Mining

AbraPlata Intersects 22 Metres of 4.22 g/t Gold; Including 1 Metre of 31.2 g/t Gold and 60.4 g/t Silver at Diablillos Project

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Toronto – TheNewswire – September 02, 2020: AbraPlata Resource Corp. (TSXV:ABRA) (OTC:ABBRF) (“AbraPlata” or the “Company”) is “) is pleased to announce assay results from two diamond drill holes, DDH 20-002 and DDH 20-003, completed at the Oculto deposit, located on its wholly-owned Diablillos in Salta Province, Argentina. The holes were designed to test the deeper gold zone and ongoing drilling will include testing of the shallower silver rich zone.

Results from a further two holes remain pending and are expected to be received sometime in mid-September. As announced on August 12, 2020, the Company is currently conducting Phase II of the exploration program, consisting of an additional 5,000 metres of diamond drilling. The expanded exploration program will result in the total 2019-2020 program consisting of a total of 8,000 metres in approximately 17 diamond drill holes.

Table 1 – DDH 20-002 and DDH 20-003 Drill Result Highlights:

Drill Hole

From (m)

To (m)

Type

Interval (m)

True Width (m)

Au g/t

Ag g/t

Cu

%

DDH-20-002

246

247

Sulphides

1

0.8

0.12

160.0

0.39

DDH-20-002

337

349

Sulphides

12

9.6

1.14

13.4

2.56

DDH-20-002

including

342

346

Sulphides

4

3.2

2.70

22.1

2.84

DDH-20-003

70

87

Oxides

17

13.6

2.33

20.6

DDH-20-003

267

289

Oxides

22

17.6

4.22

25.3

DDH-20-003

including

282

283

Oxides

1

0.8

31.17

60.4

DDH-20-003

318

321

Oxides

3

2.4

2.36

29.3

DDH-20-003

346

349

Oxides

3

2.4

2.37

13.4

DDH-20-003

405

407

Sulphides

2

1.6

3.34

28.3

4.49

DDH-20-003

428

434

Sulphides

6

4.8

0.77

1.11

DDH-20-003

446

446.5

Sulphides

0.5

0.4

0.52

6.30

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

The highlighted gold, silver and copper intercepts are shown on cross sections in Figures 2 and 3. A summary table of the full assay results is included in Annex 1.

David O’Connor, Chief Geologist of AbraPlata, commented, “We continue to obtain substantial oxide gold intercepts which will add to the resources of the deeper gold zone at Oculto, while also intersecting high grade copper with associated gold in the underlying sulphide mineralisation. We plan systematic drilling at these depths to add tonnage and grade to the open pittable gold and silver resources within the Oculto Zone and satellite areas prior to deeper drilling to explore for the source intrusive.”

Figure 1 – Drill Holes completed in 2019/20, with Proposed Drill Holes in the Oculto Zone and Satellite Areas


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Figure 2 – Cross-Section (Looking East) with Highlighted Intercepts in Hole DDH 20-002


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Figure 3 – Cross-Section (Looking East) with Highlighted Intercepts in Hole DDH 20-003


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Native Silver Mineralization

The Company’s geologists have visually identified native silver mineralisation at a depth of 228 metres in Hole DDH 20-006, which is part of our ongoing drilling program. It is very unusual to see native silver in drill core, but where previously identified it represents individual one metre sample values of in excess of 500g/t. High grade silver could be expected in the vuggy silica at this depth, which in Hole DDH 20-006 is a part of the deeper gold zone hosted in a hydrothermal breccia intercept over 50 metres thick.

It is noted that Hole DDH 19-002, as reported by the Company on January 27, 2020, is approximately 50 metres west of DDH 20-006, and obtained 15 metres at 10.4g/t Au and 285.7g/t Ag between depths of 242 to 257 metres. Gold and silver grades in Hole 20-006 will be confirmed when analyses are received, expected within approximately four weeks.

Figure 4 – Native Silver Mineralization To Be Confirmed in Hole DDH 20-006; (Note: Photo is 10cm Across)


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Figure 5 – Hand Lens View of Native Silver


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Strategy for Drilling and Resource Expansion

The Phase II drilling program which is currently underway is expected to continue through November 2020 with one drill rig and will have a dual focus: drilling for additional high grade gold and silver mineralisation to augment the current oxide resources at the Oculto Zone and adjacent areas; and testing 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. The Company remains well-funded to add further drill rigs at the Diablillos project if excellent exploration results continue to be achieved.

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 90,000 metres drilled to date. 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

(000 t)

Ag

(g/t)

Au

(g/t)

Contained Ag

(000 oz Ag)

Contained Au

(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.

ANNEX 1 – Drill Result Summary of Holes Drilled in 2019/2020 Phase I Exploration Program.

Drill Hole

From (m)

To (m)

Intercept (m)

Thickness (m)

Ag (g/t)

Au (g/t)

Cu (%)

DDH 19-001

166.0

231.0

65.0

54.20

105

0.20

including

201.0

204.0

3.0

2.50

346

0.30

302.0

312.0

10.0

8.0

10

0.08

0.86

326.0

327.0

1.0

0.83

48

0.93

1.76

353.0

354.0

1.0

0.83

15

6.93

0.54

DDH 19-002

56.0

78.0

22.0

18.33

17

2.74

including

57.0

60.0

3.0

2.50

104

2.91

137.5

155.0

17.5

14.58

604

0.10

180.0

200.0

20.0

16.67

140

0.03

242.0

257.0

15.0

12.50

286

10.42

including

250.0

257.0

7.0

5.83

202

20.64

367.0

376.0

9.0

4.50

49

7.31

1.28

including

371.0

376.0

5.0

2.50

17

11.27

1.48

369.0

400.0

31.0

25.00

25

2.27

1.30

438.0

450.0

12.0

6.00

24

0.47

1.60

DDH 20-001

146

160

14.0

11.20

133

0.10

165

191

26.0

20.80

264

0.03

261

290

29.0

23.20

430

4.30

2.77

including

261

275

14.0

11.20

197

6.40

2.53

including

278

282

15.0

12.00

658

2.35

5.10

DDH 20-002

246

247

1.0

0.8

160

0.12

0.39

337

349

12.0

9.6

13

1.14

2.56

including

342

346

4.0

3.2

22

2.70

2.84

DDH 20-003

70

87

17

13.6

20.6

2.33

267

289

22

17.6

25.3

4.22

including

282

283

1

0.8

60.4

31.17

318

321

3

2.4

29.3

2.36

346

349

3

2.4

13.4

2.37

405

407

2

1.6

28.3

3.34

4.49

428

434

6

4.8

0.77

1.11

446

446.5

0.5

0.4

0.52

6.30

Collar Data

Hole Number

UTM Coordinates

Elevation

Azimuth

Dip

Depth

DDH 19-001

X 720293

Y 7199273

4315

0

-60

380 m

DDH 19-002

X 720295

Y 7199404

4300

0

-60

464 m

DDH 20-001

X 720197

Y 7199235

4267

0

-60

359 m

DDH 20-002

X 3418275

Y 7201810

4272

0

-60

450 m

DDH 20-003

X 3418375

Y 7202035

4332

0

-60

500 m

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$40 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 Mr. Eric Sprott, 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: +1 416-306-8334

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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Copyright (c) 2020 TheNewswire – All rights reserved.

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