AbraSilver Intersects 31.5 Metres Grading 277 g/t Silver in Step Out Drilling at JAC Deposit on Diablillos Silver-Gold Project
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AbraSilver Intersects 31.5 Metres Grading 277 g/t Silver in Step Out Drilling at JAC
Deposit on Diablillos Silver-Gold Project
Toronto – August 19, 2024: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF)
(“AbraSilver” or the “Company”) is pleased to announce assay results from the Company’s 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 24-014, DDH 24-016 and DDH 24-018 were drilled to test the southern & western
extensions of the JAC deposit. All three holes encountered significant silver mineralization over
broad intercepts outside the conceptual open pit boundary at JAC.
o DDH 24-018 was a step-out hole to the south of JAC which intersected a high-grade
silver intercept of 31.5 m grading 277 g/t Ag, including 13.7 m grading 455 g/t Ag.
This intercept confirms a new significant high-grade mineralized structure
perpendicular to the main JAC zone, which is now one a top-priority exploration
targets.
o DDH 24-016 was drilled west of JAC towards the Alpaca target and encountered 53.5 m
grading 110 g/t Ag including 5.0 m grading 339.2 g/t Ag. This result demonstrates that
JAC remains open to the west towards the Alpaca target.
o DDH 24-104 was also drilled west of JAC towards Alpaca with 48.8 m grading 70 g/t Ag.
Hole DDH 24-011 was a step-out in the Oculto Northeast area which intersected several zones
of mineralization, with 21.0 m at 131.3 g/t Ag & 0.36 g/t Au including 2 m at 326.6 g/t Ag & 1.07
g/t Au. This intercept is situated above the known zone of mineralization in the northeast and is
expected to convert material currently classified as waste into Mineral Resources and Reserves.
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-24-009 JAC/Oculto 92.0 96.0 Oxides 4.0 30.2 -
DDH-24-011 Oculto NE 114.0 135.0 Oxides 21.0 131.3 0.36
DDH-24-011 Including 130.0 132.0 Oxides 2.0 326.6 1.12
DDH-24-011 138.0 155.5 Oxides 17.5 31.4 0.57
DDH-24-011 160.5 172.0 Oxides 11.5 40.5 0.83
DDH-24-011 186.0 189.0 Oxides 3.0 60.2 0.34
DDH-24-014 Alpaca/JAC 75.2 124.0 Oxides 48.8 69.8 -
DDH-24-015 Oculto 178.0 184.0 Oxides 6.0 19.9 0.32
DDH-24-015 186.0 224.0 Oxides 38.0 39.8 1.26
DDH-24-015 Including 215.0 222.0 Oxides 7.0 29.2 2.37
DDH-24-015 234.0 238.0 Oxides 4.0 36.8 0.91
DDH-24-016 Alpaca/JAC 80.0 133.5 Oxides 53.5 110.2 -
DDH-24-016 95.0 100.0 Oxides 5.0 339.2 -
DDH-24-018 JAC South 87.0 90.4 Oxides 3.4 40.3 -
DDH-24-018 117.5 149.0 Oxides 31.5 276.8 -
DDH-24-018 Including 128.8 142.5 Oxides 13.7 455.1 -
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 for oxides.
John Miniotis, President and CEO, commented, “These exciting new high-grade drill results over
significant widths continue to demonstrate the exceptional Mineral Resource growth potential at
Diablillos, across multiple exploration areas. The identification of new high-grade structures, confirms
that the JAC deposit has significant growth potential, particularly towards the southern and western
extensions.”
Dave O’Connor, Chief Geologist, commented, “We are very encouraged by these latest drill results,
which confirm the strong continuity of high-grade silver mineralization beyond the existing boundaries of
the JAC deposit. Additionally, the potential to extend mineralization toward the Oculto Northeast area
represents an exciting opportunity to further grow our Mineral Resource base and further enhance the
overall value at our world-class Diablillos project.”
Figure 1 – Plan View of Latest Drill Holes
Additional Details on Drill Results
Figure 2 shown below is perpendicular to the main trend of mineralization in the JAC southwest area and
shows broad mineralized intercepts including high-grade silver following a structural trend extending
northwards towards Alpaca. The section clearly shows the potential to expand the conceptual open pit
defined in the recent Pre-Feasibility Study and increase the JAC Mineral Resource and Reserve.
Additional drilling is currently underway along this new trend.
Figure 2 –Section Through Drill Holes DDH 24-016 and DDH 24-018 (JAC & JAC South)
Figure 3 shown below highlights the mineralized intercept in hole DDH 24-011 located in the Oculto
northeast zone. The intercept is between 150 - 200 metres above the previously known dominant level
of mineralization. The core is well mineralized to the end of the hole, which was lost at 194 metres
downhole depth due to lack of water circulation in a zone of friable rock. The section again demonstrates
the potential to expand the currently defined open pit and with it the Mineral Resources and Reserves.
Additional drilling is planned in order to test the various levels of mineralization in the area for shallower
mineralization and a potentially higher-grade gold zone beneath.
Figure 3 – Long Section Through Drill Hole DDH 24-011 (Oculto NE / Cerro Bayo)
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. The highest priority target areas are:
JAC Extension / Alpaca: The southwest extension of the main JAC trend and the perpendicular
structure heading towards the Alpaca zone are currently being drilled.
Oculto Northeast / Cerro Bayo: A structural mapping project is currently underway and will be
completed over the next few weeks and will be followed by a drill program designed to focus on the
mineralized structures extending northeast from Oculto.
Porphyry Complex (Cerro Blanco / Cerro Viejo): The Cerro Blanco / Cerro Viejo area is located
approximately 3.5 km northeast of the Oculto deposit. Currently an electromagnetic survey is being
conducted to help site a series of deeper drill holes to explore for an underlying porphyry system.
Drilling in this area is expected to commence by the end of September.
Collar Data
Hole
Number
UTM Coordinates Elevation Azimuth Dip Depth
(m)
Area Notes
DDH 24-008 E 720247 N7201356
4,158 90 -60 96.5 Jasperoid Assay results
pending
DDH 24-009 E720025
N7199025
4,203 0 -60 143 JAC-Oculto
connection
DDH 24-010 E719797
N7199584
4,190 0 -60 150 Fantasma-
Oculto
connection
Assay results
pending
DDH 24-011 E720977
N7199545
4,422 180 -60 194 Oculto NE
DDH 24-012 E719723
N7199500
4,182 0 -60 129 Fantasma-
Oculto
connection
Assay results
pending
DDH 24-013 E720353
N7201851
4,146 270 -60 117.5 Jasperoid Assay results
pending
DDH 24-014 E719096
N7198719
4,131 0 -60 150 Alpaca-JAC
DDH 24-015 E720419
N7199581
4,293 180 -70 317.5 Oculto
DDH 24-016 E719151
N7198745
4,131 45 -60 148.5 Alpaca-JAC
DDH 24-017 E720480
N7199569
4,308 180 -70 350 Oculto NE Assay results
pending
DDH 24-018 E719280
N7198536
4,136 315 -60 169.5 JAC South
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.
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