EMX has a 1% NSR royalty on the Diablillos project. Diablillos is a high sulfidation silver-gold project, located in the Puna region of the Province of Salta, Argentina and is operated by AbraSilver Resource Corp. (TSX-V: ABRA, “AbraSilver”). Abriva has an option to acquire 100% of the Diablillos property from SSR Mining, with one remaining payment due by the earlier of the date on which commercial production occurs at Diablillos, or July 31, 2025.

There are currently seven known mineralized zones on the Diablillos property, with the Oculto zone being the most important and the most explored. Oculto is a deeply oxidized, high-sulfidation epithermal silver-gold deposit. As a result, the Diablillos Project qualifies as the highest-grade oxide project in the Americas, averaging 2.1 g/t AuEq.

Recent surface mapping and drill data interpretation indicates that high grade mineralization at Oculto is strongly correlated with steeply dipping, tabular, hydrothermal breccia bodies oriented along northeast-trending faults. Recent drilling confirmed that these hydrothermal breccias continue into the basement and identified high-grade copper intercepts up to 5% Cu, suggesting the potential for deeper porphyry-style mineralization.

Significant exploration upside remains at the Diablillos Project. Close-range, nearer-term targets include Oculto, Fantasma (a satellite zone of Ag-rich epithermal mineralization related to Oculto), Laderas, and Alpaca. Most of the longer-term distal targets, except for Yolanda, are aligned along a curving trend and are collectively known as the Northern Arc zones. These zones include the Cerro Viejo Este and Oeste, the Cerro del Medio Norte, Pedernales, and Corderos. This group of prospects lies approximately three to four kilometers north-northeast of the center of the Oculto deposit. All encompass epithermal silver-gold targets similar in style to Oculto, and one, Cerro Viejo, shows potential for porphyry mineralization.

An updated 2021 PEA for Oculto reported total Measured and Indicated Resources of 41.2 Mt grading 68 g/t Ag and 0.76 g/t Au, for 90.2 Moz of contained silver and 1.0 Moz of contained gold. Preliminary metallurgical tests indicate high recoveries from a crushing, grinding and agitated leach plant with a Merrill-Crowe circuit. In addition to updating the resource model and completing further metallurgical testing, AbraSilver continues to drill Oculto as well as advancing other targets on the property. Work will begin on a feasibility study in 2022 and is projected to finish in 2023.

Operator AbraSilver Resource Corp. (TSX-V: ABRA, “AbraSilver”) has an option to acquire 100% of the Diablillos property, with one outstanding payment due on the earlier of the date on which commercial production occurs at Diablillos or July 31, 2025. A 2018 PEA reported historical Indicated Resources at Oculto of 26.85 million tonnes grading 93g/t silver and 0.85g/t gold, for 80.3 million ounces of contained silver and 732 thousand ounces of contained gold. Preliminary metallurgical tests indicate high recoveries from a crushing, grinding and agitated leach plant with a Merrill-Crowe circuit. High-grade copper intercepts have been discovered at depth and may suggest deeper porphyry-style potential.

The table below is from the NI 43-101 technical report titled NI 43-101 Preliminary Economic Assessment Technical Report - Diabillos Project dated January 13, 2022 for Abra Silver.  Qualified person is Ms Muñoz QP(Geo) of Mining Plus, Independent Qualified Person under NI 43-101. A feasibility study slated for 2022.

Click to Enlarge


  1. CIM (2014) definitions were followed for Mineral Resources and Mineral Resources are not Mineral Reserves and have not demonstrated economic viability
  2. Mineral Resources are estimated at a cut-off grade of 40 g/t AgEq for Oculto and 40 g/t Ag for Fantasma.
  3. The Mineral Resource is reported inside a whittle pit shell with a cut-off grade of 35 g/t silver equivalent, estimated using a gold price of US $1750 and silver price of US $25
  4. The estimate is constrained by a pit shell for both Oculto and Fantasma.
  5. Numbers may not add due to rounding.
  6. The silver equivalent is based in the following formula AgEq = Ag + Au*70

In RPA’s opinion, the Mineral Resources are classified and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definitions Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions). RPA is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate. This resource was reviewed by Qualified Person David W. Rennie, P.Eng an Associate Principal Geologist with Roscoe Postle Associates (“RPA”) and registered as a Professional Engineer in the Province of British Columbia (Reg.#13572).

EMX has not performed sufficient work to verify the projects’ historical resource estimate but considers this information as reliable and relevant.


Click to Enlarge
Click to Enlarge
Click to Enlarge