(TheNewswire)
Toronto, ON - TheNewswire- January 17, 2023 - AbraSilver ResourceCorp. (TSXV:ABRA ) ( OTC:ABBRF) (“AbraSilver” or the “Company”) is very pleased to announce assay results from its latestdiamond drill holes from the ongoing Phase III program on theCompany’s wholly-owned Diablillos property in Salta Province,Argentina (“Diablillos” or the “Project”).
Record-Grade Intercept Located at New JAC Target, Partof Broader Intercept of 2,498 g/t AgEq over 8.5m
Key takeaways from the latest drill resultsinclude:
-
Drill holes, DDH 22-075 and DD 22-076 were drilled atthe new JAC target. Hole DDH 22-076 encountered the all-time highest-grade silver interceptrecorded on the Diablillos project to date
-
Hole DDH 22-076 encountered two high-grade silver and gold zones at the JACtarget:
-
22m at 477 g/t Ag and 0.20 g/t Au in oxides from 147.0mdownhole ; and
-
8.5m at 1,953 g/t Ag, 6.66 g/t Au and 0.43% Cu in anoxide-sulphide transition zone from 169.0m downhole. This interval includes the record-gradesilver intercept of 1m at 12,581 g/t Ag and 44.5g/t Au.
-
-
Hole DDH 22-075 intersected a broad zone of high-grade silver mineralizationin oxides of 16m at 604 g/t Ag and 0.82 g/tAu from 151.0m, including 5m at 1,638 g/t Ag and 2.58 g/t Au. This hole also encounteredhigh-grade copper in the sulphide zone beneath with 4.5m at 1.97% Cu from 167.0m . Thecopper content suggests that this may be part of a vertical orsub-vertical feeder structure in the JAC target.
-
The discovery hole at the JAC target was announced in August2022 . Since then, there have beenmultiple high-grade intercepts drilled at relatively shallow depthsand the extent and grade of the mineralization have exceeded ourexpectations. Results to date from 24 drill holes combined withinterpretation of magnetics suggests that the JAC target hassubstantial size potential. The Company’s top priority is to drilloff the JAC target to gain an understanding of the geometry of themineralization and to fully define a mineral resourceestimate.
Table 1 – DiablillosDrill Results in Southwest Zone
(Intercepts greater than 2,000 gram-metres AgEq shownin bold text) :
From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | Cu % | AgEq 1 g/t | ||
DDH-22-072 | 92.0 | 122 | Oxides | 30.0 | 73.2 | 0.12 | - | 83.0 | |
DDH-22-073 | 113.0 | 119.0 | Oxides | 6.0 | 34.3 | - | - | 34.3 | |
DDH-22-073 | 128.0 | 136.0 | Oxides | 8.0 | 51.1 | 0.02 | - | 52.7 | |
DDH-22-073 | 148.5 | 153.5 | Sulphides | 5.0 | 27.8 | - | 0.22 | 27.8 | |
DDH-22-075 | 76.0 | 85.0 | Oxides | 9.0 | 63.6 | 0.01 | - | 64.4 | |
DDH-22-075 | 129.0 | 134.0 | Oxides | 5.0 | 113.1 | 0.54 | - | 157.3 | |
DDH-22-075 | 151.0 | 167.0 | Oxides | 16.0 | 604.4 | 0.82 | - | 671.5 | |
DDH-22-075 | Includes | 156.0 | 161.0 | Oxides | 5.0 | 1,637.9 | 2.58 | - | 1,849.2 |
DDH-22-075 | 167.0 | 171.5 | Sulphides | 4.5 | 6.2 | - | 1.97 | 6.2 | |
DDH-22-076 | 95.0 | 108.0 | Oxides | 13.0 | 30.1 | - | - | 30.1 | |
147.0 | 169.0 | Oxides | 22.0 | 476.8 | 0.20 | - | 493.2 | ||
DDH-22-076 | 169.0 | 177.5 | Transition | 8.5 | 1,952.8 | 6.66 | 0.43 | 2,498.3 | |
DDH-22-076 | Includes | 169.0 | 170.0 | Transition | 1.0 | 12,581.4 | 44.49 | 0.96 | 16,225.3 |
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). No value is ascribed tocopper grades in the AgEq calculations.
John Miniotis, President and CEO, commented, “Theselatest exceptional drill results from the JAC target underscore thesubstantial, silver-dominant resource potential of this target andalso the potential for other new silver-gold discoveries atDiablillos. At the JAC target, we are defining what appears to be amajor new high-grade discovery which is ideally situated near-surface,in flat-lying topography. Drilling has yet to define the limits ofthe mineralization at the JAC target and we expect that this targetwill significantly increase the silver resources on the Diablillosproject. Drilling continues and the Company will expand the ongoingPhase III drill program as long as we continue to intercept high-gradesilver and gold mineralization.”
Dave O’Connor, Chief Geologist, commented,“Drilling at the new JAC target continues to encounter spectaculargrades of silver mineralization at shallow depths. Importantly, holesDDH 22-075 and DDH 22-076 also intersected copper sulphidemineralization with associated high-grade gold and silver at the baseof the oxide zone. We are continuing to gain a more detailedunderstanding of these high-grade feeder structures up whichmineralisation migrated into the JAC target from an underlyingporphyry intrusion. Hole 22-076, reaffirms our view, that the newJAC target has significant resource growth potential, and that thereis much more remaining to be discovered at Diablillos.”
Figure 1 – Diablillos Plan View of Recent Drill Holes& Exploration Targets
Figure 2 below displays a long-section of the latestdrill results from the JAC target, located to the southwest of themain Oculto deposit at Diablillos.
Figure 2 – Long Section Through Newly Announced DrillHoles in JAC Target
.
Exploration Update
Drilling is ongoing withtwo diamond drill rigs focused on understanding the extent andorientation of silver and gold mineralization at the JAC target. Todate, assay results have been reported for 24 drill holes at the JACtarget, which coincides with a NE-SW trending magnetic anomaly (Figure3), and there are assays pending for anadditional 19 drill holes. These drill holes span 700m along strikeand widths up to 150m (Figure 1).
Mineralization at the JAC target is open in multipledirections and at least 20 additional drill holes are planned.Additional drilling may be required if mineralization remains open atthe completion of these additional holes, a scenario that appearsincreasingly likely.
The JAC zone appears to be parallel to the Main Brecciaat Oculto and may be an extension of it towards the Southwest. Thereis currently a drilling gap of approximately 150m between theEast-Northeast extension of the JAC zone and the Oculto Zone that willneed to be infilled to understand the relation between the two zonesand to test for the additional mineralization between the two. TheJAC Zone is a blind target as it buried under unconsolidated colluvialmaterial and does not have a physical surface geological expression. It is interpreted as being oriented West-Southwest to East-Northeastbased on a coincident magnetic low, interpreted to have formed fromthe destruction of magnetic minerals by the high-sulphidationhydrothermal fluids. A preliminary interpretation of the geometry ofthe JAC zone suggests both horizontal high-grade components as well asan underlying feeder structure. Additional results from the currentdrilling and additional drilling testing the edges of thismineralization will be needed to confirm this interpretation and todetermine the extents of the mineralization.
Of significant geological interest is an additionalparallel low magnetic zone to the South-Southeast of JAC which has notbeen drilled to date and has potential to host additionalmineralization (Figure 3).
Figure 3 – Reduced to Pole Magnetic Map of Oculto andthe JAC Target
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 22-072 | E719575 | N7198676 | 4,159 | 0 | -60 | 176 |
DDH 22-073 | E719525 | N7198640 | 4,153 | 0 | -60 | 164 |
DDH 22-074 | E719500 | N7198615 | 4,152 | 0 | -60 | 170 |
DDH 22-075 | E719649 | N7198734 | 4,165 | 0 | -60 | 200 |
DDH 22-076 | E719700 | N7198754 | 4,168 | 0 | -60 | 209 |
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
Copyright (c) 2023 TheNewswire - All rights reserved.