(via TheNewswire)
The Phase IV drill program will prioritize target areas with known mineralization as well as exploring newly identified prospective exploration targets within the broader Diablillos land package. Drilling activities have now commenced with one drill rig and two additional drill rigs are expected to arrive at the Project within the next few weeks.
Key Highlights
The fully-funded Phase IV exploration campaign will consist of three diamond drill rigs, drilling a total of 20,000 m, and is expected to be completed by
January 2025 The drill program will be split approximately 75%/25% between the following respective areas:
The existing epithermal district, including the Oculto, JAC, Fantasma, Alpaca and
Cerro Bayo deposits;The prospective porphyry complex located approximately 4 km northeast of Oculto and the newly identified Jasperoid target, both of which remain largely untested to date.
Dave O’Connor, Chief Geologist, commented, “We are very excited to be ramping up our exploration activities at site. Our Phase IV drill campaign will focus on high-priority targets which include the Alpaca trend, the Oculto-Fantasma trend, and the Oculto-JAC connection, each of which has the potential to add additional high-grade silver mineralization. Additionally, we will be testing new regional step-out targets that have had very limited historical drilling to date, and represent blue-sky upside potential.”
Fully-Funded Phase IV Drill Campaign – High-Priority Exploration Targets
The 20,000 m Phase IV drill program will focus on the following exploration targets:
Oculto Northeast Zone :Broad spaced drilling within the conceptual Oculto open pit and its northeast extensions in 2023 intersected silver and gold mineralization which was not included in the latest Mineral Resource estimate. This new mineralized zone represents a high-priority target.Fantasma:Historical drilling at Fantasma outlined a Mineral Resource estimate which is located approximately 1 km west-northwest of the Oculto deposit. Recent intercepts suggest that silver mineralization continues from Oculto towards the Fantasma zone and that these zones may connect.
Alpaca:Recent drilling in this area has uncovered a trend of silver mineralization perpendicular to the JAC zone which is believed to connect the Alpaca target to the high-grade JAC zone.
Laderas:Drilling is planned to explore for extensions of the existing gold dominant Mineral Resource historically outlined in this area which is immediately north of the conceptual Oculto open pit boundary.
Cerro Bayo :A recent reinterpretation of geology has emphasised the possibility of shallow mineralisation in the Cerro Bayo area, which is located approximately 500 m east of the Oculto open pit boundary. A previous geochemical survey obtained highly anomalous gold results and a historical drill hole intersected shallow gold mineralization.
New Regional Step-out Targets: Approximately 25% of the drill program will be focused on new regional step-out exploration targets that remain largely untested to date. These targets include the substantial alteration zone and associated anomalous gold in historical shallow holes drilled at Cerro Viejo and the newly defined Jasperoid magnetic target (Figure 1).
Porphyry Complex (Cerro Blanco /Cerro Viejo ):TheCerro Blanco /Cerro Viejo area is located approximately 3.5 km northeast of Oculto. Following an electromagnetic survey the Company plans to drill select deeper holes to explore for an underlying porphyry system. Gold mineralization in this area is typically associated with pyrite in quartz-sericite alteration, which is interpreted as potentially representing the upper part of a mineralised porphyry system.Jasperoid Target:This is an elongated zone of low magnetic response which was identified in the geophysical survey conducted in late 2023. The zone follows the trend of a major north-south regional fault and a nearby historical drill hole intersected anomalous gold in vuggy silica. The geology of this zone makes it is a high priority target for epithermal gold-silver mineralisation.
Figure 1 – Phase IV Exploration Key Target Areas
Click Image To View Full Size
About Diablillos
The Diablillos property is located within the Puna region of
There are several known mineral zones on the Diablillos property. Approximately 150,000 m have been drilled to date, which has outlined multiple occurrences of epithermal silver-gold mineralization at Oculto, JAC, Laderas and Fantasma. Additionally, several satellites zones of silver/gold-rich epithermalmineralization have been located within a 500 m to 1.5 km distance surrounding the Oculto/JAC epicentre.
Comparatively nearby examples of high sulphidation epithermal deposits include: La Coipa (
Table 1 shows the Measured and Indicated Mineral Resources at Diablillos.
Table 1 – Diablillos Mineral Resource Estimate
Deposit | Zone | Category | Tonnes (000 t) | Ag (g/t) | Au (g/t) | AgEq (g/t) | Contained Ag (k oz Ag) | Contained Au (k oz Au) | Contained AgEq (k oz AgEq) |
Oculto | Oxides | Measured | 12,170 | 101 | 0.95 | 178 | 39,519 | 372 | 69,523 |
Indicated | 34,654 | 64 | 0.85 | 133 | 71,306 | 947 | 147,748 | ||
Measured & Indicated | 46,824 | 74 | 0.88 | 145 | 111,401 | 1,325 | 218,335 | ||
Inferred | 3,146 | 21 | 0.68 | 76 | 2,124 | 69 | 7,677 | ||
JAC | Oxides | Measured | 1,870 | 210 | 0.17 | 224 | 12,627 | 10 | 13,452 |
Indicated | 3,416 | 198 | 0.12 | 208 | 21,744 | 13 | 22,808 | ||
Measured & Indicated | 5,286 | 202 | 0.13 | 212 | 34,329 | 22 | 36,191 | ||
Inferred | 77 | 77 | - | 77 | 190 | - | 190 | ||
Fantasma | Oxides | Measured | - | - | - | - | - | - | - |
Indicated | 683 | 105 | - | 105 | 2,306 | - | 2,306 | ||
Measured & Indicated | 683 | 105 | - | 105 | 2,306 | - | 2,306 | ||
Inferred | 10 | 76 | - | 76 | 24 | - | 24 | ||
Laderas | Oxides | Measured | - | - | - | - | - | - | - |
Indicated | 464 | 16 | 0.91 | 89 | 239 | 14 | 1,334 | ||
Measured & Indicated | 464 | 16 | 0.91 | 89 | 239 | 14 | 1,334 | ||
Inferred | 55 | 43 | 0.57 | 89 | 76 | 1 | 157 | ||
Total | Oxides | Measured | 14,040 | 116 | 0.85 | 184 | 52,146 | 382 | 82,975 |
Indicated | 39,217 | 76 | 0.77 | 138 | 95,594 | 974 | 174,196 | ||
Measured & Indicated | 53,257 | 87 | 0.79 | 151 | 148,275 | 1,360 | 258,087 | ||
Inferred | 3,288 | 23 | 0.66 | 76 | 2,415 | 70 | 8,049 |
Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
The formula for calculating AgEq is as follows: Silver Eq oz = Silver oz + Gold oz x (Gold Price/
Silver Price ) x (Gold Recovery/Silver Recovery).The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains. The 1m composite grades were capped where appropriate.
The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using
US$ 24.00 /oz Ag price, US$1,850 /oz Au price, 82.6% process recovery for Ag, and 86.5% process recovery for Au. The constraining open pit optimization parameters used were US$1.94 /t mining cost, US$22.97 /t processing cost, US$3.32 /t GA cost, and average 51-degree open pit slopes.The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).
A Net Value per block ("NVB") cut-off was used to constrain the Mineral Resource with the conceptual open pit. The NVB was based on "Benefits = Revenue-Cost" being positive, where, Revenue = [(
Au Selling Price (US$/oz) -Au Selling Cost (US$/oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) -Ag Selling Cost (US$/oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = MiningCost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + GA Cost (US$/t) + [Royalty Cost (%) x Revenue]. The NVB method resulted in an average equivalent cut-off grade of approximately 45g/t AgEq.The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods.
In-situ bulk density was assigned to each model domain, according to samples averages of each lithology domain, separated by alteration zones and subset by oxidation.
All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.
Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.
The Mineral Resource was estimated by Mr.
Luis Rodrigo Peralta ,B.Sc ., FAusIMM CP (Geo), Independent Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource.All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.
Technical information in this news release has been approved byDavid O’Connor P.Geo., Chief Geologist for AbraSilver, and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About AbraSilver
AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of
For further information please visit the
Alternatively please contact:
info@abrasilver.com
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. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in the Company’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information. 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
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source