(TheNewswire)
Hole DDH 22-082 Returned 347 g/tAgEq over 26.5 m, including 1,055 g/t AgEq over 7.0 m
Toronto, ON - TheNewswire - February 06, 2023 - AbraSilver Resource Corp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” or the “ Company ”) is pleased to announce assay results fromsix additional diamond drill holes from the ongoing Phase III programon the Company’s wholly-owned Diablillos property in Salta Province,Argentina (“Diablillos” or the “Project”).
Drilling activity remains focused on the recentlydiscovered JAC zone which is located several hundred metres southwestof the conceptual open pit that constrains the current MineralResource estimate on the main Oculto deposit (M&I MRE containing1.3 Moz gold and 109 Moz silver – see Table 2). Key takeaways fromthe latest drill results include:
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DDH 22-077 was drilled to test the continuation of the JAC zone to thenorth and intersected 32 metres at 122 g/tAg starting at a down-holedepth of only 60 metres
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DDH 22-078 intersected severalzones of oxide silver mineralisation, including 41 metres at 103 g/t Ag starting from ashallow down-hole depth of only 58metres .
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DDH 22-079 was drilled to testthe extension of the JAC zone northeast towards the Oculto deposit.The hole successfully demonstrated the potential continuity ofmineralization between JAC and Oculto, intersecting 35 metres at 199 g/t Ag and 0.36 g/t Au , including a high-gradeinterval of 6.0 metres at548 g/t Ag and 0.88 g/t Au
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DDH 22-080 encountered multiplezones of silver mineralization, including 5.0metres at 442 g/t Ag, within a broader intervalof 52 metres grading 125 g/t Ag starting from only 50 metresdown-hole.
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DDH 22-081 returned a broad zone of silver mineralization of 37.0 metres at 179 g/t Ag. This hole is situated approximately625m beyond the southwest end of the Oculto mineralisation included inthe current Mineral Resource Estimate.
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DDH 22-082 encountered high-grademineralization in the transition zone (containing a mix of oxides andsulphides) just beneath the oxide zone, with 26.5 metres grading 311 g/t Ag and 0.43 g/t Au, including 7.0metres grading 936 g/t Ag and 1.46 g/t Au.
John Miniotis, President and CEO, commented, “Eachbatch of drill results received from the new JAC zone increases theprospective scale of this unfolding, high-grade deposit. Thecontinuity of high-silver grades and broad widths of mineralizationencountered at shallow depths with step out drilling clearly bodesvery well for the potential economics of this new discovery. Weeagerly await additional assay results, which we believe will lead toa significant mineral resource estimate ("MRE") at JAC,adding to the large existing MRE on the Oculto deposit, which islocated approximately 500 metres to the northeast.”
Dave O’Connor, Chief Geologist, commented,“Drilling results from the new JAC zone continue to consistentlyencounter high-grade silver mineralization in oxides at shallowdepths. Today’s results further support our understanding that thesilver mineralisation at the JAC zone has excellent continuity. Importantly, the JAC zone is now delineated over a strike length of600 metres, a vertical extent of 150 to 200 metres and average widthof up to 150 metres, and continues to remain open in multipledirections. The remainder of our Phase 3 program will continue tostep-out the JAC zone along strike, laterally and down dip, and willalso selectively test other new high-priority exploration targetswithin the broader Diablillos land package.”
The latest assay result highlights are summarized inTable 1 below.
Table 1 – Diablillos Drill Result Highlights inSouthwest Zone
(Intercepts greater than 2,000 gram-metres AgEq shownin bold text) :
From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | Cu % | AgEq 1 g/t | ||
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-22-078 | 103.0 | 109.0 | Oxides | 6.0 | 120.0 | - | - | 120.0 | |
DDH-22-078 | 126.0 | 136.0 | Oxides | 10.0 | 87.7 | - | - | 87.7 | |
DDH-22-078 | 148.0 | 157.0 | Oxides | 9.0 | 130.6 | - | - | 130.6 | |
DDH-22-078 | 161.0 | 170.0 | Oxides | 9.0 | 54.3 | - | - | 54.3 | |
DDH-22-078 | 175.0 | 181.0 | Oxides | 6.0 | 90.3 | - | - | 90.3 | |
DDH-22-078 | 181.0 | 193.0 | Sulphides | 12.0 | 33.6 | - | 2.14 | 33.6 | |
DDH-22-079 | 112.0 | 115.0 | Oxides | 3.0 | 45.5 | - | - | 45.5 | |
DDH-22-079 | 144.0 | 179.0 | Oxides | 35.0 | 199.2 | 0.36 | - | 228.7 | |
DDH-22-079 | Includes | 173.0 | 179.0 | Oxides | 6.0 | 548.5 | 0.88 | - | 620.6 |
DDH-22-080 | 50.0 | 102.0 | Oxides | 52.0 | 125.1 | - | - | 125.1 | |
Includes | 65.0 | 70.0 | Oxides | 5.0 | 441.9 | - | - | 441.9 | |
DDH-22-080 | 124.0 | 132.0 | Oxides | 8.0 | 122.3 | - | - | 122.3 | |
DDH-22-080 | 165.0 | 173.0 | Sulphides | 8.0 | 82.5 | - | 0.31 | 82.5 | |
DDH-22-081 | 71.0 | 80.0 | Oxides | 9.0 | 69.2 | - | - | 69.2 | |
DDH-22-081 | 128.0 | 165.0 | Oxides | 37.0 | 179.3 | - | - | 179.3 | |
DDH-22-082 | 89.0 | 94.5 | Oxides | 5.5 | 45.8 | - | - | 45.8 | |
DDH-22-082 | 154.5 | 181.0 | Transition | 26.5 | 311.4 | 0.43 | - | 346.6 | |
DDH-22-082 | Includes | 172.0 | 179.0 | Transition | 7.0 | 935.6 | 1.46 | - | 1,055.2 |
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.
1 AgEq based on81.9(Ag):1(Au) calculated using long-term prices of US$25.00/oz Ag andUS$1,750/oz Au, and 73.5% process recovery for Ag, and 86.0% processrecovery for Au as demonstrated in the Company’s PreliminaryEconomic Assessment in respect of Diablillos dated January 13, 2022,using formula: AgEq g/t = Ag g/t + Au g/t x (Gold Price/SilverPrice) x (Gold Recovery/Silver Recovery). No value is ascribed tocopper grades in the AgEq calculations.
Exploration Update
Drilling is ongoing with two diamond drill rigs focusedon understanding the extent and orientation of silver and goldmineralization in the JAC zone. To date, assay results have beenreported for 30 drill holes at JAC, which coincides with a NE-SWtrending magnetic anomaly (Figure 1), and there are assays pending foran additional 13 drill holes. These drill holes span 700 metresalong strike and widths up to 200 metres.
The discovery hole at the JAC target was announced in August 2022 . Drilling results to date combined with interpretation of magneticssuggests that the new JAC zone remains open in multiple directions.The Company’s top priority is to drill JAC to gain a detailedunderstanding of the geometry of the mineralization and fully define aMRE later this year. The existing Phase III drill program may beexpanded if mineralization continues to remain open at the completionof the remaining planned drill holes, a scenario that appearsincreasingly likely. Reconnaissance drilling will also beselectively testing other high-priority targets on magnetic anomaliesbeyond the JAC zone.
Figure 1 – Diablillos Magnetic Map Plan View ofRecent Drill Holes & Exploration Targets
Figures 2 and 3 below display a long-section andcross-section of the latest drill results from the JAC target, locatedto the southwest of the main Oculto deposit at Diablillos.
Figure 2 – Long Section Through Newly Announced DrillHoles in JAC Zone
Figure 3 – CrossSection Through Newly Announced Drill Holes in JAC Zone
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 22-077 | E719676 | N7198880 | 4,167 | 0 | -60 | 176 |
DDH 22-078 | E719625 | N7198799 | 4,163 | 359 | -59 | 203 |
DDH 22-079 | E719775 | N7198868 | 4,175 | 359 | -57 | 200 |
DDH 22-080 | E719599 | N7198782 | 4,160 | 0 | -60 | 191 |
DDH 22-081 | E719574 | N7198724 | 4,159 | 0 | -60 | 176 |
DDH 22-082 | E719726 | N7198763 | 4,170 | 0 | -60 | 200 |
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 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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