(TheNewswire)
Toronto, ON - TheNewswire- March 29, 2023 - AbraSilver ResourceCorp. (TSX.V:ABRA ) ( OTC:ABBRF) (“ AbraSilver ” orthe “ Company ”) is pleased to announce assay results fromits latest diamond drill holes from the ongoing Phase III program onthe Company’s wholly-owned Diablillos property in Salta Province,Argentina (“Diablillos” or the “Project”).
High-grade, shallow silver oxide mineralizationcontinues to be intersected at the JAC zone, as well as high-gradesilver associated with copper in the underlying oxide/sulphidetransition zone. Key takeaways from the latestdrill results include:
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DDH 23-010 intersected numerous zones of silver mineralization inoxides, including 45.5 metres at 233 g/t Agstarting at a downhole depth of 132 metres .
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Additionally, the hole encountered 1.5 metres at 485 g/t Ag, 1.70% Cu and 0.28 g/tAu in the oxide/sulphide transitionzone
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DDH 23-009 encountered several zones of silvermineralization in oxides, including 8.5 metresgrading 479 g/t Ag from 161 metres downhole.
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High-grade mineralization was also encountered in theoxide/sulphide transition zone with 4.5 metresat 519 g/t Ag, 0.31% Cu and 0.16 g/t Au
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DDH 23-007 drilled into very high-grade silvermineralization in oxides, with 2,320 g/t Ag over4.0 metres starting at a downhole depth of 115 metres. This high-grade interval demonstrates that there are zoneswithin the JAC system that will raise the overall grade of the mineralresource.
The latest assay result highlights are summarized inTable 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-23-007 | 115.0 | 119.0 | Oxides | 4.0 | 2,320.0 | - | - | 2,320.0 | ||
DDH-23-007 | 125.0 | 140.0 | Oxides | 15.0 | 62.0 | 0.36 | - | 91.5 | ||
DDH-23-007 | Includes | 136.0 | 137.0 | Oxides | 1.0 | 157.4 | 1.38 | - | 270.4 | |
DDH-23-007 | 150.0 | 152.5 | Oxides | 2.5 | 91.0 | - | - | 91.0 | ||
DDH-23-009 | 79.0 | 103.0 | Oxides | 24.0 | 63.8 | - | - | 63.8 | ||
DDH-23-009 | 109.0 | 110.0 | Oxides | 1.0 | 89.8 | - | - | 89.8 | ||
DDH-23-009 | 161.0 | 169.5 | Oxides | 8.5 | 479.2 | 0.15 | - | 491.5 | ||
DDH-23-009 | 169.5 | 174.0 | Transition | 4.5 | 518.8 | 0.16 | 0.31 | 531.9 | ||
DDH-23-009 | 174.0 | 181.5 | Sulphides | 7.5 | 21.4 | - | 0.95 | 21.4 | ||
DDH-23-010 | 80.5 | 102.5 | Oxides | 22.0 | 66.1 | - | - | 66.1 | ||
DDH-23-010 | 109.0 | 121.0 | Oxides | 12.0 | 169.3 | 0.15 | - | 181.6 | ||
DDH-23-010 | 124.0 | 129.0 | Oxides | 5.0 | 60.7 | 0.13 | - | 71.3 | ||
DDH-23-010 | 132.0 | 177.5 | Oxides | 45.5 | 233.4 | - | - | 233.4 | ||
DDH-23-010 | 177.5 | 179.0 | Transition | 1.5 | 484.9 | 0.28 | 1.70 | 507.8 | ||
DDH-23-010 | 179.0 | 182.0 | Oxides | 3.0 | 326.4 | - | - | 326.4 |
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.
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% proces srecovery 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/Silver Price) x (Gold Recovery/Silver Recovery). No value is ascribed to copper grades in the AgEqcalculations.
John Miniotis, President and CEO, commented, “Onceagain, our latest drill results continue to establish the continuityof high-grade mineralization in the new JAC zone at Diablillos.Importantly, our Phase III drill program at JAC remains on track to becompleted in less than three months from now, after which a maidenMineral Resource estimate will be completed for JAC. A Pre-FeasibilityStudy on the entire Diabllilos project is planned to be completed inQ4/2023.
Dave O’Connor, Chief Geologist, commented , “ Our drill program continues to expand the shallow oxidemineralization at JAC in practically all directions. Mineralizationat JAC extends for at least 700 metres along strike and we haveconfirmed the presence of multiple mineralized structures in oxides,as well as multiple underlying sulphide feeder structures. As a fullyintact high-sulphidation epithermal deposit, and as shown by numerousdrill intercepts, the Diablillos project has potential for high-gradesulphides in discrete zones over a two kilometre length in theunderlying feeder system.”
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 15,500metres of drilling in 74 holes, as part of the 22,000-metre Phase IIIprogram that is primarily targeting the JAC zone. Drilling resultsto date, combined with interpretation of magnetics, suggest that theJAC zone remains open in multiple directions.
Additional exploration targets have been identified tothe southwest of the Oculto MRE based on the recently completeddetailed ground magnetic survey. Some of these targets are expected tobe drilled following the systematic drilling of the JAC zone.
At the La Coipita project, drilling is progressing withthe hole currently at a down-hole depth of approximately 750 metres. The deep hole, with a planned depth of 1,300 metres, is targetingthe anticipated higher-grade zone of the porphyry system interceptedin hole DDHC 22-002.
Figure 1 – Plan View of Announced Drill Holes in JACZone
Figures 2 displays a long-section of the latest drillresults from the JAC target, located to the southwest of the mainOculto deposit at Diablillos.
Figure 2 – Long Section Through Newly Announced DrillHoles in JAC Zone
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-007 | E719830 | N7198935 | 4,179 | 315 | -60 | 191 |
DDH 23-009 | E719627 | N7196718 | 4,162 | 0 | -60 | 215 |
DDH 23-010 | E719738 | N7198815 | 4,171 | 0 | -60 | 197 |
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 an AAS finish. Silver results greater than 100g/tare reanalyzed using four acid digestion with an ore grade AASfinish.
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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