AbraSilver Resource Corp. announced the latest assay results from the Phase III diamond drilling program on the Company's wholly-owned Diablillos property in Salta Province, Argentina (Diablillos" or the "Project"). Diamond drill holes DDH 23-055, DDH 23-056 and DDH 23-064 were step out holes drilled to the northwest of the JAC zone, which coincides with a northeast-to-southwest magnetic anomaly.

The new holes intersected a promising new silver zone, called the `JAC North zone'. Key takeaways include: Hole DDH 23-064 intersected a high-grade interval of 12 metres at 1,042 g/t Ag in oxides starting at a down-hole depth of only 69 metres and including a 6 metre interval grading 1,880 g/t Ag. The three reconnaissance holes were drilled to test one of several remaining untested targets indicated by magnetic anomalies located southwest of Oculto.

The newly discovered JAC North zone is located over 900 metres beyond the limit of the conceptual open pit that defines the current Mineral Resource estimate at Oculto and approximately 100 metres northwest of the high-grade JAC zone. The new JAC North zone has the same geological characteristics as the JAC zone, namely that silver mineralisation is concentrated in a highly fractured zone with pervasive alunite alteration and associated manganese oxides and follows a parallel structural trend. The initial drill intercepts of this newly identified zone are very encouraging, and follow-up work is planned as part of the next exploration drill campaign.

Holes DDH 23-055, DDH 23-056 and DDH 23-064 were drilled northwest of the current JAC zone and identified a promising new zone, called the `JAC North zone'. These reconnaissance holes were drilled to test the margins of JAC mineralization and additional drilling is planned to explore for other mineralized structures in the JAC area. Hole DDH 23-064 intersected a high-grade interval of 12 metres at 1,042 g/t Ag in oxides starting at a down-hole depth of only 69 metres, including 6 metres grading 1,880 g/t Ag.

This hole is located over 900 metres beyond the limit of the conceptual open pit that constrains the current Mineral Resource estimate at Oculto and approximately 100 metres northwest of the high-grade JAC zone. The JAC North zone discovery opens up considerable blue-sky potential. Previous holes in this area include DDH 23-029, announced on May 25, 2023, with an intercept of 31.35 metres at 174.4 g/t Ag and DDH 23-032, announced on June 26, 2023, with several silver intercepts, including 26 metres of 166.5 g/t Ag which, with the newly released holes demonstrate continuity of mineralisation in this new zone.

The discovery of a second northeast trending zone parallel to the main JAC zone demonstrates the potential for multiple mineralised zones, as is the case at the Oculto deposit. The company also commenced drilling to explore for a conjugate set of structures which would trend northwest and may connect the JAC zones to silver mineralisation identified by previous drilling at the Alpaca target. Two additional follow-up holes in the JAC North zone are now being drilled to test for continuity of high- grade silver mineralization along strike.

The JAC North zone will not be included in the upcoming Mineral Resource Estimate, as it is at an early stage and requires additional drilling. The next phase of drilling (Phase IV) will explore additional targets which will all be prioritized based on distance from the probable porphyry progenitor beneath Oculto and favourability of structural trends reflected in magnetic surveys, with special reference to any historical drill data. Current priority targets in the area west of Oculto include JAC North, Alpaca and Fantasma, with additional targets also being developed to the east and north of Oculto.

Holes DDH 23-054, DDH 23-059, DDH 23-060, DDH 23-061 and DDH 23-062 were drilled to determine the margins of the high-grade silver oxide mineralization at the JAC Zone, in preparation for the Mineral Resource estimate to be announced later this year. The holes encountered silver mineralization along the southeast margin of the JAC zone and were expected to be outside of the central high-grade mineralised trend. Upcoming Milestones and Catalysts:The Company anticipates announcing several upcoming milestones over the next few months, including: Announcing assay results from the remaining 14 holes from the Phase III program (ongoing); Submission of Environmental Impact Assessment (EIA) for Diablillos (August 2023); Updated Mineral Resource estimate for the Diablillos project (October 2023); Conduct a CSAMT geophysical survey at Diablillos and prioritize exploration targets (JAC North, Alpaca, Fantasma, etc.) for the upcoming Phase IV drill campaign (Q4 2023).

Pre-Feasibility Study completed for Diablillos project (December 2023).