Advanced-stage exploration company AbraSilver Resource Corp. (ABRA:TSX.V; ABBRF:OTCQX), which is focused on the development of silver-gold properties in Argentina and Chile, yesterday announced "new assay results from four diamond drill holes from the Phase II program on the Company's wholly-owned Diablillos property in Salta Province, Argentina."
The company noted that drilling at each of these latest four holes intersected wide zones of high-grade mineralization. The firm pointed out that the results received for in-fill Hole DDH 22-037, which was drilled vertically in the Tesoro zone, represented the thickest, high-grade silver-gold intercept ever registered at the Diablillos Project.
AbraSilver Resource advised that starting from a down-hole depth of 71m, Hole DDH 22-037 intersected 155m of 289 g/t Ag eq (4.1 g/t Au eq), which included 30 m of 609 g/t Ag eq (8.70 g/t Au eq).
The company mentioned that in the Oculto NorthEast zone, step-out Hole DDH 22-026 was successful in intersecting several zones of high-grade gold mineralization far beyond the open pit's conceptual boundary.
AbraSilver listed that core samples from Hole DDH 22-026 intersected 37.5m of 187 g/t Ag eq that was comprised of 2.56 g/t Au and 8 g/t Ag. The firm advised further that the zone is open for at least two kilometers along strike, which demonstrates the potential for resource expansion.
The company's President and CEO, John Miniotis remarked, "Over the past month alone, we have announced two holes from our Tesoro zone for which the mineralized intercepts rank among the best in the world over the past two years, in addition to discovering a brand-new zone in the Southwest located over 500 meters beyond the conceptual open pit boundary."
"By all measures, our 20,000-metre Phase II program has been a resounding success, which we expect will result in a significant increase in the Mineral Resource estimate to be announced later this year," Miniotis added.
AbraSilver Resource's Chief Geologist Dave O'Connor commented, "We are very pleased with the latest world-class silver and gold intercepts reported from the Tesoro zone, which further demonstrates the excellent upside potential of this high-grade zone. Importantly, each of the other three holes reported today also encountered robust grades and thicknesses which continue to add to our knowledge of the mineralized structures in the Northeast zone, where numerous mineralized breccia zones extend well beyond the previously contemplated open pit boundary."
The company advised that the results reported included data gathered from two other step-out holes, DDH 22-025 and DDH 22-026, that were situated well outside of the conceptual open pit boundary in the Oculto NorthEast zone. The firm indicated that both these holes intersected high-grade gold mineralization in an area located at the intersection of the North and West breccias.
AbraSilver explained that Hole DDH 22-037 was drilled with the purpose of supporting the expansion of the high-grade Tesoro zone's Measured resource.
The company stated that it has completed its Phase II, 20,000-meter drill program and expects to receive assay results for the final seven holes within a few weeks, after which time it plans to prepare and publish an updated Mineral Resource estimate later in this calendar year.
The firm advised that it has already initiated a Phase III, 15,000m drill program with the objective of further expanding the Diablillos property's resource.
AbraSilver is an advanced-stage silver-gold exploration company based in Toronto, Ont., Canada. The company is engaged in advancing and expanding its wholly owned Diablillos silver-gold project. Diablillos is located in the Salta province of Argentina and is a measured and Indicated resource of greater than 90 Moz Ag and 1.0 Moz Au. The company also owns a couple of early-stage copper-gold projects in Chile and Argentina, including the La Coipita copper-gold project in Argentina's San Juan province.
AbraSilver has a market cap of around US$120.46 million with approximately 483.5 million shares outstanding. ABBRF shares opened just over 1% higher today at US$0.25 (+US$0.003, +1.21%) over yesterday's US$0.2470 closing price. The stock has traded today between US$0.2499 and US$0.2863 per share and is currently trading at US$0.2794 (+US$0.0324, +13.12%).
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