Abrasilver Resource Corp. press release

AbraSilver Expands Diablillos Mineral Resource Estimate to 248 Million Ounces Contained Silver and 2.5 Million Ounces Contained Gold (454 Moz AgEq) in M&I

2026-05-06

TSX - Toronto Stock Exchange · Silver · Gold · Copper · Molybdenum · Canada · Resource Estimate

Highlights Strong Growth at Oculto & Significantly Expands Heap Leach Component

Toronto, Ontario--(Newsfile Corp. - May 6, 2026) - AbraSilver Resource Corp. (TSX: ABRA) (OTCQX: ABBRF) ("AbraSilver" or the "Company") is pleased to report an updated Mineral Resource estimate ("MRE") on the Company's wholly owned Diablillos property in Argentina ("Diablillos" or the "Project").

The updated MRE demonstrates significant growth across the Project, with Measured & Indicated ("M&I") resources now totaling 232 million tonnes ("Mt"), containing approximately 248 million ounces ("Moz") of silver and 2.54 Moz of gold(454 Moz silver-equivalent "AgEq"). The contained metal in M&I has increased by a substantial 25% for silver, 48% for gold and 30% for silver-equivalent since the prior mineral resource estimate (the "Prior MRE") from July 2025.

The updated MRE incorporates approximately 13,270 metres ("m") of additional drilling completed since the Prior MRE, bringing the total drilling database at Diablillos to over 170,000 m. The estimate includes mineralization amenable to tank or heap leach processing routes and reflects continued growth across all five deposits at Diablillos - Oculto, JAC, Fantasma, Laderas and Sombra - driven by recent drilling success, improved geological understanding, and updated economic assumptions. The MRE is based on drilling up to December 31, 2025 and does not include any of the Phase VI drilling completed since.

Key Highlights of the Updated MRE (Combined Tank and Heap Leach):

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Tank leach MRE: 102 Mt grading 65 g/t Ag and 0.62 g/t Au, containing 213 Moz Ag and 2.04 Moz Au (389 Moz AgEq).

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Heap leach MRE: 130 Mt grading 8 g/t Ag and 0.12 g/t Au, containing 35 Moz Ag and 503 koz Au (65 Moz AgEq).

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The heap leach tonnage has increased significantly, reflecting the delineation of a large volume of lower-grade mineralization with strong development potential under a dual-processing approach and improved economics.

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Total M&I MRE (tank and heap leach): 232 Mt grading 33 g/t Ag and 0.34 g/t Au, containing 248 Moz Ag and 2.54 Moz Au (454 Moz AgEq).

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Updated MRE use conservative long-term metal pricesof US$34.50/oz Ag & $3,200/oz Au.

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The updated MRE will underpin the upcoming Definitive Feasibility Study ("DFS") on the proposed tank leach operation and an accompanying Preliminary Economic Assessment ("PEA") of the additional heap leach option, expected by the end of Q2 2026.

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Updated MRE reflects drilling through Dec. 31, 2025, with additional upside from the ongoing Phase VI drill program to be incorporated in the next MRE update, anticipated in Q1 2027.

Key Changes Compared to Prior MRE (Tank Leach Only):

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14% increase in contained silver in the M&I categories to 213 Moz Agfrom 186 Moz Ag.

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31% increase in contained gold in the M&I categoriesto 2.04 Moz Au from 1.55 Moz Au.

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19% increase in M&I silver-equivalent ounces to 389 Moz AgEq from 327 Moz AgEq.

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M&I MRE totals 102.0 Mt grading 65 g/t Ag and 0.62 g/t Au (119 g/t AgEq).

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Total Inferred MRE amounts to an additional 14.4 Mt at 25 g/t Ag and 0.57 g/t Au (74 g/t AgEq).

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Significant increase in the M&I categories occurred in gold mineralization at the Oculto deposit, where tonnage increased by 45%. Contained silver rose by 15% and contained gold by 31% (refer to Table 3 for details) due primarily to additional exploration drilling.

John Miniotis, President and CEO, commented, "We're extremely pleased to deliver yet another strong Mineral Resource update at Diablillos, with total M&I now exceeding 450 million ounces of silver-equivalent. This update reflects continued growth in our core deposits while also highlighting a large-scale heap leach opportunity that could enhance the Project's overall development profile. With the DFS on track for completion in Q2 2026, we are progressing toward a formal construction decision, while continuing to generate additional value through ongoing exploration success."

David O'Connor, Chief Geologist, stated, "The updated MRE demonstrates the strong growth potential at Diablillos, particularly at Oculto, where recent drilling continues to successfully expand mineralization. Importantly, the property remains highly-prospective, with multiple target areas still largely untested, and drilling from the ongoing Phase VI program continues to highlight the potential for further meaningful resource growth."

April 2026 Mineral Resource Estimate Statement

Table 1 - Total Diablillos Mineral Resource Summary (Tank & Heap Leach) - As of April 30, 2026.

| | Zone | Category | Tonnes (000 t) | Ag (g/t) | Au (g/t) | AgEq (g/t) | Contained Ag (000 Oz) | Contained Au (000 Oz) | Contained AgEq (000 Oz) | | Tank Leach | Oxides | Measured | 41,042 | 100 | 0.68 | 159 | 131,668 | 896 | 209,281 | | Indicated | 60,978 | 41 | 0.58 | 92 | 81,060 | 1,143 | 180,078 | | | | Measured & | 102,021 | 65 | 0.62 | 119 | 212,728 | 2,039 | 389,359 | | | | Indicated | | | | | | | | | | | Inferred | 14,400 | 25 | 0.57 | 74 | 11,468 | 262 | 34,187 | | | | Heap Leach | Oxides | Measured | 25,469 | 13 | 0.09 | 19 | 10,997 | 76 | 15,425 | | Indicated | 104,491 | 7 | 0.13 | 15 | 24,328 | 428 | 49,342 | | | | Measured & | 129,960 | 8 | 0.12 | 16 | 35,325 | 503 | 64,767 | | | | Indicated | | | | | | | | | | | Inferred | 34,947 | 6 | 0.14 | 14 | 6,939 | 158 | 16,153 | | | | Total | Oxides | Measured | 66,512 | 67 | 0.45 | 105 | 142,665 | 971 | 224,706 | | Indicated | 165,469 | 20 | 0.30 | 43 | 105,388 | 1,570 | 229,420 | | | | Measured & Indicated | 231,981 | 33 | 0.34 | 61 | 248,053 | 2,542 | 454,127 | | | | Inferred | 49,347 | 12 | 0.26 | 32 | 18,406 | 420 | 50,340 | | |

Refer to footnotes in Tables 2 and 4

Table 2 - Diablillos Mineral Resource Estimate by Deposit (Tank Leach Material Only) - As of April 30, 2026.

| Deposit | Zone | Category | Tonnes (000 t) | Ag (g/t) | Au (g/t) | AgEq (g/t) | Contained Ag (000 Oz) | Contained Au (000 Oz) | Contained AgEq (000 Oz) | | Oculto | Oxides | Measured | 31,443 | 85 | 0.86 | 159 | 85,507 | 870 | 160,890 | | Indicated | 51,617 | 34 | 0.66 | 91 | 55,745 | 1,099 | 150,983 | | | | Measured & Indicated | 83,059 | 53 | 0.74 | 117 | 141,252 | 1,969 | 311,872 | | | | Inferred | 12,145 | 17 | 0.62 | 71 | 6,705 | 244 | 27,810 | | | | JAC | Oxides | Measured | 9,600 | 150 | 0.08 | 157 | 46,161 | 26 | 48,392 | | Indicated | 5,192 | 115 | 0.04 | 118 | 19,125 | 7 | 19,729 | | | | Measured & Indicated | 14,792 | 137 | 0.07 | 143 | 65,286 | 33 | 68,120 | | | | Inferred | 874 | 121 | 0.01 | 122 | 3,407 | 0 | 3,432 | | | | Fantasma | Oxides | Measured | - | - | - | - | - | - | - | | Indicated | 1,738 | 74 | 0.01 | 75 | 4,149 | 0 | 4,176 | | | | Measured & Indicated | 1,738 | 74 | 0.01 | 75 | 4,149 | 0 | 4,176 | | | | Inferred | 337 | 75 | 0.01 | 76 | 814 | 0 | 822 | | | | Laderas | Oxides | Measured | - | - | - | - | - | - | - | | Indicated | 1,520 | 15 | 0.66 | 72 | 726 | 32 | 3,501 | | | | Measured & Indicated | 1,520 | 15 | 0.66 | 72 | 726 | 32 | 3,501 | | | | Inferred | 988 | 14 | 0.57 | 63 | 435 | 18 | 2,017 | | | | Sombra | Oxides | Measured | - | - | - | - | - | - | - | | Indicated | 912 | 45 | 0.15 | 58 | 1,314 | 4 | 1,689 | | | | Measured & Indicated | 912 | 45 | 0.15 | 58 | 1,314 | 4 | 1,689 | | | | Inferred | 56 | 59 | 0.00 | 59 | 106 | 0 | 106 | | | | Total (tank leach) | Oxides | Measured | 41,042 | 100 | 0.68 | 159 | 131,668 | 896 | 209,281 | | Indicated | 60,978 | 41 | 0.58 | 92 | 81,060 | 1,143 | 180,078 | | | | Measured & Indicated | 102,021 | 65 | 0.62 | 119 | 212,728 | 2,039 | 389,359 | | | | Inferred | 14,400 | 25 | 0.57 | 74 | 11,468 | 262 | 34,187 | | |

1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. 2. The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery). 3. The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains. The 1m composite grades were capped where appropriate. 4. The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 34.50/oz Ag price, US $3,200/oz Au price, 86.6% process recovery for Au, and 80.9% process recovery for Ag, for the tank leaching and 74.3% process recovery for Au, and 46.8% process recovery for Ag, for the secondary heap leaching. 5. Open pit optimization was constrained using a dual-process approach, with tank leaching as the primary process (total opex of US$32.30/t) and heap leaching as the secondary process (total opex of US$7.00/t). 6. The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014). 7. A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income] 8. The Mineral Resource is sub-horizontal with sub-vertical feeders and has a reasonable prospect for eventual economic extraction by open pit methods. 9. In-situ bulk densities were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation. 10. All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces. 11. Mining recovery and dilution factors have not been applied to the Mineral Resource estimates. 12. The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an Independent Qualified Person under NI 43-101. 13. Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource. 14. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.

[](https://images.newsfilecorp.com/files/11792/296232_f6969a39f41eda29_001full.jpg)

Figure 1 - Diablillos Pit Shell Comparison (2026 vs. 2025) Highlighting Resource Growth

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11792/296232_f6969a39f41eda29_001full.jpg

Updated Tank Leach Mineral Resource Demonstrates Strong Growth at Core Deposits

The updated tank leach MRE reflects continued expansion across the core Oculto and JAC deposits, supported by recent drilling that has improved both scale and confidence in the resource.

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Oculto: M&I MRE tonnage increased by 45%, with contained silver up 15% and gold up 31%. This substantial increase was driven by infill drilling to connect gaps in the MRE blocks and drilling to expand the margins of the resource.

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JAC: M&I MRE increased by 13% in tonnage, with contained silver rising12% and contained gold up 20%. This increase was also driven by infill drilling to connect gaps in resource blocks and drilling to expand the margins of the mineralization.

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Fantasma, Laderas and Sombra: All satellite deposits recorded meaningful increases in tonnage and contained metal, supported by a combination of additional drilling and updated economic assumptions.

Table 3 - Comparison of the April 2026 Tank Leach M&I MRE to the July 2025 Prior Estimate.

| Deposit | | Category | Tonnes (000 t) | Ag (g/t) | Au (g/t) | Contained Ag (k oz Ag) | Contained Au (k oz Au) | | Oculto | Current Resource | Measured & Indicated | 83,059 | 53 | 0.74 | 141,252 | 1,969 | | Prior Resource | Measured & Indicated | 57,382 | 67 | 0.82 | 123,321 | 1,505 | | | Variance (%) | 45% | -21% | -10% | 15% | 31% | | | | JAC | Current Resource | Measured & Indicated | 14,792 | 137 | 0.07 | 65,286 | 33 | | Prior Resource | Measured & Indicated | 13,134 | 139 | 0.06 | 58,492 | 27 | | | Variance (%) | 13% | -1% | 7% | 12% | 20% | | | | Fantasma | Current Resource | Measured & Indicated | 1,738 | 74 | 0.01 | 4,149 | - | | Prior Resource | Measured & Indicated | 1,049 | 72 | - | 2,436 | - | | | Variance (%) | 66% | 3% | - | 70% | - | | | | Laderas | Current Resource | Measured & Indicated | 1,520 | 15 | 0.66 | 726 | 32 | | Prior Resource | Measured & Indicated | 806 | 17 | 0.67 | 428 | 17 | | | Variance (%) | 88% | -10% | -3% | 70% | 84% | | | | Sombra | Current Resource | Measured & Indicated | 912 | 45 | 0.15 | 1,314 | 4 | | Prior Resource | Measured & Indicated | 758 | 54 | 0.12 | 1,317 | 3 | | | Variance (%) | 20% | -17% | 18% | 0% | 42% | | | | All deposits (tank leach only) | Current Resource | Measured & Indicated | 102,021 | 65 | 0.62 | 212,728 | 2,039 | | Prior Resource | Measured & Indicated | 73,129 | 79 | 0.66 | 185,994 | 1,553 | | | Variance (%) | 40% | -18% | -6% | 14% | 31% | | |

Notes to Mineral Comparison Table

1. Key Assumptions in April 2026 MRE:

Ag price: $ 34.50/oz & Au price: $3,200/oz. Average recovery rates (tank leach): 80.9% Ag and 86.6% Au. Cut-off grade: based on Net Value per Block, with an average cut-off grade equivalent to ~39 g/t AgEq. Open pit optimization parameters: Mining cost; $2.23/t; Processing cost; $23.84/t; G&A cost $6.51/t.

1. Key Assumptions in July 2025 MRE:

Ag price: $ 27.50/oz & Au price: $2,400/oz Average recovery rates (tank leach): 82.6% Ag and 86.5% Au Cut-off grade: based on Net Value per Block, with an average cut-off grade equivalent to ~41 g/t AgEq. Open pit optimization parameters: Mining cost; $1.94/t; Processing cost; $22.97/t; G&A cost $3.32/t For additional details, please refer to "NI 43-101 Technical Report, Mineral Resource Estimate, Diablillos Ag-Au Project" with an effective date of July 29, 2025 and available on the Company's profile on www.sedarplus.ca.

[](https://images.newsfilecorp.com/files/11792/296232_f6969a39f41eda29_002full.jpg)

Figure 2 - Diablillos Mineral Resource Estimate within Conceptual Open Pit

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11792/296232_f6969a39f41eda29_002full.jpg

Heap Leach Mineral Resource Estimate

The updated MRE includes a significantly expanded heap leach component, representing a large inventory of lower-grade mineralization that was not previously fully captured within the block model. The increase in heap leach mineralization reflects a combination of:

Higher long-term gold and silver price assumptions, improving economic cut-off thresholds. Improved geological continuity within broader mineralized domains. Updated processing assumptions incorporating a dual-flow sheet approach.

A potential secondary heap leach processing circuit will be evaluated under a PEA and presented with the DFS results by the end of Q2. The heap leach project will be an expansion to the tank leach operation and will be evaluated based on potential construction after the tank leach circuit is operational. The heap leach operation has the potential to convert some of the open pit waste into payable mineralization and effectively lower the future strip ratio. The company intends to present the PEA within the same NI 43-101 Technical Report as the DFS.

Table 4 - Diablillos Mineral Resource Estimate (Heap Leach Material Only) - As of April 30, 2026.

| Deposit | | Category | Tonnes (000 t) | Ag (g/t) | Au (g/t) | Contained Ag (k oz Ag) | Contained Au (k oz Au) | | All deposits (Heap leach only) | Current Resource | Measured & Indicated | 129,960 | 8 | 0.12 | 34,854 | 503 | | Prior Resource | Measured & Indicated | 30,774 | 13 | 0.16 | 12,649 | 162 | | | Variance (%) | 322% | -38% | -25% | 176% | 210% | | |

Notes for July 2026 MRE (Heap Leach Material):

1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. 2. The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery). 3. The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains. The 1m composite grades were capped where appropriate. 4. The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 34.50/oz Ag price, US $3,200/oz Au price, 86.6% process recovery for Au, and 80.9% process recovery for Ag, for the primary process tank leaching and 74.3% process recovery for Au, and 46.8% process recovery for Ag, for the secondary process heap leaching. 5. Open pit optimization was constrained using a dual-process approach, with tank leaching as the primary process (total opex of US$32.30/t) and heap leaching as the secondary process (total opex of US$7.00/t). 6. The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014). 7. A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income]. 8. The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods. 9. In-situ bulk density was assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation. 10. All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces. 11. Mining recovery and dilution factors have not been applied to the Mineral Resource estimates. 12. The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an Independent Qualified Person under NI 43-101. 13. Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource. 14. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.

Significant Exploration Upside Remains

Diablillos continues to demonstrate strong potential for further Mineral Resource growth, both within and beyond the current footprint. Key target areas include:

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Oculto East: based on recent drill results, the robust gold-dominant mineralization at Oculto East within which there are higher grade zones, extends well beyond the conceptual open pit margin. This remains the top priority target area for further expanding Mineral Resources.

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Oculto-JAC connection:recent drilling has shown that there is potential to expand the high-grade silver mineralization in the Oculto-JAC area, as well as potential for additional mineralized zones north of the JAC zone, extending southwest from Oculto.

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Sombra: the Mineral Resource at the Sombra zone has potential to continue north-eastwards along a magnetic anomaly zone to connect with the Oculto deposit and be incorporated in the Oculto conceptual open pit.

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Cerro Viejo:a major zone hosting gold bearing silicified rock extends for over 1 km westwards from the previously drilled area at Cerro Viejo. Channel sampling with anomalous to high grade gold values will be followed up by reconnaissance drilling aimed at defining a shallow epithermal gold resource.

The fully funded Phase VI drill program includes approximately 15,000 m of drilling, with results expected to support a future Mineral Resource update in early 2027.