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News Releases

AbraSilver Reports Wide, High-Grade Intercepts in the Northeast Zone Well Beyond the Whittle Pit Boundary Including 35.5m at 3.11 g/t Gold-Equivalent

Additional Shallow, High-Grade Oxide Intercepts Include 45.5 meters at 1.77 g/t Gold-Equivalent

Toronto - December 13, 2021: AbraSilver Resource Corp. (TSX.V:ABRA; OTCQX: ABBRF) ("AbraSilver" or the “Company”)  is pleased to announce the latest diamond drill hole assays from the Company’s ongoing Phase II drill program, on its wholly-owned Diablillos property in Salta Province, Argentina. The reported drill holes were focused on two key areas: (i) Northeast zone (holes DDH-21-053, DDH-21-054 and DDH-21-055), and (ii) shallow gold zone (holes: DDH-21-051 and DDH-21-056)

The latest assay result highlights are summarized in Table 1 and Table 2 below.

Results from Northeast Zone

Results include several wide, high-grade oxide gold intercepts in the Northeast zone testing the extension of the Oculto system well beyond the Whittle pit boundary:

  • DDH-21-053:  17.0m at 0.81 g/t gold and 88.3 g/t silver (203-220m)
  • DDH-21-054:  28.5m at 1.00 g/t gold and 55.7 g/t silver (136-164.5m)
  • DDH-21-055:  35.5m at 2.83 g/t gold and 19.4 g/t silver (230-265.5m)

Table 1 – Drill Results of Holes in Northeast Zone
(Intercepts greater than 2,000 gram-meter 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-21-053   168.5 187 Oxides 18.5 0.03 34.7 0.53 36.8
DDH-21-053   203 220 Oxides 17.0 0.81 88.3 2.07 145.0
DDH-21-053   294 295 Oxides 1.0 1.44 14.2 1.64 115.0
DDH-21-053   312 320 Oxides 8.0 0.96 13.2 1.15 80.4
DDH-21-054   75 104 Oxides 29.0 0.28 62.9 1.18 82.5
DDH-21-054   136 164.5 Oxides 28.5 1.00 55.7 1.80 125.7
DDH-21-054 Including 148.5 159.5 Oxides 11.0 1.92 36.2 2.44 170.6
DDH-21-054   170 174.5 Oxides 4.5 0.55 20.5 0.84 59.0
DDH-21-054   178 181 Oxides 3.0 0.68 13.1 0.87 60.7
DDH-21-054   190 198.5 Oxides 8.5 0.84 14.5 1.05 73.3
DDH-21-054   211 228 Oxides 17.0 0.13 25.1 0.49 34.2
DDH-21-055   135 145 Oxides 10.0 0.78 27.1 1.17 81.7
DDH-21-055   153 158 Oxides 5.0 1.80 31.6 2.25 157.6
DDH-21-055   175 176 Oxides 1.0 1.52 52.2 2.27 158.6
DDH-21-055   202 211 Oxides 9.0 1.02 25.7 1.39 97.1
DDH-21-055   230 265.5 Oxides 35.5 2.83 19.4 3.11 217.5
DDH-21-055 Including 230 243 Oxides 13.0 2.26 25.1 2.62 183.3
DDH-21-055 Including 246 265.5 Oxides 19.5 3.62 17.7 3.87 271.1

Results from Shallow gold zone

Holes DDH-21-051 and DDH-21-056 both encountered wide, consistent intercepts in the shallow gold zone aimed at testing the western continuation of shallow mineralization at Oculto:

  • DDH-21-051:  45.5m at 1.24 g/t gold & 37.2 g/t silver, incl. 8m at 4.02 g/t gold & 28.2 g/t silver
  • DDH-21-056:  25m at 1.74 g/t gold & 35.5 g/t silver, incl. 18m at 2.34 g/t gold & 36.7 g/t silver

Table 2 – Drill Results of Holes in the Shallow Gold Zone
(Intercepts greater than 2,000 gram-meter 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-21-051   13.5 21 Oxides 7.5 0.06 31.8 0.51 36.0
DDH-21-051   49.5 95 Oxides 45.5 1.24 37.2 1.77 124.0
DDH-21-051 Including 69 77 Oxides 8.0 4.02 28.2 4.42 309.6
DDH-21-056   78 103 Oxides 25.0 1.74 35.5 2.25 157.3
DDH-21-056 Including 83 101 Oxides 18.0 2.34 36.7 2.86 200.5
DDH-21-056   107 116 Oxides 9.0 0.09 49.8 0.80 56.1
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 and $25.00/oz Ag. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices.

John Miniotis, President and CEO, commented, “Our Phase II program continues to generate results that indicate excellent potential to further expand Mineral Resources at Diablillos.  All holes announced today were drilled outside of the existing Mineral Resource boundary and demonstrate strong continuity of gold-silver mineralization over extensive widths. The easternmost hole (DDH 21-053) is located approximately 300 meters beyond the limit of the current Mineral Resource, highlighting the potential for the Northeast zone to become a significant host of high-grade gold resources.”

Figure 1 – Drill Hole Location Map

Figure 1

Discussion of Drill Hole Results

Hole DDH 21-051 was drilled to test for the western continuation of shallow mineralisation at Oculto. The hole successfully intersected 45.5 meters of 1.24 g/t gold and 37.2 g/t silver from 49.5 to 95.0 meters, including 8.0 meters grading 4.02 g/t gold and 28.2 g/t silver from 52.5 to 65.0 meters. This hole demonstrates the westward extension of substantial shallow mineralisation.

Hole DDH 21-053 was a step-out hole drilled in the extreme east of Oculto to test the extension of system beyond the Whittle pit margin. The hole intersected numerous zones of oxide mineralisation, with 17.0 meters grading 0.81 g/t gold and 88.3 g/t silver and from 203 to 220 meters and also encountered deeper oxide intercepts including 8.0 meters grading 0.96 g/t gold and 13.2 g/t silver from 312 to 320 meters. This hole ended in mineralisation at 320 meters. A deeper hole in this area is planned.

Hole DDH 21-054 was drilled in the northeast zone to test the extension of the Oculto system beyond the Whittle pit margin. The hole intersected gold and silver mineralisation over substantial thicknesses, demonstrating part of a robust mineralised system that is being drilled systematically.

Hole DDH 21-055 was drilled in the northeast zone to test the extension of the Oculto system beyond the Whittle pit margin. The hole successfully intersected numerous zones of mineralisation, with 35.5 meters grading 2.83 g/t gold and 19.4 g/t silver from 230 to 265.5 meters, including 19.5 meters grading 3.62 g/t gold and 17.7 g/t silver.

Hole DDH 21-056 was drilled to test the western extent of shallow mineralisation. The hole intersected 25 meters grading 1.74 g/t gold and 35.5 g/t silver from 78 to 103 meters.

Figure 2 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-051

Figure 2

Figure 3 - Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-053

Figure 3

Figure 4 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-054

Figure 4

Figure 5 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-055

Figure 5

Figure 6 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-056

Figure 6

 Collar Data

Hole Number UTM Coordinates Elevation Azimuth Dip Depth
DDH 21-050 E720050 N7199374 4,227 0 -60 53.5
DDH 21-051 E712000 N7199440 4,216 0 -60 150.5
DDH 21-052 E720111 N7199376 4,242 0 -60 53
DDH 21-053 E720668 N7199490 4,346 2.5 -60 320
DDH 21-054 E720575 N7199525 4,330 180 -60 300.6
DDH 21-055 E720464 N7199668 4,277 0 -60 266
DDH 21-056 E719970 N7199121 4,197 0 -60 125

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 3 below:

Table 3 - 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 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. 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.

The Diablillos 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.

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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