AbraSilver Resource Corp. (ABBRF)

[ThSeeker]

AbraPlata Commences 5,000 Metre Drilling Program at Diablillos Silver-Gold Project

Toronto - August 12, 2020: AbraPlata Resource Corp. (TSX.V:ABRA; OTCPK: 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.”

Priority Targets

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.