AbraSilver Continues to Drill Wide Silver Intercepts at New JAC Zone

Toronto – February 06, 2023: AbraSilver Resource Corp. (TSX.V: ABRA; OTCQX: ABBRF) (“AbraSilver” or the “Company”) is pleased to announce assay results from six additional diamond drill holes from the ongoing Phase III program on the Company’s wholly-owned Diablillos property in Salta Province, Argentina (“Diablillos” or the “Project”).

Drilling activity remains focused on the recently discovered JAC zone which is located several hundred metres southwest of the conceptual open pit that constrains the current Mineral Resource estimate on the main Oculto deposit (M&I MRE containing 1.3 Moz gold and 109 Moz silver – see Table 2).  Key takeaways from the latest drill results include:

• DDH 22-077 was drilled to test the continuation of the JAC zone to the north and intersected 32 metres at 122 g/t Ag starting at a down-hole depth of only 60 metres.
• DDH 22-078 intersected several zones of oxide silver mineralisation, including 41 metres at 103 g/t Ag starting from a shallow down-hole depth of only 58 metres. 
• DDH 22-079 was drilled to test the extension of the JAC zone northeast towards the Oculto deposit. The hole successfully demonstrated the potential continuity of mineralization between JAC and Oculto, intersecting 35 metres at 199 g/t Ag and 0.36 g/t Au, including a high-grade interval of 6.0 metres at 548 g/t Ag and 0.88 g/t Au.
• DDH 22-080 encountered multiple zones of silver mineralization, including 5.0 metres at 442 g/t Ag, within a broader interval of 52 metres grading 125 g/t Ag starting from only 50 metres down-hole.
• DDH 22-081 returned a broad zone of silver mineralization of 37.0 metres at 179 g/t Ag. This hole is situated approximately 625m beyond the southwest end of the Oculto mineralisation included in the current Mineral Resource Estimate.
• DDH 22-082 encountered high-grade mineralization in the transition zone (containing a mix of oxides and sulphides) just beneath the oxide zone, with 26.5 metres grading 311 g/t Ag and 0.43 g/t Au, including 7.0 metres grading 936 g/t Ag and 1.46 g/t Au.

John Miniotis, President and CEO, commented, “Each batch of drill results received from the new JAC zone increases the prospective scale of this unfolding, high-grade deposit.  The continuity of high-silver grades and broad widths of mineralization encountered at shallow depths with step out drilling clearly bodes very well for the potential economics of this new discovery.  We eagerly await additional assay results, which we believe will lead to a significant mineral resource estimate ("MRE") at JAC, adding to the large existing MRE on the Oculto deposit, which is located approximately 500 metres to the northeast.”

Dave O’Connor, Chief Geologist, commented, “Drilling results from the new JAC zone continue to consistently encounter high-grade silver mineralization in oxides at shallow depths.  Today’s results further support our understanding that the silver mineralisation at the JAC zone has excellent continuity.     Importantly, the JAC zone is now delineated over a strike length of 600 metres, a vertical extent of 150 to 200 metres and average width of up to 150 metres, and continues to remain open in multiple directions.   The remainder of our Phase 3 program will continue to step-out the JAC zone along strike, laterally and down dip, and will also selectively test other new high-priority exploration targets within the broader Diablillos land package.”   

The latest assay result highlights are summarized in Table 1 below.

Table 1 – Diablillos Drill Result Highlights in Southwest Zone

(Intercepts greater than 2,000 gram-metres AgEq shown in bold text):

Drill Hole		From (m)	To (m)	Type	Interval (m)	Ag g/t	Au g/t	Cu %	AgEq1 g/t
DDH-22-077		60.0	92.0	Oxides	32.0	121.9	-	-	121.9
DDH-22-078		58.0	99.0	Oxides	41.0	103.5	-	-	103.5
DDH-22-078		103.0	109.0	Oxides	6.0	120.0	-	-	120.0
DDH-22-078		126.0	136.0	Oxides	10.0	87.7	-	-	87.7
DDH-22-078		148.0	157.0	Oxides	9.0	130.6	-	-	130.6
DDH-22-078		161.0	170.0	Oxides	9.0	54.3	-	-	54.3
DDH-22-078		175.0	181.0	Oxides	6.0	90.3	-	-	90.3
DDH-22-078		181.0	193.0	Sulphides	12.0	33.6	-	2.14	33.6
DDH-22-079		112.0	115.0	Oxides	3.0	45.5	-	-	45.5
DDH-22-079		144.0	179.0	Oxides	35.0	199.2	0.36	-	228.7
DDH-22-079	Includes	173.0	179.0	Oxides	6.0	548.5	0.88	-	620.6
DDH-22-080		50.0	102.0	Oxides	52.0	125.1	-	-	125.1
DDH-22-080	Includes	65.0	70.0	Oxides	5.0	441.9	-	-	441.9
DDH-22-080		124.0	132.0	Oxides	8.0	122.3	-	-	122.3
DDH-22-080		165.0	173.0	Sulphides	8.0	82.5	-	0.31	82.5
DDH-22-081		71.0	80.0	Oxides	9.0	69.2	-	-	69.2
DDH-22-081		128.0	165.0	Oxides	37.0	179.3	-	-	179.3
DDH-22-082		89.0	94.5	Oxides	5.5	45.8	-	-	45.8
DDH-22-082		154.5	181.0	Transition	26.5	311.4	0.43	-	346.6
DDH-22-082	Includes	172.0	179.0	Transition	7.0	935.6	1.46	-	1,055.2

       Note:  All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths. True widths are estimated to be approximately 80% of the interval widths.
                ¹AgEq based on 81.9(Ag):1(Au) calculated using long-term prices of US$25.00/oz Ag and US$1,750/oz Au, and 73.5% process recovery for Ag, and 86.0% process recovery for Au as demonstrated in the Company’s Preliminary Economic Assessment in respect of Diablillos dated January 13, 2022, using formula:  AgEq g/t = Ag g/t + Au g/t x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).  No value is ascribed to copper grades in the AgEq calculations.

Exploration Update 

Drilling is ongoing with two diamond drill rigs focused on understanding the extent and orientation of silver and gold mineralization in the JAC zone. To date, assay results have been reported for 30 drill holes at JAC, which coincides with a NE-SW trending magnetic anomaly (Figure 1), and there are assays pending for an additional 13 drill holes.  These drill holes span 700 metres along strike and widths up to 200 metres.

The discovery hole at the JAC target was announced in August 2022.  Drilling results to date combined with interpretation of magnetics suggests that the new JAC zone remains open in multiple directions. The Company’s top priority is to drill JAC to gain a detailed understanding of the geometry of the mineralization and fully define a MRE later this year. The existing Phase III drill program may be expanded if mineralization continues to remain open at the completion of the remaining planned drill holes, a scenario that appears increasingly likely.  Reconnaissance drilling will also be selectively testing other high-priority targets on magnetic anomalies beyond the JAC zone.  

Figure 1 – Diablillos Magnetic Map Plan View of Recent Drill Holes & Exploration Targets

Figures 2 and 3 below display a long-section and cross-section of the latest drill results from the JAC target, located to the southwest of the main Oculto deposit at Diablillos.

Figure 2 – Long Section Through Newly Announced Drill Holes in JAC Zone

Figure 3 – Cross Section Through Newly Announced Drill Holes in JAC Zone

Collar Data

Hole Number	UTM Coordinates		Elevation	Azimuth	Dip	Depth (m)
DDH 22-077	E719676	N7198880	4,167	0	-60	176
DDH 22-078	E719625	N7198799	4,163	359	-59	203
DDH 22-079	E719775	N7198868	4,175	359	-57	200
DDH 22-080	E719599	N7198782	4,160	0	-60	191
DDH 22-081	E719574	N7198724	4,159	0	-60	176
DDH 22-082	E719726	N7198763	4,170	0	-60	200

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 over 120,000 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: Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo del Sol (Argentina).

The most recent Mineral Resource estimate for the Oculto Deposit is shown in Table 2:

Table 2 - Oculto Mineral Resource Estimate – As of October 31, 2022

Category	Tonnage (000 t)	Ag (g/t)	Au (g/t)	Contained Ag (000 oz Ag)	Contained Au (000 oz Au)
Measured	19,336	98	0.88	60,634	544
Indicated	31,978	47	0.73	48,737	752
Measured & Indicated	51,314	66	0.79	109,370	1,297
Inferred	2,216	30	0.51	2,114	37

Notes: Effective October 31, 2022. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The Mineral Resource estimate is N.I. 43-101 compliant and was prepared by Luis Rodrigo Peralta, B.Sc., FAusIMM CP(Geo), Independent Consultant. The mineralization estimated in the Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods. For additional information please see Technical Report on the Diablillos Project, Salta Province, Argentina, dated November 28, 2022, completed by Mining Plus, and available on www.SEDAR.com.

QA/QC and Core Sampling Protocols

AbraSilver 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 AbraSilver, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.

About AbraSilver
AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina.  The current Measured and Indicated Mineral Resource estimate for Diablillos consists of 51.3 Mt grading 66g/t Ag and 0.79g/t Au, containing approximately 109Moz silver and 1.3Moz gold, with significant further upside potential based on recent exploration drilling. The Company is led by an experienced management team and has long-term supportive shareholders including Mr. Eric Sprott.  In addition, AbraSilver owns a portfolio of earlier-stage copper-gold projects including the La Coipita copper-gold project in the San Juan province of Argentina. AbraSilver is listed on the TSX-V under the symbol “ABRA” and in the U.S. under the symbol “ABBRF”.

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

Alternatively please contact:

John Miniotis, President and CEO
info@abrasilver.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. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in the Company’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com.  The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information. 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.