GR Silver Mining Intersects 44.5 m at 518 g/t AgEq Including 6.5 m at 2,101 g/t AgEq in the Footwall and Hanging Wall of the Main Mineralized Zone at the Plomosas Mine Area
October 31, 2022 - Vancouver, BC - GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV|GRSL, OTCQB|GRSLF, FRANKFURT|GPE) - is pleased to announce additional results from 38 infill drill holes in the resource update program underway at the Company’s Plomosas Mine Area, Plomosas Project in Sinaloa, Mexico. These drill holes were targeted to replace historical holes used in the 2021 NI 43-101 mineral resource estimate, where unsampled intervals were assigned zero values, or to test new high-grade Ag-Au mineralized zones, identified by the Company in both the footwall and hanging wall of the main mineralized zone (Figure 1). GR Silver Mining’s infill drilling program is continuing in the Plomosas Mine Area, and to date has added 105 holes (7,330 m) of new drilling inside the historic Plomosas Mine since completion of the Company’s 2021 NI 43-101 mineral resource estimation.
Highlights of the infill drilling at the Plomosas Mine Area
- PLI22-38: 24.9 m at 471 g/t AgEq[i] - 301 g/t Ag, 0.4 g/t Au, 1.6% Pb, and 2.1% Zn
including 6.0 m at 1,052 g/t AgEq - 856 g/t Ag, 0.7 g/t Au, 1.3% Pb and 2.3% Zn
- PLI22-23: 44.5 m at 518 g/t AgEq - 268 g/t Ag, 1.0 g/t Au, 2.4% Pb, 1.7% Zn, 0.2% Cu
including 7.0 m at 684 g/t AgEq - 626 g/t Ag, 0.03 g/t Au, 1.0% Pb, 0.6% Zn, 0.1% Cu
including 6.5 m at 2,101 g/t AgEq - 1,028 g/t Ag, 5.11 g/t Au, 8.3% Pb, 7.0% Zn, 0.8% Cu
including 2.4 m at 3,431 g/t AgEq - 2,667 g/t Ag, 1.27 g/t Au, 12.2% Pb, 6.9% Zn, 0.3% Cu
- PLI22-24: 12.4 m at 365 g/t AgEq - 135 g/t Ag, 0.4 g/t Au, 4.0% Pb, 1.7% Zn, 0.2% Cu
- PLI22-25: 12.5 m at 1,146 g/t AgEq - 629 g/t Ag, 0.6 g/t Au, 9.2% Pb, 4.0% Zn, 0.4% Cu
including 1.5 m at 1,917 g/t AgEq - 1,791 g/t Ag, 0.2 g/t Au, 1.3% Pb, 1.4% Zn, 0.1% Cu
- PLI22-27: 8.5 m at 371 g/t AgEq - 109 g/t Ag, 0.9 g/t Au, 3.5% Pb, 1.7% Zn, 0.1% Cu
- PLI22-28: 24.3 m at 217 g/t AgEq - 41 g/t Ag, 0.7 g/t Au, 2.1% Pb, 1.1% Zn
- PLI22-30: 0.8 m at 2,365 g/t AgEq - 2,251 g/t Ag, 0.1 g/t Au, 1.0% Pb, 0.1% Zn, 0.6% Cu
- PLIP22-30: 5.1 m at 716 g/t AgEq - 116 g/t Ag, 5.9 g/t Au, 0.2% Pb, 0.2% Zn, 0.4% Cu
including 0.6 m at 4,078 g/t AgEq - 219 g/t Ag, 40.2 g/t Au, 0.4% Pb, 0.1% Zn, 1.0% Cu
- PLIP22-42: 5.7 m at 995 g/t AgEq - 44 g/t Ag, 1.2 g/t Au, 12.7% Pb, 11.4% Zn, 0.4% Cu
The Plomosas Mine Area, which includes a historical mine with 7.4 km of underground development and related infrastructure, is providing positive drill results and new discoveries in many un-mined zones that will be incorporated into the Company’s upcoming resource estimate. The updated NI 43-101 resource estimate will integrate the Company’s two resource stage areas currently being drilled (San Marcial and Plomosas Mine Area) as well as additional drilling scheduled for La Colorada and the San Juan Area. GR Silver Mining will be the first company ever to integrate all exploration concessions at the resource stage into a single combined technical report, representing a major milestone in the Rosario Mining District.
GR Silver Mining Chairman and CEO, Eric Zaunscherb comments "As designed, surgical infill drilling at Plomosas continues to demonstrate attractive polymetallic grades in the main hydrothermal breccia, where nil grades had previously been assigned for unsampled areas in the August 2021 resource block model. It is also very pleasing to see the potential addition of volume from the newly discovered footwall and hanging wall precious metal mineralization. Both may be impactful in the upcoming mineral resource estimate update anticipated in the first quarter of 2023."
FIGURE 1 Location of Selected 2022 Infill Drill Holes – Plomosas Mine Area Upper Levels Longitudinal Section
Plomosas Mine Area - Update Geological Modelling - Drilling Results to Date
The 2022 infill drilling program, combined with detailed mapping and underground sampling, has now traced in detail the Ag-Au Pb-Zn hydrothermal breccia (partially mined by Grupo Mexico until 2001), as well as new mineralization associated with cross cutting faults. This new mineralization can be located on either the hanging wall or footwall of the main mineralized polymetallic hydrothermal breccia (“Plomosas Breccia”) in the vicinity of major fault intersections, outlining wide zones with attractive Ag and Au grades close to existing underground development and or close to the surface (Figures 2 and 3).
FIGURE 2 Geological Cross Section (2,551,900 N – B-B’) - Plomosas Mine Area
Historical mine production to 2001 was concentrated along the Plomosas Breccia, where lead and zinc values were the main target of historic underground bulk mining operations. The information collected by the Company during the past 12 months has indicated that not only are there remnant zones with well-preserved precious and base metal-rich hydrothermal breccias, but also well defined, wide Ag-Au only stockwork zones on the hanging wall and footwall of the Plomosas Breccia.
The Company will continue the Plomosas drilling until December 2022, when all data will be integrated into an updated geological model for the Plomosas Mine Area. The updated mineral resource estimate is scheduled to be completed in the first quarter of 2023.
FIGURE 3 Geological Cross Section (2,551,700 N - C-C’) - Plomosas Mine Area
TABLE 1 Plomosas Mine Area - Infill Drilling Results Highlights
Drill Hole
From
(m)
To
(m)
Apparent
width
(m)
True
Width
(m)
Ag g/t
Au g/t
Pb %
Zn %
Cu %
AgEq
g/t
PLI22-20
16.8
22.5
5.8
5.0
399
0.05
1.0
1.8
0.1
504
including
16.8
19.2
2.4
2.1
901
0.08
2.1
3.9
0.1
1,228
39.1
41.8
2.7
2.7
113
0.14
3.5
5.6
0.1
449
PLI22-21
34.4
41.9
7.5
6.5
62
0.12
0.6
0.6
0.1
119
87.6
95.6
8.0
6.8
17
0.24
0.6
1.5
0.1
114
PLI22-22
1.2
17.8
16.6
12.1
101
0.4
2.0
1.4
0.2
237
including
4.5
7.9
3.4
2.6
391
1.0
8.1
4.2
0.5
935
PLI22-23
8.5
53.0
44.5
36.5
268
1.0
2.4
1.7
0.2
518
including
9.5
16.5
7.0
4.9
626
0.03
1.0
0.6
0.1
684
and
17.0
23.5
6.5
5.9
1,028
5.11
8.3
7.0
0.9
2,101
including
17.0
19.4
2.4
2.2
2,667
1.27
12.2
6.9
0.3
3,431
PLI22-24
34.8
35.0
0.2
0.2
1,159
0.53
1.4
1.0
0.6
1,354
40.0
52.4
12.4
7.1
135
0.39
4.0
1.7
0.2
365
including
40.0
44.0
4.0
2.0
292
0.13
3.1
1.3
0.1
453
PLI22-25
0.0
12.1
12.1
11.4
629
0.56
9.2
4.0
0.4
1,146
including
6.5
12.1
5.6
5.3
584
0.25
3.9
1.3
0.2
787
including
9.5
11.0
1.5
1.4
1,791
0.23
1.3
1.4
0.1
1,917
PLI22-26
29.6
50.2
20.7
16.5
6
0.09
1.0
1.6
na
108
including
45.0
50.2
5.2
4.1
14
0.19
3.1
4.7
0.1
308
PLI22-27
0.0
8.5
8.5
7.2
109
0.91
3.5
1.7
0.1
371
including
0.9
3.4
2.5
2.1
212
2.74
10.9
4.1
0.22
961
PLI22-28
5.4
29.7
24.3
22.0
41
0.69
2.11
1.1
0.1
217
including
13.0
20.3
7.3
6.3
53
0.87
4.5
2.1
na
347
40.2
49.9
9.7
8.4
91
0.06
1.3
0.5
na
140
72.2
73.5
1.5
1.3
375
0.09
0.34
0.67
na
419
83.0
85.5
2.5
1.6
77
0.59
0.5
0.6
na
173
PLI22-29
0.2
20.3
20.1
18.2
78
0.18
0.9
1.1
na
167
including
14.7
19.6
4.9
4.3
124
0.67
3.1
3.8
na
427
PLI22-30
21.5
23.5
2.0
1.0
344
0.04
0.2
0.3
0.1
370
32.0
32.8
0.8
0.5
2,251
0.12
1.1
0.1
0.6
2,365
36.3
36.5
0.2
0.1
1,697
0.21
0.2
0.2
0.6
1,792
44.1
49.5
5.4
3.0
134
0.05
0.6
2.7
0.1
273
including
47.7
49.5
1.8
0.9
328
0.08
1.1
5.0
0.2
576
52.9
57.3
4.4
2.2
55
0.01
1.1
2.5
na
187
68.0
73.0
5.0
3.2
48
0.14
0.7
1.8
na
150
PLI22-31A
30.0
48.6
18.6
13.6
10
0.46
0.4
0.7
0.1
101
PLI22-33
No significant intervals
PLI22-34
59.0
61.7
2.7
1.1
7
0.6
1.5
1.4
0.1
162
PLI22-35
No significant intervals
PLI22-36
4.1
5.6
1.5
1.0
77
0.18
3.8
1.5
na
263
30.8
33.6
2.8
0.7
86
0.39
0.7
1.1
na
187
PLI22-37A
No significant intervals
PLI22-38
66.7
91.5
24.8
15.9
301
0.41
1.6
2.1
na
471
including
71.2
77.2
6.0
3.9
856
0.70
1.3
2.3
na
1,052
PLIP22-27
0.3
6.6
6.3
5.2
42
0.03
0.1
0.2
na
53
PLIP22-29
0.0
22.0
22.0
16.9
55
1.01
3.1
4.8
0.2
440
including
0.0
3.2
3.2
3.0
284
5.15
2.0
9.7
0.5
1,251
and
6.1
14.5
8.4
5.4
20
0.40
4.5
5.8
0.1
420
including
13.8
14.2
0.4
0.3
60
0.55
10.9
15.9
0.6
1,099
PLIP22-30
0.0
14.1
14.1
10.8
69
2.67
0.1
0.2
0.2
353
including
0.0
1.6
1.6
1.2
227
5.39
0.3
0.6
0.4
809
and
4.7
5.3
0.6
0.5
219
40.18
0.3
na
1.0
4,074
PLIP22-31
No significant intervals
PLIP22-32
11.9
14.0
2.1
1.3
9
0.16
2.1
3.0
0.1
213
including
13.2
13.8
0.6
0.4
11
0.34
3.7
5.5
0.2
385
PLIP22-33
No significant intervals
PLIP22-34
No significant intervals
PLIP22-35
0.0
18.5
18.5
15.2
20
1.08
0.5
1.5
0.3
221
including
0.9
1.8
0.9
0.7
28
3.83
0.8
3.1
1.3
670
and
14.2
15.0
0.8
0.6
46
6.09
2.7
8.4
0.8
1,105
PLIP22-36
0.0
1.3
1.3
0.5
17
0.41
2.8
3.4
0.1
273
PLIP22-37
No significant intervals
PLIP22-38
4.0
9.0
5.0
3.8
20
0.3
0.8
0.8
na
103
PLIP22-40
3.7
12.2
8.5
7.7
118
0.06
0.4
0.9
na
170
including
3.7
8.2
4.5
4.2
214
0.05
0.4
0.9
na
265
PLIP22-41
5.7
8.0
2.3
1.3
51
0.05
4.1
10.5
0.4
622
PLIP22-42
1.1
8.6
7.5
6.5
40
0.95
10.5
9.8
0.4
852
PLIP22-43
2.4
9.7
7.3
6.3
34
0.11
1.6
1.1
na
135
PLIP22-45
0.7
5.4
4.7
3.7
21
0.38
1.2
1.6
0.1
160
PLIP22-46
3.6
11.6
8.0
5.7
85
0.18
0.7
1.7
0.1
197
including
9.0
11.1
2.1
1.1
166
0.41
1.8
3.3
0.2
401
PLIP22-48
4.7
20.0
15.3
11.7
30
0.11
0.2
0.3
0.1
65
PLIP22-49
5.3
12.7
7.4
6.7
22
0.10
0.6
0.2
0.1
66
PLIP22-50
1.0
4.5
3.5
2.2
227
0.19
0.7
1.1
0.1
315
including
3.5
4.0
0.5
0.4
1,426
1.27
3.77
4.67
0.27
1,861
Numbers may be rounded. Results are uncut and undiluted. True width not estimated as the Company does not have sufficient data from the new mineralized zones to determine the true widths of the drill hole intervals with any confidence. “na” = no significant result.
* AgEq calculations using US$20.00/oz Ag, US$1,600/oz Au, US$0.90/lb Pb, US$1.10/lb Zn and US$3.00/lb Cu, with metallurgical recoveries of Ag – 74%, Au – 86%, Pb – 69%, Zn – 75% and Cu – 80%. AgEq = ((Ag grade x Ag Price x Ag recovery) + (Au grade x Au price x Au recovery) + (Pb grade x Pb price x Pb recovery) + (Zn grade x Zn price x Zn recovery) + (Cu grade x Cu price x Cu recovery))/(Ag price x Ag recovery) . ** PLI-22 37 interrupted and restarted as PLI 22-37A
TABLE 2 Plomosas Mine Area Infill Drill Program 2022 - Details
Drill Hole
East (m)
North (m)
RL (m)
Dip (˚)
Azimuth (˚)
Depth (m)
Type Drill Hole
PLI22-20
451339
2551706
875
-18
105
113.0
Underground
PLI22-21
451342
2551781
873
-58
360
117.5
Underground
PLI22-22
451379
2551893
879
-17
130
85.5
Underground
PLI22-23
451365
2551911
878
-15
90
116.0
Underground
PLI22-24
451359
2551878
902
-40
145
111.65
Underground
PLI22-25
451447
2551900
906
50
300
30.5
Underground
PLI22-26
451426
2551859
901
-52
90
67.5
Underground
PLI22-27
451423
2551858
905
50
270
47.0
Underground
PLI22-28
451069
2551750
727
-45
60
100.9
Underground
PLI22-29
451432
2551770
904
-62
90
69.5
Underground
PLI22-30
451368
2551744
906
-58
315
78.0
Underground
PLI22-31A
451444
2551854
902
-7
88
6.5
Underground
PLI22-33
451309
2551905
814
-60
120
61.5
Underground
PLI22-34
451111
2551732
731
22
90
80.0
Underground
PLI22-35
451305
2551778
821
-50
60
78.5
Underground
PLI22-36
451305
2551652
802
2
90
98.4
Underground
PLI22-37A
451378
2551577
802
-48
270
78.5
Underground
PLI22-38
451111
2551732
731
16
80
105.0
Underground
PLIP22-27
451215
2551655
769
0
270
10.0
Underground
PLIP22-29
451033
2551888
680
-68
130
22.0
Underground
PLIP22-30
451012
2551897
679
-45
330
14.1
Underground
PLIP22-31
451217
2551627
771
-5
235
11.8
Underground
PLIP22-32
451217
2551843
767
-38
80
16.0
Underground
PLIP22-33
451004
2551897
689
0
0
14.5
Underground
PLIP22-34
451054
2551913
677
-45
20
17.0
Underground
PLIP22-35
451038
2551898
677
-30
315
19.2
Underground
PLIP22-36
451197
2551887
763
-40
90
4.5
Underground
PLIP22-37
451220
2551784
768
-30
80
15.0
Underground
PLIP22-38
451209
2551807
780
-40
57
9.0
Underground
PLIP22-40
451372
2551734
860
-45
98
12.2
Underground
PLIP22-41
451126
2551923
722
-27
70
19.1
Underground
PLIP22-42
451118
2551885
717
-60
117
20.0
Underground
PLIP22-43
451364
2551748
859
-50
5
11.2
Underground
PLIP22-45
451131
2551847
727
-22
90
21.5
Underground
PLIP22-46
451359
2551708
859
-20
245
18.4
Underground
PLIP22-48
451132
2551764
730
-39
90
20.0
Underground
PLIP22-49
451087
2551746
731
-40
60
21.0
Underground
PLIP22-50
451364
2551690
860
-18
215
15.0
Underground
Note: “PLI” holes drilled from underground; WGS84 Datum
QA/QC Procedures
The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.
Qualified Person
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has reviewed and approved its contents.
About GR Silver Mining Ltd.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km2 of concessions containing several structural corridors totaling over 75 km in strike length.
GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO
For further information, please contact:
Brenda Dayton
VP Corporate Communications
Telephone: +1.604.417.7952
Email: bdayton@grsilvermining.com
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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 press release.
[i] See Table 1 for AgEq definition