AbraSilver Resource Corp (OTCMKTS:ABBRF) was up 7% after announcing assay findings from the latest diamond drill hole in the Phase II project on then wholly-owned Daiblillos resource located in Salta Province in Argentina.
Market Reaction
On Wednesday, ABBRF stock moved up 7.20% to $0.3317 with more than 748K shares, compared to its average volume of 617K shares. The stock moved within a range of $0.3201 – 0.3787 after opening trade at $0.3215.
AbraSilver Drills 294 g/t AgEq over 67.5m at Diablillos & Provides La Coipita Drilling Update
The company reported a near-surface oxide interlude of high-grade silver and gold in HoleDDH 22-005 with 67.5m at 293.9 AgEq, including 17m at 756.8 g/t AgEq. Mineralization in the step-out hole situated southwest of the Oculto Mineral Resource now extends almost 2000m by 600m, and it is at depth and stays open along with the trend.
The company’s CEO John Miniotis said that the company’s continuous drill activity at Diablillos has continued to exceed expectations by far, hole upon the hole. Drilled towards the southwest boundary of the planned excavation site, hole DDH 22-005 clearly indicates the continuation of high-grade deposits beyond what had previously been expected. He added that they are excited to keep the momentum going, with further exploration news likely in the coming weeks and months. So AVVRF is worth watching in the coming weeks.
Key Quote
John Miniotis, President and CEO, commented, “Hole after hole, our ongoing drill program at Diablillos continues to far exceed all expectations. Hole DDH 22-005 was drilled on the southwest margin of the conceptual open pit and clearly demonstrates the continuity of high-grade mineralization beyond what was previously estimated. We look forward to building momentum with additional exploration news flow expected in the weeks and months ahead.”
Traders Review
ABBRF stock is trading below the 20-Day and 50-Day Moving averages of $0.33 and $0.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33.
