AbraSilver Resource Corp. (TSXV:ABRA) has released updated, conceptual open pit constrained, Mineral Resource estimate for the Oculto deposit on the company’s wholly-owned Diablillos property in Salta Province, Argentina. The Mineral Resource estimate is based on a total of 104,888 metres of drilling in 457 holes.
Highlights of the October 2022 Mineral Resource Estimate:
- Substantial growth in Measured Indicated (M) Mineral Resources: 51.3Mt at 66g/t Ag and 0.79g/t Au for contained 109Moz silver and 1.3Moz gold, a 22% increase in contained silver and a 29% increase in contained gold over the September 2021 estimate
- Demonstrates a large, near-surface, potentially open pittable high-grade silver-equivalent (AgEq) Mineral Resource base at Diablillos: 51.3Mt at 131g/t AgEq with +215Moz AgEq
- 135% increase in tonnage of the high-grade zone, classified in the Measured category, now totalling 19.3Mt at 98g/t Ag 0.88g/t Au
- US$5.1M Phase II drill programme added 43Moz AgEq contained in the MI Mineral Resource, representing an impressive cost of only US$0.12 per ounce AgEq added
- Extensive Mineral Resource growth potential remains: Ongoing Phase III drill programme focused on expanding the recent high-grade silver discovery in the Southwest zone, for which a maiden Mineral Resource estimate is expected in H1/2023
“Our team first started drilling the Diablillos project less than three years ago, and within that short timeframe we have successfully transformed a formerly dormant property into one of the highest-quality, potentially open-pittable, undeveloped primary silver projects in the world,” President and CEO, John Miniotis, said.
“We are delighted to announce that M&I Mineral Resources now include over 215 million ounces AgEq, with additional growth potential exploration, especially from the newly discovered high-grade silver intercepts in the Southwest zone currently being drilled.
“Importantly, our exploration team has once again demonstrated the ability to add significant value in a very cost-effective manner. Overall, we spent US$5.1M in exploration drilling at Diablillos in our Phase II drill program, which resulted in an impressive cost of only US$0.12 per contained ounce of AgEq added to the new M&I Mineral Resource Estimate.”
Chief Geologist, David O’Connor, said the Phase II drilling was highly successful in expanding the M&I Mineral Resource base for the Oculto deposit.
“In particular, the high-grade Tesoro zone, which is included in the Measured category, now totals 19.3Mt at 98g/t Ag & 0.88g/t Au, containing over 105Moz AgEq, representing a 95% increase compared to last year’s Mineral Resource estimate.
“Looking forward, the exploration outlook is bright at the Diablillos project. Ongoing drilling in the Southwest zone has the potential for substantial growth in silver resources, as the new zone displays potential for district-scale, high-grade, near-surface, silver mineralisation.
“We are very excited about the future potential of the Diablillos project, where we continue to see significant opportunities to further expand Mineral Resources in a highly cost-effective manner.”
For further information please visit: http://www.abrasilver.com/
