Abrasilver Resource drills 876.1 g/t silver over 12 metres at Diablillos, Argentina

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Abrasilver Resource Corp. [ABRA-TSXV; ABBRF-OTCQX] reported its latest diamond drilling assay results from the continuing phase 3 exploration program on the 100%-owned Diablillos property in Salta province, Argentina.

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. The JAC zone remains open along strike toward the southwest and in other directions.

Key takeaways from the latest JAC zone drill results include: DDH 23-017 was drilled to test the southwest extension of the JAC zone and intersected several zones of silver mineralization in oxides, with 12 metres grading 876.1 silver from a downhole depth of 92 metres, including two metres grading 4,968.4 g/t silver and 0.14 g/t gold.

DDH 23-020 was drilled toward the northern margin of the JAC zone and intersected several zones of silver and gold mineralization in oxides, including 19 metres at 149.5 g/t silver and 0.78 g/t gold from 127 metres downhole.

DDH 23-021, located in the southeastern part of the drill target area, encountered high-grade silver mineralization in oxides, intersecting 32 metres grading 530.8 g/t silver and 0.6 g/t gold from 161.5 metres downhole. This high-grade intercept further demonstrates the importance and continuity of the deeper layer of silver-gold mineralization at JAC: Immediately beneath this high-grade oxide intercept, the hole encountered six metres grading 1.32% copper and 52.6 g/t silver in sulphide mineralization, demonstrating the potential of mineralized feeder structures at JAC to host substantial sulphide mineralization.

DDH 23-023, located in the northwestern part of the drill target area, shows continuity of silver-dominant mineralization along the northern margin of the deposit. The hole intersected 59.5 metres grading 103.4 g/t silver and 0.05 g/t gold, starting from a depth of only 50.5 metres.

John Miniotis, president and CEO, commented: “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, said: “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 mineralization at the base of the oxide zone, as well as for significant underlying copper sulphide mineralization with associated precious metal content.”

Drilling activity at Diablillos remains focused on the recently discovered JAC zone, which is located several hundred metres southwest of the conceptual open pit that constrains the current mineral resource estimate (MRE) on the main Oculto deposit (measured and indicated (M&I) MRE containing 1.3 Moz (million ounces) gold and 109 Moz silver.

To date, the company has completed approximately 20,000 metres of drilling in 85 holes, as part of the planned 22,000-metre phase 3 program that is primarily targeting the JAC zone. The phase 3 exploration drill program will form the basis for an updated MRE and will be included in a prefeasibility study on the Diablillos project, which the company expects to complete in the second half of 2023. Planned drilling will also test the margins of the JAC zone to provide data for geotechnical studies for a conceptual open pit at the JAC zone.

Additional exploration targets have been identified southwest of the Oculto MRE 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.

At the La Coipita project, a deep hole was completed down to a depth of 1,242 metres. Assay results are expected to be received around late June.

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. The current measured and indicated mineral resource estimate for Diablillos consists of 51.3 million tonnes (Mt) grading 66 g/t silver and 0.79 g/t gold, containing approximately 109 Moz silver and 1.3 Moz gold, with significant further upside potential based on recent exploration drilling. In addition, Abrasilver owns a portfolio of earlier-stage copper-gold projects, including the La Coipita copper-gold project in San Juan province, Argentina.

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