(TheNewswire)
New Discovery is Located Over 500m Beyond the Limit ofthe Current Mineral Resource Estimate
Toronto – TheNewswire - August 03, 2022: AbraSilver Resource Corp.(TSXV:ABRA ) ; ( OTC:ABBRF) ("AbraSilver" or the “Company”) is very pleased to announce the discoveryof a new near-surface, high-grade silver zone, located over 500 metressouthwest of the Oculto Mineral Resource, on the Company'swholly-owned Diablillos property in Salta Province, Argentina(“Diablillos” or the “Project”).
Diamond drill hole DDH 22-019 contains the discoveryhole for the promising new zone, called the ‘Southwest zone’. Key takeaways include:
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Hole DDH 22-019 intersected a high-grade interval of 87 metres at 357 g/t AgEq (5.1 g/t AuEq- comprised of 346 g/t Ag and 0.15 g/t Au) in oxides starting at a down-hole depth of only 89 metres The hole included a 22 metre interval grading 1,033 g/t AgEq (14.8 g/t AuEq – comprised of 1,015 g/t Ag 0.27 g/t Au);
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The reconnaissance hole was drilled to test a magneticanomaly extending beneath colluvial cover southwest of Oculto. Thenewly discovered Southwest zone is located over500 metres beyond the limit of the current Mineral Resource estimate at Oculto.
John Miniotis, President and CEO, commented, “We’rethrilled that we continue to discover new high-grade, near-surfacesilver mineralization at our world-class Diablillos project. It isextremely promising for the first hole in a new, untested target toreturn such strong, high-grade results. Importantly, the high-grademineralization is thick, near surface, and demonstrates excellentpotential for continuity, thereby ranking it as our highest-priorityexploration target for our ongoing Phase III drill program. We’reeagerly looking forward to announcing more results from this new zoneover the coming weeks and months ahead."
The latest assay result highlights are summarized inTable 1 and Table 2 below.
Table 1 – Diablillos - Discovery Hole DDH22-019
(Intercepts greater than 2,000 gram-metres AgEq shownin bold text) :
Drill Hole | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | Cu % | AgEq 1 g/t | AuEq 1 g/t | |
DDH-22-019 | 89 | 176 | Oxides | 87.0 | 346.0 | 0.15 | - | 356.5 | 5.09 | |
DDH-22-019 | Includes | 152 | 174 | Oxides | 22.0 | 1,014.5 | 0.27 | - | 1,033.4 | 14.76 |
DDH-22-019 | Includes | 152 | 159 | Oxides | 7.0 | 2,001.0 | 0.42 | - | 2,030.4 | 29.01 |
DDH-22-019 | 177 | 178 | Sulphides | 1.0 | 31.3 | 0.06 | 2.63 | 251.9 | 3.60 |
Dave O’Connor, Chief Geologist, commented, “HoleDDH 22-019 is a spectacular exploration success. The hole was drilledto test a linear magnetic anomaly interpreted as being a potentialfeeder zone hosting a mineralised breccia. This has turned out to bethe case and is supported by the high-grade copper sulphidemineralisation at the base of the oxide silver zone. The magneticanomaly extends for over one kilometre under colluvial cover southwestof Oculto. Looking forward, our immediate priority is to nowsystematically drill the Southwest zone in order to determine thescale of this new system. The colluvial cover is about 50-60 metresthick, and the oxide silver mineralisation appears to commenceimmediately beneath it, presenting an ideal open pit miningsituation.”
Table 2 – Diablillos Other Drill ResultHighlights
(Intercepts greater than 2,000 gram-metres AgEq shownin bold text) :
Drill Hole | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | AgEq 1 g/t | AuEq 1 g/t | |
DDH-22-017 | 74.5 | 96 | Oxides | 21.5 | 38.4 | 0.07 | 43.3 | 0.62 | |
DDH-22-017 | 99 | 130 | Oxides | 31.0 | 48.4 | 0.87 | 109.3 | 1.56 | |
DDH-22-017 | Includes | 99 | 108 | Oxides | 9.0 | 71.3 | 2.32 | 233.7 | 3.34 |
DDH-22-017 | 138.5 | 154 | Oxides | 15.5 | 91.0 | 0.16 | 102.2 | 1.46 | |
DDH-22-018 | 72 | 88 | Oxides | 16.0 | 45.4 | 0.02 | 46.8 | 0.67 | |
DDH-22-018 | 100 | 113 | Oxides | 13.0 | 46.8 | 0.01 | 47.5 | 0.68 | |
DDH-22-020 | 48.5 | 56 | Oxides | 7.5 | 29.6 | 0.01 | 30.0 | 0.43 | |
DDH-22-020 | 96 | 121 | Oxides | 25.0 | 44.6 | 0.06 | 48.8 |
Note: All results in this news release are rounded.Assays are uncut and undiluted. Widths are drilled widths, not truewidths. True widths are estimated to be approximately 80% of theinterval widths.
1 AgEq & AuEq calculations forreported drill results are based on USD $1,750/oz and $25.00/oz Ag.The calculations assume 100% metallurgical recovery and are indicativeof gross in-situ metal value at the indicated metal prices.
Figure 1 – Oculto Plan View of Drill Results
Discussion of Drill Hole Results
Hole DDH 22-019 was a step-out reconnaissance holedrilled to test a magnetic anomaly extending beneath colluvial coversouthwest from the currently defined mineralization at Oculto. Thehole is located over 500 metres beyond the limit of the current OcultoMineral Resource estimate and discovered a new shallow zone ofhigh-grade silver mineralization including visible silver. The hole,which was inclined 60 degrees to the north, intersected 87 metres grading 346 g/t silver and 0.15 g/t gold in oxidemineralisation from 89.0 to 176.0 metres down-hole , including 22.0 metres grading 1,015g/t silver and 0.27 g/t gold, and including 7.0 meters with 2,001 g/tsilver and 0.42 g/t gold . The hole was stoppedin sulphide mineralization with 1.0 metre at 31.3g/t Ag and 2.63% Cufrom 177.0 to 178.0 metres.
A follow-up hole, DDH 22-044, has recently been drilled50 metres east-northeast of hole DDH 22-019 and, based on visualinterpretation, appears to have intersected very similar alteredbreccia for which analytical results are currently pending. Fiveadditional drill platforms have been prepared in the Southwest zonewhich will enable immediate systematic follow-up drilling.
The new Southwest zone adds a brand-new dimension tothe Diablillos project and opens up considerable blue sky potential.The prominent linear magnetic anomaly tested by hole DDH 22-019follows the same east-northeast direction as the conduits that hostthe mineralised hydrothermal breccias at Oculto. The structural zoneinterpreted to be the cause of the magnetic anomaly extends for atleast one kilometre beyond the conceptual Oculto open pit margin. Thehigh-grade silver encountered in hole DDH 22-019demonstrates potential for a major mineralised zone extending well tothe southwest of Oculto.
Hole DDH 22-017 was drilled in the northeast zone totest a parallel structure north of the Main Breccia. The holesuccessfully intersected several shallow intercepts of oxidemineralisation, with 31 metres at 48.4g/t silver and 0.87g/t goldstarting from 99.0 metres downhole.
Holes DDH 22-018 and DDH 22-020 were drilled to explorefor shallow mineralisation in the southwest part of the proposedOculto pit, north of the Main Breccia. Both holes intersected moderategrade, shallow mineralisation.
Figure 2 – Cross Section (Looking Northwest) withHighlighted Intercepts in Hole DDH 22-019
Figure 3 – Plan of Newly Discovered Southwest ZoneShowing Hole DDH 22-019 and Nearest High-Grade Intercepts WithinOculto Pit Outline
Figure 4 – Plan Showing Hole 22-019 in Relation toMagnetic Anomaly and Interpreted Structure
Diablillos Drill Program Update
The Company’s Phase II, 20,000-metre drill programhas been successfully completed, having delivered numerous positiveresults throughout the past year. At this time, assay results forthe final 12 holes from this campaign remain pending and are expectedto be received over the next several weeks. Once all assay resultsfrom the Phase II program are received, the Company will prepare andpublish an updated Mineral Resource estimate, which is anticipated tobe completed in September 2022. The best results to date from thePhase II program are summarized in Table 3, below.
Table 3 – Diablillos Project – Top Phase II DrillIntercepts Reported to Date
Hole | From (m) | To (m) | Zone | Interval (m) | Ag (g/t) | Au (g/t) | AgEq 1 (g/t) | AuEq 1 (g/t) |
22-004 | 131.0 | 271.0 | Tesoro | 140.0 | 219.0 | 1.17 | 300.9 | 4.30 |
21-038 | 112.0 | 221.3 | Tesoro | 109.3 | 176.8 | 1.53 | 283.9 | 4.06 |
22-019 | 89.0 | 176.0 | Southwest | 87.0 | 346.0 | 0.15 | 356.5 | 5.09 |
22-005 | 84.0 | 151.5 | Oculto SW | 67.5 | 157.4 | 1.95 | 293.9 | 4.20 |
21-067 | 242.0 | 308.0 | Oculto NE | 66.0 | 57.0 | 1.90 | 190.0 | 2.71 |
21-045 | 108.0 | 172.5 | Oculto SW | 64.5 | 125.6 | 0.61 | 171.4 | 2.28 |
21-064 | 86.0 | 147.0 | Oculto NE | 61.0 | 140.2 | 0.71 | 189.9 | 2.71 |
21-068 | 89.0 | 146.0 | Oculto SW | 57.0 | 108.0 | 1.47 | 210.9 | 3.01 |
21-022 | 192.0 | 245.0 | Oculto NE | 53.0 | 33.3 | 2.49 | 207.6 | 2.97 |
21-015 | 131.5 | 157.5 | Tesoro | 26.0 | 2,357.6 | 0.36 | 2,382.8 | 34.04 |
1 AgEq & AuEq calculationsfor reported drill results are based on USD $1,750/oz Au, and$25.00/oz Ag. The calculations assume 100% metallurgical recovery andare indicative of gross in-situ metal value at the indicated metalprices.
The Company has commenced an additional 15,000-metrePhase III exploration program designed to further expand MineralResources across the Diablillos property. The size of the drillprogram may be expanded, if warranted.
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 22-017 | E720160 | N7199502 | 4,251 | 0 | -60 | 200 |
DDH 22-018 | E719924 | N7199078 | 4,189 | 0 | -60 | 140.5 |
DDH 22-019 | E719673 | N7198780 | 4,165 | 0 | -60 | 212 |
DDH 22-020 | E719957 | N7199100 | 4,193 | 0 | -60 | 152 |
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 over90,000 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 4 below:
Table 4 - 2021 Mineral Resource Estimate for the OcultoDeposit, Diablillos Project
Category | Tonnage (000 t) | Ag (g/t) | Au (g/t) | Contained Ag (000 oz Ag) | Contained Au (000 oz Au) |
Measured | 8,235 | 124 | 0.98 | 32,701 | 259 |
Indicated | 32,958 | 54 | 0.70 | 57,464 | 744 |
Measured & Indicated | 41,193 | 68 | 0.76 | 90,165 | 1,002 |
Inferred | 2,884 | 34 | 0.70 | 3,181 | 66 |
Effective September 8, 2021. The Mineral Resourceestimate and supporting Technical Report are N.I. 43-101 compliant.Full details of the Mineral Resources are available in a Company newsrelease dated September 15, 2021. For additional information pleasesee Technical Report on the Diablillos Project, Salta Province,Argentina, dated October 28, 2021, completed by Mining Plus, andavailable 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 a well-funded silver-gold focusedadvanced-stage exploration company. The Company is rapidly advancingits 100%-owned Diablillos silver-gold project in the mining-friendlySalta province of Argentina, which has a current Measured andIndicated Mineral Resource of over 90 million ounces of silver and 1.0million ounces of gold. The updated PEA study completed in November2021 demonstrates that Diablillos has the potential to be ahighly-economic project. The Company is led by an experiencedmanagement team and has long-term supportive shareholders includingMr. Eric Sprott. In addition, AbraSilver owns a portfolio ofearlier-stage copper-gold projects including the La Coipitacopper-gold project in the San Juan province of Argentina. AbraSilveris listed on the TSX-V under the symbol “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 suchstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking statements. The Company disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired 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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