(TheNewswire)
Toronto, ON - TheNewswire- May 4, 2023 - AbraSilver ResourceCorp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” orthe “ 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 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. The JAC zone remains open alongstrike towards 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-23-015 | 103.0 | 118.0 | Oxides | 15.0 | 84.1 | - | - | 84.1 | ||
DDH-23-016 | 61.0 | 88.0 | Oxides | 27.0 | 46.2 | 0.01 | - | 47.0 | ||
DDH-23-017 | 92.0 | 104.0 | Oxides | 12.0 | 876.1 | - | - | 876.1 | ||
DDH-23-017 | Includes | 94.0 | 96.0 | Oxides | 2.0 | 4,968.4 | 0.14 | - | 4,979.9 | |
DDH-23-017 | 110.0 | 113.0 | Oxides | 3.0 | 72.4 | - | - | 72.4 | ||
DDH-23-017 | 132.0 | 134.0 | Oxides | 2.0 | 77.0 | - | - | 77.0 | ||
DDH-23-018 | 108.0 | 130.0 | Oxides | 22.0 | 51.8 | - | 51.8 | |||
DDH-23-018 | 151.0 | 160.5 | Sulphides | 9.5 | 47.2 | - | 0.67 | 47.2 | ||
DDH-23-018 | 171.0 | 175.5 | Sulphides | 4.5 | 65.8 | - | 0.46 | 65.8 | ||
DDH-23-020 | 79.5 | 89.5 | Oxides | 10.0 | 161.5 | - | - | 161.5 | ||
DDH-23-020 | 92.5 | 99.0 | Oxides | 6.5 | 47.2 | 0.02 | - | 48.8 | ||
DDH-23-020 | 104.0 | 122.0 | Oxides | 18.0 | 66.7 | 0.12 | - | 76.5 | ||
DDH-23-020 | 127.0 | 146.0 | Oxides | 19.0 | 149.5 | 0.78 | - | 213.4 | ||
DDH-23-020 | 148.0 | 151.0 | Oxides | 3.0 | 79.7 | 0.13 | - | 90.3 | ||
DDH-23-021 | 137.0 | 143.0 | Oxides | 6.0 | 63.1 | 0.03 | - | 65.6 | ||
DDH-23-021 | 156.0 | 157.0 | Oxides | 1.0 | 49.2 | 0.82 | - | 116.4 | ||
DDH-23-021 | 161.5 | 193.5 | Oxides | 32.0 | 530.8 | 0.60 | - | 579.9 | ||
DDH-23-021 | 193.5 | 199.5 | Sulphides | 6.0 | 52.6 | - | 1.32 | 52.6 | ||
DDH-23-022 | 53.5 | 79.0 | Oxides | 25.5 | 58.6 | 0.01 | - | 59.4 | ||
DDH-23-023 | 50.5 | 110.0 | Oxides | 59.5 | 103.4 | 0.05 | - | 107.5 | ||
DDH-23-023 | 143.0 | 147.0 | Oxides | 4.0 | 86.8 | - | - | 86.8 |
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).
Key takeaways from the latest JAC zone drill resultsinclude:
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DDH 23-017 was drilled to test thesouthwest extension of the JAC zone and intersected several zones ofsilver mineralization in oxides, with 12.0metres grading 876.1 g/t Ag from a downholedepth of 92.0 metres downhole, including 2.0metres grading 4,968.4 g/t Ag and 0.14 g/t Au.
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DDH 23-020 was drilled towards the northern margin ofthe JAC zone and intersected several zones of silver and goldmineralization in oxides, including 19 metres at149.5 g/t Ag and 0.78 g/t Au from 127.0 metresdownhole.
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DDH 23-021, located in the southeastern part of thedrill target area, encountered high-grade silver mineralization inoxides, intersecting 32.0 metres grading 530.8g/t Ag and 0.60 g/t Au from 161.5 metresdownhole. This high-grade intercept further demonstrates theimportance and continuity of the deeper layer of silver-goldmineralisation at JAC.
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Immediately beneath this high-grade oxide intercept,the hole encountered 6.0 metres grading 1.32% Cu and 52.6 g/t Ag in sulphide mineralization, demonstrating the potential ofmineralised feeder structures at JAC to host substantial sulphidemineralisation.
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DDH 23-023, located in the northwestern part of thedrill target area shows continuity of silver dominant mineralisationalong the northern margin of the deposit. The holeintersected 59.5 metres grading 103.4 g/t Ag and0.05 g/t Au starting from a depth of only 50.5metres.
Figure 1 – Plan View of Announced Drill Holes in JACZone
John Miniotis, President and CEO, commented, “Ourdrill results continue to encounter multiple thick intercepts of oxidesilver in virtually every hole as we increase confidence and extendthe size of the new high-grade JAC discovery. The JAC zone featuresa highly attractive combination of scale, grade and continuity, whichis expected to significantly increase the economics of our Diablillosproject. We look forward to additional drill results andincorporating all the data into an updated Mineral Resource estimatelater this year.”
Dave O’Connor, Chief Geologist, commented,“Today’s drill results further define and expand the high-gradecore area of the new JAC zone. Additionally, the contact zonebetween the oxides and underlying sulphides continues to showsubstantial potential for an extensive zone of high-grade silverdominant mineralisation at the base of the oxide zone as well as forsignificant underlying copper sulphide mineralisation with associatedprecious metal content.”
Figure 2 – Long Section Through Newly Announced DrillHoles in JAC Zone
Figure 3 – Cross Section Through Newly AnnouncedDrill Holes 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 themain Oculto deposit (M&I MRE containing 1.3 Moz gold and 109 Mozsilver – Table 2).
To date, the Company has completed approximately 20,000metres of drilling in 85 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, a deep hole was completeddown to a depth of 1,242 metres. The Company has completed finalcore splitting and has sent final sample shipments to the laboratory.Assay results are expected to be received around late June and will bereported once they are received and interpreted.
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-015 | E719591 | N7198755 | 4,159 | 315 | -60 | 179 |
DDH 23-016 | E719552 | N7198754 | 4,156 | 315 | -60 | 170 |
DDH 23-017 | E719505 | N7198680 | 4,151 | 0 | -60 | 170 |
DDH 23-018 | E719427 | N7198634 | 4,145 | 315 | -60 | 203 |
DDH 23-020 | E719705 | N7198845 | 4,169 | 0 | -60 | 211 |
DDH 23-021 | E719765 | N7198755 | 4,175 | 0 | -60 | 215 |
DDH 23-022 | E719570 | N7198766 | 4,160 | 0 | -60 | 161 |
DDH 23-023 | E719686 | N7198866 | 4,168 | 315 | -60 | 170 |
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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