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GR Silver Mining Discovers High-grade Shallow #preciousmetals Mineralization at the Plomosas Project

GR Silver Mining Discovers High-grade Shallow Precious Metals Mineralization at the Plomosas Project
Canada NewsWire
VANCOUVER, BC, June 22, 2022

Including 5.2 m at 4.52 g/t Au and 56 g/t Ag and 0.5 m at 30.09 g/t Au and 76 g/t Ag
VANCOUVER, BC, Ju…

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Including 5.2 m at 4.52 g/t #Gold & 56 g/t #silver and 0.5 m at 30.09 g/t Gold and 76 g/t Silver

GR Silver Mining $GRSL.V reported drilling results from initial exploration carried out on new areas representing potential step outs from NI 43-101 mineral resources at both the San Juan/La Colorada and Plomosas Mine Areas. The gold (Au) and silver (Ag) discoveries are in addition to the Company’s successful exploration programs reported earlier this year at the Loma Dorada, Trampolín and Corta Pico vein systems (see News Releases dated February 10, 2022 and February 17, 2022).

Highlights:

  • Exploration results focused on new areas of El Saltito, Las Cuevas and Las Teresas, as well as the previously reported Loma Dorada vein system
  • Presence of high-grade Au results, close to the surface, with potential to extend mineralization along strike from existing resource areas, including:
    • LDS21-13A: 5.2 m at 4.52 g/t Au and 56 g/t Ag, including
    • 0.6 m at 10.17 g/t Au and 340 g/t Ag
    • ESS21-04: 0.5 m at 30.09 g/t Au and 76 g/t Ag
    • CVS21-01A: 0.9 m at 0.38 g/t Au and 459 g/t Ag
    • o LTS21-CH-001: 3.5 m at 1.21 g/t Au and 67 g/t Ag, including
    • 0.4 m at 9.44 g/t Au and 394 g/t Ag
    • o CHS21-CH-004: 1.0 m at 4.98 g/t Au and 314 g/t Ag
  • Ag mineralization at Las Cuevas supports the upside potential for along strike extension of the Ag mineralized system up to 1.5 km to the NW of the NI 43-101 resource at the Plomosas Mine Area
  • Recent Au-Ag rich drill results indicate the presence of low sulphidation epithermal veining in multiple areas of the Plomosas Project, which will likely be the subject of additional drilling in 2022

GR Silver Mining Chairman and CEO, Eric Zaunscherb commented, “Our primary focus remains on delivering updated mineral resource estimates for the San Marcial and Plomosas Mine Areas in Q1|23. We cannot, however, ignore the rich potential of the wholly owned, 432 km2 Plomosas Project in its entirety, with several strong regional, northwest-trending structures that remain untested over a combined 75 km strike length. The results released today are an indicator of the potential of the project’s pipeline targets, which we will reveal going forward.”

Loma Dorada Drill Program

The latest drill results from the 1 km along strike extension to the north of the San Juan/La Colorada vein system, intersected high-grade Au-Ag typical of epithermal veins with colloform banded quartz textures within the predominant NW trend (Figure 1). This structural trend extends to the north of the San Juan/La Colorada NI 43-101 mineral resource and is part of the NW to N-S trend of Loma Dorada. There is evidence that structures in this area intersect defining a ‘flower’ structural pattern with the potential to develop ore shoots at depth. The shallow results, such as those obtained from drill hole LDS21-13A, which intersected 5.2 m at 4.52 g/t Au and 56 g/t Ag, including 1.3 m at 10.17 g/t Au and 340 g/t Ag (Table 1), encourage the Company to continue drilling for potential resource delineation.

El Saltito Drill Program

Shallow drilling results revealed narrow high-grade Au-rich epithermal veining at the southern extension of the 1.5 km long El Saltito vein system (Figure 1). The high-grade gold intercept of 0.5 m at 30.09 g/t Au from drill hole ESS21-04 (Table 1), is the most SE hole in the area, indicating the potential for additional high-grade Au mineralization further to the SE. The system is therefore open to the south, along a structural extension that is exposed/mapped on surface for at least another 500 m.

Las Cuevas – New Discovery

The Las Cuevas vein system is located 1.5 km along strike to the N-NW of the NI 43-101 resource at the Plomosas Mine Area (Figure 1) and represents a new discovery of Ag-Au mineralization. Shallow drilling and channel sampling (Table 2) have been successful in discovering high-grade Au and Ag mineralization at this potential northern extension of the resource area. The mineralization coincides with a historical high-chargeability geophysical anomaly, and also with a high aeromagnetic anomaly identified in a ground geophysical survey. This drilling by GR Silver Mining is the first ever on the Las Cuevas target and, combined with encouraging Ag-Au channel results, provides justification for a follow up surface drilling program in the near future, aiming to integrate Las Cuevas with the existing resource area  

Las Teresas – New Discovery

Exploration by GR Silver Mining in 2021 and early 2022 on the Las Teresas vein system, approximately 2 km to the NW of the Loma Dorada mineralization, has been successful in identifying potential extensions to the Au-Ag low sulphidation vein-style mineralization. Shallow drilling and surface channels have identified mineralized zones with Au-Ag anomalies that require follow up drilling.

Las Chorreras – New Discovery

Las Chorreras is located at the western end of Plomosas concession. Historical channel sampling in the area outlined Au-Ag anomalies on a 1 km long prominent hill with intense argillic alteration. Recent channel sampling by GR Silver Mining confirmed the discovery of high-grade Au and Ag mineralization associated with the intense advanced argillic alteration zone. This mineralization contains pyrite, galena and sphalerite, both disseminated and in irregular stringers, hosted within andesitic “block and ash” units in contact with dioritic intrusives and rhyolitic dykes. The next stage of exploration at this new target will involve shallow drilling to confirm the 3-D extension of mineralization below the positive channel sample results.

Table 1:   Plomosas Project New Vein Systems – Drill Results

Drill Hole

From (m)

To (m)

Apparent width (m)

True

width (m)

Ag g/t

Au g/t

 

Comments

LDS21-08

13.7

14.3

0.6

0.5

65

0.34

Loma Dorada

LDS21-09

66.3

68.2

1.9

1.7

8

2.55

 

LDS21-10

135.8

136.5

0.7

0.6

165

2.76

 

LDS21-11

   

na

       

LDS21-12

213.4

213.7

0.3

0.3

12

0.52

 

LDS21-13A

103.5

108.7

5.2

4.3

56

4.52

 

 including

1.5

2.8

1.3

1.1

340

10.17

 

LDS21-14

60.0

61.0

1.0

1.0

na

1.46

 

ESS21-01A

113.4

118.4

5.0

3.8

3

0.41

Includes 2.2m mine void

 

135.8

136.9

1.1

0.8

14

1.82

El Saltito

 

152.2

153.3

1.1

0.8

5

1.51

 
 

238.2

244.4

6.2

4.8

3

0.40

 

ESS21-02

   

na

       

ESS21-03

145.2

146.3

1.1

1.1

7

0.26

 

ESS21-04

203.5

204.0

0.5

0.5

76

30.09

 

CVSP21-01A

0.0

6.6

6.6

6.4

78

0.17

Las Cuevas

 including

3.3

4.2

0.9

0.9

459

0.38

 

CVSP21-02

   

na

       

CVSP22-01A

   

na

       

CVSP22-02

   

na

       

CVSP22-04A

0.0

2.0

2.0

1.9

15

na

 

LTSP22-001

   

na

     

Las Teresas

LTSP22-002

10.6

11.0

0.4

0.4

29

1.54

 

LTSP22-003

4.0

7.7

3.7

3.5

34

0.02

 

LTSP22-004

   

na

       

LTSP22-005

   

na

       

LTSP22-006

0.0

6.7

6.7

6.3

41

0.40

0-6.4m ~55% recovery

 including

6.4

6.7

0.3

0.3

79

5.28

 

LTSP22-007

4.8

9.4

4.6

4.3

5

0.68

 

“na” = no significant result. Numbers may be rounded. Results are uncut and undiluted. True sample widths are approximate due to complexity of structural orientations.

Table 2:   Plomosas Project New Vein Systems – Channel Results

Channel Number

From (m)

To (m)

Apparent width (m)

True

width (m)

Ag g/t

Au g/t

 

Comments

CHS21-CH-004

2.0

3.0

1.0

1.0

314

4.98

Las Chorreras

CHS21-CH-005

   

na

       

CHS21-CH-006

0.0

0.3

0.3

0.3

15

0.06

 

CHS21-CH-007

1.0

2.0

1.0

0.8

15

0.17

 

CHS21-CH-013

   

na

       

CHS21-CH-017

   

na

       

CVS21-CH-001

0.0

4.0

4.0

3.5

371

0.18

Las Cuevas

including

1.4

2.8

1.4

1.2

680

0.20

 

CVS21-CH-003

   

na

       

LTS21-CH-001

0.0

3.5

3.5

3.4

67

1.21

Las Teresas

including

0.0

0.4

0.4

0.4

394

9.44

 

“na” = no significant result. Numbers may be rounded. Results are uncut and undiluted. True sample widths are approximate due to complexity of structural orientations.

Table 3:   Plomosas Project New Vein Systems – Surface Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth (˚)

Depth (m)

Results Status

LDS21-08

447585

2551619

921

-45

260

108.5

Received

LDS21-09

447833

2551765

905

-50

260

165

Received

LDS21-10

447433

2551536

913

-50

250

243

Received

LDS21-11

447405

2551326

894

-50

255

126

Received

LDS21-12

448095

2551451

899

-45

260

252

Received

LDS21-13A

447531

2551099

916

-75

250

150

Received

LDS21-14

447896

2552645

670

-45

250

165

Received

ESS21-01A

446309

2551001

723

-60

240

300

Received

ESS21-02

446283

2551181

757

-70

245

171

Received

ESS21-03

446714

2550276

699

-55

270

259

Received

ESS21-04

446701

2550049

764

-50

250

252

Received

CVSP21-01A

450783

2553187

1010

-30

265

10.85

Received

CVSP21-02

450632

2553561

840

-25

230

8.6

Received

CVSP22-01A

450648

2553546

843

-40

150

16.2

Received

CVSP22-02

451096

2553562

950

-45

95

6.5

Received

CVSP22-04A

451224

2553430

1020

-40

95

8.2

Received

LTSP22-001

446859

2554473

912

-55

235

9

Received

LTSP22-002

446882

2554472

886

-45

265

14

Received

LTSP22-003

446790

2554527

883

-45

200

15

Received

LTSP22-004

446774

2554540

907

-65

210

17

Received

LTSP22-005

446719

2554618

934

-50

230

16

Received

LTSP22-006

446716

2554577

930

-60

220

11

Received

LTSP22-007

446644

2554912

906

-55

285

17

Received

Note: all holes drilled from underground, targeting unmined areas where the Company previously adopted zero values on unsampled areas in the 2021 resource estimation, as well as areas with insufficient drilling and recently discovered new mineralization requiring additional data for geological/mineralization modelling.

Qualified Person

The scientific and technical data contained in this News Release related to the exploration program were reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo. He has approved the disclosure herein.

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.

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.

GR Silver Mining Ltd.

Eric Zaunscherb

Chairman & CEO         

SOURCE GR Silver Mining Ltd.

drill results drilling drill hole tsxv-grsl gr-silver-mining-ltd gr silver mining ltd acquisition press-release

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