AbraSilver continues to extend mineralization beyond the open pit margin intersecting 57 m at 3.01 g/t gold oxide equivalent at Diablillos

High-grade intercept Includes 17 m at 6.16 g/t gold equivalent (431 g/t silver equivalent)

Toronto– TheNewswire – March 10, 2022 – AbraSilver Resource Corp. (TSXV: ABRA); (OTC: ABBRF) (“AbraSilver” or the “Company”) is pleased to announce the latest diamond drill hole assays from the ongoing Phase II drill program on the company’s 100% owned Diablillos property in the province of Salta, Argentina. The latest extension drill holes continue to confirm the existence of broad intervals of silver and gold mineralization in both directions along strike beyond the current conceptual open pit margin of Preliminary Economic Assessment (“PEA”).

John Miniotis, President and Chief Executive Officer, commented: “Today’s drilling results highlight the significant opportunity for AbraSilver to increase mineral resources beyond the levels included in the estimate announced in September 2021. Results from the ongoing Phase II drill program continue to confirm that high-grade oxide mineralization extends along strike beyond the conceptual boundary of the PEA open pit, at the times to the southwest and northeast. In addition, we also continue to extend the mineralization at depth where we now plan a systematic drill program to test the extent of the deeper sulphide mineralization later this year. »

The latest highlights of the assay results are summarized in Table 1 below.

Table 1 – Drill Results Highlights

(Interceptions greater than 2,000 gram-meters AgEq shown in bold):

Borehole

From (m)

to M)

Type

Interval (m)

August/t

AG

g/t

AuEq1 g/t

AgEq1 g/t

DDH-21-067

96

98

Oxides

2.0

0.90

18.2

1.16

81.2

DDH-21-067

126.5

129.5

Oxides

3.0

40.2

0.57

40.2

DDH-21-067

137

193

Oxides

56.0

83.5

1.19

83.5

DDH-21-067

242

308

Oxides

66.0

1.90

57.0

2.71

190.0

DDH-21-067

Including

295

304

Oxides

9.0

4.02

94.2

5.37

375.6

DDH-21-067

317

318.2

Oxides

1.2

1.00

51.8

1.74

121.8

DDH-21-067

323

326

Oxides

3.0

0.81

21.5

1.12

78.2

DDH-21-068

19.5

22.5

Oxides

3.0

23.6

0.34

23.6

DDH-21-068

61

63

Oxides

2.0

0.15

31.25

0.60

41.8

DDH-21-068

89

146

Oxides

57.0

1.47

108.0

3.01

210.9

DDH-21-068

Including

104

121

Oxides

17.0

4.65

105.6

6.16

431.1

Note: All results in this press release are rounded. Dosages are uncut and undiluted. Widths are drilled widths, not actual widths. True widths are estimated to be about 80% of interval widths.

1 AgEq and AuEq calculations for reported drill results are based on $1,750/oz Au, $25.00/oz Ag and $3.00/lb Cu. Calculations assume 100% metallurgical recovery and show gross in situ metal value at metal prices shown.

Figure 1 – Borehole location map


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Discussion of drill hole results

Hole DDH 21-067 was drilled to test the northeast extension of the main breach, while hole DDH 21-068 was drilled to test the southwest extension of the main breach. Both holes were drilled on the margin of the conceptual PEA open pit to test the potential for pit expansion to incorporate more mineral resources.

Hole DDH 21-067 intersected several high-grade mineralized zones, including 56.0 meters at 83.5 g/t silver from 137 to 193 meters, and 66.0 meters at 1.90 g/t gold and 57.0 g/t silver from 242 to 308 meters, including 9.0 meters at 4.02 g/t silver and 94.2 g/t silver.

Hole DDH 21-068 intersected 57.0 meters at 1.47 g/t gold and 108.0 g/t silver from 89 to 146 meters, including 17.0 meters at 4.65 g/t gold and 105.6 g/t silver.

These two holes show high grade mineralization at the margins of the conceptual open pit and demonstrate the potential for pit expansion both to the southwest and northeast.

Figure 2 – Cross section (looking east) with highlighted intersections in hole DDH 21-067


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Figure 3 – Cross section (looking east) with highlighted intersections in hole DDH 21-068


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Collar data

hole number

UTM coordinates

Elevation

Azimuth

Soak

Depth

HRD 21-067

E720366

N7199356

4,321

0

-60

356

HRD 21-068

E720057

N7199207

4,221

0

-60

161

About Diablillos

The 80km2 The Diablillos property is located in Argentina’s 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. It There are several known mineral zones on the Diablillos property, with the Oculto zone being the most advanced with over 90,000 meters drilled to date. Oculto is a high sulphidation epithermal silver-gold deposit derived from residual hot spring activity after local Tertiart magmatic and volcanic activity. Relatively close examples of high sulphidation epithermal deposits include: Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo del Sol (Argentina).

The mineral resources of the Oculto deposit are presented in Table 2 below:

Table 2 – 2021 Mineral Resource Estimate for the Oculto Deposit, Diablillos Project

Category

Tonnage

(000 t)

AG

(g/t)

At

(g/t)

Ag content

(000 oz Ag)

To content

(000 ounces Au)

Measure

8,235

124

0.98

32,701

259

Indicated

32,958

54

0.70

57,464

744

Measured and Indicated

41,193

68

0.76

90 165

1,002

Inferred

2,884

34

0.70

3,181

66

Effective September 8, 2021. The Mineral Resource estimate and supporting technical report are NI 43-101 compliant. Full mineral resource details are available in a company press release dated September 15, 2021. For additional information, please see the Diablillos Project Technical Report, Salta Province, Argentina, dated October 28, 2021 , supplemented by Mining Plus, and available on www.SEDAR.com.

QA/QC and basic sampling protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of Company geologists in accordance with industry practice. The drill core is transported from the drilling rig to the logging facility where the drill data is compared and verified with the core in the trays. Subsequently, it is recorded, photographed and split with a diamond saw before being sampled. The 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 taken in order to measure the representativeness of the samples. Groups of samples are then placed in large bags which are sealed with numbered labels to maintain a chain of custody during transport of the samples from the project site to the laboratory.

All samples are received by the SGS office in Salta which then sends 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 four acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results above 100 g/t are rescanned using four acid digests with a mineral grade AAS finish.

Qualified persons

David O’Connor P.Geo., Chief Geologist for AbraSilver, is the Qualified Person as defined by National Instrument 43-101 Disclosure Standards for Mining Projects, and has reviewed and approved the scientific and technical information contained in this press release.

About AbraSilver

AbraSilver is a well funded late stage silver and gold focused exploration company. The Company is rapidly advancing its 100% owned Diablillos silver-gold project in Argentina’s mining-friendly Salta province, which currently has measured and indicated mineral resources of over 90 million ounces of silver and 1.0 million ounces of gold. The updated PEA study completed in November 2021 demonstrates that Diablillos has the potential to be a highly economical project. The Company is led by an experienced management team and has long-term supportive shareholders, including Mr. Eric Sprott and SSR Mining. In addition, AbraSilver has a portfolio of early-stage copper-gold projects, including the La Coipita copper-gold project in the San Juan Province of Argentina. AbraSilver is listed on the TSX Venture Exchange under the symbol “ABRA” and in the United States under the symbol “ABBRF”.

For more information, please visit the AbraSilver Resource website at www.abrasilver.comour LinkedIn page at AbraSilver Resource Corp.and follow us on Twitter at www.twitter.com/abrasilver

Otherwise, please contact:

John Miniotis, President and CEO

[email protected]

Tel: +1 416-306-8334

Warnings

This press release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events 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 statement, 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 press release.