AbraSilver Drilling at the JAC Zone Intersects 46.5 Metres at 226 g/t AgEq Including 8.0 Metres at 544 g/t AgEq in Oxide Mineralization
220 Bay Street, Suite 550, Toronto, ON, M5J 2W4
www.abrasilver.com
AbraSilver Drilling at the JAC Zone Intersects 46.5 Metres at 226 g/t AgEq Including 8.0
Metres at 544 g/t AgEq in Oxide Mineralization
Toronto – April 13, 2023: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF) (“AbraSilver”
or the “Company”) is pleased to announce its latest diamond drilling assay results holes from the ongoing
Phase III exploration program on the Company’s wholly-owned Diablillos property in Salta Province,
Argentina (“Diablillos” or the “Project”).
Drilling at the JAC zone discovery continues to consistently intersect high-grade silver oxide
mineralization, with associated gold in some areas, at shallow depths. Drilling to date at the JAC zone
has defined oxide mineralization extending approximately 800m along strike, up to 150m wide and
extending to a depth of 200m. The zone continues to remain open along strike towards the southwest
and in other directions. Key takeaways from the latest JAC zone drill results include:
DDH 23-011 was drilled to test the northeastern extension of mineralization at the JAC zone and
intersected 36.0 metres grading 96.9 g/t Ag and 0.28 g/t Au in oxides from 128.5 metres
downhole.
DDH 23-012 was drilled on the northern margin of the area drilled and intersected 14.0 metres
at 72.1 g/t Ag from a downhole depth of 97.0 metres.
DDH 23-013, located in the southwestern part of the drill target area, intersected two separate
zones of silver mineralization in oxides, including 30.5 metres grading 133.3 g/t Ag from 81.5
metres downhole.
DDH 23-014, located in the northeastern part of the drill target area, encountered high-grade
silver mineralization in oxides, intersecting 46.5 metres grading 185 g/t Ag and 0.50 g/t Au
from a depth of 127.0 metres, including 8.0 metres at 439.3 g/t Ag and 1.28 g/t Au.
The latest assay result highlights are summarized in Table 1 below.
Table 1 – Diablillos Drill Result Highlights in JAC Zone
(Intercepts greater than 2,000 gram-metres AgEq shown in bold text):
Drill Hole
From
(m)
To
(m) Type
Interval
(m)
Ag
g/t
Au
g/t
AgEq1
g/t
DDH-23-011 128.5 164.5 Oxides 36.0 96.9 0.28 119.8
DDH-23-012 97.0 111.0 Oxides 14.0 72.1 - 72.1
DDH-23-013 81.5 112.0 Oxides 30.5 133.3 - 133.3
DDH-23-013 119.0 128.5 Oxides 9.5 81.5 - 81.5
DDH-23-014 127.0 173.5 Oxides 46.5 185.0 0.50 226.0
DDH-23-014 Includes 137.0 145.0 Oxides 8.0 439.3 1.28 544.1
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.
1AgEq based on 81.9(Ag):1(Au) calculated using long-term prices of US$25.00/oz Ag and US$1,750/oz Au, and 73.5%
process recovery for Ag, and 86.0% process recovery for Au as demonstrated in the Company’s Preliminary Economic
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).
John Miniotis, President and CEO, commented, “Our drill program continues to consistently encounter
high-grade silver intervals at shallow depths at the new JAC zone. These latest drill results continue to
demonstrate that the high-grade silver mineralization is continuous along strike and remains open to
further expansion. We see excellent potential to continue to intersect high-grade mineralization at JAC
and look forward to incorporating these results into an updated Mineral Resource estimate later this year.”
Dave O’Connor, Chief Geologist, commented, “Ongoing drilling at JAC continues to demonstrate
extensive high-grade, silver mineralization with associated gold, near-surface. Importantly, there are
several sub-parallel mineralized zones at JAC, and our drill program has been designed to ensure that
all well-mineralized zones are intersected, and will be included in the upcoming Mineral Resource
estimate. The footprint of the JAC zone continues to expand, and we are very optimistic about the growth
potential of this new zone as our understanding of the geology and controls of mineralization continue to
advance.”
Figure 1 – Plan View of Announced Drill Holes in JAC Zone
Figure 2 – Long Section Through Newly Announced Drill Holes in JAC Zone
Figure 3 – Long Section Through Drill Holes Announced to Date in JAC Zone
Exploration Update
Drilling activity at Diablillos remains focused on the recently discovered JAC zone which is located several
hundred metres southwest of the conceptual open pit that constrains the current Mineral 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 18,000 metres of drilling in 79 holes, as part of the
planned 22,000-metre Phase III program that is primarily targeting the JAC zone. The Phase III
exploration drill program will form the basis for an updated MRE and will be included in a Pre-Feasibility
Study on the Diablillos project, which the Company expects to complete in the second half of 2023.
Planned drilling will also test the margins of the JAC zone to provide data for geotechnical studies for a
conceptual open pit at the JAC zone.
Additional exploration targets have been identified to the southwest of the Oculto MRE based on the
recently completed detailed ground magnetic survey. Some of these targets, including the Fantasma and
Alpaca targets, are expected to be drilled following the systematic drilling of the JAC zone.
At the La Coipita project, drilling is progressing with the hole currently at a down-hole depth of
approximately 1,200 metres. The deep hole is expected to be completed within the next two weeks and
is targeting the anticipated higher-grade zone of the porphyry system intercepted last year in hole DDHC
22-002.
Collar Data
Hole Number UTM Coordinates Elevation Azimuth Dip Depth (m)
DDH 23-011 E719801 N7198868 4,178 315 -60 200
DDH 23-012 E719770 N7198899 4,173 315 -60 200
DDH 23-013 E719477 N7198657 4,149 315 -60 173
DDH 23-014 E719792 N7198905 4,175 0 -60 194
About Diablillos
The 80 km 2 Diablillos property is located in the Argentine Puna region - the southern extension of the
Altiplano of southern Peru, Bolivia, and northern Chile - and was acquired from SSR Mining Inc. by the
Company in 2016. There are several known mineral zones on the Diablillos property, with the Oculto
zone being the most advanced with over 120,000 metres drilled to date. Oculto is a high-sulphidation
epithermal silver-gold deposit derived from remnant hot springs activity following Tertiarty-age local
magmatic and volcanic activity. Comparatively nearby examples of high sulphidation epithermal deposits
include: Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina);
and Filo del Sol (Argentina).
The most recent Mineral Resource estimate for the Oculto Deposit is shown in Table 2:
Table 2 - Oculto Mineral Resource Estimate – 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 Resources are not Mineral Reserves and have not demonstrated economic
viability. The Mineral Resource estimate is N.I. 43-101 compliant and was prepared by Luis Rodrigo Peralta, B.Sc., FAusIMM
CP(Geo), Independent Consultant. The mineralization estimated in the Mineral Resource is sub-horizontal with sub-vertical
feeders and a reasonable prospect for eventual economic extraction by open pit methods. For additional information please
see Technical Report on the Diablillos Project, Salta Province, Argentina, dated November 28, 2022, completed by Mining
Plus, and available on www.SEDAR.com.
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 received by the SGS offices in Salta who then dispatch the samples to the SGS
preparation facility in San Juan. From there, the prepared samples are sent to the SGS laboratory in
Lima, Peru 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 province of Argentina. The current Measured and Indicated Mineral
Resource estimate for Diablillos consists of 51.3 Mt grading 66g/t Ag and 0.79g/t Au, containing approximately
109Moz silver and 1.3Moz gold, with significant further upside potential based on recent exploration drilling. The
Company is led by an experienced management team and has long-term supportive shareholders including Mr.
Eric Sprott. In addition, AbraSilver owns a portfolio of earlier-stage copper-gold projects including the La Coipita
copper-gold project in the San Juan province of Argentina. AbraSilver is listed on the TSX-V under the symbol
“ABRA” and in the U.S. 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.sedar.com. 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