Mr. John Miniotis reports

ABRASILVER ANNOUNCES FINAL ASSAY RESULTS FROM PHASE III DRILLING AT JAC ZONE, INCLUDING 148 G/T SILVER OVER 64 METRES

Abrasilver Resource Corp. has released assay results for the final set of drill holes completed as part of the company's highly successful phase 3 drill program on its wholly owned Diablillos property in Salta province, Argentina.

The reported holes were designed to delineate the margins of the JAC zone, ahead of the upcoming mineral resource estimate (MRE) and a prefeasibility study (PFS) on the Diablillos project. Key takeaways include:

• Diamond drill hole 23-066 to DDH 23-070 were drilled to determine the northwestern edge of the JAC zone. All holes encountered silver mineralization, with a broad intercept of 64 metres grading 148 grams per tonne silver in hole DDH 23-070 from a down-hole depth of only 41 m.
• DDH 23-071 to DDH 23-075 were drilled to test the northeastern edge of the JAC zone. The holes encountered several narrower zones of silver mineralization, with hole DDH 23-075 intersecting 15.0 m at 93 g/t Ag and 0.78 g/t gold:
  • Results from DDH 23-075 are highly encouraging, as they demonstrate the continuity of mineralization between the JAC zone and the main Oculto deposit, and the possibility of a combined open pit.
• DDH 23-065 was drilled beyond the northwestern edge of the JAC zone, into the recently discovered JAC North zone. The hole successfully encountered a near-surface intercept of seven m grading 119 g/t Ag and 0.14 g/t Au, starting at a down-hole depth of only 85 m.
• This encouraging result further confirms the presence of a new significant mineralized structure beyond the main JAC zone:
  • As confirmed on Aug. 9, 2023, the newly discovered JAC North zone is located over 900 m beyond the limit of the conceptual open pit that defines the current mineral resource estimate at Oculto and approximately 100 m northwest of the high-grade JAC zone.
• While DDH 23-075 represented the final drill hole at the main JAC zone as part of the phase 3 drill campaign, the company completed drilling of six additional holes at nearby exploration targets (namely JAC North, Alpaca and Fantasma):
  • These results are expected to be received within the next few weeks and will help determine the highest-priority targets for the next phase of exploration.
• The phase 3 drill program has now been successfully completed. The company is preparing an updated MRE, which remains on schedule to be completed within the next few weeks, to be followed by a PFS on the Diablillos project.

John Miniotis, president and chief executive officer, commented: "We are delighted with the results of our highly successful phase 3 drill campaign. The consistent, high-grade drill results encountered throughout the past year clearly demonstrate the large-scale silver-gold mineralization potential at our flagship Diablillos project. The completion of this drill campaign represents another major milestone for the company and reinforces our belief in the tremendous value remaining to be unlocked through our ongoing exploration efforts."

The latest assay results are summarized in an attached table.

Exploration update:

The phase 3 drill program successfully achieved all of its key objectives, namely:

• Systematically grid drilling the silver-dominant mineralization at the JAC zone in order to estimate measured and indicated mineral resources which can be incorporated into the planned overall Diablillos MRE update and PFS;
• Delineate the margins of the JAC zone and conduct geotechnical drilling necessary for a conceptual open-pit design;
• Conduct reconnaissance drilling at other targets on the Diablillos land package, including the Fantasma, Alpaca and JAC North zones.

All phase 3 drill holes from the JAC zone will be incorporated into an updated MRE and will be included in a PFS on the full Diablillos project. Abrasilver's next phase of drilling (phase 4) will explore additional targets, which will all be prioritized based on distance from the probable porphyry progenitor beneath Oculto and favourability of structural trends reflected in magnetic surveys, with special reference to any historical drill data. Current priority targets in the area west of Oculto include JAC North, Alpaca and Fantasma, with additional targets also being developed to the east and north of Oculto.

Highlights of selected high-grade drill results reported from the phase 3 drill program are summarized in an attached table.

Results of annual general and special meeting of shareholders

The company has also released the results of its annual general and special meeting of shareholders held on Aug. 28, 2023. At the meeting, each of the director nominees listed in the company's management information circular dated July 18, 2023, was elected as a director of the company, including Robert Bruggeman, Stephen Gatley, Sam Leung, Jens Mayer, Nicholas Teasdale, Flora Wood and Hernan Zaballa. The shareholders of the company also approved the reappointment of Crowe MacKay LLP as the auditor of the company for the ensuing year and authorized the board of directors to fix the auditor's remuneration and terms of engagement.

At the meeting, the shareholders of the company also approved amendments to the company's share compensation plan, in accordance with the TSX Venture Exchange rules and policies. The plan is a rolling 10-per-cent plan and was amended to include a net exercise provision. A copy of the plan is attached as a schedule to the circular, which is available under the company's SEDAR+ profile.

Upcoming milestones and catalysts

The company anticipates several upcoming milestones over the next few months, including:

• Releasing assay results from the remaining six holes on regional exploration targets (JAC North, Alpaca and Fantasma) (September, 2023);
• Updated mineral resource estimate for the Diablillos project (October, 2023);
• Conduct a CSAMT (controlled-source audio-frequency magnetotelluric) geophysical survey at Diablillos and prioritize exploration targets for the upcoming phase 4 drill campaign (fourth quarter of 2023);
• Prefeasibility study completed for the Diablillos project (December, 2023).

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.

We seek Safe Harbor.