GR Silver Expands SE Area Discovery Zone With New Bonanza-grade Silver Interval Outside Resource Area 11.1 m at 584 g/t Ag including 0.2 m at 14,365 g/t Ag
GR Silver Expands SE Area Discovery Zone
With New Bonanza-grade Silver Interval
Outside Resource Area 11.1 m at 584 g/t Ag
including 0.2 m at 14,365 g/t Ag
VANCOUVER, BC
,
May 25, 2023
/CNW/ -
GR Silver Mining Ltd.
("
GR Silver Mining
" or the
"
Company
") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce the
first two step-out drilling results outside of the recently published NI 43-101 Mineral Resource
Estimate boundary in the San Marcial Area at the Plomosas Project in
Sinaloa, Mexico
.
The initial drilling program is targeting the extension of the SE Area discovery silver mineralization
style,
250 m
along strike to the southeast, targeting identification of the commonly mineralized
contact zone at shallow depth. The first two holes – SMS23-01 and SMS23-02 - represent a step
out of
50 m
to the southeast. The positive results, combined with the geological knowledge gathered
by the Company in the 2022 drilling and resource estimation studies favor GR Silver's continuation of
the drilling program in this area (Figure 1).
In 2022 and Q1/2023, the Company carried out surface exploration along the southeastern extension
of the target contact zone, which included surface mapping, geochemical sampling, and the
integration of all geophysical data. This detailed study has generated surface evidence of the
presence of wide silver mineralized zones at shallow depth, with associated high-grade silver
structures, with results such as those reported from drill hole SMS23-02 (Table 1).
The geological setting continues to resemble the target contact zone between local upper volcanics
(andesitic "block and ash" unit) and local lower volcanics (rhyolitic to dacitic volcano-sedimentary
unit), which characterized the SE Area discovery zone (see
News Release dated
August 8, 2022
).
The presence of narrow high-grade silver mineralized hydrothermal breccias, hosted inside a wider
mineralized envelope, encourages the Company on the potential for resource expansion at the San
Marcial Area along the target contact zone (Figure 2).
Chair and CEO
Eric Zaunscherb
commented, "The conversion of surface silver geochemical
anomalies, related to the mapped target contact zone, into confirmed bonanza-grade drill
intersections is a testament to the efficacy of the Company's geological model. Our confidence in the
prospectivity of the southeast extension of the target contact zone grows, as does our excitement at
the potential of new drill targets being generated to the south through detailed mapping, geochemical
and channel sampling. Some of these new targets may relate to intrusive bodies with coincident
geophysical anomalies. Assuming the market shares our confidence and excitement, we can
proceed with the 12,500-metre drill program that has been recommended (see
News Release dated
May 8, 2023
), pending board approval."
Figure 1:
San Marcial SE Area Step Out Drilling Program - Location of 2023 Drill Holes (CNW
Group/GR Silver Mining Ltd.)
Figure 2:
Longitudinal Section - Step Out Drilling Program Outside San Marcial Resource Area
(CNW Group/GR Silver Mining Ltd.)
Table 1: San Marcial SE Extension Drill Program– Results Highlights
Drill Hole
From
(m)
To
(m)
Apparent
width
(m)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
SMS23-01
142.4
161.2
18.8
145
0.04
0.1
0.2
including
155.2
159.4
4.2
466
0.08
0.1
0.3
including
156.4
157.1
0.7
1,936
0.25
0.4
0.9
SMS23-02
147.0
158.3
11.3
584
0.05
0.3
0.6
including
147.0
152.5
5.5
1,084
0.07
0.6
1.0
including
147.8
148.0
0.2
14,365
0.07
8.6
3.4
Numbers may be rounded.
Table 2: Drill Hole Details - 2023 San Marcial Step Out Drill Program
Drill Hole
East (m)
North (m)
RL (m)
Dip (
˚
)
Azimuth (
˚
)
Depth (m)
Results Status
SMS23-01
451560
2545862
714
-50
180
289.9
This release
SMS23-02
451670
2545827
780
-65
202
306
This release
SMS23-03
451670
2545827
780
-80
202
350
Pending
SMS23-04
451798
2545713
760
-75
210
300
In Progress
SMS23-05
451798
2545713
760
-85
30
325
Planned
Numbers are rounded.
Step Out Drilling Program Southeast Area
GR Silver Mining plans to complete five drill holes by
June 2023
and have all assays received by
August 2023
. This drilling program was the first drilling to be undertaken outside of the SE boundary
of the 2023 San Marcial NI 43-101 Resource Area, which included the initial extension of the SE
Area discovery. The target contact (Figure 1) will be the focus of the Company's surface exploration
program over the coming months, particularly in areas coincident with Ag anomalies from surface
geochemical sampling and the Company's 2021 ground geophysical survey.
A description of each drill hole and results are as follows:
SMS23-01
was designed to evaluate the presence of the high-grade silver mineralization at the
600
m
elevation (Figure 2), below drill hole SMS22-14, which did not report significant silver
mineralization. The results from SMS23-01 support the current geological model indicating the
presence of significant silver mineralization at certain elevations below areas of low-grade silver
mineralization in the target contact zone, when associated with the volcano-sedimentary unit.
SMS23-02
evaluated the SE Area mineralized corridor
50 m
further southeast from drill hole
SMS23-01, and outside the recently published 2023 San Marcial resource block model. This hole
successfully extends the SE Area mineralized zone further along strike than was previously
recognized (Figure 2). The presence of bonanza-grade silver mineralization, including
0.2 m
at
14,365 g/t Ag associated with the hydrothermal breccia supports a geological model demonstrating
the presence of the two systems in the area: (i) a wide mineralization associated with hydrothermal
breccias with a strong presence of only silver; and (ii) narrow structures carrying elevated base
metal (lead and zinc) content, but with extremely high silver grades.
About the Plomosas Project
The Plomosas Project, including the recent high-grade silver SE Area discovery in the San Marcial
Area, is an emerging high-grade silver district located in southern
Sinaloa, Mexico
. The Plomosas
Project, covering 43,187 ha, benefits from mine infrastructure, road access and existing permits,
associated with past-producing historical mining sites. The district contains intermediate to low
sulphidation epithermal silver and gold mineralization hosted in hydrothermal breccias and veins.
Recent success in exploration and drilling has delineated wide, high-grade, shallow hydrothermal
breccias in the San Marcial Area, including the SE Area discovery, where drilling incorporated into
the updated
March 2023
Plomosas Project mineral resource estimation highlighted an exploration
opportunity for continuous resource growth.
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 (>10 ppm).
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 km
2
of concessions containing several structural corridors totaling over 75 km in
strike length.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair & CEO
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.
SOURCE
GR Silver Mining Ltd.
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For further information:
Eric Zaunscherb, Telephone: +1.647.293.8457, Email:
CO: GR Silver Mining Ltd.
CNW 06:15e 25-MAY-23