(TheNewswire)
High-Grade Oxide Intercept Contains757 g/t AgEq (10.81 g/t AuEq) over 17m
Toronto – TheNewswire - April27, 2022: AbraSilver Resource Corp. (TSXV:ABRA ) ; ( OTC:ABBRF) ("AbraSilver" or the“Company”) is pleased to announceassay results from its latest diamond drill hole from the ongoingPhase II program on the Company’s wholly-owned Diablillos propertyin Salta Province, Argentina. Key takeaways from the latest interceptincludes:
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Hole DDH22-005 returned a near-surface oxide interval ofhigh-grade gold and silver with 67.5 metres at 293.9 AgEq (or 4.20 g/t AuEq – comprised of 157 g/t Ag and 1.95 g/t Au), including 17 metres at 756.8 g/t AgEq (or10.81 g/t AuEq - 235 g/t Ag and 7.46 g/t Au);and
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This latest step-out hole is located southwest of theexisting Oculto Mineral Resource and the mineralization now extends toan area of 600metres by 2,000 metres and remains open along strike and atdepth.
John Miniotis, President and CEO, commented, “Holeafter hole, our ongoing drill program at Diablillos continues to farexceed all expectations. Hole DDH 22-005 was drilled on thesouthwest margin of the conceptual open pit and clearly demonstratesthe continuity of high-grade mineralization beyond what was previouslyestimated. We look forward to building momentum with additionalexploration news flow expected in the weeks and monthsahead.”
The Company is also pleased to report that it hascompleted a maiden drill program at the La Coipita project in the SanJuan province of Argentina, and is currently awaiting assay resultsfrom the laboratory. Hole DDHC 22-001 was terminated at 865 metres,while DDHC 22-002 was terminated at just over 1,200 metresdepth.
Dave O’Connor, Chief Geologist, commented, “At LaCoipita, we are very excited about the successful completion of ourinitial deep drilling program which we believe indicates the presenceof a large copper-molybdenum-gold porphyry system. Visual inspectionof core has identified chalcopyrite with secondary coatings ofcovellite and pyrite replaced by chalcosite, with B veins containingmolybdenite. While all assay results are pending, the mineralisedzone from 517 to 1,001m in hole DDHC 22-002 was significantly thickerthan expected, illustrating the potential for a major copper-goldporphyry system with a molybdenum overprint.”
The latest assay result highlights from drilling at theDiablillos project are summarized in Table 1 below.
Table 1 – Diablillos 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-22-005 | 20 | 34 | Oxides | 14.0 | 21.8 | - | 21.8 | 0.31 | |
DDH-22-005 | 84 | 151.5 | Oxides | 67.5 | 157.4 | 1.95 | 293.9 | 4.20 | |
DDH-22-005 | Including | 117 | 134 | Oxides | 17.0 | 234.6 | 7.46 | 756.8 |
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 for reported drill results are based on USD$1,750/oz Au and $25.00/oz Ag. The calculations assume 100%metallurgical recovery and are indicative of gross in-situ metal valueat the indicated metal prices.
Figure 1 – Diablillos Location MapOf Drill Holes Completed To Date in 2021/2022
Hole DDH 22-005 at Diablillos
Hole DDH 22-005 was drilled perpendicular to the MainBreccia in order to test the true thickness of the southwest extensionof the high-grade zone of the Oculto Mineral Resource. The holesuccessfully intersected a high-grade interval of 17.0 metres grading 234.6 g/t silver and7.46 g/t gold in oxides from 117 to 134 metresdownhole. This hole is located approximately 300 metres southwest of hole DDH 22-004 which was announced on April11th , and intersected 140 metres grading 219.0 g/t silver and1.17 g/t gold . These recent results clearlydemonstrate the scale of high-grade mineralization in the Main Brecciazone and, together with other holes in the area, are expected to addsignificant value to the economics of the Diablillos project. Broadspaced drilling beyond the Oculto Mineral Resource both towards thenortheast and southwest has intersected mineralisation well beyond theplanned pit and drilling is underway to expand Mineral Resources inthese areas.
Figure 2 – Cross Section (LookingEast) with Highlighted intercepts in Hole DDH 22-005
Exploration Outlook
La Coipita Project Update, San Juan,Argentina
The Company has completed its maiden drill program atthe La Coipita project, located in the San Juan province of Argentina,and is currently awaiting assay results from the laboratory. Based onencouraging visual data at the time of drilling, the drill program wasmodified to test a deep porphyry target. Hole DDHC 22-001 wasterminated at 865 metres, while DDHC 22-002 was terminated at justover 1,200 metres depth.
The two deep drill holes at La Coipita were targeted ata surface geochemistry pattern interpreted as being a reflection of anunderlying porphyry system. This has been confirmed by visualinspection at the time of drilling and assay results for both holes atLa Coipita have been prioritized.
Hole DDHC 22-002 intersected large-scale copper-goldporphyry style sulphide mineralisation together with molybdenum from517m depth to the end of the hole at 1,202.5 meters depth. Themineralisation is in rocks that are host to the porphyry intrusionwhich has not yet been intersected. Hole 22-002 stopped inmineralisation and was terminated for technical reasons. Additionaldrilling in this potential major porphyry system is planned for nextfield season, which is expected to start in September 2022, with theobjective of intersecting the central porphyry intrusiveprogenitor.
Diablillos Phase II Update
A total of 16,630 metres has now been completed as partof the Company’s ongoing 20,000-metre Phase II exploration programat Diablillos. Drills are focused on expanding mineralization forinclusion in the next Mineral Resource Estimate, anticipated in Q32022, as well as in-fill drilling (estimated 25 metre spacing) toreclassify existing Indicated Mineral Resources to the Measuredcategory. To date, our Phase II drill results reveal the exceedinglyhigh-grade nature of the Diablillos project and validates theCompany’s geological model. At the moment, the Company has anadditional six holes at the laboratory for which results are pendingover the next few weeks. The best results to date from the Phase IIprogram are summarized in Table 2, below.
Table 2 – Diablillos Project –Top Phase II Drill Intercepts Reported to Date
Hole | From (m) | To (m) | Type | Interval (m) | Ag (g/t) | Au (g/t) | AgEq 1 (g/t) | AuEq 1 (g/t) |
22-004 | 131 | 271 | Oxides | 140.0 | 219.0 | 1.17 | 300.9 | 4.30 |
21-038 | 112 | 221.3 | Oxides | 109.3 | 176.8 | 1.53 | 283.9 | 4.06 |
22-005 | 84 | 151.5 | Oxides | 67.5 | 157.4 | 1.95 | 293.9 | 4.20 |
21-067 | 242 | 308 | Oxides | 66.0 | 57.0 | 1.90 | 190.0 | 2.71 |
21-068 | 89 | 146 | Oxides | 57.0 | 108.0 | 1.47 | 210.9 | 3.01 |
21-022 | 192 | 245 | Oxides | 53.0 | 33.3 | 2.49 | 207.6 | 2.97 |
1 AgEq& AuEq calculations for reported drill results are based on USD$1,750/oz Au, $25.00/oz Ag and $3.00/lb Cu. The calculations assume100% metallurgical recovery and are indicative of gross in-situ metalvalue at the indicated metal prices.
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth | |
DDH 22-005 | E720043 | N7199151 | 4,210 | 315 | -60 | 176 |
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 90,000 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 Mineral Resource for the Oculto Deposit is shown inTable 2 below:
Table 2 - 2021 Mineral ResourceEstimate for the Oculto Deposit, 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 duplicate core samples which are collected in order tomeasure sample representivity. Groups of samples are then placed inlarge bags which are sealed with numbered tags in order to maintain achain-of-custody during the transport of the samples from the projectsite 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 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 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.The Company disclaims any intention or obligation to update or reviseany forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required bylaw.
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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