AbraSilver Drilling Intersects 32.0 Metres at 580 g/t AgEq in Oxides; Further Enhancing High-Grade Mineralization at the JAC Zone
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AbraSilver Drilling Intersects 32.0 Metres at 580 g/t AgEq in Oxides; Further Enhancing
High-Grade Mineralization at the JAC Zone
Toronto – May 04, 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 continues to consistently intersect high-grade silver oxide mineralization, with
associated gold in some areas, at shallow depths, as well as underlying copper and silver mineralization
in sulphides. The JAC zone remains open along strike towards the southwest and in other directions.
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
Cu
%
AgEq1
g/t
DDH-23-015 103.0 118.0 Oxides 15.0 84.1 - - 84.1
DDH-23-016 61.0 88.0 Oxides 27.0 46.2 0.01 - 47.0
DDH-23-017 92.0 104.0 Oxides 12.0 876.1 - - 876.1
DDH-23-017 Includes 94.0 96.0 Oxides 2.0 4,968.4 0.14 - 4,979.9
DDH-23-017 110.0 113.0 Oxides 3.0 72.4 - - 72.4
DDH-23-017 132.0 134.0 Oxides 2.0 77.0 - - 77.0
DDH-23-018 108.0 130.0 Oxides 22.0 51.8 - 51.8
DDH-23-018 151.0 160.5 Sulphides 9.5 47.2 - 0.67 47.2
DDH-23-018 171.0 175.5 Sulphides 4.5 65.8 - 0.46 65.8
DDH-23-020 79.5 89.5 Oxides 10.0 161.5 - - 161.5
DDH-23-020 92.5 99.0 Oxides 6.5 47.2 0.02 - 48.8
DDH-23-020 104.0 122.0 Oxides 18.0 66.7 0.12 - 76.5
DDH-23-020 127.0 146.0 Oxides 19.0 149.5 0.78 - 213.4
DDH-23-020 148.0 151.0 Oxides 3.0 79.7 0.13 - 90.3
DDH-23-021 137.0 143.0 Oxides 6.0 63.1 0.03 - 65.6
DDH-23-021 156.0 157.0 Oxides 1.0 49.2 0.82 - 116.4
DDH-23-021 161.5 193.5 Oxides 32.0 530.8 0.60 - 579.9
DDH-23-021 193.5 199.5 Sulphides 6.0 52.6 - 1.32 52.6
DDH-23-022 53.5 79.0 Oxides 25.5 58.6 0.01 - 59.4
DDH-23-023 50.5 110.0 Oxides 59.5 103.4 0.05 - 107.5
DDH-23-023 143.0 147.0 Oxides 4.0 86.8 - - 86.8
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).
Key takeaways from the latest JAC zone drill results include:
DDH 23-017 was drilled to test the southwest extension of the JAC zone and intersected several
zones of silver mineralization in oxides, with 12.0 metres grading 876.1 g/t Ag from a downhole
depth of 92.0 metres downhole, including 2.0 metres grading 4,968.4 g/t Ag and 0.14 g/t Au.
DDH 23-020 was drilled towards the northern margin of the JAC zone and intersected several
zones of silver and gold mineralization in oxides, including 19 metres at 149.5 g/t Ag and 0.78
g/t Au from 127.0 metres downhole.
DDH 23-021, located in the southeastern part of the drill target area, encountered high-grade
silver mineralization in oxides, intersecting 32.0 metres grading 530.8 g/t Ag and 0.60 g/t Au
from 161.5 metres downhole. This high-grade intercept further demonstrates the importance and
continuity of the deeper layer of silver-gold mineralisation at JAC.
o Immediately beneath this high-grade oxide intercept, the hole encountered 6.0 metres
grading 1.32% Cu and 52.6 g/t Ag in sulphide mineralization, demonstrating the potential
of mineralised feeder structures at JAC to host substantial sulphide mineralisation.
DDH 23-023, located in the northwestern part of the drill target area shows continuity of silver
dominant mineralisation along the northern margin of the deposit. The hole intersected 59.5
metres grading 103.4 g/t Ag and 0.05 g/t Au starting from a depth of only 50.5 metres.
Figure 1 – Plan View of Announced Drill Holes in JAC Zone
John Miniotis, President and CEO, commented, “Our drill results continue to encounter multiple thick
intercepts of oxide silver in virtually every hole as we increase confidence and extend the size of the new
high-grade JAC discovery. The JAC zone features a highly attractive combination of scale, grade and
continuity, which is expected to significantly increase the economics of our Diablillos project. We look
forward to additional drill results and incorporating all the data into an updated Mineral Resource estimate
later this year.”
Dave O’Connor, Chief Geologist, commented, “Today’s drill results further define and expand the high-
grade core area of the new JAC zone. Additionally, the contact zone between the oxides and underlying
sulphides continues to show substantial potential for an extensive zone of high-grade silver dominant
mineralisation at the base of the oxide zone as well as for significant underlying copper sulphide
mineralisation with associated precious metal content.”
Figure 2 – Long Section Through Newly Announced Drill Holes in JAC Zone
Figure 3 – Cross Section Through Newly Announced Drill Holes 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 20,000 metres of drilling in 85 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, a deep hole was completed down to a depth of 1,242 metres. The Company
has completed final core splitting and has sent final sample shipments to the laboratory. Assay results
are expected to be received around late June and will be reported once they are received and interpreted.
Collar Data
Hole Number UTM Coordinates Elevation Azimuth Dip Depth (m)
DDH 23-015 E719591 N7198755 4,159 315 -60 179
DDH 23-016 E719552 N7198754 4,156 315 -60 170
DDH 23-017 E719505 N7198680 4,151 0 -60 170
DDH 23-018 E719427 N7198634 4,145 315 -60 203
DDH 23-020 E719705 N7198845 4,169 0 -60 211
DDH 23-021 E719765 N7198755 4,175 0 -60 215
DDH 23-022 E719570 N7198766 4,160 0 -60 161
DDH 23-023 E719686 N7198866 4,168 315 -60 170
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