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AbraSilver Resource Corp. Announces that Rio Tinto has Commenced Drilling at the Arcas Copper-Gold Project in Chile
Toronto - TheNewswire – September 21, 2021- AbraSilver Resource Corp. (TSXV:ABRA) (OTC:ABBRF) ("AbraSilver" or the “Company”) is pleased to announce that Rio Ti
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"Toronto - TheNewswire – September 21, 2021- AbraSilver Resource Corp. (TSXV:ABRA) (OTC:ABBRF) (\"AbraSilver\" or the “Company”) is pleased to announce that Rio Tinto Mining and Exploration Limited (“Rio Tinto”) has commenced drilling at the Company’s Arcas copper-gold project (“Arcas” or the “Project”), located in Chile. The Company’s wholly-owned Arcas project is subject to an earn-in with an option to joint venture agreement, whereby Rio Tinto may acquire up to a 75% stake in Arcas by incurring up to US$25 million in exploration expenditures. The initial exploration program is expected to consist of approximately 2,000 metres of reverse circulation drilling in five holes. John Miniotis, President and CEO of AbraSilver, commented, “We are excited to have Rio Tinto commence drilling activities at Arcas. Having partnered with Rio Tinto, one of the world’s largest and most successful mining and exploration companies, provides a significant opportunity for AbraSilver to unlock additional exploration value for shareholders, while we continue to focus on our Diablillos silver-gold project and advancing our pipeline of exploration projects.” Arcas Project Overview The Arcas Project is located in the Antofagasta Region, 245 km northeast of Antofagasta city, a world class mining hub. The Project is situated in the Atacama Desert, the cordilleran transitional zone between lower desert and high cordillera, at elevations ranging between 1,500-3,800 meters. The Arcas concession block constitutes a combined area of approximately 51,600 hectares and falls along the greater West Fissure-Domeyko mineralized trend which hosts numerous world-class porphyry copper deposits (e.g. Chuquicamata, Collahuasi, El Abra, and Quebrada Blanca). Despite being located adjacent a major mineral belt, the Arcas Project has, to date, had little modern exploration and remains in a preliminary stage of exploration. On September 11, 2019, the Company’s wholly-owned subsidiary, Aethon Minerals Chile SpA (“Aethon”), entered into an earn-in with an option to joint venture agreement (the “Agreement”), whereby Rio Tinto may acquire up to a 75% stake in Arcas by incurring US$25 million in exploration expenditures. A summary of the key terms of the Agreement are as follows: 1st Option: If Rio Tinto incurs total project expen...