AbraSilver Resource has reported impressive drilling results from its Diablillos project in Argentina, including high-grade silver intercepts. This success has led to an 8.1% increase in share value. Notably, the company plans to release updated resource estimates later this year as exploration continues, highlighting the project’s significant potential for growth.
AbraSilver Resource (TSX: ABRA) recently reported significant findings from its stage four drilling at the Diablillos project in northwest Argentina, leading to an 8.1% increase in share value. Notable results from hole DDH 24-075 included 30 metres at 237 grams of silver per tonne, with a high-grade interval of 11.5 metres at 417 grams silver, indicating promising mineralization that extends beyond the JAC open pit boundary.
AbraSilver President and CEO John Miniotis remarked, “The continued success of our exploration program highlights the significant remaining upside potential at Diablillos.” He expressed confidence in the project’s prospects for long-term growth and value, reflecting the rich mineralization found across multiple target areas.
On the backdrop of rising silver prices, which reached $32.73 per ounce, AbraSilver shares are currently trading at C$3.38, showing the company’s market capitalization at C$516.3 million. The stock has fluctuated between C$1.42 and C$3.58 over the past year.
Drilling results for the JAC Extension revealed additional significant intercepts: hole DDH 24-072 showed 22 metres at 168 grams silver, while hole DDH 24-073 demonstrated 35.5 metres at 56 grams silver. Furthermore, the Sombra target drilling highlighted 17 metres at 101 grams silver, illustrating the potential for extensive mineralization in the area.
Another promising site is the Oculto Northeast target, where drilling encountered 17 metres at 1.80 grams gold and 39 grams silver, including 4.4 metres at 3.30 grams gold. This area suggests a gold-dominant trend extending several hundred metres.
As part of an expansive drilling program that has totaled 21,172 metres across 106 holes, AbraSilver plans to incorporate these findings into an updated resource estimate to be announced in the middle of this year. The next phase will include an additional 20,000 metres of drilling to further assess the resource potential at Diablillos, which currently has proven and probable reserves of approximately 42.3 million tonnes grading 91 grams silver and 0.81 grams gold.
In summary, AbraSilver’s recent high-grade drilling results at the Diablillos project underscore the substantial advancement in exploring its resources. The rise in stock price reflects strong investor confidence, bolstered by increasing silver demand. Continued exploration and forthcoming resource estimates promise further insights into the project’s long-term value. The findings demonstrate significant potential for both silver and gold mineralization in the area, positioning AbraSilver favorably for future developments.
Original Source: www.mining.com
