AbraSilver (TSXV:ABRA) Announces Assay Results from Phase III Exploration at Diablillos Property in Argentina, Intersects 32.0 Metres at 580 g/t AgEq in Oxides

AbraSilver (TSXV:ABRA) has announced promising diamond drill assay results from its ongoing Phase III exploration program at its fully-owned Diablillos project in Salta Province, Argentina. The drilling at the JAC zone continues to reveal high-grade silver oxide mineralization at shallow depths, accompanied by gold and underlying copper and silver mineralization in sulphides.

John Miniotis, President and CEO, commented in a press release: “Our drill results continue to encounter multiple thick intercepts of oxide silver in virtually every hole as we increase confidence and extend the size of the new high-grade JAC discovery.  The JAC zone features a highly attractive combination of scale, grade and continuity, which is expected to significantly increase the economics of our Diablillos project.  We look forward to additional drill results and incorporating all the data into an updated Mineral Resource estimate later this year.”

Dave O’Connor, Chief Geologist, also commented: “Today’s drill results further define and expand the high-grade core area of the new JAC zone.  Additionally, the contact zone between the oxides and underlying sulphides continues to show substantial potential for an extensive zone of high-grade silver dominant mineralisation at the base of the oxide zone as well as for significant underlying copper sulphide mineralisation with associated precious metal content.”

Significant findings from the recent JAC zone drilling include:

  • DDH 23-017, designed to examine the JAC zone’s southwest extension, discovered several silver mineralization zones in oxides, including a 12.0-meter section with 876.1 g/t Ag at a 92.0-meter downhole depth.
  • DDH 23-020, aimed at the JAC zone’s northern margin, intersected multiple silver and gold mineralization zones in oxides, such as a 19-meter section with 149.5 g/t Ag and 0.78 g/t Au at a 127.0-meter downhole depth.
  • DDH 23-021, located in the southeastern drill target area, encountered high-grade silver mineralization in oxides, including a 32.0-meter section with 530.8 g/t Ag and 0.60 g/t Au at a 161.5-meter downhole depth.

To date, AbraSilver has drilled around 20,000 meters in 85 holes, as part of the 22,000-meter Phase III program, mainly targeting the JAC zone. The exploration findings will form the basis for an updated Mineral Resource Estimate (MRE) and will be included in a Pre-Feasibility Study on the Diablillos project, expected to be completed in the second half of 2023.

Figure 1 – Plan View of Announced Drill Holes in JAC Zone. Source: AbraSilver Resource Corp.

Additional exploration targets southwest of the Oculto MRE have been identified based on the recently completed detailed ground magnetic survey. Some of these targets, including the Fantasma and Alpaca targets, are expected to be drilled following the systematic drilling of the JAC zone.

The La Coipita project saw the completion of a deep hole reaching 1,242 meters. The company has finalized core splitting and sent final sample shipments to the lab. Assay results are anticipated around late June and will be reported upon receipt and interpretation.

The 80 km2 Diablillos property, acquired by AbraSilver from SSR Mining Inc. in 2016, is situated in the Argentine Puna region. The property hosts several known mineral zones, with the most advanced being the Oculto zone, where over 120,000 meters have been drilled to date.

Table 1 – Diablillos Drill Result Highlights in JAC Zone  (Intercepts greater than 2,000 gram-metres AgEq shown in bold text):

Drill Hole   From
(m)
To
(m)
Type Interval
(m)
Ag g/t Au g/t Cu % AgEqg/t
DDH-23-015 103.0 118.0 Oxides 15.0 84.1 84.1
DDH-23-016 61.0 88.0 Oxides 27.0 46.2 0.01 47.0
DDH-23-017 92.0 104.0 Oxides 12.0 876.1 876.1
DDH-23-017 Includes 94.0 96.0 Oxides 2.0 4,968.4 0.14 4,979.9
DDH-23-017 110.0 113.0 Oxides 3.0 72.4 72.4
DDH-23-017 132.0 134.0 Oxides 2.0 77.0 77.0
DDH-23-018 108.0 130.0 Oxides 22.0 51.8 51.8
DDH-23-018 151.0 160.5 Sulphides 9.5 47.2 0.67 47.2
DDH-23-018 171.0 175.5 Sulphides 4.5 65.8 0.46 65.8
DDH-23-020 79.5 89.5 Oxides 10.0 161.5 161.5
DDH-23-020 92.5 99.0 Oxides 6.5 47.2 0.02 48.8
DDH-23-020 104.0 122.0 Oxides 18.0 66.7 0.12 76.5
DDH-23-020 127.0 146.0 Oxides 19.0 149.5 0.78 213.4
DDH-23-020 148.0 151.0 Oxides 3.0 79.7 0.13 90.3
DDH-23-021 137.0 143.0 Oxides 6.0 63.1 0.03 65.6
DDH-23-021 156.0 157.0 Oxides 1.0 49.2 0.82 116.4
DDH-23-021 161.5 193.5 Oxides 32.0 530.8 0.60 579.9
DDH-23-021 193.5 199.5 Sulphides 6.0 52.6 1.32 52.6
DDH-23-022 53.5 79.0 Oxides 25.5 58.6 0.01 59.4
DDH-23-023 50.5 110.0 Oxides 59.5 103.4 0.05 107.5
DDH-23-023 143.0 147.0 Oxides 4.0 86.8 86.8

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.

1AgEq based on 81.9(Ag):1(Au) calculated using long-term prices of US$25.00/oz Ag and US$1,750/oz Au, and 73.5% process recovery for Ag, and 86.0% process recovery for Au as demonstrated in the Company’s Preliminary Economic Assessment in respect of Diablillos dated January 13, 2022, using formula:  AgEq g/t = Ag g/t + Au g/t x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).  

Figure 2 – Long Section Through Newly Announced Drill Holes in JAC Zone. Source AbraSilver Resource Corp.

Collar Data

Hole Number UTM Coordinates Elevation Azimuth Dip Depth (m)
DDH 23-015 E719591 N7198755 4,159 315 -60 179
DDH 23-016 E719552 N7198754 4,156 315 -60 170
DDH 23-017 E719505 N7198680 4,151 0 -60 170
DDH 23-018 E719427 N7198634 4,145 315 -60 203
DDH 23-020 E719705 N7198845 4,169 0 -60 211
DDH 23-021 E719765 N7198755 4,175 0 -60 215
DDH 23-022 E719570 N7198766 4,160 0 -60 161
DDH 23-023 E719686 N7198866 4,168 315 -60 170
Figure 3 – Cross Section Through Newly Announced Drill Holes in JAC Zone. Source: AbraSilver Resource Corp.

Table 2 – Oculto Mineral Resource Estimate – As of October 31, 2022

Category Tonnage
(000 t)
Ag (g/t) Au (g/t) Contained Ag
(000 oz Ag)
Contained Au
(000 oz Au)
Measured 19,336 98 0.88 60,634 544
Indicated 31,978 47 0.73 48,737 752
Measured & Indicated 51,314 66 0.79 109,370 1,297
Inferred 2,216 30 0.51 2,114 37

Notes: Effective October 31, 2022. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The Mineral Resource estimate is N.I. 43-101 compliant and was prepared by Luis Rodrigo Peralta, B.Sc., FAusIMM CP(Geo), Independent Consultant. The mineralization estimated in the Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods. For additional information please see Technical Report on the Diablillos Project, Salta Province, Argentina, dated November 28, 2022, completed by Mining Plus, and available on www.SEDAR.com.

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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