Mr. John Miniotis reports

ABRASILVER ANNOUNCES ADDITIONAL HIGH-GRADE DRILL RESULTS AT THE JAC ZONE INCLUDING 10 METRES AT 520 G/T AG & 19 METRES AT 253 G/T AG

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

Drilling is now aimed at determining the margins of the high-grade silver oxide mineralization at the JAC zone, in preparation for a mineral resource estimate to be released later this year.

Key takeaways from the latest JAC zone drill results include:

• Diamond drill hole 23-030 was drilled to test the southwest area of the JAC zone. The hole encountered 28.3 metres grading 76.3 grams per tonne silver from a down-hole depth of 93.7 metres.
• DDH 23-032 was drilled beyond the northwest area of JAC, toward the Alpaca target. The hole intersected multiple zones of silver mineralization in oxides, including 24.5 metres at 176.7 g/t Ag from 131.0 metres down hole:
  • Follow-up drilling in this area will be conducted to test for a possible new perpendicular zone of mineralization beyond the JAC zone, which coincides with a magnetic low.
• DDH 23-033 was drilled in the far southwest area of the JAC zone and intersected 14.0 metres grading 193.0 g/t Ag from 125.5 metres down hole.
• DDH 23-036 was drilled to test the southwest area of the JAC zone. The hole intersected several zones of silver mineralization, including 10.0 metres grading 520.0 g/t Ag, and a separate zone of 4.5 metres grading 496.8 g/t Ag.
• DDH 23-039 was drilled to test the southeastern area of the JAC zone and intersected 19.0 metres grading 253.4 g/t Ag, starting from a down-hole depth of 105.0 metres.
• DDH 23-044 was drilled along the southeastern area of the JAC zone and intersected 20.0 metres grading 112.5 g/t Ag, starting from a down-hole depth of only 73.0 metres.

John Miniotis, president and chief executive officer, commented: "Today's drill results continue to grow the mineralized footprint of the new JAC zone in several directions. In addition, these results demonstrate continuity of silver mineralization beyond the main JAC zone, highlighting the potential for additional silver mineral resources in new target areas, like the Alpaca target."

Dave O'Connor, chief geologist, commented: "Drilling to determine the extremities of the JAC mineralized system continues to intersect several zones beyond the margins of the main orebody, and these areas demonstrate significant exploration upside. In particular, hole 23-032, which intersected silver oxide mineralization between the main JAC zone and the Alpaca target, demonstrates potential for mineralized structures perpendicular to the JAC trend and provides further validation of mineralization being associated with magnetic lows. This Alpaca-JAC target area, as well as the Fantasma zone, will be targeted in a new drilling campaign, which will commence following completion of the JAC drilling."

The latest assay result highlights are summarized in an attached table.

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 on the main Oculto deposit.

To date, a total of 21,600 metres in 95 holes have been drilled as part of the phase 3 drill program. All 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 completion of the current phase 3 drill program.

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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