(TheNewswire)
Discovery Located +900m Beyond Limit of Current MineralResource Estimate & ~100m Northwest of JAC
Toronto, ON - TheNewswire- August 09, 2023 - AbraSilver ResourceCorp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” orthe “ Company ”) is pleased to announce the latest assayresults from the Phase III diamond drilling program on the Company’swholly-owned Diablillos property in Salta Province, Argentina(“Diablillos” or the “Project”). Diamond drill holes DDH 23-055, DDH23-056 and DDH 23-064 were step out holes drilled to the northwest ofthe JAC zone, which coincides with a northeast-to-southwest magneticanomaly. The new holes intersected a promisingnew silver zone, called the ‘JAC North zone’ . Key takeaways include:
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Hole DDH 23-064 intersected a high-grade interval of 12 metres at 1,042 g/t Ag in oxidesstarting at a down-hole depth of only 69 metresand including a 6 metre interval grading 1,880 g/t Ag.
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The three reconnaissance holes were drilled to test oneof several remaining untested targets indicated by magnetic anomalieslocated southwest of Oculto.
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The newly discovered JAC North zone is located over 900metres beyond the limit of the conceptual open pit that defines thecurrent Mineral Resource estimate at Oculto and approximately 100metres northwest of the high-grade JAC zone.
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The new JAC North zone has the same geologicalcharacteristics as the JAC zone, namely that silver mineralisation isconcentrated in a highly fractured zone with pervasive alunitealteration and associated manganese oxides and follows a parallelstructural trend.
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The initial drill intercepts of this newly identifiedzone are very encouraging, and follow-up work is planned as part ofthe next exploration drill campaign.
John Miniotis, President and CEO, commented,“Today’s announcement continues to highlight the significantexploration upside potential at our Diablillos project. In particular,we are very excited with the high-grade results encountered in holeDDH 23-064, which demonstrates the continuity of high-grade silvermineralization well beyond the current JAC zone boundary. We fullyexpect the upcoming 2023 Mineral Resource estimate and Pre-FeasibilityStudy to confirm that Diablillos is a highly-attractive, long-life,silver-gold project, which continues to display significantexploration upside potential.”
The latest assay result highlights are summarized inTable 1 and Table 2 below.
Table 1 –Drill Results in Newly Discovered ‘JACNorth Zone’
(Intercepts greater than 2,000 gram-metres Ag shown inbold text) :
Drill Hole | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | ||
DDH-23-055 | 55.0 | 117.0 | Oxides | 62.0 | 129.5 | - | ||
DDH-23-055 | 130.0 | 132.0 | Oxides | 2.0 | 128.4 | - | ||
DDH-23-055 | 164.0 | 171.0 | Oxides | 7.0 | 294.5 | - | ||
DDH-23-055 | 174.5 | 175.5 | Oxides | 1.0 | 108.5 | - | ||
DDH-23-056 | 53.0 | 74.0 | Oxides | 21.0 | 90.9 | - | ||
DDH-23-056 | 92.0 | 107.0 | Oxides | 15.0 | 101.3 | - | ||
DDH-23-056 | 156.5 | 158.5 | Oxides | 2.0 | 38.2 | - | ||
DDH-23-064 | 69.0 | 81.0 | Oxides | 12.0 | 1,041.7 | - | ||
DDH-23-064 | includes | 71.0 | 77.0 | Oxides | 6.0 | 1,879.7 | - |
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 for oxides.
Dave O’Connor, ChiefGeologist, commented, “Hole DDH 23-064 is another great explorationsuccess from our team. With mineralization in the JAC North zonetrending northeast under colluvial cover, parallel to JAC, this confirms the potential for severalmineralised zones parallel to the main JAC Zone, being similar to themultiple sub-parallel mineralised structures identified at the Ocultodeposit.”
Figure 1 – Plan View of Drill Holes Announced in thisRelease
Discussion of Drill Hole Results
Holes DDH 23-055, DDH 23-056 and DDH 23-064 weredrilled northwest of the current JAC zone and identified a promisingnew zone, called the ‘JAC North zone’. These reconnaissanceholes were drilled to test the margins of JAC mineralization andadditional drilling is planned to explore for other mineralisedstructures in the JAC area. Hole DDH 23-064 intersected a high-gradeinterval of 12 metres at 1,042 g/t Ag in oxides starting at adown-hole depth of only 69 metres, including 6 metres grading 1,880g/t Ag. This hole is located over 900 metres beyond the limit of theconceptual open pit that constrains the current Mineral Resourceestimate at Oculto and approximately 100 metres northwest of thehigh-grade JAC zone.
The JAC North zone discovery opens up considerableblue-sky potential. Previous holes in this area include DDH 23-029, announced on May 25,2023 , with an intercept of 31.35metres at 174.4 g/t Ag and DDH 23-032, announced on June 26,2023 , with several silver intercepts,including 26 metres of 166.5 g/t Ag which, with the newly releasedholes demonstrate continuity of mineralisation in this new zone. Thediscovery of a second northeast trending zone parallel to the main JACzone demonstrates the potential for multiple mineralised zones, as isthe case at the Oculto deposit. We have also commenced drilling toexplore for a conjugate set of structures which would trend northwestand may connect the JAC zones to silver mineralisation identified byprevious drilling at the Alpaca target.
Two additional follow-up holes in the JAC North zoneare now being drilled to test for continuity of high-grade silvermineralization along strike. The JAC North zone will not be includedin the upcoming Mineral Resource Estimate, as it is at an early stageand requires additional drilling.
Our next phase of drilling (Phase IV) will exploreadditional targets which will all be prioritized based on distancefrom the probable porphyry progenitor beneath Oculto and favourabilityof structural trends reflected in magnetic surveys, with specialreference to any historical drill data. Current priority targets inthe area west of Oculto include JAC North, Alpaca and Fantasma, withadditional targets also being developed to the east and north ofOculto.
Holes DDH 23-054, DDH 23-059, DDH 23-060, DDH 23-061and DDH 23-062 were drilled to determine the margins of the high-gradesilver oxide mineralization at the JAC Zone, in preparation for theMineral Resource estimate to be announced later this year. The holesencountered silver mineralization along the southeast margin of theJAC zone and were expected to be outside of the central high-grademineralised trend.
Table 2 – New Drill Results in JAC Zone
(Intercepts greater than 2,000 gram-metres Ag shown inbold text) :
Drill Hole | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | ||
DDH-23-054 | 43.0 | 45.0 | Oxides | 2.0 | 62.6 | - | ||
DDH-23-054 | 52.0 | 56.0 | Oxides | 4.0 | 78.4 | - | ||
DDH-23-054 | 116.0 | 117.1 | Oxides | 1.1 | 53.9 | - | ||
DDH-23-059 | 68.0 | 71.0 | Oxides | 3.0 | 47.5 | - | ||
DDH-23-059 | 171.0 | 176.5 | Oxides | 5.5 | 142.7 | 0.26 | ||
DDH-23-060 | 84.0 | 85.5 | Oxides | 1.5 | 65.4 | - | ||
DDH-23-060 | 99.0 | 110.0 | Oxides | 11.0 | 106.6 | - | ||
DDH-23-060 | 116.0 | 118.5 | Oxides | 2.5 | 107.4 | - | ||
DDH-23-061 | 122.0 | 123.0 | Oxides | 1.0 | 46.5 | - | ||
DDH-23-061 | 134.0 | 153.5 | Oxides | 19.5 | 272.8 | - | ||
DDH-23-061 | 156.5 | 167.0 | Oxides | 10.5 | 138.5 | - | ||
DDH-23-062 | 100.0 | 101.0 | Oxides | 1.0 | 62.9 | - | ||
DDH-23-062 | 106.0 | 110.0 | Oxides | 4.0 | 84.5 | - | ||
DDH-23-062 | 118.0 | 121.0 | Oxides | 3.0 | 68.8 | - | ||
DDH-23-062 | 123.0 | 124.0 | Oxides | 1.0 | 45.1 | - | ||
DDH-23-062 | 155.0 | 161.0 | Oxides | 6.0 | 79.5 | - |
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 for oxides.
Figure 2 – Cross-Section Through Newly AnnouncedDrill Holes in JAC North Zone & JAC Zone
Figure 3 – Plan of New JAC North Zone in Relation toJAC, Oculto and Alpaca
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 14 holesfrom the Phase III program (ongoing)
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Submission of Environmental Impact Assessment (EIA) forDiablillos (August 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 (JAC North, Alpaca, Fantasma, etc.) forthe upcoming Phase IV drill campaign (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 23-054 | E719527 | N7198889 | 4,156 | 135 | -60 | 191 |
DDH 23-055 | E719150 | N7198613 | 4,129 | 0 | -60 | 197 |
DDH 23-056 | E719150 | N7198661 | 4,130 | 0 | -60 | 167 |
DDH 23-059 | E719750 | N7198782 | 4,173 | 0 | -60 | 200 |
DDH 23-060 | E719500 | N7198584 | 4,152 | 0 | -60 | 185 |
DDH 23-061 | E719574 | N7198602 | 4,157 | 0 | -60 | 167 |
DDH 23-062 | E719374 | N7198555 | 4,142 | 0 | -60 | 182 |
DDH 23-064 | E719250 | N7198710 | 4,135 | 0 | -60 | 149 |
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 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.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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