AbraSilver Resource announces high-grade silver findings at its Diablillos project, resulting in an 8.1% increase in stock value. Significant drill results include multiple intervals with high silver grades, indicating strong potential for mineralization. The upcoming resource update is anticipated in mid-year. Silver prices have also risen due to industrial demand.
AbraSilver Resource (TSX: ABRA) has reported significant high-grade silver findings at its Diablillos project in northwest Argentina, leading to an 8.1% increase in its share price. The exploration results include an interval of 30 metres yielding 237 grams of silver per tonne from a depth of 125.5 metres in drill hole DDH 24-075. This hole was drilled beyond the JAC open pit limits, indicating potential for further mineralization to the south.
According to John Miniotis, president and CEO of AbraSilver, the successful exploration efforts underscore the project’s considerable upside potential. Miniotis remarked, “The continued success of our exploration program highlights the significant remaining upside potential at Diablillos.” The ongoing drilling campaign is confirming high-grade silver and gold mineralization across multiple targets, instilling confidence in the project’s prospective growth and value.
The price of silver has increased recently, reflecting industrial demand spurred by green energy technologies. On Tuesday morning, silver was priced at $32.73 per ounce, up 2.4%—a peak not observed since 2013. AbraSilver shares traded at C$3.38, resulting in a market capitalization of approximately C$516.3 million, within a 52-week share price range of C$1.42 to C$3.58.
The results from the JAC Extension drilling included additional findings from hole DDH 24-072, which returned 22 metres at 168 grams silver, and hole DDH 24-073 that showed 35.5 metres grading 56 grams silver. Furthermore, drilling at Sombra resulted in 17 metres at 101 grams silver, showcasing the extensive mineralization present.
AbraSilver has also conducted drilling at the Oculto Northeast target, where hole DDH 24-070 returned 17 metres at 1.80 grams gold and 39 grams silver, including a notable interval of 4.4 metres at 3.30 grams gold and 28 grams silver. This area is characterized by gold-dominant trends extending further northeast.
With 21,172 metres drilled across 106 holes so far, AbraSilver plans to release an updated resource assessment in mid-year to reflect these new findings. Stage five of the drilling project is projected to employ an additional 20,000 metres to further explore the Diablillos site, which already possesses an estimated 42.3 million tonnes of reserves at 91 grams silver and 0.81 grams gold, equating to over 123 million grams of silver and 1.1 million grams of gold.
The exploration results from AbraSilver’s Diablillos project reveal significant high-grade silver findings, resulting in a notable rise in share value. The promising additional drilling results from various targets within the project reinforce the long-term growth potential and value of the initiative. The upcoming resource update and expanded drilling plans are expected to further enhance the project’s prospects and market confidence.
Original Source: www.mining.com
