VANCOUVER – AbraSilver Resources Corp. [ABRA-TSXV, ABBRF-0TC] shares were active Monday after the company reported more impressive assay results from its wholly-owned Diablillos property in Salta Province, Argentina.
Assays reported Monday are from four new drill holes, which form part of a phase 2 program. They include assays from Hole 22-037, an in-fill hole drilled vertically in the Tesoro zone. It contains the thickest, high-grade silver gold intercept ever encountered at the project.
Hole 22-037intersected 155 metres at 289 g/t silver equivalent (AgEq) (4.1 g/t gold equivalent AuEq – comprised of 185 g/t silver and 1.48 g/t gold) in oxides starting at a down-hole depth of only 71 metres. The hole included a 30-metre interval grading 609 g/t AgEq (8.79 g/t AuEq -comprised of 238 g/t silver and 5.30 g/t gold.
Other highlights include DDH 22-026, a step out hole which targeted the Oculto NorthEast zone, located well beyond the conceptual open pit boundary. It intersected several zones of high-grade gold mineralization, including 37.5 metres of 187 g/t AgEq (2.7 g/t AuEq – comprised of 2.56 g/y gold and 8.0 g/t silver).
On Monday, AbraSilver shares eased 4.6% or $0.015 to 31 cents on volume of 1.4 million. The shares are currently trading in a 52-week range of 56 cents and 21.5 cents.
These results come after the company recently reported assays from three new drill holes, which also form part of a phase 2 program. All three tested the Oculto Northeast zone.
“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 metres beyond the conceptual open pit boundary,’’ said AbraSilver President and CEO John Miniotis.
“By all measures, our 20,000 metre-phase 2 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,’’ he said.
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.
It is estimated to host 90.2 million ounces of silver, and 1.0 million ounces of gold in the measured and indicated resource categories as well as 3.2 million ounces of silver and 66,000 ounces of gold in the inferred category.