(TheNewswire)
Toronto, ON - TheNewswire - April 13, 2023 - AbraSilver Resource Corp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” or the “ Company ”) is pleased to announce its latest diamonddrilling assay results holes from the ongoing Phase III explorationprogram on the Company’s wholly-owned Diablillos property in SaltaProvince, Argentina (“Diablillos” or the “Project”).
Drilling at the JAC zone discovery continues toconsistently intersect high-grade silver oxide mineralization, withassociated gold in some areas, at shallow depths. Drilling to date atthe JAC zone has defined oxide mineralization extending approximately 800m along strike, up to 150m wide and extending to adepth of 200m . The zone continues to remainopen along strike towards the southwest and in other directions. Keytakeaways from the latest JAC zone drill results include:
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DDH 23-011 was drilled to test the northeastern extension ofmineralization at the JAC zone and intersected 36.0 metres grading 96.9 g/t Ag and 0.28g/t Au in oxides from 128.5 metres downhole.
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DDH 23-012 was drilled on the northern margin of thearea drilled and intersected 14.0 metres at 72.1 g/t Ag from a downholedepth of 97.0 metres.
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DDH 23-013, located in the southwestern part of thedrill target area, intersected two separate zones of silvermineralization in oxides, including 30.5 metres grading 133.3 g/tAg from 81.5 metres downhole.
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DDH 23-014, located in the northeastern part of thedrill target area, encountered high-grade silver mineralization inoxides, intersecting 46.5metres grading 185 g/t Ag and 0.50 g/t Au from adepth of 127.0 metres, including 8.0 metres at 439.3 g/t Ag and 1.28 g/t Au.
The latest assay result highlights are summarized inTable 1 below.
Table 1 – Diablillos Drill ResultHighlights in JAC Zone
(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 | ||
DDH-23-011 | 128.5 | 164.5 | Oxides | 36.0 | 96.9 | 0.28 | 119.8 | ||
DDH-23-012 | 97.0 | 111.0 | Oxides | 14.0 | 72.1 | - | 72.1 | ||
DDH-23-013 | 81.5 | 112.0 | Oxides | 30.5 | 133.3 | - | 133.3 | ||
DDH-23-013 | 119.0 | 128.5 | Oxides | 9.5 | 81.5 | - | 81.5 | ||
DDH-23-014 | 127.0 | 173.5 | Oxides | 46.5 | 185.0 | 0.50 | 226.0 | ||
DDH-23-014 | Includes | 137.0 | 145.0 | Oxides | 8.0 | 439.3 | 1.28 | 544.1 |
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 on 81.9(Ag):1(Au) calculated using long-termprices of US$25.00/oz Ag and US$1,750/oz Au, and 73.5% processrecovery for Ag, and 86.0% process recovery for Au as demonstrated inthe Company’s Preliminary Economic Assessment in respect ofDiablillos dated January 13, 2022, using formula: AgEq g/t = Ag g/t+ Au g/t x (Gold Price/Silver Price) x (Gold Recovery/SilverRecovery).
John Miniotis, President and CEO, commented, “Ourdrill program continues to consistently encounter high-grade silverintervals at shallow depths at the new JAC zone. These latest drillresults continue to demonstrate that the high-grade silvermineralization is continuous along strike and remains open to furtherexpansion. We see excellent potential to continue to intersecthigh-grade mineralization at JAC and look forward to incorporatingthese results into an updated Mineral Resource estimate later thisyear.”
Dave O’Connor, Chief Geologist, commented , “ Ongoing drilling at JAC continues to demonstrate extensivehigh-grade, silver mineralization with associated gold, near-surface. Importantly, there are several sub-parallel mineralized zones atJAC, and our drill program has been designed to ensure that allwell-mineralized zones are intersected, and will be included in theupcoming Mineral Resource estimate. The footprint of the JAC zonecontinues to expand, and we are very optimistic about the growthpotential of this new zone as our understanding of the geology andcontrols of mineralization continue to advance.”
Figure 1 – Plan View of AnnouncedDrill Holes in JAC Zone
Figure 2 – Long Section ThroughNewly Announced Drill Holes in JAC Zone
Figure 3 – Long Section ThroughDrill Holes Announced to Date in JAC Zone
Exploration Update
Drilling activity at Diablillos remains focused on therecently discovered JAC zone which is located several hundred metressouthwest of the conceptual open pit that constrains the currentMineral Resource estimate (“MRE”) on the main Oculto deposit(M&I MRE containing 1.3 Moz gold and 109 Moz silver – Table 2).
To date, the Company has completed approximately 18,000metres of drilling in 79 holes, as part of the planned 22,000-metrePhase III program that is primarily targeting the JAC zone. ThePhase III exploration drill program will form the basis for an updatedMRE and will be included in a Pre-Feasibility Study on the Diablillosproject, which the Company expects to complete in the second half of2023. Planned drilling will also test the margins of the JAC zone toprovide data for geotechnical studies for a conceptual open pit at theJAC zone.
Additional exploration targets have been identified tothe southwest of the Oculto MRE based on the recently completeddetailed ground magnetic survey. Some of these targets, including theFantasma and Alpaca targets, are expected to be drilled following thesystematic drilling of the JAC zone.
At the La Coipita project, drilling is progressing withthe hole currently at a down-hole depth of approximately 1,200 metres. The deep hole is expected to be completed within the next two weeksand is targeting the anticipated higher-grade zone of the porphyrysystem intercepted last year in hole DDHC 22-002.
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-011 | E719801 | N7198868 | 4,178 | 315 | -60 | 200 |
DDH 23-012 | E719770 | N7198899 | 4,173 | 315 | -60 | 200 |
DDH 23-013 | E719477 | N7198657 | 4,149 | 315 | -60 | 173 |
DDH 23-014 | E719792 | N7198905 | 4,175 | 0 | -60 | 194 |
About Diablillos
The 80 km 2 Diablillos property is located in theArgentine Puna region - the southern extension of the Altiplano ofsouthern Peru, Bolivia, and northern Chile - and was acquired from SSRMining Inc. by the Company in 2016. There are several known mineralzones on the Diablillos property, with the Oculto zone being the mostadvanced with over 120,000 metres drilled to date. Oculto is ahigh-sulphidation epithermal silver-gold deposit derived from remnanthot springs activity following Tertiarty-age local magmatic andvolcanic activity. Comparatively nearby examples of high sulphidationepithermal deposits include: Yanacocha (Peru); El Indio (Chile);Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo delSol (Argentina).
The most recent Mineral Resource estimate for theOculto Deposit is shown in Table 2:
Table 2 - Oculto Mineral Resource Estimate – As ofOctober 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 norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release
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