AbraPlata to Resume Drilling High Grade Gold and Silver Targets at Diablillos Project

2020-05-19 / @thenewswire

(TheNewswire)

Toronto – TheNewswire - May 19, 2020 - AbraPlata Resource Corp. (TSXV:ABRA) (OTCPK:ABBRF) ("AbraPlata" or the “Company”) is pleased to announce plans to recommence drilling at the Diablillos silver-gold project, located in the mining-friendly Salta province in Argentina. A drilling contractor is now mobilizing to site, with diamond drilling expected to commence by June 5th, 2020.

Oculto Drill Program

Diamond drilling is scheduled to resume on the Oculto deposit in order to test the continuation of high-grade gold and silver mineralization within and outside the current mineral resource (Table 2). The next four holes (approximately 1,600 metres) will target lateral extensions of the high-grade oxide gold mineralization intercepted by the most recent drill holes. Table 1 below highlights several of the high-grade intercepts obtained by AbraPlata in the most recent drill campaign (for further details please refer to the Company’s press releases dated February 19, 2020 and January 27, 2020).

One of the planned holes will be drilled into the Main Breccia zone, approximately 50 metres east of hole DDH 20-001 and one hole will be drilled into the West Breccia zone, approximately 50 metres east of hole DDH 19-002. The other two holes are planned to test for eastern extension of the deep gold zone 200 to 300 meters beyond current drill holes.

Table 1 – Summary of 2019-2020 High-Grade Oculto Drill Results

----------------------------------------------------------------------- |Drill |From |To |Type |Intercept|Thickness|Ag |Au |Cu | |Hole |(m) |(m) | |(m) |(m) |(g/t)|(g/t)|(%) | |---------------------------------------------------------------------| |DDH | | | | | | | | | |19-001 | | | | | | | | | |---------------------------------------------------------------------| | |166.0|231.0|Oxides |65.0 |54.20 |105 |0.20 |- | |---------------------------------------------------------------------| |including|201.0|204.0|Oxides |3.0 |2.50 |346 |0.30 |- | |---------------------------------------------------------------------| | |353.0|354.0|Sulphides |1.0 |0.83 |15 |6.93 |0.54| |---------------------------------------------------------------------| |DDH | | | | | | | | | |19-002 | | | | | | | | | |---------------------------------------------------------------------| | |56.0 |78.0 |Oxides |22.0 |18.33 |17 |2.74 |- | |---------------------------------------------------------------------| | |137.5|155.0|Oxides |17.5 |14.58 |604 |0.10 |- | |---------------------------------------------------------------------| | |242.0|257.0|Oxides |15.0 |12.50 |286 |10.42|- | |---------------------------------------------------------------------| |including|250.0|257.0|Oxides |7.0 |5.83 |202 |20.64|- | |---------------------------------------------------------------------| | |367.0|376.0|Sulphides |9.0 |4.50 |49 |7.31 |1.28| |---------------------------------------------------------------------| | |369.0|400.0|Sulphides |31.0 |25.00 |25 |2.27 |1.30| |---------------------------------------------------------------------| |DDH | | | | | | | | | |20-001 | | | | | | | | | |---------------------------------------------------------------------| | |146 |160 |Oxides |14.0 |11.20 |133 |0.10 |- | |---------------------------------------------------------------------| | |165 |191 |Oxides |26.0 |20.80 |264 |0.03 |- | |---------------------------------------------------------------------| | |261 |290 |Mixed |29.0 |23.20 |430 |4.30 |2.77| |---------------------------------------------------------------------| |including|261 |275 |Transition|14.0 |11.20 |197 |6.40 |2.53| |---------------------------------------------------------------------| |including|278 |282 |Sulphides |15.0 |12.00 |658 |2.35 |5.10| -----------------------------------------------------------------------

Note: True widths are estimated to be 80% of the interval widths.

John Miniotis, President and CEO of the Company, stated “We are very excited to be resuming our drill program at Diablillos. As always, the health and safety of our workers remain our top priority, and we will be incorporating comprehensive operational procedures which are designed to mitigate the risk of COVID-19 transmission amongst all site personnel. Our targeting for the current program will focus on the projected extensions of high-grade gold mineralization, in an effort to add to the existing large resource base which is located near surface.”

About Diablillos

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; and Pascua Lama, on the Chile-Argentine border.

Table 2 - 2018 Mineral Resource Estimate for the Oculto Deposit, Diablillos Project

--------------------------------------------------------- |Category |Tonnage|Ag |Au |Contained Ag|Contained Au| | |(000 t)|(g/t)|(g/t)|(000 oz Ag) |(000 oz Au) | |-------------------------------------------------------| |Indicated|26,900 |93.0 |0.85 |80,300 |732 | |-------------------------------------------------------| |Inferred |1,000 |46.8 |0.89 |1,505 |29 | ---------------------------------------------------------

Effective August 31, 2017. Full details of the Mineral Resources are available in a Company news release dated March 2, 2018. For additional information please see Technical Report on the Diablillos Project, Salta Province, Argentina, dated April 16, 2018, completed by Roscoe Postle Associates Inc, and available on www.SEDAR.com.

QA/QC and Core Sampling Protocols

AbraPlata 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 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. Samples are then bagged, and quality control materials are inserted at regular intervals; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to measure sample representivity. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

All samples are received by the SGS offices in Salta who then dispatch the samples to the SGS preparation facility in San Juan. From there, the prepared samples are sent to the SGS laboratory in Lima, Peru where they are analyzed. 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 AAS finish.

Qualified Persons

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.

About AbraPlata

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 www.abraplata.com or contact:

-------------------------------- |John Miniotis, President&CEO| | |john@abraplata.com | | |Tel: +1416-306-8334 | | | | | --------------------------------

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. 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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