Precious Metals
November 2, 2022

GR Silver Mining (TSX.V: GRSL)

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Drills 44.5 M Of 518 G/T Ageq At Plomosas


GR Silver Mining has released additional results from 38 infill drill holes in the resource update program under way at the company's Plomosas mine area, Plomosas project, Sinaloa, Mexico. These drill holes were targeted to replace historical holes used in the 2021 National Instrument 43-101 mineral resource estimate, where unsampled intervals were assigned zero values, or to test new, high-grade, silver-gold-mineralized zones, identified by the company in both the footwall and hangingwall of the main mineralized zone. GR Silver Mining's infill drilling program is continuing in the Plomosas mine area, and to date has added 105 holes (7,330 metres) of new drilling inside the historical Plomosas mine since the 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 grams per tonne silver equivalent (301 grams per tonne silver, 0.4 gram per tonne gold, 1.6 per cent lead and 2.1 per cent zinc):
  • Including six m at 1,052 g/t AgEq (856 g/t Ag, 0.7 g/t Au, 1.3 per cent Pb and 2.3 per cent Zn).
  • PLI22-23 -- 44.5 m at 518 g/t AgEq (268 g/t Ag, one g/t Au, 2.4 per cent Pb, 1.7 per cent Zn and 0.2 per cent copper):
  • Including seven m at 684 g/t AgEq (626 g/t Ag, 0.03 g/t Au, 1 per cent Pb, 0.6 per cent Zn and 0.1 per cent Cu);
  • Including 6.5 m at 2,101 g/t AgEq (1,028 g/t Ag, 5.11 g/t Au, 8.3 per cent Pb, 7 per cent Zn and 0.8 per cent Cu);
  • Including 2.4 m at 3,431 g/t AgEq (2,667 g/t Ag, 1.27 g/t Au, 12.2 per cent Pb, 6.9 per cent Zn and 0.3 per cent Cu).
  • PLI22-24 -- 12.4 m at 365 g/t AgEq (135 g/t Ag, 0.4 g/t Au, 4 per cent Pb, 1.7 per cent Zn and 0.2 per cent Cu);
  • PLI22-25 -- 12.5 m at 1,146 g/t AgEq (629 g/t Ag, 0.6 g/t Au, 9.2 per cent Pb, 4 per cent Zn and 0.4 per cent Cu):
  • Including 1.5 m at 1,917 g/t AgEq (1,791 g/t Ag, 0.2 g/t Au, 1.3 per cent Pb, 1.4 per cent Zn and 0.1 per cent Cu).
  • PLI22-27 -- 8.5 m at 371 g/t AgEq (109 g/t Ag, 0.9 g/t Au, 3.5 per cent Pb, 1.7 per cent Zn and 0.1 per cent Cu);
  • PLI22-28 -- 24.3 m at 217 g/t AgEq (41 g/t Ag, 0.7 g/t Au, 2.1 per cent Pb and 1.1 per cent Zn);
  • PLI22-30 -- 0.8 m at 2,365 g/t AgEq (2,251 g/t Ag, 0.1 g/t Au, 1 per cent Pb, 0.1 per cent Zn and 0.6 per cent Cu);
  • PLIP22-30 -- 5.1 m at 716 g/t AgEq (116 g/t Ag, 5.9 g/t Au, 0.2 per cent Pb, 0.2 per cent Zn and 0.4 per cent Cu):
  • Including 0.6 m at 4,078 g/t AgEq (219 g/t Ag, 40.2 g/t Au, 0.4 per cent Pb, 0.1 per cent Zn and 1 per cent Cu).
  • PLIP22-42 -- 5.7 m at 995 g/t AgEq (44 g/t Ag, 1.2 g/t Au, 12.7 per cent Pb, 11.4 per cent Zn and 0.4 per cent Cu).

The Plomosas mine area, which includes a historical mine with 7.4 kilometres of underground development and related infrastructure, is providing positive drill results and new discoveries in many unmined 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 the 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 chief executive officer Eric Zaunscherb commented: "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 hangingwall precious metal mineralization. Both may be impactful in the upcoming mineral resource estimate update anticipated in the first quarter of 2023."

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 crosscutting faults. This new mineralization can be located on either the hangingwall or the footwall of the main mineralized polymetallic hydrothermal 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.

Historical mine production to 2001 was concentrated along the Plomosas breccia, where lead and zinc values were the main target of historical 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-metal-rich and base-metal-rich hydrothermal breccias, but also well-defined, wide, Ag-Au-only stockwork zones on the hangingwall 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.

DISCLAIMER: GR Silver is a paid marketing client*

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