Mr. John Miniotis reports

ABRASILVER DRILLING CONTINUES TO INTERSECT HIGH-GRADE MINERALIZATION AT THE JAC ZONE; LATEST RESULTS INCLUDE 17 METRES AT 829 G/T AG & 79 METRES AT 238 G/T AG

Abrasilver Resource Corp. has released the latest assay results from the continuing phase III diamond drilling program on the company's wholly owned Diablillos property in Salta province, Argentina. The company's phase III program is being increased as mineralization at the JAC zone remains open.

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.

Notably, drill hole DDH 23-029 encountered silver mineralization in oxides to the west of the main JAC mineralized zone, which was drilled to test an extension of the magnetic anomaly associated with the mineralization at JAC. This mineralization is hosted in granitic basement rocks under the andesite volcanics and, consequently, opens up potential for further mineralized zones. Additionally, the JAC zone continues to remain open along strike toward the southwest and in other directions.

John Miniotis, president and chief executive officer, commented: "We continue to intercept excellent widths and grades of silver at JAC in practically every single drill hole. Additionally, we continue to see significant potential for new discoveries beyond the main JAC mineralized zone, as highlighted in hole DDH 23-029. Our drill results continue to confirm our belief that the new JAC zone is a major mineralized system, with significant exploration upside remaining to be discovered. For that reason, we are again increasing the amount of drilling being done as part of the phase III program."

Dave O'Connor, chief geologist, commented: "In addition to consistently encountering high-grade silver mineralization with associated gold at JAC, we are also intersecting underlying high-grade copper mineralization with associated silver/gold in sulphides immediately beneath the oxides. It is now evident that the high-grade sulphide mineralization in zones beneath the base of oxidation is continuous for at least two kilometres along the length of the Oculto-JAC system, representing an additional attractive exploration target, beyond the oxidized mineralization at JAC."

Key takeaways from the latest JAC zone drill results include:

• DDH 23-024 was drilled to test continuity of the JAC zone for resource estimation. The hole intersected multiple zones of silver mineralization in oxides, with 17 metres grading 828.9 grams per tonne Ag from a downhole depth of 144 metres, including five metres grading 2,215.4 g/t Ag.
• DDH 23-025 was drilled to test continuity of the JAC zone for resource estimation. The hole intersected significant silver and gold mineralization in oxides, including 79 metres at 237.6 g/t Ag and 0.15 g/t Au from 100 metres downhole.
  • Immediately beneath this high-grade oxide intercept, the hole encountered 30.5 metres grading 3.28 per cent Cu and 96.6 g/t Ag in sulphide mineralization. This is the best copper intercept drilled at JAC to date on a grade-thickness basis, demonstrating the potential of high-grade feeder structures at JAC to host substantial sulphide mineralization.
• DDH 23-026 was drilled to test the northeastern extremity of the JAC zone near the Oculto conceptual open pit, and encountered silver and gold mineralization in oxides, intersecting 19 metres grading 107.3 g/t Ag and 0.69 g/t Au from 131 metres downhole.
• DDH 23-027 was drilled to test the northern margin of the JAC zone and intersected 59 metres grading 129.6 g/t Ag, including four metres grading 812.2 g/t Ag, starting from a downhole depth of only 56 metres.
• DDH 23-028 was drilled to test continuity of the JAC zone for resource estimation. The hole encountered 24.5 metres grading 189.8 g/t Ag in the oxide/sulphide transition zone, including three metres grading 1,174.9 g/t Ag and 0.79 per cent Cu in sulphides, starting from a downhole depth of 156.5 metres.
• DDH 23-029 was drilled beyond the JAC drill target area to explore for a possible new perpendicular zone of mineralization. The hole showed continuity of silver dominant mineralization beyond the current southwestern margin of the JAC deposit and intersected 31.4 metres grading 174.4 g/t Ag in oxides starting from a downhole depth of 126 metres.
  • The hole is located on a zone of low magnetic intensity heading northwest from the main JAC trend toward the Alpaca target where historical drilling intersected silver mineralization. Additional drilling in this area will now be conducted.

Exploration update

Drilling activity at Diablillos remains focused on the recently discovered JAC zone which is located southwest of the conceptual open pit that constrains the current mineral resource estimate (MRE) on the main Oculto deposit (measured and indicated MRE containing 1.3 million ounces (Moz) gold and 109 Moz silver).

Two rigs have essentially completed drilling the planned 22,000-metre phase III program with results demonstrating mineralization at the JAC zone over an area at least 800 metres by approximately 200 metres. As the JAC zone remains open in several directions, the company now plans to drill at least an additional 15 holes as part of the phase III program in order to define the limits of the high-grade silver mineralization in oxides. All phase III drill holes will be incorporated into 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.

Moreover, 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, will be drilled following the systematic drilling of the JAC zone.

About Diablillos

The 80 square km 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).

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, 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 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 inductively coupled plasma atomic emission spectroscopy detection, and gold is analyzed by 50-gram fire assay with an 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 Resources 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 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. Abrasilver is listed on the TSX Venture Exchange under the symbol ABRA and in the United States under the symbol ABBRF.

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