AbraSilver shares poised to trade on Toronto Stock Exchange
AbraSilver Resources Corp. [ABRA-TSXV, ABBRF-0TC], a silver gold and copper exploration company with projects in Argentina and Chile, will be listed and posted for trading on the TSX at the open on February 27, 2025. According to the TSX, there will be 152.5 million common shares of the company issued and outstanding, and 15.2 million shares reserved for issuance. The shares will trade under the symbol ABRA.
AbraSilver’s primary focus is on exploring and advancing the Diablillos project, a high-sulphidation, epithermal silver-gold deposit located in Salta Province, Argentina. AbraSilver has been listed on the TSX Venture Exchange since April, 2017, under the symbol ABRA. The company will be delisted from the TSX-V on February 27, 2025.
On Wednesday, the shares edged up 0.65% or $0.02 to $3.07 and trade in a 52-week range of $3.58 and $1.32.
The company recently raised $30 million from a bought deal public offering of 11.7 million shares priced at $2.55 per share. The company also said it intended to complete a private placement of up to 11.2 million common shares in connection with the exercise of participation rights held by an affiliate of Central Puerta SA and Kinross Gold Corp. (K-TSX, KGC-NYSE) at the issue price, generating gross proceeds of up to $28.5 million.
Last year, the company announced a substantial increase in the mineral resource estimate for its wholly-owned Diablillos property.
The new mineral resource estimate consisted of updated estimates for the Oculto deposit, plus estimates for the JAC, Fantasma and Laderas deposits, all of which are located to the west/southwest of Oculto. All four deposits are located on the Diablillos property.
The latest estimate included a 36% increase in the contained silver in measured and indicated mineral resources to 148 million ounces (up from 109 million ounces in an earlier estimate. The increase is primarily attributed to the JAC deposit.
Other highlights included a 32% increase in the average silver grades in measured and indicated resources to 87 g/t silver, up from 66 g/t. This is due to higher silver grades in the JAC deposit and higher equivalent cut-off grades at Oculto.
The 80 square kilometre Diablillos property is located in the Argentina Puna region – the southern extension of the Altiplano of southern Peru, Bolivia and northern Chile. The project was acquired from SSR Mining in 2016.
There are several known mineral zones on the property, with the Oculto zone being the most advanced, with over 90,000 metres drilled to date. Oculto is a high-sulphidation silver-gold deposit derived from remnant hot springs activity.
AbraSilver chief geologist David O’Connor said the updated mineral resource estimate represents a major milestone for the company. He said the company is pleased to see a significant increase in both the quantity and grade of silver mineralization, stemming from the discovery of the high-grade Zac zone.