Mr. John Miniotis reports

ABRASILVER DRILLING AT THE JAC ZONE INTERSECTS 46.5 METRES AT 226 G/T AGEQ INCLUDING 8.0 METRES AT 544 G/T AGEQ IN OXIDE MINERALIZATION

Abrasilver Resource Corp. has released its latest diamond drilling assay results from the continuing phase 3 exploration program on the company's wholly owned Diablillos property in Salta province, Argentina.

Drilling at the JAC zone discovery continues to consistently intersect high-grade silver oxide mineralization, with associated gold in some areas, at shallow depths. Drilling to date at the JAC zone has defined oxide mineralization extending approximately 800 metres along strike, up to 150 m wide and extending to a depth of 200 m. The zone continues to remain open along strike toward the southwest and in other directions. Key takeaways from the latest JAC zone drill results include:

• Diamond drill hole 23-011 was drilled to test the northeastern extension of mineralization at the JAC zone and intersected 36.0 metres grading 96.9 grams per tonne silver and 0.28 g/t gold in oxides from 128.5 metres down hole.
• DDH 23-012 was drilled on the northern margin of the area drilled and intersected 14.0 metres at 72.1 g/t Ag from a down-hole depth of 97.0 metres.
• DDH 23-013, located in the southwestern part of the drill target area, intersected two separate zones of silver mineralization in oxides, including 30.5 metres grading 133.3 g/t Ag from 81.5 metres down hole.
• DDH 23-014, located in the northeastern part of the drill target area, encountered high-grade silver mineralization in oxides, intersecting 46.5 metres grading 185 g/t Ag and 0.5 g/t Au from a depth of 127.0 metres, including eight metres at 439.3 g/t Ag and 1.28 g/t Au.

The latest assay highlights are summarized in an attached table.

John Miniotis, president and chief executive officer, commented: "Our drill program continues to consistently encounter high-grade silver intervals at shallow depths at the new JAC zone. These latest drill results continue to demonstrate that the high-grade silver mineralization is continuous along strike and remains open to further expansion. We see excellent potential to continue to intersect high-grade mineralization at JAC and look forward to incorporating these results into an updated mineral resource estimate later this year."

Dave O'Connor, chief geologist, commented: "Ongoing drilling at JAC continues to demonstrate extensive, high-grade silver mineralization with associated gold near surface. Importantly, there are several subparallel mineralized zones at JAC, and our drill program has been designed to ensure that all well-mineralized zones are intersected and will be included in the upcoming mineral resource estimate. The footprint of the JAC zone continues to expand, and we are very optimistic about the growth potential of this new zone as our understanding of the geology and controls of mineralization continue to advance."

Exploration update

Drilling activity at Diablillos 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 (measured and indicated MRE containing 1.3 million ounces of gold and 109 million ounces of silver).

To date, the company has completed approximately 18,000 metres of drilling in 79 holes, as part of the planned 22,000-metre phase 3 program that is primarily targeting the JAC zone. The phase 3 exploration drill program will form the basis for an updated MRE and will be included in a prefeasibility study on the Diablillos project, which the company expects to complete in the second half of 2023. Planned drilling will also test the margins of the JAC zone to provide data for geotechnical studies for a conceptual open pit at the JAC zone.

Additional exploration targets have been identified to the southwest of the Oculto MRE based on the recently completed detailed ground magnetic survey. Some of these targets, including the Fantasma and Alpaca targets, are expected to be drilled following the systematic drilling of the JAC zone.

At the La Coipita project, drilling is progressing, with the hole currently at a down-hole depth of approximately 1,200 metres. The deep hole is expected to be completed within the next two weeks and is targeting the anticipated higher-grade zone of the porphyry system intercepted last year in hole DDHC 22-002.

Quality assurance/quality control 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 are compared and verified with the core in the trays. Thereafter, the core 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, which 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 multielement technique consisting of a four-acid digestion followed by ICP/AES detection, and gold is analyzed by 50 g fire assay with an AAS finish. Silver results greater than 100 g/t are reanalyzed using four-acid digestion with an ore-grade AAS finish.

Qualified person

David O'Connor, PGeo, chief geologist at 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 Resource Corp.

Abrasilver is an advanced-stage exploration company focused on rapidly advancing its 100-per-cent-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 million tonnes grading 66 grams per tonne silver and 0.79 g/t gold, containing approximately 109 million ounces of silver and 1.3 million ounces of 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 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.

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