Mr. John Miniotis reports

ABRASILVER INTERSECTS HIGHEST GRADE SILVER INTERCEPT OF ALL-TIME AT DIABLILLOS: 12,581 G/T SILVER AND 44.5 G/T GOLD (16,225 G/T AGEQ) OVER 1 METRE

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

Record-grade intercept located at new JAC target, part of broader intercept of 2,498 grams per tonne (g/t) silver equivalent (AgEq) over 8.5 metres (m)

Key takeaways from the latest drill results include:

• Drill holes DDH 22-075 and DD 22-076 were drilled at the new JAC target. Hole DDH 22-076 encountered the all-time highest-grade silver intercept recorded on the Diablillos project to date.
• Hole DDH 22-076 encountered two high-grade silver and gold zones at the JAC target:
  • 22 m at 477 g/t silver (Ag) and 0.20 g/t gold (Au) in oxides from 147.0 m downhole;
  • 8.5 m at 1,953 g/t Ag, 6.66 g/t Au and 0.43 per cent copper (Cu) in an oxide-sulphide transition zone from 169.0 m downhole. This interval includes the record-grade silver intercept of one m at 12,581 g/t Ag and 44.5 g/t gold (Au).
• Hole DDH 22-075 intersected a broad zone of high-grade silver mineralization in oxides of 16 m at 604 g/t Ag and 0.82 g/t Au from 151.0 m, including five m at 1,638 g/t Ag and 2.58 g/t Au. This hole also encountered high-grade copper in the sulphide zone beneath with 4.5 m at 1.97 per cent Cu from 167.0 m. The copper content suggests that this may be part of a vertical or subvertical feeder structure in the JAC target.
• The discovery hole at the JAC target was announced in August, 2022. Since then, there have been multiple high-grade intercepts drilled at relatively shallow depths and the extent and grade of the mineralization have exceeded the company's expectations. Results to date from 24 drill holes combined with interpretation of magnetics suggest that the JAC target has substantial size potential. The company's top priority is to drill off the JAC target to gain an understanding of the geometry of the mineralization and to fully define a mineral resource estimate.

John Miniotis, president and chief executive officer, commented: "These latest exceptional drill results from the JAC target underscore the substantial silver-dominant resource potential of this target and also the potential for other new silver-gold discoveries at Diablillos. At the JAC target, we are defining what appears to be a major new high-grade discovery which is ideally situated near surface, in flat-lying topography. Drilling has yet to define the limits of the mineralization at the JAC target and we expect that this target will significantly increase the silver resources on the Diablillos project. Drilling continues and the company will expand the ongoing phase III drill program as long as we continue to intercept high-grade silver and gold mineralization."

Dave O'Connor, chief geologist, commented: "Drilling at the new JAC target continues to encounter spectacular grades of silver mineralization at shallow depths. Importantly, holes DDH 22-075 and DDH 22-076 also intersected copper sulphide mineralization with associated high-grade gold and silver at the base of the oxide zone. We are continuing to gain a more detailed understanding of these high-grade feeder structures up which mineralization migrated into the JAC target from an underlying porphyry intrusion. Hole 22-076 reaffirms our view that the new JAC target has significant resource growth potential and that there is much more remaining to be discovered at Diablillos."

Exploration update

Drilling is continuing with two diamond drill rigs focused on understanding the extent and orientation of silver and gold mineralization at the JAC target. To date, assay results have been reported for 24 drill holes at the JAC target, which coincides with a northeast-southwest-trending magnetic anomaly, and there are assays pending for an additional 19 drill holes. These drill holes span 700 m along strike and widths up to 150 m.

Mineralization at the JAC target is open in multiple directions and at least 20 additional drill holes are planned. Additional drilling may be required if mineralization remains open at the completion of these additional holes, a scenario that appears increasingly likely.

The JAC zone appears to be parallel to the main breccia at Oculto and may be an extension of it toward the southwest. There is currently a drilling gap of approximately 150 m between the east-northeast extension of the JAC zone and the Oculto zone that will need to be infilled to understand the relation between the two zones and to test for the additional mineralization between the two. The JAC zone is a blind target as it buried under unconsolidated colluvial material and does not have a physical surface geological expression. It is interpreted as being oriented west-southwest to east-northeast based on a coincident magnetic low, interpreted to have formed from the destruction of magnetic minerals by the high-sulphidation hydrothermal fluids. A preliminary interpretation of the geometry of the JAC zone suggests both horizontal high-grade components as well as an underlying feeder structure. Additional results from the current drilling and additional drilling testing the edges of this mineralization will be needed to confirm this interpretation and to determine the extents of the mineralization.

Of significant geological interest is an additional parallel low magnetic zone to the south-southeast of JAC which has not been drilled to date and has potential to host additional mineralization.

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 an attached table.

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

Qualified persons

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 million ounces (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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