AbraSilver Resource drills 829 g/t silver over 17 metres at Diablillos, Argentina

AbraSilver Resource Corp. [ABRA-TSXV; ABBRF-OTCQX] reported latest assay results from the continuing phase III diamond drilling program on the wholly owned Diablillos property in Salta province, Argentina. The company’s phase III program is being increased as mineralization at the JAC zone remains open.

Drilling at the JAC zone continues to consistently intersect high-grade silver oxide mineralization, with associated gold in some areas, at shallow depths, as well as underlying copper and silver mineralization in sulphides.

Notably, drill hole DDH 23-029 encountered silver mineralization in oxides to the west of the main JAC mineralized zone, which was drilled to test an extension of the magnetic anomaly associated with the mineralization at JAC. The JAC zone continues to remain open along strike towards the southwest and in other directions.

John Miniotis, President and CEO, commented, “We continue to intercept excellent widths and grades of silver at JAC in practically every single drill hole. Additionally, we continue to see significant potential for new discoveries beyond the main JAC mineralized zone, as highlighted in hole DDH 23-029. Our drill results continue to confirm our belief that the new JAC zone is a major mineralized system, with significant exploration upside remaining to be discovered. For that reason, we are again increasing the amount of drilling being done as part of the Phase III program.”

Dave O’Connor, Chief Geologist, commented, “In addition to consistently encountering high-grade silver mineralization with associated gold at JAC, we are also intersecting underlying high-grade copper mineralization with associated silver/gold in sulphides immediately beneath the oxides. It is now evident that the high-grade sulphide mineralization in zones beneath the base of oxidation is continuous for at least 2 km along the length of the Oculto-JAC system, representing an additional attractive exploration target, beyond the oxidized mineralization at JAC.”

Key takeaways from the latest JAC zone drill results include: DDH 23-024 tested continuity of the JAC Zone for resource estimation. The hole intersected multiple zones of silver mineralization in oxides, with 17.0 metres grading 828.9 g/t Ag from a downhole depth of 144.0 metres, including 5.0 metres grading 2,215.4 g/t Ag.

DDH 23-025 tested continuity of the JAC Zone for resource estimation. The hole intersected significant silver and gold mineralization in oxides, including 79 metres at 237.6 g/t Ag and 0.15 g/t Au from 100.0 metres downhole.

Immediately beneath this high-grade oxide intercept, the hole encountered 30.5 metres grading 3.28% Cu and 96.6 g/t Ag in sulphide mineralization. This is the best copper intercept drilled at JAC to date on a grade-thickness basis, demonstrating the potential of high-grade feeder structures at JAC to host substantial sulphide mineralization.

DDH 23-026 tested the north-eastern extremity of the JAC Zone near the Oculto conceptual open pit, and encountered silver and gold mineralization in oxides, intersecting 19.0 metres grading 107.3 g/t Ag and 0.69 g/t Au from 131.0 metres downhole.

DDH 23-027 tested the northern margin of the JAC Zone and intersected 59 metres grading 129.6 g/t Ag, including 4 metres grading 812.2 g/t Ag, starting from a downhole depth of only 56.0 metres.

DDH 23-028 tested continuity of the JAC Zone for resource estimation. The hole encountered 24.5 metres grading 189.8 g/t Ag in the oxide/sulphide transition zone, including 3.0 metres grading 1,174.9 g/t Ag and 0.79% Cu in sulphides, starting from a downhole depth of 156.5 metres.

DDH 23-029 was drilled beyond the JAC drill target area to explore for a possible new perpendicular zone of mineralization. The hole showed continuity of silver dominant mineralization beyond the current southwestern margin of the JAC deposit and intersected 31.4 metres grading 174.4 g/t Ag in oxides starting from a downhole depth of 126.0 metres.

The hole is located on a zone of low magnetic intensity heading NW from the main JAC trend towards the Alpaca target where historical drilling intersected silver mineralization. Additional drilling in this area will now be conducted.

Drilling at Diablillos remains focused on the recently discovered JAC zone located southwest of the conceptual open pit that constrains the current Mineral Resource estimate (MRE) on the main Oculto deposit (M&I MRE containing 1.3 Moz gold and 109 Moz silver).

Two rigs have essentially completed drilling the planned 22,000-metre Phase III program with results demonstrating mineralization at the JAC zone over an area at least 800 metres by approximately 200 metres. As the JAC zone remains open in several directions, drilling is planned for at least an additional 15 holes as part of the Phase III program in order to define the limits of the high-grade silver mineralization in oxides. All Phase III drill holes will be incorporated into an updated MRE and will be included in a Pre-Feasibility Study on the Diablillos project, which the company expects to complete in the second half of 2023.

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

The 80 km 2 Diablillos property is located in the Argentine Puna region – the southern extension of the Altiplano of southern Peru, Bolivia, and northern.

Current Measured and Indicated Mineral Resource estimate for Diablillos consists of 51.3 Mt grading 66 g/t Ag and 0.79 g/t Au, containing approximately 109Moz silver and 1.3Moz gold, with significant further upside potential based on recent exploration drilling.