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News Releases

AbraSilver Intersects Additional High-Grade Silver & Gold Mineralization:
109m at 292 g/t AgEq, Including 6m at 1,180 g/t AgEq

Additional 250-Metre Step-Out Hole in Northeast zone Intersects:  21m at 6.0 g/t gold-equivalent in oxides

Toronto - September 16, 2021: AbraSilver Resource Corp. (TSX.V:ABRA; OTCQX: ABBRF) ("AbraSilver" or the “Company”)  is pleased to report additional high-grade drill results from the latest diamond drill holes of the Company’s ongoing Phase II drill program, on its wholly-owned Diablillos property in Salta Province, Argentina.

Hole DDH 21-038 was drilled in the Tesoro zone as part of a program to continue to upgrade Indicated Resources to the Measured category, while hole DDH 21-039 was drilled in the Northeast zone approximately 250 metres beyond the open pit resource shell.  Assay results from the two key highlight holes are summarized in Table 1 below, with results from all additional holes included in Table 2.

Table 1 – Drill Result Highlights of Holes DDH 21-038 & 21-039
(Intercepts greater than 2,000 gram-metre AgEq shown in bold text):

Drill Hole   From
(m)
To
(m)
Type Interval
(m)
Ag
 g/t
Au
g/t
Cu
%
AgEq1
g/t
AuEq1
g/t
DDH-21-038   112 221.3 Oxides 109.3 176.8 1.53 - 291.6 3.89
DDH-21-038 Including 136 142 Oxides 6.0 1,164.3 0.21 - 1,180.1 15.73
DDH-21-038 Including 155 165 Oxides 10.0 179.0 0.99 - 253.3 3.38
DDH-21-038 Including 182.8 208.5 Oxides 25.7 125.0 5.20 - 515.0 6.87
DDH-21-038 Including 214 217 Oxides 3.0 226.6 1.16 - 313.6 4.18
DDH-21-039   139 141 Oxides 2.0 84.3 - 1.06 193.3 2.58
DDH-21-039   159 160 Oxides 1.0 181.7 0.16 - 193.7 2.58
DDH-21-039   168 169.4 Oxides 1.4 12.6 1.30 - 110.1 1.47
DDH-21-039   170.5 174.5 Oxides 4.0 67.3 3.82 - 353.8 4.72
DDH-21-039   194 215 Oxides 21.0 50.6 5.30 - 448.1 5.97
DDH-21-039   234.5 235.5 Oxides 1.0 78.3 1.79 - 212.6 2.83
DDH-21-039   243 247 Sulphides 4.0 45.3 2.05 0.83 284.4 3.79
DDH-21-039   251 252 Sulphides 1.0 10.2 1.07 - 90.5 1.21
DDH-21-039   273 277 Sulphides 4.0 7.1 0.75 0.09 72.6 0.97
DDH-21-039   285.5 287 Sulphides 1.5 36.8 3.26 0.75 358.4 4.78

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.
1 AgEq & AuEq calculations for reported drill results are based on USD $20.00/oz Ag, $1,500/oz Au and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices. Refer to Technical Notes below for additional information.

John Miniotis, President and CEO, commented, “Today’s announcement demonstrates further continuity of high-grade gold mineralization for hundreds of metres beyond the open pit resource in the Northeast Zone. Yesterday we announced that M&I Resources at Oculto increased by 37% for gold and 11% for silver. We remain highly encouraged by the results from our ongoing Phase II drill program which clearly demonstrates significant potential for additional mineral growth.”  

Figure 1 – Drill Hole Location Map

Figure 1 – Drill Hole Location Map

Discussion of Drill Hole Results

Hole DDH 21-038 was drilled in the high-grade Tesoro zone in order to upgrade more high-grade Indicated resources to the Measured category. This hole intersected 109.3 metres of 176.8 g/t silver and 1.53 g/t gold from 112 to 221.3 metres, including 25.7 metres of 125.0 g/t silver and 5.20 g/t gold within the oxide zone.   In the silver enriched layer, a significant high-grade interval of 6 metres of 1,164 g/t silver and 0.21 g/t gold was encountered.   These intercepts support the continuity of the shallowly dipping secondary enriched silver layer and the underlying gold dominant layer that extend within the mineralised system.

DDH 21-039 was drilled in the Northeast zone approximately 250 metres beyond the open pit resource shell. The hole has numerous intercepts with significant gold and silver mineralisation over substantial widths, including 21.0 metres of 50.6 g/t silver and 5.30 g/t gold from 194 to 215 metres. This is a part of a robust mineralised system associated with silicification and fracturing in the oxide zone extending northeast of the Oculto resources.

Systematic drilling is ongoing as part of the Phase II drill program aimed at further expanding the recently announced updated Mineral Resource Estimate (see news release dated September 15, 2021).

Figure 2 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-038

Figure 2 - Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-038

Figure 3 - Cross Section  (Looking East) with Highlighted intercepts in Hole DDH 21-039

Figure 3 - Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-039

Table 2 – Drill Result Highlights of Holes DDH 21-029 - DDH 21-039

Drill Hole Zone  From
(m)
To
(m)
Type Interval
(m)
Ag
 g/t
Au
g/t
Cu
%
DDH-21-029 Pedernales 83 87 Oxides 4.0 - 2.46 -
DDH-21-029   135 148 Oxides 13.0 - 0.76 0.51
DDH-21-030 Northeast 74 85 Oxides 11.0 30.6 - -
DDH-21-030   92 135.5 Oxides 43.5 36.5 0.70 -
DDH-21-030   174 181 Oxides 7.0 42.5 0.17 -
DDH-21-031 Corderos 15 17 Oxides 2.0 5.2 1.43 -
DDH-21-031   28 31 Oxides 3.0 28.0 2.34 -
DDH-21-032 Pedernales 68.5 76 Oxides 7.5 - 1.56 -
DDH-21-033 Laderas 33.5 44 Oxides 10.5 30.1 0.42 -
DDH-21-033   227 231 Sulphides 4.0 286.1 0.53 4.00
DDH-21-034 Corderos 31 38 Oxides 7.0 13.5 3.51 -
DDH-21-035 Northeast 136 137 Sulphides 1.0 45.2 1.68 1.45
156 157 Oxides 1.0 5.6 1.08 -
169.5 171.5 Sulphides 2.0 67.6 2.90 0.95
174 184 Oxides 10.0 11.7 1.92 -
194.5 197.5 Oxides 3.0 7.0 1.00 0.09
273 282 Oxides 9.0 18.5 1.04 -
DDH-21-038 Tesoro 112 221.3 Oxides 109.3 176.8 1.53 -
DDH-21-038   136 142 Oxides 6.0 1,164.3 0.21 -
DDH-21-038   155 165 Oxides 10.0 179.0 0.99 -
DDH-21-038   182.8 208.5 Oxides 25.7 125.0 5.20 -
DDH-21-038   214 217 Oxides 3.0 226.6 1.16 -
DDH-21-039 Northeast 139 141 Oxides 2.0 84.3 - 1.06
DDH-21-039   159 160 Oxides 1.0 181.7 0.16 -
DDH-21-039   168 169.4 Oxides 1.4 12.6 1.30 -
DDH-21-039   170.5 174.5 Oxides 4.0 67.3 3.82 -
DDH-21-039   194 215 Oxides 21.0 50.6 5.30 -
DDH-21-039   234.5 235.5 Oxides 1.0 78.3 1.79 -
DDH-21-039   243 247 Sulphides 4.0 45.3 2.05 0.83
DDH-21-039   251 252 Sulphides 1.0 10.2 1.07 -
DDH-21-039   273 277 Sulphides 4.0 7.1 0.75 0.09
DDH-21-039   285.5 287 Sulphides 1.5 36.8 3.26 0.75

Collar Data

Hole Number UTM Coordinates Elevation Azimuth Dip Depth
DDH 21-029 E721265 N7203694 4,242 0 -60 161
DDH 21-030 E720274 N7199678 4,248 180 -60 275.5
DDH 21-031 E721307 N7204118 4,180 0 -60 150
DDH 21-032 E721316 N7203694 4,232 0 -60 194
DDH 21-033 E720493 N7200250 4,244 0 -60 235
DDH 21-034 E721269 N7204130 4,173 33 -60 74
DDH 21-035 E720760 N7200161 4,265 180 -60 286
DDH 21-038 E720206 N7199294 4,263 0 -60 320
DDH 21-039 E720402 N7199880 4,252 180 -60 314

About Diablillos

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 90,000 metres drilled to date.  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: Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo del Sol (Argentina)

Table 3 - 2021 Mineral Resource Estimate for the Oculto Deposit, Diablillos Project

Category Tonnage
(000 t)
Ag
(g/t)
Au
(g/t)
Contained Ag
(000 oz Ag)
Contained Au
(000 oz Au)
Measured 8,235 124 0.98 32,701 259
Indicated 32,958 54 0.70 57,464 744
Measured &
Indicated
41,193 68 0.76 90,165 1,002
Inferred 2,884 34 0.7 3,181 66

Effective September 8, 2021. The resource estimate is N.I. 43-101 compliant. Full details of the Mineral Resources are available in a Company news release dated September 15, 2021.  The full technical report, which is being prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI-43-101”) by Mining Plus, will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days of the news release dated September 15, 2021.

QA/QC and Core Sampling Protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the Company’s geologists in accordance with industry practices. Drill core is transported from the drill platform to the logging facility where drill data is compared and verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to measure sample representivity. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

All samples are received by the SGS offices in Salta who then dispatch the samples to the SGS preparation facility in San Juan. From there, the prepared samples are sent to the SGS laboratory in Lima, Peru where they are analyzed. All samples are analyzed using a multi-element technique consisting of a four acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are reanalyzed using four acid digestion with an ore grade AAS finish.

Qualified Persons

David O’Connor P.Geo., Chief Geologist for AbraSilver, 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.

Technical Notes

All results in this news release are rounded. Assays are uncut and undiluted. Intervals are drilled widths, not true widths. AgEq calculations for reported drill results are based on USD $20.00/oz Ag, $1,500/oz Au and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices.  No metallurgical testwork has yet been completed on the recovery of copper.

About AbraSilver

AbraSilver is a well-funded silver-gold focused advanced-stage exploration company. The Company is rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which has a Measured and Indicated resource base of over 160Moz on a silver-equivalent basis or 2.3Moz on a gold-equivalent basis.  The Company is led by an experienced management team and has long-term supportive shareholders including Mr. Eric Sprott and SSR Mining.  In addition, AbraSilver owns a portfolio of earlier-stage copper-gold projects, including 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.  AbraSilver is listed on the TSX-V under the symbol “ABRA” and in the U.S. under the symbol “ABBRF”.

For further information please visit the AbraSilver Resource website at www.abrasilver.com, our LinkedIn page at AbraSilver Resource Corp., and follow us on Twitter at www.twitter.com/abrasilver

Alternatively please contact:

John Miniotis, President and CEO
[email protected]
Tel: +1 416-306-8334

Cautionary Statements

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release

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