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News Releases

AbraSilver Continues to Extend Mineralisation Beyond Open Pit Margin Intersecting 57m at 3.01 g/t Gold-Equivalent in Oxides at Diablillos

High-Grade Intercept Includes 17m at 6.16 g/t Gold-Equivalent (431 g/t Silver-Equivalent)

Toronto - March 10, 2022: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF) ("AbraSilver" or the “Company”) is pleased to announce the latest diamond drill hole assays from the ongoing Phase II drill program on the Company’s wholly-owned Diablillos property in Salta Province, Argentina. The latest step-out drill holes continue to confirm the existence of broad intervals of silver and gold mineralization in both directions along strike beyond the current conceptual Preliminary Economic Assessment (“PEA”) open pit margin.

John Miniotis, President and CEO, commented, “Today’s drill results highlight the significant opportunity for AbraSilver to increase Mineral Resources beyond the levels included in the estimate announced in September 2021. The ongoing Phase II drill program results continue to confirm that the high-grade oxide mineralization extends along strike beyond the conceptual PEA open pit boundary, both towards the southwest and northeast. Additionally, we also continue to extend the mineralization at depth where we are now planning a systematic drilling program to test the extent of the deeper sulphide mineralisation later on this year.”

The latest assay result highlights are summarized in Table 1 below.

Table 1 – Drill Result Highlights

(Intercepts greater than 2,000 gram-meters AgEq shown in bold text):

Drill Hole   From
(m)
To
(m)
Type Interval
(m)
Au
g/t
Ag
g/t
AuEq1
g/t
AgEq1
g/t
DDH-21-067   96 98 Oxides 2.0 0.90 18.2 1.16 81.2
DDH-21-067   126.5 129.5 Oxides 3.0 - 40.2 0.57 40.2
DDH-21-067   137 193 Oxides 56.0 - 83.5 1.19 83.5
DDH-21-067   242 308 Oxides 66.0 1.90 57.0 2.71 190.0
DDH-21-067 Including 295 304 Oxides 9.0 4.02 94.2 5.37 375.6
DDH-21-067   317 318.2 Oxides 1.2 1.00 51.8 1.74 121.8
DDH-21-067   323 326 Oxides 3.0 0.81 21.5 1.12 78.2
DDH-21-068   19.5 22.5 Oxides 3.0 - 23.6 0.34 23.6
DDH-21-068   61 63 Oxides 2.0 0.15 31.25 0.60 41.8
DDH-21-068   89 146 Oxides 57.0 1.47 108.0 3.01 210.9
DDH-21-068 Including 104 121 Oxides 17.0 4.65 105.6 6.16 431.1

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.
1 AgEq & AuEq calculations for reported drill results are based on USD $1,750/oz Au, $25.00/oz Ag and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices.

Figure 1 – Drill Hole Location Map
Drill Hole Location Map

Discussion of Drill Hole Results

Hole DDH 21-067 was drilled to test the north-eastern extension of the Main Breccia, while hole DDH 21-068 was drilled to test the south-western extension of the Main Breccia. Both holes were drilled on the margin of the conceptual PEA open pit to test the expansion potential of the pit to incorporate more mineral resources.  

Hole DDH 21-067 intersected several high-grade mineralised zones, including 56.0 meters at 83.5 g/t silver from 137 to 193 meters, and 66.0 meters at 1.90 g/t gold and 57.0 g/t silver from 242 to 308 meters, including 9.0 meters at 4.02 g/t silver and 94.2 g/t silver.

Hole DDH 21-068 intersected 57.0 meters at 1.47 g/t gold and 108.0 g/t silver from 89 to 146 meters, including 17.0 meters at 4.65 g/t gold and 105.6 g/t silver.

These two holes show high-grade mineralisation at the margins of the conceptual open pit and demonstrate the potential for expansions of the pit both towards the southwest and northeast.

Figure 2 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-067
Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-067

Figure 3 - Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-068
Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-068

Collar Data

Hole Number UTM Coordinates Elevation Azimuth Dip Depth
DDH 21-067 E720366 N7199356 4,321 0 -60 356
DDH 21-068 E720057 N7199207 4,221 0 -60 161

About Diablillos

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 over 90,000 meters 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 Mineral Resource for the Oculto Deposit is shown in Table 2 below:

Table 2 - 2021 Mineral Resource Estimate for the Oculto Deposit, Diablillos Project

Category Tonnage
(000 t)
Ag
(g/t)
Au
(g/t)
Contained Ag
(000 oz Ag)
Contained Au
000 oz Au)
Measured 8,235 124 0.98 32,701 259
Indicated 32,958 54 0.70 57,464 744
Measured & Indicated 41,193 68 0.76 90,165 1,002
Inferred 2,884 34 0.70 3,181 66

Effective September 8, 2021. The Mineral Resource estimate and supporting Technical Report are N.I. 43-101 compliant. Full details of the Mineral Resources are available in a Company news release dated September 15, 2021. For additional information please see Technical Report on the Diablillos Project, Salta Province, Argentina, dated October 28, 2021, 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 a well-funded silver-gold focused advanced-stage exploration company. The Company is rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which has a current Measured and Indicated Mineral Resource of over 90 million ounces of silver and 1.0 million ounces of gold. The updated PEA study completed in November 2021 demonstrates that Diablillos has the potential to be a highly-economic project. The Company is led by an experienced management team and has long-term supportive shareholders including Mr. Eric Sprott and SSR Mining. 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
[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. 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

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