AbraSilver Shares Surge on High-Grade Silver Discoveries at Diablillos Project

AbraSilver Resource has reported high-grade silver results from its Diablillos project in Argentina, causing an 8.1% increase in shares. Notable findings, including 30 metres at 237 grams silver, indicate extensive mineralization potential. The company plans an updated resource report mid-year, enhancing growth prospects alongside increasing silver demand.

AbraSilver Resource, trading under the ticker TSX: ABRA, reported notable high-grade silver findings from its Diablillos project in northwest Argentina, leading to an 8.1% increase in its share price. The latest drilling results reveal significant silver grades, including an interval of 30 metres at 237 grams silver from a depth of 125.5 metres in hole DDH 24-075, reflecting the ongoing exploration success in the area.

John Miniotis, president and CEO of AbraSilver, emphasized the project’s potential, stating, “The continued success of our exploration program highlights the significant remaining upside potential at Diablillos.” He noted that the new results affirm the presence of high-grade mineralization open for expansion across various target areas, strengthening the long-term growth prospects of the project.

With industrial demand driving silver prices higher, recent market activity saw silver increase by 2.4% to reach $32.73 per ounce. As of the latest trading, AbraSilver shares were valued at C$3.38, resulting in a market capitalization of approximately C$516.3 million, having previously ranged from C$1.42 to C$3.58 within the past year.

Further drilling results included 22 metres at 168 grams silver and other notable grades from various holes, revealing expansive mineralization at the JAC Extension and other targets, including Sombra and Oculto Northeast. The announced resource update, incorporating 21,172 metres of completed drilling across 106 holes, is set for release mid-year, with the next phase of drilling planned for an additional 20,000 metres.

Diablillos holds estimated proven and probable reserves of around 42.3 million tonnes, averaging 91 grams silver and 0.81 grams gold, translating to 123.5 million ounces of contained silver and 1.1 million ounces of gold.

In summary, AbraSilver Resource’s successful drilling campaign at the Diablillos project has yielded high-grade silver results, significantly boosting investor confidence and share prices. The company continues to explore the extensive potential of the site, with forthcoming resources and future drilling expected to enhance its market stature further. As silver prices rise alongside industrial demand, AbraSilver appears well-positioned for growth in the burgeoning green energy sector.

Original Source: www.mining.com