Toronto - TheNewswire - August 12, 2020 - AbraPlata Resource Corp. (TSXV:ABRA) (OTC:ABBRF) ("AbraPlata" or the "Company") is pleased to announce the commencement of Phase 2 drilling at its 100% owned Diablillos silver-gold project, located in the mining-friendly Salta Province of Argentina.
This phase of the diamond drilling program is expected to consist of 10 holes, totalling approximately 5,000 metres. The drilling has two main objectives, being to explore for additional high grade gold and silver mineralisation to augment the current oxide resources at the Oculto Zone and adjacent areas, and also to test for the continuity of underlying copper-gold sulphide mineralisation which may be linked to a porphyry intrusive that would have been the source of mineralising fluids.
David O'Connor, Chief Geologist of the Company, stated "We anticipate adding tonnage and grade to the gold and silver resources, both within the Oculto Zone and at satellite areas that have only had very limited or no drill testing. We are also excited about our continued exploration of the hypogene mineralisation underlying oxide mineralization in the Oculto Zone, and has the potential to be a substantially larger resource."
The first priority target area consists of the core Oculto Zone, which hosts the majority of the currently known silver-gold mineralization, as well as satellite areas (Laderas, Northeast Gold Zone, Zorro, Cerro Bayo and Cerro Bayo East). The proposed drill holes are shown on Figure 1 below. A detailed ground magnetic survey is planned to help define drill targets based on interpreted structures at depth combined with recently mapped outcropping siliceous breccia zones in these satellite areas.
The second priority target area consists of the sulphide mineralisation beneath the oxide resources in the Oculto Zone, which is hosted in Ordovician basement rocks comprised of granitoids and meta-sediments (see Figure 2). Based on recent drilling, these rocks have responded differently to the injection of mineralising fluids, with the north-eastern meta-sediments and granitoids being less restrictive. This is a new target area.
Timing of Phase 1 Drilling Results
The Company expects to receive results from the previously completed four drill holes over the next several weeks, at which stage the Company will provide an update. Sample shipments to the assay lab have been delayed due to increased transportation safety protocols associated with COVID-19 preventative measures, resulting in slower turnaround for assay results.
Figure 1 - Proposed Drill Holes in the Oculto Zone and Satellite Areas
Figure 2 - Long Section Through The Oculto Zone Showing Gold Intercepts
The 80 km2 Diablillos property is located in the Argentine Puna region - the southern extension of the Altiplano of southern Peru, Bolivia, and northern Chile - and was acquired from SSR Mining Inc. by the Company in 2016. There are several known mineral zones on the Diablillos property, with the Oculto zone being the most advanced with approximately 85,000 metres drilled in 306 RC and diamond drill holes. Oculto is a high-sulphidation epithermal silver-gold deposit derived from remnant hot springs activity following Tertiarty-age local magmatic and volcanic activity. Comparatively nearby examples of high sulphidation epithermal deposits include: El Indio, Chile; Veladero, Argentina; Filo del Sol, Argentina; and Pascua Lama, on the Chile-Argentine border.
David O'Connor P.Geo., Chief Geologist for AbraPlata, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.
AbraPlata is a mineral exploration company with a diversified portfolio of silver-gold and copper exploration projects in Argentina and Chile. The Company is focused on advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which is well-advanced, with more than US$35 million spent historically on exploration with drilling ongoing and an initial open pit PEA completed in 2018. The Company is led by an experienced management team and has long-term supportive shareholders including Altius Minerals and SSR Mining. In addition, AbraPlata owns the Arcas project in Chile where Rio Tinto has an option to earn up to a 75% interest by funding up to US$25 million in exploration. AbraPlata is listed on the TSX-V under the symbol "ABRA".
For further information please visit the AbraPlata Resource website at http://www.abraplata.com or contact:
John Miniotis, President & CEO
Tel: +1 416-306-8334
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. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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