AbraSilver Resource Continues to Intersect High-Grade, Near-Surface Silver Mineralization in New Southwest Zone

Two of the four holes were drilled in the newly discovered Southwest zone (JAC target) which is located several hundred meters southwest of the current Mineral Resources on the main Oculto deposit. Both of the latest holes at the JAC target returned near-surface, high-grade silver mineralization in oxides over multiple intercepts. Key takeaways include:

• Hole DDH 22-052 drilled in to the JAC target intersected two mineralised zones, with the upper zone starting at a down-hole depth of only 74.0 meters intersecting 16.5 meters grading 389 g/t Ag, while the lowerzone intersected 25.0 metres grading 754 g/t Ag (and 0.12 g/t Au) from139.5 to 164.5 metres down-hole.

  • ooThe second intercept included an 18.5metre interval grading 975 g/t Ag

• Hole DDH 22-053 drilled in the JAC target returned 28.0 metres grading 319 g/t AgEq in oxides (comprised of 266 g/t Ag and 0.64 g/t Au) starting at a down-hole depth of 140.5 metres

The latest assay result highlights are summarized in Table 1 and Table 2 below.

Table 1 - Diablillos Drill Results at JAC Target

(Intercepts greater than 2,000 gram-metres AgEq shown in bold text):

Note: All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths. True widths are estimated to be approximately 80% of the interval widths.

1AgEq based on 81.9(Ag):1(Au) calculated using long-term prices of US$25.00/oz Ag and US$1,750/oz Au, and 73.5% process recovery for Ag, and 86.0% process recovery for Au as demonstrated in the Company's Preliminary Economic assessment in respect of Diablillos dated January 13, 2022, using formula: AgEq g/t = Ag g/t + Au g/t x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery)

John Miniotis, President and CEO, commented, "Our drilling in the newly discovered JAC target in the Southwest zone continues to return very strong silver results with consistent, high-grade intercepts over broad widths, located close to surface. Both drill rigs are rapidly advancing our understanding of this new exploration target in preparation for an updated Mineral Resource estimate in H1/2023, to be followed by a Pre-Feasibility Study on the entire project."

Dave O'Connor, Chief Geologist, commented, "These latest drill results continue to highlight the exploration potential well beyond the conceptual open pit boundary of our Oculto deposit. These are exciting times for the Company, as the Diablillos project has done nothing but improve over the past few years and we see significant upside potential ahead based on all the assay results received to date from our new JAC target."

Figure 1 - Diablillos Plan View of Drill Results & Exploration Targets

Click Image To View Full Size

Within the Oculto deposit, holes DDH 22-035 and DDH 22-048 were aimed to test the extent of the East Breccia zone. Both holes encountered mineralization in oxides, with hole DDH 22-035 intersecting 30.0 metres at 7 g/t Ag and 1.47 g/t Au (128 g/t AgEq), and hole DDH 22-048 intersecting 59.0 metres at 55 g/t Ag and 1.14 g/t Au (148 g/t AgEq). While there remains good exploration upside potential within the Oculto deposit, the Company has placed both of its drill rigs in the new Southwest zone, which now represents the main exploration target for the 15,000m Phase III drill program, out of which 6,400m has been completed to date.

Table 2 - Diablillos Drill Results at Oculto Deposit

(Intercepts greater than 2,000 gram-metres AgEq shown in bold text):

Note: All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths. True widths are estimated to be approximately 80% of the interval widths.

1AgEq based on 81.9(Ag):1(Au) calculated using long-term prices of US$25.00/oz Ag and US$1,750/oz Au, and 73.5% process recovery for Ag, and 86.0% process recovery for Au, using formula: AgEq g/t = Ag g/t + Au g/t x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery)

New Southwest Zone

To date, assay results have been received for a total of five holes in the JAC target, located southwest of the Oculto deposit, with all five holes returning high-grade, silver mineralization in oxides near-surface. The JAC target remains open in all directions, with a total of 16 holes having now been drilled in this new zone with assays currently awaited on nine holes. Figure 2 below displays a cross-section of the drill results received to date in the Southwest zone.

Hole DDH 22-052 was drilled approximately 50 metres north of the initial JAC target discovery hole, DDH 22-019, and encountered several well-mineralized zones, including an intercept of 25.0 metres of 754 g/t Ag and 0.12 g/t Au in oxides (from 139.5 to 164.5 metres), including 18.5 metres grading 975 g/t Ag and 0.16 g/t Au. Closer to surface (from 74.0 to 90.5 metres), DDH 22-052 also encountered a separate intercept of 16.5 metres grading 389 g/t Ag and 0.01 g/t Au. Silver mineralisation is hosted in oxidised hydrothermal breccia which is the typical host rock of the high-grade silver mineralisation in the Southwest Zone. The hole was drilled to a down-hole depth of only 191.0 metres.

Hole DDH 22-053 was drilled approximately 50 metres south of the initial JAC target discovery hole, DDH 22-019, and intersected several zones of shallow silver mineralization in oxides, including 28.0 metres at 319 g/t AgEq (comprised of 266 g/t Ag and 0.64 g/t Au from 140.5 to 168.5 metres), including a narrow intercept of 1.0 metre with bonanza grades of 1,794g/t Ag and 2.33g/t Au (2,095 g/t AgEq, from 156.5 to 157.5 metres). The hole was drilled to a down-hole depth of 275.0 metres.

Figure 2 - Cross Section of Results to Date in New Southwest Zone

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*Note: Holes DDH 22-019, DDH 22-044 and DDH 22-046 were previously reported.

The mineralization in the Southwest zone is related to a large, linear magnetic anomaly which appears to be open for approximately 800 metres along strike and has never had any previous drilling. Figure 3 below, shows a 3D representation of the new large-scale JAC target.

Figure 3 - 3D Representation of Large-Scale JAC Target

Click Image To View Full Size

Maiden Mineral Resource Estimate on Southwest Zone and Pre-Feasibility Study in H1/2023

The Company currently has two drill rigs actively exploring the Southwest zone and expects to announce a maiden Mineral Resource estimate for this new zone in H1/2023. The Company is also planning to announce a Pre-Feasibility Study (the "PFS") in H1/2023, which will incorporate the recent updated Mineral Resource on the Oculto deposit, announced on November 3, 2022, along with the potential maiden Mineral Resource estimate on the new Southwest zone. The PFS will be supported by a total of more than 120,000 metres of drilling in approximately 500 drill holes. A second detailed metallurgical test work campaign is well underway, which along with the first campaign, will serve as the basis for process optimization and an expected improvement in the recovery rates of silver for the PFS.

Collar Data

About Diablillos

The 80 km2 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 Table 3:

Table 3 - Oculto Mineral Resource Estimate - As of October 31, 2022

Notes: Effective October 31, 2022. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The Mineral Resource estimate is N.I. 43-101 compliant and was prepared by Luis Rodrigo Peralta, B.Sc., FAusIMM CP(Geo), Independent Consultant. A full Technical Report in respect of the Mineral Resource will be prepared in accordance with NI 43-101 and will be filed on SEDAR within 45 days of the news release dated November 03, 2023. The mineralisation estimated in the Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods.

QA/QC 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 is 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 who 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 multi-element technique consisting of a four acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are reanalyzed using four acid digestion with an ore grade AAS finish.

Qualified Persons

David O'Connor P.Geo., 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

AbraSilver is an advanced-stage exploration company focused on rapidly advancing its 100%-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 66g/t Ag and 0.79g/t Au, containing approximately 109Moz silver and 1.3Moz 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 Mr. 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-V under the symbol "ABRA" and in the U.S. under the symbol "ABBRF".

For further information please visit the AbraSilver Resource website at www.abrasilver.com, our LinkedIn page at AbraSilver Resource Corp., and follow us on Twitter at www.twitter.com/abrasilver

Alternatively please contact:

John Miniotis, President and CEO

info@abrasilver.com

Tel: +1 416-306-8334

Cautionary Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in the Company's disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release

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