AbraPlata Increases 2020 Exploration Program at Diablillos Silver-Gold Project
Toronto - July 20, 2020: AbraPlata Resource Corp. (TSX.V:ABRA; OTCPK: ABBRF) ("AbraPlata" or the “Company”) is pleased to announce a significant increase to its ongoing 2020 exploration program at the Company’s 100% owned Diablillos silver-gold project with an additional 5,000 metres of diamond drilling planned. The expanded exploration program will increase the planned drilling for the 2019-2020 program to total approximately 8,000 metres in approximately 17 diamond drill holes.
The Company recently completed drilling the four-hole program announced on June 02, 2020, and expects initial assay results in early August, at which stage the Company will provide an update.
John Miniotis, President and CEO of the Company, stated “We are very pleased to announce a significant increase to our fully-funded exploration program at Diablillos. The expansion of the drill program allows us to continue to test the extension of high-grade gold mineralization beneath the current mineral resources and along strike. With assay results pending from recently drilled holes and drilling activities expected to continue for the next four months, we now eagerly anticipate steady news flow from the exploration program throughout the remainder of the year.”
Planned 5,000 Metre Drill Program Objectives
The additional 5,000 metres (approximately 10 holes) of diamond drilling will utilize a single drill from August to approximately November 2020. The main objective of the exploration program is to further expand known resources of the lower gold dominant zone located close to the andesite/basement unconformity at Oculto, which is a high sulphidation epithermal system. The planned program will consist of:
- Several holes targeting a broadly horizontal zone of higher-grade gold mineralization which occurs at or near the contact of the Tertiary volcanic rocks and the Ordovician basement assemblage. The gold mineralization along this contact zone is approximately 30 meters thick and is one of the key targets for the upcoming drill program, as are the steeply-dipping hydrothermal breccias that extend into the basement below the contact zone (see block diagram in Figure 1).
- As the sulphide related gold/silver/copper mineralization occurs immediately beneath the oxide gold mineralization, the drilling is designed to target the host breccia zones (feeders), while also intersecting the shallowly dipping oxide gold zone above them (Figure 1).
- Drilling is also designed to expand the deeper gold zone to the east and relate drill intercepts to detailed outcrop mapping of silica breccia zones, as silver and gold mineralization at Oculto is associated with these breccias.
- Selected deeper holes are planned to test the Laderas siliceous breccia zone immediately to the north of Oculto. In addition, these holes will test for new siliceous breccias between Laderas and Oculto.
- One deeper hole is planned at Oculto to test for depth extensions of the Main Breccia on section 8225E where hole DDH 20-001 intersected 15m of 658g/t Ag, 2.35g/t Au and 5.1% Cu from 275 to 290m depth.
- A ground magnetic survey is also planned in the next month to identify potential mineralizing structures under the colluvial covered plain between Oculto and Fantasma/Alpaca that may result in additional drill targets.
Figure 1 – Block Diagram Showing Position of Mineralized Zones
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 approximately 85,000 metres drilled in 306 RC and diamond drill holes. 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: El Indio, Chile; Veladero, Argentina; and Pascua Lama, on the Chile-Argentine border.
David O’Connor P.Geo., Chief Geologist for AbraPlata, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.
AbraPlata is a mineral exploration company with a diversified portfolio of silver-gold and copper exploration projects in Argentina and Chile. The Company is focused on advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which is well-advanced, with more than US$35 million spent historically on exploration with drilling ongoing and an initial open pit PEA completed in 2018. The Company is led by an experienced management team and has long-term supportive shareholders including Altius Minerals and SSR Mining. In addition, AbraPlata owns the Arcas project in Chile where Rio Tinto has an option to earn up to a 75% interest by funding up to US$25 million in exploration. AbraPlata is listed on the TSX-V under the symbol “ABRA”.
For further information please visit the AbraPlata Resource website at www.abraplata.com or contact:
John Miniotis, President & CEO
Tel: +1 416-306-8334
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.
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