AbraSilver Sees Share Increase Amid High-Grade Finds at Diablillos Project
AbraSilver Resource Inc. reported significant high-grade silver drill results at the Diablillos project, prompting an 8.1% rise in shares. The drilling revealed multiple high-grade intervals, especially at the JAC Extension and Sombra targets. A resource update is expected mid-year, amidst rising silver prices driven by industrial demand. AbraSilver currently has a market capitalization of C$516.3 million and aims for continued exploration success.
AbraSilver Resource Inc. (TSX: ABRA) has reported promising high-grade drilling results at its Diablillos project in northwest Argentina, leading to an 8.1% increase in its share price. The latest drilling at the JAC Extension target revealed significant silver grades, with one hole returning 30 metres averaging 237 grams of silver per tonne, including a notable interval of 11.5 metres at 417 grams silver. The mineralization remains open beyond the JAC pit boundary, indicating further potential.
John Miniotis, President and CEO of AbraSilver, expressed optimism about the project’s future. He stated, “The continued success of our exploration program highlights the significant remaining upside potential at Diablillos.” Furthermore, with industrial demand driving silver prices up to $32.73 per ounce, AbraSilver is well-positioned.
The company trades at C$3.38 per share, with a market capitalization of C$516.3 million, and a 52-week trading range of C$1.42 to C$3.58. Additional drilling results from the JAC Extension include 22 metres at 168 grams silver and 35.5 metres at 56 grams silver in subsequent holes. The Sombra target drilling also yielded positive results, highlighting the growing resource potential.
Drilling has extended across 21,172 metres over 106 holes, with plans for more. An updated resource estimate is anticipated mid-year, following stage five of the drilling program, which will continue to evaluate the significant reserves of silver and gold within Diablillos, currently assessed at approximately 42.3 million tonnes of reserves.
The outcomes at Diablillos underscore the project’s value and growth potential, much attributed to both exploration success and the recent resurgence in silver’s market demand, ensuring a strong outlook for AbraSilver moving forward.
In conclusion, AbraSilver Resource Inc. has showcased remarkable drilling successes at its Diablillos project, with high-grade silver results that bolster confidence in the project’s future. The rising price of silver, alongside the company’s strategic drilling plan, positions them advantageously within the mining sector. With updated resource estimates expected soon, the company is likely to continue attracting investor interest and achieving further exploration successes.
Original Source: www.mining.com
