AbraSilver Resource Corp. announced a substantial increase to the Mineral Resource estimate ("MRE") on the Company's wholly-owned Diablillos property in Salta Province, Argentina ("Diablillos" or the "Project"). The MRE comprises an updated estimate for the Oculto deposit plus estimates for the JAC, Fantasma and Laderas deposits, all of which are located to the west/southwest of Oculto.

All four deposits are located at Diablillos. Significant Growth: M&I Mineral Resources at Diablillos now contain an estimated 258 Moz AgEq, and the Inferred Mineral Resource contains an additional 8 Moz AgEq. Four Conceptual Open Pits: The addition of the new high-grade JAC deposit, which will ultimately join the Oculto deposit, has further enhanced the overall quality of the Mineral Resource and is expected to boost flexibility and the economic strength of the Project in the upcoming Pre-Feasibility Study ("PFS").

Industry-Leading Discovery Costs: The Phase III drill program cost USD 7.3 million and added ~43 Moz AgEq to the M&I Mineral Resources, representing an impressive cost of only USD 0.17 per ounce AgEq added. Extensive Exploration Upside Potential: Future drilling will focus on exploration targets which include: JAC North, Alpaca, and the Oculto-Fantasma trends, each of which has the potential to continue to increase and add additional silver/gold mineralization. The cut-off grade was calculated using a Net Block Value calculation, based on the economic parameters outlined in the footnotes to Table 1 above.

Gold and silver grades were estimated into the block model using reverse circulation drill holes, diamond drill holes including the recent drilling between 2019 to July 30th, 2022. They were estimated applying the industry-standard estimation methodology of ordinary kriging and bias was reviewed using an inverse distance squared estimate for comparison. These targets include JAC North and Alpaca, neither of which have been included in the MRE due to insufficient drilling, as well as other zones with similar geological characteristics, where additional drilling is also warranted.

JAC North: Initial drilling on the northern edge of the JAC deposit intersected a new zone of silver mineralization, JAC North, suggesting the possibility of a structure within the magnetic low anomaly parallel to the JAC deposit. This new target will be followed up in the next drill program. Alpaca: Historical drilling intersected silver mineralisation in the Alpaca area, located several hundred meters northwest of JAC.

An interpretation of the magnetic signature suggests that a perpendicular zone of silver mineralisation may connect JAC with Alpaca. Supporting Technical Information. Metallurgical recoveries: Metallurgical recoveries used in the MRE and open pit optimization were based on a new geo-metallurgical model built using recent metallurgical test works performed at the SGS Laboratory in Vancouver.

This new model incorporates five domains, based on a master composite for each, comprised of approximately 15 samples per domain. A fixed value of metallurgical recovery has been applied to each domain. 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 best 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. All samples are received by the SGS preparation laboratory in Salta, where they are prepared and then the pulp sachets are dispatched directly to their facility in Lima, Peru, for analysis.

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 finish. Silver results greater than100g/t are reanaly analyzed using four acid digestion with an Ore grade digestion with an ore grade.