AbraSilver Announces Additional Drill Results and Large Porphyry Target at Diablillos Project Based on New TITAN Geophysical Survey
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AbraSilver Announces Additional Drill Results and Large Porphyry Target at Diablillos
Project Based on New TITAN Geophysical Survey
Toronto – September 30, 2024: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF)
(“AbraSilver” or the “Company”) is pleased to announce assay results from the Company’s ongoing, fully-
funded 20,000 metre (“m”) Phase IV drill program, on its wholly-owned Diablillos project in Argentina (the
“Project”). Key takeaways from the latest drill results include:
Holes DDH 24-017, DDH 24-021 and DDH 24-024 were drilled in the Oculto northeast area and
designed to expand the existing known shallow mineralization.
o DDH 24-017 encountered numerous zones of mineralization including a silver zone with
28.5 m grading 87 g/t Ag, starting at a downhole depth of 108 m, within which was 7.5 m
grading 190 g/t Ag.
o DDH 24-024 intersected multiple zones of gold and silver mineralization including 23.0 m
grading 50 g/t Ag and 0.18 g/t Au.
Holes DDH 24-020 and DDH 24-023 were step-out holes in the JAC southwest area that were
drilled to extend the existing Mineral Resources beyond the current conceptual open pit boundary.
o DDH 24-020 intersected a broad zone of mineralization, with 53 m at 58 g/t Ag , starting
at a downhole depth of only 68 metres, and included an interval of 5.1 m 129 g/t Ag.
o DDH 24-023 encountered 24 m grading 76 g/t Ag , starting at a downhole depth of 99
metres, and separately encountered another 11 m grading 52 g/t Ag.
The Company is also pleased to announce the results of its recently completed TITAN geophysical
survey, situated on the Diablillos Porphyry Complex located approximately 3.5 km northeast of the Oculto
deposit. The TITAN survey was completed by Quantec International Project Services Ltd., which
conducted a five-line survey covering the Cerro Blanco and Cerro Viejo target areas, and confirmed a
large chargeability anomaly beneath Cerro Blanco reflecting a zone of intense silicification that is
interpreted as being related to a large porphyry intrusion.
John Miniotis, President and CEO, commented, “We are very pleased with the continued success of our
ongoing step-out drill campaign and the promising results from the TITAN geophysical survey.
Importantly, the survey indicates strong geophysical anomalies that suggest the potential for a substantial
porphyry system, which could unlock an exciting new phase of exploration moving forward. Our ongoing
drilling campaign validates our commitment to unlocking the full potential at Diablillos, and we are very
pleased that the Project continues to display significant exploration upside potential on numerous fronts.”
Dave O’Connor, Chief Geologist, commented, “The TITAN survey has identified significant resistivity
anomalies extending to depths of over 1 km beneath shallow historical drill holes that intersected low
grade copper mineralisation, together with surface sampling which assayed highly anomalous gold and
molybdenum in the Cerro Blanco area. The resistivity anomaly is interpreted as reflecting silicification
related to a porphyry intrusion which generated the associated high metal contents in sampling. The
survey has helped significantly improve our knowledge of the Porphyry Complex and, within the next two
weeks, we will be commencing a deep drilling program aimed to further define these new high-priority
targets.”
The latest assay result highlights are summarized in Table 1 below.
Table 1 – Summary of Diablillos Drill Results
Intercepts greater than 2,000 gram-metres Ag shown in bold text:
Drill Hole Area
From
(m)
To
(m) Type
Interval
(m)
Ag
g/t
Au
g/t
DDH-24-012 Fantasma -
Oculto 67.0 79.0 Oxides 12.0 52.4 -
DDH-24-017 Oculto NE 89.0 103.5 Oxides 14.5 60.3 -
108.0 136.5 Oxides 28.5 87.3 -
Including 116.0 123.5 Oxides 7.5 189.7 -
182.0 185.0 Oxides 3.0 35.4 0.97
189.0 190.0 Oxides 1.0 23.8 1.04
192.0 193.0 Oxides 1.0 29.5 1.42
199.0 202.0 Oxides 3.0 23.4 0.47
256.0 261.0 Oxides 5.0 20.2 0.72
281.0 283.0 Oxides 2.0 37.9 1.18
DDH-24-020 JAC Extension 68.0 121.0 Oxides 53.0 57.7 -
Including 103.9 109.0 Oxides 5.1 129.3 -
DDH-24-021 Oculto NE 204.0 209.0 Oxides 5.0 31.7 0.19
DDH-24-022 JAC - Oculto 142.0 143.0 Oxides 1.0 55.5 -
DDH-24-022 175.0 180.0 Oxides 5.0 33.6 -
DDH-24-023 JAC Extension 99.0 123.0 Oxides 24.0 75.9 -
DDH-24-023 126.0 137.0 Oxides 11.0 51.8 -
DDH-24-024 Oculto NE 105.0 116.0 Oxides 11.0 47.0 0.19
DDH-24-024 127.0 150.0 Oxides 23.0 50.2 0.18
DDH-24-024 202.0 203.0 Oxides 1.0 50.7 1.19
DDH-24-024 214.0 218.0 Oxides 4.0 24.3 0.48
DDH-24-024 223.0 228.0 Oxides 5.0 11.6 0.69
DDH-24-024 230.0 232.0 Oxides 2.0 16.9 0.65
DDH-24-024 234.0 236.0 Oxides 2.0 28.2 0.65
DDH-24-024 269.0 272.0 Oxides 3.0 14.6 0.59
DDH-24-024 379.0 380.0 Sulphides 1.0 8.2 1.02
Note: All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths. True widths are
estimated to be approximately 80% of the interval widths for oxides.
Figure 1 – Plan View of Latest Drill Holes
Diablillos Porphyry Complex (Cerro Blanco & Cerro Viejo)
The Diablillos Porphyry Complex has been identified through a combination of historical drilling and
geophysical surveys, including the recently completed TITAN geophysical survey, which outlined a large,
deep-seated anomaly consistent with a porphyry system.
As shown by Figure 2 below, the Cerro Blanco / Cerro Viejo area is located approximately 3.5 km
northeast of the Oculto deposit. The quartz-sericite alteration zone on surface extends for over 2 km
north-south and over 1 km east-west, within which there is anomalous gold, copper and molybdenum
mineralization identified by historical shallow drilling and sampling. The TITAN survey has identified
specific anomalous areas within this complex which will be tested with one drill rig, which will be dedicated
to a deep drilling program at the Porphyry Complex.
Figure 2 – Location of Porphyry Complex
Figure 3 shown below is a cross section depicting a compelling drill target because it has the
characteristics of a potential underlying mineralised porphyry based on a resistivity response and
chargeability signal, along with very anomalous molybdenum and gold at surface together with gold
associated with pyrite in shallow historic drilling.
Figure 3 –Section Line Showing Resistivity Below Surface at Cerro Blanco Porphyry Target
Phase IV Exploration Program Update
The ongoing Phase IV drill program is focused on expanding target areas with known mineralization as
well as exploring newly identified prospective exploration targets within the broader Diablillos land
package. To date, we have completed approximately 9,100 metres of drilling in 47 holes. Several assay
results are awaited and will be released on an ongoing basis pending review and meeting Company
quality assurance-quality control protocols.
Collar Data
Hole
Number
UTM Coordinates Elevation Azimuth Dip Depth
(m)
Area Notes
DDH 24-012 E719723
N7199500
4,182 0 -60 129 Fantasma-
Oculto
connection
DDH 24-013 E720353
N7201851
4,146 270 -60 117.5 Jasperoid No significant
intercepts
DDH 24-017 E720480
N7199569
4,308 180 -70 350 Oculto NE
DDH 24-019 E719906
N7202271
4,144 90 -60 106 Jasperoid No significant
intercepts
DDH 24-020 E719035
N7198615
4,130 0 -60 150 JAC West
DDH 24-021 E720720
N7199424
4,366 180 -70 305 Oculto NE
DDH 24-022 E719780
N7198802
4,176 0 -60 199 JAC-Oculto
DDH 24-023 E719000
N7198614
4,134 0 -60 175.5 JAC West
DDH 24-024 E720547
N7199598
4,306 0 -60 446 Oculto NE
About Diablillos
The Diablillos property is located within the Puna region of Argentina, in the southern part of Salta
Province along the border with Catamarca Province, approximately 160 km southwest of the city of Salta
and 375 km northwest of the city of Catamarca. The property comprises 15 contiguous and overlapping
mineral concessions acquired by AbraSilver in 2016. The project site has good year-round accessibility
through a 150 km paved road, followed by a well-maintained gravel road, shared with other adjacent
projects.
There are several known mineral zones on the Diablillos property. Approximately 150,000 m have been
drilled to date, which has outlined multiple occurrences of epithermal silver-gold mineralization at Oculto,
JAC, Laderas and Fantasma. Additionally, several satellites zones of silver/gold-rich epithermal
mineralization have been located within a 500 m to 1.5 km distance surrounding the Oculto/JAC
epicentre.
Comparatively nearby examples of high sulphidation epithermal deposits include: La Coipa (Chile);
Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo
del Sol (Argentina).
The most recent Mineral Reserve estimate for Diablillos is shown in Table 2:
Table 2 - Diablillos Mineral Reserve Estimate – As of March 07, 2024
Category Tonnage
(000 t)
Ag
(g/t)
Au
(g/t)
Contained Ag
(000 oz Ag)
Contained Au
(000 oz Au)
Proven 12,364 118 0.86 46,796 341
Probable 29,930 80 0.80 76,684 766
Proven &
Probable 42,294 91 0.81 123,480 1,107
Notes for Mineral Reserve Estimate:
1. Mineral reserves have an effective date of March 7th, 2024.
2. The Qualified Person for the Mineral Reserve Estimate is Mr. Miguel Fuentealba, P.Eng.
3. The mineral reserves were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Definition Standards for Mineral
Resources and Reserves, as prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
4. The mineral reserves were based on a pit design which in turn aligned with an ultimate pit shell selected from a Whittle TM pit optimization
exercise. Key inputs for that process are:
• Metal prices of USD $1,750/oz Au; USD $22.50/oz Ag
• Variable Mining cost by bench and material type. Average costs are USD $1.94/t for all lithologies except for “cover”, Cover mining cost of
USD 1.73/t, respectively.
• Processing costs for all zone, USD $22.97/t. • Infrastructure and G&A cost of USD 3.32/t. • Pit average slope angles varying from 37° to 60°
depending on the geotechnical domain. • The average recovery is estimated to be 82.8% for silver and 86.6% for gold.
5. The Mineral Reserve Estimate has been categorized in accordance with the CIM Definition Standards (CIM, 2014).
6. A Net Value per block (“NVB”) cut-off was used to constrain the Mineral Reserve with the reserve pit 2shell. The NVB was based on "Benefits
= Revenue-Cost" being positive, where, Revenue = [(Au Selling Price (USD/oz) - Au Selling Cost (USD/oz)) x (Au grade (g/t)/31.1035)) x Au
Recovery (%)] + [(Ag Selling Price (USD/oz) - Ag Selling Cost (USD/oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Process Cost
(USD/t) + Transport Cost (USD/t) + G&A Cost (USD/t) + [Royalty Cost (%) x Revenue]. The NVB method resulted in an average equivalent cut-
off grade of approximately 46g/t AgEq.
7. In-situ bulk density was read from the block model, assigned previously to each model domain during the process of mineral resource
estimation, according to samples averages of each lithology domain, separated by alteration zones and subset by oxidation.
8. All tonnages reported are dry metric tonnes and ounces of contained gold and silver are troy ounces.
9. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate
significant figures.
The Report titled "NI 43-101 Technical Report, Pre-Feasibility Study for the Diablillos Ag-Au Project" is
dated April 30, 2024, has an effective date of March 07, 2024, and has the following authors:
Qualified Person(s) Company
Johnny Canosa, P.Eng. SGS Geological Services
Luis Rodrigo Peralta, FAusIMM CP (Geo) INSA
Joseph M. Keane, P.Eng. (Met) Consultant to SGS North America Inc.
Miguel Fuentealba, MAusIMM P. Eng. Bmining Chile
William Van Breugel, P. Eng. SGS Geological Services
QA/QC and Core Sampling Protocols
AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples
are collected under the supervision of the Company’s geologists in accordance with industry practices.
Drill core is transported from the drill platform to the logging facility where drill data is compared and
verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior
to being sampled. Samples are then bagged, and quality control materials are inserted at regular
intervals; these include blanks and certified reference materials as well as duplicate core samples which
are collected in order to measure sample representivity. Groups of samples are then placed in large bags
which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the
samples from the project site to the laboratory.
All samples are sent to the Alex Stewart sample preparation facility in Jujuy, then the sample pulps are
sent to the Alex Stewart laboratory in Mendoza where they are analyzed. All samples are analyzed using
a multi-element technique consisting of a four-acid digestion followed by ICP/AES detection, and gold is
analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are reanalyzed using
four acid digestion with an ore grade AAS finish.
Qualified Persons
David O’Connor P.Geo., Chief Geologist for AbraSilver, is the Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects, and he has reviewed and approved the
scientific and technical information in this news release.
About AbraSilver
AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-owned Diablillos
silver-gold project in the mining-friendly Salta and Catamarca provinces of Argentina. The current Proven and
Probable Mineral Reserve estimate for Diablillos, from a recently completed Pre-Feasibility Study, consists of 42.3
Mt grading 91 g/t Ag and 0.81 g/t Au, containing approximately 124 Moz silver and 1.1 Moz gold, with significant
further exploration upside potential. In addition, the Company has entered into an earn-in option and joint venture
agreement with Teck on the La Coipita project, located in the San Juan province of Argentina. AbraSilver is listed
on the TSX-V under the symbol “ABRA” and in the U.S. on the OTCQX under the symbol “ABBRF.”
For further information please visit the AbraSilver Resource website at www.abrasilver.com, our LinkedIn page at
AbraSilver Resource Corp., and follow us on Twitter at www.twitter.com/abrasilver
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 Canadian securities legislation.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from those expressed or implied by such forward-looking
statements. All statements that address future plans, activities, events or developments that the Company believes,
expects or anticipates will or may occur are forward-looking information. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially 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 keep in mind the risk factors and
other cautionary statements in the Company’s disclosure documents filed with the applicable Canadian securities
regulatory authorities on SEDAR+ at www.sedarplus.ca. The risk factors and other factors noted in the disclosure
documents could cause actual events or results to differ materially from those described in any forward-looking
information. The Company disclaims any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release