Toronto – July 22, 2024: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF) (“AbraSilver” or the “Company”) is pleased to announce the first set of assay results from the Company’s fully-funded 20,000 metre Phase IV drill program, on its wholly-owned Diablillos project in Salta Province, Argentina (the “Project”).
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. Key takeaways from the latest drill results include the following holes all in the southwest of the JAC zone.:
John Miniotis, President and CEO, commented, “We are pleased to see this successful start to our Phase IV drilling program which demonstrates the significant upside potential at Diablillos. These initial results demonstrate the strong continuity of high-grade silver mineralization surrounding the JAC deposit, which continues to remain open in multiple directions.”
Dave O’Connor, Chief Geologist, commented, “We are excited by the initial drill results received from the Phase IV drill program. In addition to the ongoing step-out drilling near JAC, drilling is also currently underway in the area northeast of the Oculto Mineral Resource and the adjacent Cerro Bayo area. Additional holes in these areas will be sited with the aid of detailed structural mapping to optimize targets."
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-24-003 | JAC | 69.0 | 102.0 | Oxides | 33.0 | 86.5 | 0.01 |
| DDH-24-004 | JAC | 54.0 | 69.0 | Oxides | 15.0 | 31.0 | 0.01 |
| DDH-24-004 | 105.0 | 108.0 | Oxides | 3.0 | 71.8 | 0.01 | |
| DDH-24-004 | 110.0 | 143.4 | Oxides | 33.4 | 244.9 | 0.01 | |
| DDH-24-004 | Includes | 125.0 | 131.0 | Oxides | 6.0 | 603.4 | - |
| DDH-24-005 | JAC | 93.0 | 119.0 | Oxides | 26.0 | 112.9 | 0.03 |
| 122.0 | 129.0 | Oxides | 7.0 | 143.3 | 0.03 |
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
Figure 2 – Long Section Through Newly Announced Drill Holes
Phase IV Exploration Program Update
The ongoing, fully-funded 20,000 m Phase IV drill program is focused on the following high-priority exploration targets:
Epithermal District: Approximately 75% of the drill program will focus on expanding the existing Mineral Resource estimates near the main Oculto deposit and on identifying additional near-surface high-grade silver-gold oxide mineralization.
New Regional Step-out Targets: Approximately 25% of the drill program will be focused on new regional step-out exploration targets on the Diablillos property that remain largely untested to date. These targets include a substantial quartz-sericite alteration zone and associated anomalous gold in historical shallow holes drilled at the Cerro Viejo target and the newly defined Jasperoid magnetic target.
Collar Data
| Hole Number | UTM Coordinates | Elevation | Azimuth | Dip | Depth (m) | Area | Notes | |
| DDH 24-001 | E719933 | N7198848 | 4,190 | 0 | -60 | 203.5 | JAC-Oculto connection | No meaningful intercepts |
| DDH 24-002 | E720500 | N7200502 | 4,216 | 0 | -60 | 130.5 | North Laderas | No meaningful intercepts |
| DDH 24-003 | E719068 | N7198623 | 4,129 | 0 | -60 | 152 | JAC | - |
| DDH 24-004 | E719186 | N7198628 | 4,131 | 0 | -60 | 194 | JAC | - |
| DDH 24-005 | E719332 | N7198649 | 4,141 | 0 | -60 | 164 | JAC | - |
| DDH 24-006 | E719973 | N7198926 | 4,194 | 0 | -60 | 150 | JAC-Oculto connection | No meaningful intercepts |
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:
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 province 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
[email protected]
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.
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AbraSilver Resource Corp
220 Bay St, Suite 550
Toronto, ON M5J 2W4
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