides | 40.0 | 203.4 | - | 203.4 |
DDH-22-061 | 65.0 | 168.0 | Oxides | 103.0 | 138.7 | - | 138.7 |
DDH-22-062 | 119.0 | 170.0 | Oxides | 51.0 | 169.4 | 0.20 | 185.8 |
DDH-22-063 | 56.0 | 85.0 | Oxides | 33.0 | 143.4 | - | 143.4 |
DDH-22-063 | 135.0 | 169.0 | Oxides | 34.0 | 118.6 | 0.08 | 125.2 |
DDH-22-067 | 143.0 | 179.0 | Oxides | 36.0 | 463.3 | 0.71 | 521.5 |
DDH-22-067 | 179.0 | 206.0 | Sulphides | 27.0 | 745.0 | 1.54 | 871.1 |
DDH-22-075 | 151.0 | 167.0 | Oxides | 16.0 | 604.4 | 0.82 | 671.5 |
DDH-22-076 | 147.0 | 169.0 | Oxides | 22.0 | 476.8 | 0.20 | 493.2 |
DDH-22-076 | 169.0 | 177.5 | Oxides | 8.5 | 1,952.8 | 6.66 | 2,498.3 |
DDH-22-077 | 60.0 | 92.0 | Oxides | 32.0 | 121.9 | - | 121.9 |
DDH-22-078 | 58.0 | 99.0 | Oxides | 41.0 | 103.5 | - | 103.5 |
DDH-22-079 | 144.0 | 179.0 | Oxides | 35.0 | 199.2 | 0.36 | 228.7 |
DDH-22-080 | 50.0 | 102.0 | Oxides | 52.0 | 125.1 | - | 125.1 |
DDH-22-081 | 128.0 | 165.0 | Oxides | 37.0 | 179.3 | - | 179.3 |
DDH-22-082 | 154.5 | 181.0 | Transition | 26.5 | 311.4 | 0.43 | 346.6 |
DDH-22-083 | 159.0 | 184.0 | Transition | 25.0 | 773.8 | 0.28 | 796.7 |
DDH-22-086 | 158.0 | 167.0 | Sulphides | 9.0 | 342.3 | - | 342.3 |
DDH-23-002 | 148.0 | 165.0 | Transition | 17.0 | 288.6 | 0.14 | 300.1 |
DDH-23-003 | 155.8 | 161.5 | Sulphides | 5.8 | 502.2 | - | 502.2 |
DDH-23-004 | 136.0 | 150.0 | Oxides | 14.0 | 3,024.5 | 0.21 | 3,041.7 |
DDH-23-007 | 115.0 | 119.0 | Oxides | 4.0 | 2,320.0 | - | 2,320.0 |
DDH-23-009 | 161.0 | 169.5 | Oxides | 8.5 | 479.2 | 0.15 | 491.5 |
DDH-23-010 | 132.0 | 177.5 | Oxides | 45.5 | 233.4 | - | 233.4 |
DDH-23-014 | 127.0 | 173.5 | Oxides | 46.5 | 185.0 | 0.50 | 226.0 |
DDH-23-017 | 92.0 | 104.0 | Oxides | 12.0 | 876.1 | - | 876.1 |
DDH-23-021 | 161.5 | 193.5 | Oxides | 32.0 | 530.8 | 0.60 | 579.9 |
DDH-23-024 | 144.0 | 161.0 | Oxides | 17.0 | 828.9 | - | 828.9 |
DDH-23-025 | 100.0 | 179.0 | Oxides | 79.0 | 237.6 | 0.15 | 249.9 |
DDH-23-036 | 140.0 | 150.0 | Oxides | 10.0 | 520.0 | 0.04 | 523.3 |
DDH-23-039 | 105.0 | 124.0 | Oxides | 19.0 | 253.4 | - | 253.4 |
DDH-23-046 | 157.0 | 160.0 | Oxides | 3.0 | 2,070.0 | 0.27 | 2,092.1 |
DDH-23-061 | 134.0 | 153.5 | Oxides | 19.5 | 272.8 | - | 272.8 |
DDH-23-070 | 41.0 | 105.0 | Oxides | 64.0 | 148.1 | - | 148.1 |
Note: All results are rounded. Assays are uncut andundiluted. Widths are drilled widths, not true widths. True widths areestimated to be approximately 80% of the interval widths.
1 AgEq based on 81.9(Ag):1(Au)calculated using long-term prices of US$25.00/oz Ag and US$1,750/ozAu, and 73.5% process recovery for Ag, and 86.0% process recovery forAu as demonstrated in the Company’s PEA in respect of Diablillos dated January 13, 2022, using formula: AgEq g/t = Ag g/t +Au g/t x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).
Results of Annual General and Special Meeting ofShareholders
The Company is also pleased to announce the results ofits annual general and special meeting of shareholders held on August28, 2023 (the “Meeting”). At the Meeting, each of the directornominees listed in the Company's management information circular datedJuly 18, 2023 (the "Circular") were elected as directors ofthe Company, including Robert Bruggeman, Stephen Gatley, Sam Leung,Jens Mayer, Nicholas Teasdale, Flora Wood and Hernan Zaballa. Theshareholders of the Company also approved the re-appointment of CroweMacKay LLP as the auditors of the Company for the ensuing year andauthorized the board of directors to fix their remuneration and termsof engagement.
At the Meeting, the shareholders of the Company alsoapproved amendments to the Company's share compensation plan (the“Plan”), in accordance with the TSX Venture Exchange rules andpolicies. The Plan is a “rolling 10% plan” and was amended toinclude a “net exercise” provision. A copy of the Plan is attachedas a schedule to the Circular, which is available on the Company'sSEDAR+ profile at www.sedarplus.ca.
Upcoming Milestones andCatalysts
The Company anticipates announcing several upcomingmilestones over the next few months, including:
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Announcing assay results from the remaining six holeson regional exploration targets (JAC North, Alpaca and Fantasma(September 2023)
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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)
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-065 | E719351 | N7198699 | 4,141 | 0 | -60 | 152 |
DDH 23-066 | E719425 | N7198702 | 4,147 | 0 | -60 | 182 |
DDH 23-067 | E719526 | N7198780 | 4,155 | 0 | -60 | 155 |
DDH 23-068 | E719599 | N7198852 | 4,162 | 0 | -60 | 170 |
DDH 23-069 | E719625 | N7198879 | 4,164 | 0 | -60 | 152 |
DDH 23-070 | E719625 | N7198840 | 4,165 | 0 | -60 | 191 |
DDH 23-071 | E719728 | N7198918 | 4,173 | 0 | -60 | 175 |
DDH 23-072 | E719250 | N7198710 | 4,135 | 0 | -60 | 173 |
DDH 23-073 | E719800 | N7198941 | 4,178 | 0 | -60 | 170 |
DDH 23-074 | E719850 | N7198928 | 4,182 | 0 | -60 | 176 |
DDH 23-075 | E719849 | N7198982 | 4,182 | 0 | -60 | 179 |
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 3:
Table 3 - 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.sedarplus.ca.
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 atregular intervals; these include blanks and certified referencematerials as well as duplicate core samples which are collected inorder to measure sample representivity. Groups of samples are thenplaced in large bags which are sealed with numbered tags in order tomaintain a chain-of-custody during the transport of the samples fromthe project site to the laboratory.
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.sedarplus.ca. 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 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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