AbraSilver Announces New High-Grade Drill Results at Diablillos; Intersecting 50 Metres at 250 g/t Ag Beyond JAC & 15 Metres at 496 g/t Ag at Oculto NE
220 Bay Street, Suite 550, Toronto, ON, M5J 2W4
www.abrasilver.com
AbraSilver Announces New High-Grade Drill Results at Diablillos;
Intersecting 50 Metres at 250 g/t Ag Beyond JAC & 15 Metres at 496 g/t Ag at Oculto NE
Toronto – October 23, 2024: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF)
(“AbraSilver” or the “Company”) is pleased to announce assay results from the ongoing, fully-funded
20,000 metre (“m”) Phase IV drill program, on its wholly-owned Diablillos project in Argentina (the
“Project”). Key highlights from the latest drill assay results include:
Oculto Northeast:
Hole DDH 24-031 was designed to expand the existing known shallow mineralization beyond the
open pit margin at Oculto Northeast. Drilling encountered high-grade silver mineralization with
15.0 m grading 496 g/t Ag and 0.28 g/t Au, starting at a downhole depth of 152 m, within which
was 5.7 m grading 1,151 g/t Ag and 0.22 g/t Au.
Extension of JAC Zone:
Hole DDH 24-033 was a step-out hole in the JAC southwest area that was drilled to extend the
existing Mineral Resources beyond the current open pit boundary. Drilling intersected a broad
zone of high-grade mineralization, with 50.0 m at 250 g/t Ag, starting at a downhole depth of 110
metres and included an interval of 5.0 m grading 1,036 g/t Ag.
New Discovery Area (Sombra Target):
Hole DDH 24-036 was the first reconnaissance hole targeting a brand new zone , named the
Sombra target, located approximately 500 metres to the southeast of Oculto and JAC, that is
believed to run parallel to the existing Mineral Resources.
Drilling intersected mineralization near-surface, with 22.0 m at 40 g/t Ag starting at a downhole
depth of only 42.5 m marking a successful initial test of this new exploration area. Additional
drilling is now planned to test the extent of mineralization in this new silver zone.
The Company is also pleased to announce the commencement of drilling of an initial exploration hole
situated on the Diablillos Porphyry Complex, located approximately 3.5 km northeast of the Oculto
deposit. The initial hole is in the Cerro Viejo target area and is designed to test the potential for a large
copper-gold-molybdenum porphyry system. A minimum of three priority holes have been selected to be
drilled targeting coincident chargeability and resistivity zones, defined by the recently completed
geophysical survey detailed by the Company in its press release dated September 30, 2024.
John Miniotis, President and CEO, commented, “These exceptionally high-grade silver intercepts at both
the JAC and Oculto Northeast areas reinforce the potential for significant Mineral Resource growth at our
world-class Diablillos project. Additionally, we are very pleased that the first reconnaissance drill hole at
the new and nearby Sombra target successfully intersected silver mineralization, suggesting that this
area holds great potential for future exploration.”
Dave O’Connor, Chief Geologist, commented, “We are very excited by these latest drill results, which
continue to demonstrate strong continuity of high-grade silver mineralization beyond the existing
boundaries at both the northeastern and southwestern parts of the Oculto-JAC mineralized system.
Moreover, the identification of the new Sombra target, and the commencement of drilling at the porphyry
complex also represent significant milestones as we continue to expand the mineralization footprint
across Diablillos.”
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-24-027 Oculto NE 142.0 161.0 Oxides 19.0 39.9 0.14
167.0 173.5 Oxides 6.5 40.7 0.15
186.0 190.0 Oxides 4.0 5.7 0.85
212.5 229.5 Oxides 17.0 33.0 0.24
DDH-24-028 JAC Extension 93.0 105.0 Oxides 12.0 49.5 -
DDH-24-029 Fantasma 98.0 101.5 Oxides 3.5 21.5 0.54
128.5 130.0 Oxides 1.5 18.3 0.40
DDH-24-031 Oculto NE 152.0 167.0 Oxides 15.0 495.6 0.28
Including 157.0 162.7 Oxides 5.7 1,150.8 0.22
203.0 208.0 Oxides 5.0 - 0.60
DDH-24-033 JAC Extension 85.0 87.5 Oxides 2.5 53.2 -
89.5 96.3 Oxides 6.8 67.4 -
110.0 160.0 Oxides 50.0 250.2 -
Including 151.0 156.0 Oxides 5.0 1,035.8 -
DDH-24-036 New Sombra
target 42.5 64.5 Oxides 22.0 40.4 -
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
Additional Details on Drill Results
Hole DDH 24-033 in Figure 2 below, shows the 50.0 metre intercept of 250.2 g/tAg beyond the open pit
margin defined in the latest Pre-Feasibility Study and reinforces the potential to increase the Mineral
Resources and Reserves at the JAC deposit. Additional drilling is currently underway along this trend.
Figure 2 –Section Through Drill Hole DDH 24-033 (JAC South)
Figure 3 shown below highlights the mineralized intercept in hole DDH 24-031 located in the Oculto
Northeast zone. The intercept is situated 150 – 200 metres above the previously known dominant level
of mineralization and confirms the continuity of a shallow, silver enrichment zone. The section
demonstrates the potential to expand the currently defined open pit and with it the Mineral Resources
and Reserves. Additional drilling is underway to test the various levels of mineralization in the area for
shallower silver mineralization and a potentially higher-grade gold zone beneath.
Figure 3 – Long Section Through Drill Hole DDH 24-031 (Oculto NE)
Phase IV Exploration Program Update
The ongoing Phase IV drill program is focused on expanding the existing Mineral Resources at a number
of target areas with known mineralization as well as exploring newly identified prospective exploration
targets within the broader Diablillos land package. The Company continues to have three drill rigs
operating, and to date has completed approximately 11,560 metres of drilling in 58 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 24-027 720796 7199462 4,395 180 -60 336.0 Oculto NE
DDH 24-028 719035 7198714 4,136 0 -60 163.5 JAC
DDH 24-029 720200 7199820 4,234 0 -60 175.0 Fantasma
DDH 24-030 719286 7198654 4,139 0 -60 169.5 JAC No significant
intercepts
DDH 24-031 720755 7199406 4,395 180 -70 275.7 Oculto NE
DDH 24-032 719933 7198906 4,189 0 -60 107.0 JAC No significant
intercepts
DDH 24-033 719230 7198530 4,132 315 -60 171.5 JAC
DDH 24-034 720877 7200029 4,288 180 -60 300.0 Oculto NE Assay results
pending
DDH 24-035 719074 7198818 4,134 45 -60 172.5 JAC Assay results
pending
DDH 24-036 720351 7198775 4,236 0 -60 137.5 Sombra
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