We report the revised crystal structure, static and dynamic magnetic properties of quasi-two dimensional honeycomb-lattice silver delafossite Ag3Co2SbO6. The magnetic susceptibility and specific heat data are consistent with the onset of antiferromagnetic long range order at low temperatures with Neel temperature TN ~ 21.2 K. In addition, the magnetization curves revealed a field-induced (spin-flop type) transition below TN in moderate magnetic fields. The GGA+U calculations show the importance of the orbital degrees of freedom, which maintain a hierarchy of exchange interaction in the system. The strongest antiferromagnetic exchange coupling was found in the shortest Co-Co pairs and is due to direct and superexchange interactions between the half-filled xz+yz orbitals pointing directly to each other. The other four out of six nearest neighbor exchanges within the cobalt hexagon are suppressed, since for these bonds active half-filled orbitals turned out to be parallel and do not overlap. The electron spin resonance (ESR) spectra reveal a Gaussian shape line attributed to Co2+ ion in octahedral coordination with average effective g-factor g=2.3+/-0.1 at room temperature and shows strong divergence of ESR parameters below 120 K, which imply an extended region of short-range correlations. Based on the results of magnetic and thermodynamic studies in applied fields, we propose the magnetic phase diagram for the new honeycomb-lattice delafossite.
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