Buenos Aires, June 22, 2017 -
AbraPlata Resource Corp. TSX.V:ABRA ("AbraPlata" or the "Company") is pleased to announce that it has started a 2000m diamond drilling program on its Diablillos Ag-Au project in southern Salta Province of northwestern Argentina. The objective of the planned diamond drill program is to establish a resource within Fantasma Mineralized Zone with a view to further expanding the existing resources outlined at the Oculto Deposit, some 800m to the east of Fantasma. This will allow the Company to establish the parameters necessary for completing a Preliminary Economic Assessment study.
Diablillos lies at an elevation of 4100m above sea level, and covers an area of some 79km2. The property hosts Ag-Au epithermal mineralization within a north-trending graben which traverses most of the property. This mineralization includes the Oculto deposit for which an indicated resource has been estimated consisting of 27.7m tonnes at 91.2g/t Ag and 0.85g/t Au and containing 81.3m oz Ag and 755k oz Au (135m oz AgEq or 1.9m oz AuEq). Reference is made to the Technical Report dated November 2, 2016 prepared by Roscoe Postle Associates Inc., a copy of which is filed under the Company's profile on SEDAR.
The Fantasma zone, which is the focus of the current drilling program, lies immediately to the west of Oculto, and has been identified by a number of trenches and four drill holes. The current program is expected to be completed by late July, and comprises 15 holes ranging from 100m to 350m in depth.
Mineralization at Fantasma outcrops at surface as indicated by the trenches, and appears to be confined to two gently dipping, stacked layers some 20m and 10m in thickness respectively. Previous drilling, notably hole DDH-12-126, intersected 24.1m @ 117.6g/t Ag in the upper zone and 11.7m @ 185.6g/t Ag in the lower zone. The Fantasma zone is most likely constrained by the graben bounding fault at its western limit and an intra-graben fault some 150m to the east; the zone would appear to be open to the south and possibly to the north although probably limited to where the intra-graben fault pinches out against the western boundary fault.
“The implication of establishing a resource within the Fantasma Mineralized Zone goes beyond merely expanding the global resource already identified at Diablillos” commented AbraPlata’s Chairman Hernan Zaballa, adding that “A near surface resource at Fantasma could go a long way to mitigating the effects of a pre-strip that would be required in bringing the Oculto deposit into production”.
About AbraPlata
Abraplata is a junior mining exploration company focused on delivering shareholder returns by unlocking mineral value in Argentina. The Company's experienced management team has assembled an outstanding portfolio of gold, silver and copper exploration assets, and is focused on advancing its flagship Diablillos property through the various stages of feasibility. In addition, AbraPlata owns the the highly prospective Cerro Amarillo property with its cluster of five mineralized Cu-(Mo-Au) porphyry intrusions located in a mining camp hosting the behemoth El Teniente, Los Bronces, and Los Pelambres porphyry Cu-Mo deposits. Further exploration work is also planned for the Company’s Samenta porphyry Cu-Mo property south of First Quantum’s TacaTaca project as well as its Aguas Perdidas Au-Ag epithermal property.
ON BEHALF OF THE BOARD ABRAPLATA RESOURCE CORP.
"Willem Fuchter"
Willem Fuchter, President & Chief Executive Officer
For further information concerning this news release, please contact:
Willem Fuchter, President & Chief Executive Officer
AbraPlata Resource Corp.
Tel: +54.11.5258.0920
E-mail: willem@abraplata.com
Karl Cahill, VP Investor Relations
AbraPlata Resource Corp
Tel: +1.858.531.6100
Email: karl@abraplata.com
Qualified Person
Willem Fuchter, PGeo, President and CEO of AbraPlata Resource Corp. and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
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 release.
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