(TheNewswire)
Toronto, ON - TheNewswire- May 25, 2023 - AbraSilver ResourceCorp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” orthe “ Company ”) is pleased to announce the latest assayresults from the ongoing Phase III diamond drilling program on theCompany’s wholly-owned Diablillos property in Salta Province,Argentina (“Diablillos” or the “Project”). The Company is alsopleased to announce that the Phase III program is being increased asmineralization at the JAC zone remains open.
Drilling at the JAC zone continues to consistentlyintersect high-grade silver oxide mineralization, with associated goldin some areas, at shallow depths, as well as underlying copper andsilver mineralization in sulphides.
Notably, drill hole DDH 23-029 encountered silvermineralization in oxides to the west of the main JAC mineralized zone,which was drilled to test an extension of the magnetic anomalyassociated with the mineralization at JAC. This mineralization ishosted in granitic basement rocks under the andesite volcanics and,consequently, opens up potential for further mineralized zones. Additionally, the JAC zone continues to remain open along striketowards the southwest and in other directions.
The latest assay resulthighlights are summarized in Table 1 below.
Table 1 – Diablillos Drill Result Highlights in JACZone
(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 | ||
DDH-23-024 | 69.0 | 82.0 | Oxides | 13.0 | 47.5 | - | - | 47.5 | ||
DDH-23-024 | 87.0 | 100.0 | Oxides | 13.0 | 36.9 | - | - | 36.9 | ||
DDH-23-024 | 127.0 | 139.0 | Oxides | 12.0 | 44.7 | - | - | 44.7 | ||
DDH-23-024 | 144.0 | 161.0 | Oxides | 17.0 | 828.9 | - | - | 828.9 | ||
DDH-23-024 | Includes | 152.0 | 157.0 | Oxides | 5.0 | 2,215.4 | - | - | 2,215.4 | |
DDH-23-025 | 93.0 | 97.0 | Oxides | 4.0 | 31.4 | - | - | 31.4 | ||
DDH-23-025 | 100.0 | 179.0 | Oxides | 79.0 | 237.6 | 0.15 | - | 249.9 | ||
DDH-23-025 | Includes | 156.0 | 179.0 | Oxides | 23.0 | 519.2 | 0.12 | - | 529.0 | |
DDH-23-025 | 179.0 | 209.5 | Sulphides | 30.5 | 96.6 | - | 3.28 | 96.6 | ||
DDH-23-026 | 120.0 | 127.0 | Oxides | 7.0 | 47.6 | - | 47.6 | |||
DDH-23-026 | 131.0 | 150.0 | Oxides | 19.0 | 107.3 | 0.69 | - | 163.8 | ||
DDH-23-027 | 56.0 | 115.0 | Oxides | 59.0 | 129.6 | - | - | 129.6 | ||
DDH-23-027 | Includes | 58.0 | 62.0 | Oxides | 4.0 | 812.2 | - | - | 812.2 | |
DDH-23-028 | 127.0 | 134.0 | Oxides | 7.0 | 46.5 | - | - | 46.5 | ||
DDH-23-028 | 156.5 | 181.0 | Transition | 24.5 | 189.8 | - | 0.20 | 189.8 | ||
DDH-23-028 | Includes | 173.0 | 176.0 | Sulphides | 3.0 | 1,174.9 | 0.26 | 0.79 | 1,196.2 | |
DDH-23-029 | 73.0 | 75.0 | Oxides | 2.0 | 74.8 | - | - | 74.8 | ||
DDH-23-029 | 126.0 | 157.4 | Oxides | 31.4 | 174.4 | - | - | 174.4 |
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.
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).
John Miniotis, President and CEO, commented, “Wecontinue to intercept excellent widths and grades of silver at JAC inpractically every single drill hole. Additionally, we continue tosee significant potential for new discoveries beyond the main JACmineralized zone, as highlighted in hole DDH 23-029. Our drill resultscontinue to confirm our belief that the new JAC zone is a majormineralized system, with significant exploration upside remaining tobe discovered. For that reason, we are again increasing the amount ofdrilling being done as part of the Phase III program.”
Dave O’Connor, ChiefGeologist, commented, “In addition to consistently encounteringhigh-grade silver mineralization with associated gold at JAC, we arealso intersecting underlying high-grade copper mineralization withassociated silver/gold in sulphides immediately beneath the oxides. Itis now evident that the high-grade sulphide mineralization in zonesbeneath the base of oxidation is continuous for at least 2 km alongthe length of the Oculto-JAC system, representing an additionalattractive exploration target, beyond the oxidized mineralization atJAC.”
Key takeaways from the latest JAC zone drill resultsinclude:
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DDH 23-024 was drilled to testcontinuity of the JAC Zone for resource estimation. The holeintersected multiple zones of silver mineralization in oxides, with 17.0 metres grading 828.9 g/t Ag from a downhole depth of 144.0 metres, including 5.0 metres grading 2,215.4 g/t Ag.
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DDH 23-025 was drilled to test continuity of the JACZone for resource estimation. The hole intersected significant silverand gold mineralization in oxides, including 79metres at 237.6 g/t Ag and 0.15 g/t Au from100.0 metres downhole.
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Immediately beneath this high-grade oxide intercept,the hole encountered 30.5 metres grading 3.28% Cu and 96.6 g/t Ag in sulphide mineralization. This is thebest copper intercept drilled at JAC to date ona grade-thickness basis, demonstrating the potential of high-gradefeeder structures at JAC to host substantial sulphidemineralisation.
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DDH 23-026 was drilled to test the north-easternextremity of the JAC Zone near the Oculto conceptual open pit, andencountered silver and gold mineralization in oxides, intersecting 19.0 metres grading 107.3 g/t Ag and 0.69 g/tAu from 131.0 metres downhole.
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DDH 23-027 was drilled to test the northern margin ofthe JAC Zone and intersected 59 metres grading129.6 g/t Ag, including 4 metres grading 812.2 g/t Ag, starting from a downhole depth of only 56.0 metres.
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DDH 23-028 was drilled to test continuity of the JACZone for resource estimation. The hole encountered 24.5 metres grading 189.8 g/t Ag in theoxide/sulphide transition zone, including 3.0metres grading 1,174.9 g/t Ag and 0.79% Cu insulphides, starting from a downhole depth of 156.5 metres.
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DDH 23-029, was drilled beyondthe JAC drill target area to explore for a possible new perpendicularzone of mineralization. The hole showedcontinuity of silver dominant mineralisation beyond the currentsouthwestern margin of the JAC deposit and intersected 31.4 metres grading 174.4 g/t Ag inoxides starting from a downhole depth of 126.0 metres.
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The hole is located on a zone of low magnetic intensityheading NW from the main JAC trend towards the Alpaca target wherehistorical drilling intersected silver mineralisation. Additionaldrilling in this area will now be conducted.
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Figure 1 – Plan View of Announced Drill Holes in JACZone
Figure 2 – Long Section Through Newly Announced DrillHoles in JAC Zone
Exploration Update
Drilling activity at Diablillos remains focused on therecently discovered JAC zone which is located southwest of theconceptual open pit that constrains the current Mineral Resourceestimate (“MRE”) on the main Oculto deposit (M&I MREcontaining 1.3 Moz gold and 109 Moz silver – Table 2).
Two rigs have essentially completed drilling theplanned 22,000-metre Phase III program with results demonstratingmineralization at the JAC zone over an area at least 800 metres byapproximately 200 metres. As the JAC zone remains open in severaldirections, the Company now plans to drill at least an additional 15holes as part of the Phase III program in order to define the limitsof the high-grade silver mineralization in oxides. All Phase III drillholes will be incorporated into an updated MRE and will be included ina Pre-Feasibility Study on the Diablillos project, which the Companyexpects to complete in the second half of 2023.
Moreover, additional exploration targets have beenidentified to the southwest of the Oculto MRE based on the recentlycompleted detailed ground magnetic survey. Some of these targets,including the Fantasma and Alpaca targets, will be drilled followingthe systematic drilling of the JAC zone.
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-024 | E719760 | N7198856 | 4,174 | 315 | -60 | 200 |
DDH 23-025 | E719724 | N7198828 | 4,172 | 315 | -60 | 224 |
DDH 23-026 | E719882 | N7198955 | 4,187 | 315 | -60 | 179 |
DDH 23-027 | E719576 | N7198771 | 4,159 | 0 | -60 | 200 |
DDH 23-028 | E719529 | N7198715 | 4,154 | 315 | -60 | 212 |
DDH 23-029 | E719211 | N7198614 | 4,132 | 0 | -60 | 182 |
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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