AbraPlata Commences Drilling at Diablillos Silver-Gold Project
Toronto - June 02, 2020: AbraPlata Resource Corp. (TSX.V:ABRA; OTCPK: ABBRF) ("AbraPlata" or the “Company”) is pleased to announce that it has recommenced drilling at its 100% owned Diablillos silver-gold project, located in the mining-friendly Salta province in Argentina.
This phase of the diamond drill program is expected to consist of four holes, totalling approximately 1,600 metres. The drill holes are designed to evaluate the potential for additional high grade gold mineralization in steeply dipping hydrothermal breccia structures that extend beneath the current silver and gold mineral resources, which are predominantly oxides hosted in volcanics, and into the basement rocks. The deeper portion of the drill holes are also designed to test the continuity of a copper-gold sulphide body beneath the Oculto high sulphidation system, which may be linked to a porphyry that would have been the driver of mineralising fluids.
David O’Connor, Chief Geologist of the Company, stated “Our previous drill hole 20-001 intersected high grade gold and silver mineralisation developed immediately above a zone of secondary enriched copper which forms a chalcocite blanket. Re-logging of copper intercepts in earlier holes has identified previously unrecognised chalcocite mineralisation developed above hypogene sulphide mineralisation. This represents a new and exciting exploration target.”
The proposed drill holes are shown on Figure 1 and discussed in more detail below.
Figure 1 – Plan Map of Oculto Showing Recent and Proposed Drill Holes
Proposed hole DDH 20-002 is targeting the Main Breccia 50m east of hole DDH 20-001, which obtained very high grade gold, silver and copper intercepts starting at a vertical depth of about 238 metres from surface (including 15 metres of sulphide mineralisation grading 5.10% copper, 2.35 g/t gold and 658 g/t silver – see news release dated February 19, 2020). This high grade copper zone is a well-developed part of the chalcocite enrichment blanket (Figure 2).
Figure 2 – Section Showing Proposed Hole DDH-20-002 Targeting the Main Breccia
Note: Only selected drill intercepts are highlighted in the diagram.
Proposed hole DDH 20-003 is targeting the West Breccia 50m east of holes DDH 19-001 and DDH 19-002 (see news release dated January 27, 2020). The new hole will test the strike extent of deeper gold and silver mineralisation encountered in hole DDH 19-002 which intersected 15.0 meters of oxide mineralisation grading 10.4g/t gold and 285.7g/t silver from 242 to 257 meters depth, with 9.0 meters of sulphide mineralisation grading 7.3g/t gold and 48.9g/t silver from 387 to 376 meters depth. These intercepts are substantially deeper than previously drilled mineralisation. The new hole is also expected to test a gap in the upper silver zone.
Additional Step-Out Targets
Proposed hole DDH 20-004 will target a mineralised zone located 150m east of the other holes, beneath a cluster of gold intercepts. This hole will test the possibility of additional breccia hosted mineralisation north and east of the Main and West breccia zones.
Proposed hole DDH 20-005 will target the Main Breccia extension 50m west of the intercept in hole DDH 20-001.
The 80 km2 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 approximately 85,000 metres drilled in 306 RC and diamond drill holes. 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: El Indio, Chile; Veladero, Argentina; Filo del Sol, Argentina; and Pascua Lama, on the Chile-Argentine border.
David O’Connor P.Geo., Chief Geologist for AbraPlata, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.
AbraPlata is a mineral exploration company with a diversified portfolio of silver-gold and copper exploration projects in Argentina and Chile. The Company is focused on advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which is well-advanced, with more than US$35 million spent historically on exploration with drilling ongoing and an initial open pit PEA completed in 2018. The Company is led by an experienced management team and has long-term supportive shareholders including Altius Minerals and SSR Mining. In addition, AbraPlata owns the Arcas project in Chile where Rio Tinto has an option to earn up to a 75% interest by funding up to US$25 million in exploration. AbraPlata is listed on the TSX-V under the symbol “ABRA”.
For further information please visit the AbraPlata Resource website at http://www.abraplata.com or contact:
John Miniotis, President & CEO
Tel: +1 416-306-8334
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. 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.
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