(TheNewswire)
Toronto – TheNewswire - November 01, 2023 - AbraSilver Resource Corp.(TSXV:ABRA ) ; ( OTC:ABBRF) (“AbraSilver” or the“Company”) is pleased to announceinitial drill results from its first regional exploration programfocused beyond the Oculto and JAC zones, at its Diablillos property inSalta Province, Argentina (“Diablillos” or the “Project”).
The initial drill results confirm the potential foradditional near-surface mineralized zones located to the west andsouthwest of the main Oculto deposit and represent new explorationtargets that will be pursued in an upcoming drill program. TheCompany also recently completed detailed structural mapping and anexpanded magnetic survey covering the new target areas to furtherassist with prioritizing targets for the Company’s next explorationcampaign.
New Regional Exploration Targets atDiablillos
Alpaca Target
Drilling in this area has uncovered a trend of silvermineralization perpendicular to the JAC zone which is believed toconnect the Alpaca target to the high-grade JAC zone.
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Hole DDH 23-077, located between the JAC and Alpacaareas, intersected a near-surface zone of silver mineralization,totaling 21.5 metres at 154.5 g/t Ag, starting from a down-hole depthof only 95.5 metres.
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There is a marked zone of low magnetic intensityperpendicular to the main mineralized south-southwest trend and holeDDH 23-077 intersected silver mineralization indicating there is goodpotential for further discovery.
JAC North Target
The JAC North zone, located up to approximately 100metres northwest of the JAC zone, has the same geologicalcharacteristics as JAC. Silver mineralisation is concentrated in ahighly fractured zone with pervasive alunite alteration and associatedmanganese oxides that follows a parallel structural trend.
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Hole DDH 23-081, intersected multiple zones of silvermineralization near-surface, including 9.0 metres at 98.4 g/t Agstarting from a down-hole depth of only 102 metres. Thismineralization extends the JAC North zone approximately 50 metressouthwest.
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Drilling to date indicates that the JAC North zone is amineralized structure parallel to the JAC zone, which is believed toextend for several hundred metres east-northeast of hole DDH 23-081and, represents upside potential that will be explored in the nextdrilling phase.
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Hole DDH 23-080 was drilled to a down-hole depth of 122metres and did not encounter any significant mineralization.
Fantasma Target
Historical drilling at Fantasma outlined a zone ofsilver mineralization on which a small historical Mineral Resource wasestimated. The Mineral Resource area is located approximately onekilometre west-northwest of the Oculto deposit. Two holes were drilledto test for a mineralized structure potentially connecting Fantasma tothe Oculto deposits.
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Hole DDH 23-078 intersected 10.0 metres at 53.9 g/t Ag,and hole DDH 23-079 encountered 10.5 metres at 43.2 g/t Ag.
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These initial intercepts suggest that silvermineralization continues from Oculto towards the Fantasma zone andadditional drilling is warranted.
John Miniotis, President and CEO, commented, “Theseearly drill results highlight the significant untested explorationpotential across our Diablillos project. Our continued explorationsuccess underscores our team’s ability tounlock significant value as Diablillos continues to emerge as aworld-class primary silver project with district-scale upsidepotential.”
Dave O’Connor, Chief Geologist, commented, “We arevery excited that initial reconnaissance exploration has intersectednew silver mineralized zones at Diablillos. With the use of advancedgeophysical surveys, which identify target areas beneath colluvialcover, coupled with detailed structural mapping and analysis, we havebeen able to successfully identify multiple new mineralized zonesbeyond the existing Oculto and JAC deposits. Our next phase ofdrilling will focus on the highest priority targets which include theAlpaca trend, the JAC North trend and the Oculto-Fantasma trend, eachof which has the potential to add additional high-grade silvermineralization.”
The latest assay result highlights are summarized inTable 1 below.
Table 1 – Summary of DiablillosDrill Results
Intercepts greater than 2,000 gram-metres AgEq shown inbold text :
Drill Hole | Area | From (m) | To (m) | Type | Interval (m) | Ag g/t | Au g/t | |
DDH-23-076 | Alpaca | 153.0 | 159.5 | Oxides | 6.5 | 27.2 | - | |
DDH-23-077 | Alpaca | 95.5 | 117.0 | Oxides | 21.5 | 154.5 | - | |
DDH-23-077 | 130.0 | 135.0 | Oxides | 5.0 | 36.6 | - | ||
DDH-23-078 | Fantasma | 97.0 | 107.0 | Oxides | 10.0 | 53.9 | - | |
DDH-23-079 | Fantasma | 95.5 | 106.0 | Oxides | 10.5 | 43.2 | - | |
DDH-23-079 | 110.0 | 116.0 | Oxides | 6.0 | 65.6 | - | ||
DDH-23-081 | JAC North | 61.0 | 69.0 | Oxides | 8.0 | 39.5 | - | |
DDH-23-081 | 74.0 | 80.0 | Oxides | 6.0 | 55.3 | - | ||
DDH-23-081 | 102.0 | 111.0 | Oxides | 9.0 | 98.4 | - | ||
DDH-23-081 | 126.5 | 133.0 | Oxides | 6.5 | 61.9 |
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.
Figure 1 – Plan View of LatestDrill Holes on Reduced to Pole Magnetic Map
Updated Geophysical Results atDiablillos
The Company recently completed an updated magneticsurvey over the Diablillos project area. The full geophysical reportfrom the survey has been merged with previous 2022 results. In total,the Company now has detailed magnetic coverage that spans 5.5 km eastto west and approximately 7.5 kms north to south.
Importantly, the new survey has revealed importantstructures including a major zone trending west-northwest, which isbelieved to host a magnetic porphyry intrusion. Figure 2 highlightsthe new magnetic data, and a summary of the new zones is providedbelow:
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Zone 1 - This is an elongated zone of low magneticresponse which was previously unknown. It follows the trend of a majornorth-south regional fault and a historical drill hole intersectedanomalous gold in vuggy silica. The geology of this zone suggestsit is a high priority target for epithermal gold-silvermineralisation.
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Zone 2 - This west-northwest trending structural zoneincludes a magnetic porphyry which was previously unknown due tocolluvium cover. The magnetic response and the presence of the porphyry intrusion indicate that this zone haspotential for porphyry style copper-gold mineralisation.
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Zone 3 - This area has been recognised as havingpotential for epithermal gold-silver mineralisation extendingeastwards from the Oculto deposit and Laderas target. The new magneticdata gives focus to exploration targets in the area.
Figure 2 - Plan View of Updated, TiltDerivative Magnetic Data
In total, more than 8,000 structural measurements weretaken over the Diablillos concession area. These were computerized anda map of dominant structures drawn which clearly demonstrates aconjugate set of structures. These are presented in Figure 3 inrelation to the known mineralized zones. This information, togetherwith the new magnetic survey data, will aid in prioritizing new drilltargets.
Figure 3 - Plan Map of InterpretedStructures at Diablillos
Upcoming Milestones andCatalysts
The Company anticipates announcing several upcomingmilestones over the next few months, including:
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Updated Mineral Resource estimate for the Diablillosproject (November 2023)
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Bottle roll and column testing results for heap leachprocessing (December 2023)
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Pre-Feasibility Study results for the Diablillosproject (January 2024)
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Commencement of Phase IV exploration campaign (Q12024)
Collar Data
Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | |
DDH 23-076 | E719107 | N7198813 | 4,132 | 45 | -60 | 185 |
DDH 23-077 | E719130 | N7198767 | 4,132 | 45 | -60 | 144 |
DDH 23-078 | E719586 | N7199552 | 4,176 | 0 | -60 | 149 |
DDH 23-079 | E719654 | N7199520 | 4,179 | 0 | -60 | 150 |
DDH 23-080 | E719300 | N7198715 | 4,140 | 0 | -60 | 122 |
DDH 23-081 | E719100 | N7198626 | 4,127 | 0 | -60 |
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 120,000 metres drilled to date. Oculto is ahigh-sulphidation epithermal silver-gold deposit derived from remnanthot springs activity following Tertiarty-age local magmatic and volcanic activity. Comparatively nearby examplesof high sulphidation epithermal deposits include: Yanacocha (Peru); ElIndio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero(Argentina); and Filo del Sol (Argentina).
The most recent Mineral Resource estimate for theOculto Deposit is shown in Table 3:
Table 3 - Oculto Mineral Resource Estimate – As ofOctober 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.sedarplus.ca.
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. 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.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.sedarplus.ca. 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 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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