Mr. John Miniotis reports

ABRASILVER DRILLING INTERSECTS 32.0 METRES AT 580 G/T AGEQ IN OXIDES; FURTHER ENHANCING HIGH-GRADE MINERALIZATION AT THE JAC ZONE

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 continues to consistently intersect high-grade silver oxide mineralization, with associated gold in some areas, at shallow depths, as well as underlying copper and silver mineralization in sulphides. The JAC zone remains open along strike toward the southwest and in other directions.

The latest assay result highlights are summarized in the table entitled "Diablillos drill result highlights in JAC zone."

Key takeaways from the latest JAC zone drill results include:

• DDH 23-017 was drilled to test the southwest extension of the JAC zone and intersected several zones of silver mineralization in oxides, with 12 metres grading 876.1 grams per tonne (g/t) silver (Ag) from a downhole depth of 92 metres, including two metres grading 4,968.4 g/t Ag and 0.14 g/t gold (Au).
• DDH 23-020 was drilled toward the northern margin of the JAC zone and intersected several zones of silver and gold mineralization in oxides, including 19 metres at 149.5 g/t Ag and 0.78 g/t Au from 127 metres downhole.
• DDH 23-021, located in the southeastern part of the drill target area, encountered high-grade silver mineralization in oxides, intersecting 32 metres grading 530.8 g/t Ag and 0.6 g/t Au from 161.5 metres downhole. This high-grade intercept further demonstrates the importance and continuity of the deeper layer of silver-gold mineralization at JAC:
  • Immediately beneath this high-grade oxide intercept, the hole encountered six metres grading 1.32 per cent copper (Cu) and 52.6 g/t Ag in sulphide mineralization, demonstrating the potential of mineralized feeder structures at JAC to host substantial sulphide mineralization.
• DDH 23-023, located in the northwestern part of the drill target area, shows continuity of silver-dominant mineralization along the northern margin of the deposit. The hole intersected 59.5 metres grading 103.4 g/t Ag and 0.05 g/t Au, starting from a depth of only 50.5 metres.

John Miniotis, president and chief executive officer, commented: "Our drill results continue to encounter multiple thick intercepts of oxide silver in virtually every hole as we increase confidence and extend the size of the new high-grade JAC discovery. The JAC zone features a highly attractive combination of scale, grade and continuity, which is expected to significantly increase the economics of our Diablillos project. We look forward to additional drill results and incorporating all the data into an updated mineral resource estimate later this year."

Dave O'Connor, chief geologist, commented: "Today's drill results further define and expand the high-grade core area of the new JAC zone. Additionally, the contact zone between the oxides and underlying sulphides continues to show substantial potential for an extensive zone of high-grade silver-dominant mineralization at the base of the oxide zone, as well as for significant underlying copper sulphide mineralization with associated precious metal content."

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 (MRE) on the main Oculto deposit (measured and indicated (M&I) MRE containing 1.3 Moz (million ounces) gold and 109 Moz silver -- see the table entitled "Oculto mineral resource estimate -- as of Oct. 31, 2022").

To date, the company has completed approximately 20,000 metres of drilling in 85 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, a deep hole was completed down to a depth of 1,242 metres. The company has completed final core splitting and has sent the final sample shipments to the laboratory. Assay results are expected to be received around late June and will be reported once they are received and interpreted.

About Diablillos

The 80-square-kilometre 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 the table entitled "Oculto mineral resource estimate -- as of Oct. 31, 2022."

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 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, which then dispatches 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 (inductively coupled plasma atomic emission spectroscopy) detection, and gold is analyzed by 50-gram fire assay with an AAS (atomic absorption spectroscopy) finish. Silver results greater than 100 g/t are reanalyzed using four-acid digestion with an ore-grade AAS finish.

Qualified person

Mr. O'Connor, PGeo, 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 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 (Mt) grading 66 g/t Ag and 0.79 g/t Au, containing approximately 109 Moz silver and 1.3 Moz 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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