GR Silver Mining Announces Extension to the Plomosas Vein and Reports High-Grade Silver Drill Results 1,112 gpt AgEq 1 over 5.4m (1,096 gpt Ag, 0.3% Pb and 0.2% Zn) including 2,498 gpt AgEq over 2.0m (2,484 gpt Ag, 0.7% Pb and 0.3% Zn)
GR Silver Mining Announces Extension to the
Plomosas Vein and Reports High-Grade Silver
Drill Results
1,112 gpt AgEq
1
over
5.4m
(1,096 gpt Ag, 0.3% Pb and 0.2% Zn)
including 2,498 gpt AgEq
over
2.0m
(2,484 gpt Ag, 0.7% Pb and 0.3% Zn)
VANCOUVER, BC
,
July 20, 2020
/CNW/ -
GR Silver Mining Ltd.
(TSXV: GRSL), (FRANKFURT:
GPE), (OTCQB: GRSLF)
("GR
Silver Mining" or the "Company")
– is pleased to report drill
results at its 100%-owned Plomosas Silver Project ("Plomosas Project"), Plomosas Mine Area, in
Sinaloa, Mexico
.
These drill results highlight high-grade silver mineralized zones in a
50 m
step out from a previously
released section of drill hole results at the Plomosas Mine Area (Figure 1) (see
News Release dated
May 13, 2020
). They confirm continuity of the silver mineralized system for at
least
500 m
along strike. They also extend the continuity of both mineralization styles, Ag-Au low
sulphidation epithermal veins and polymetallic high-grade Ag-Pb-Zn hydrothermal breccias, up to
700
m
down dip below the surface (Figure 2).
The drill results confirm the prospectivity of near surface, multiple veins and hydrothermal breccia
systems close to existing underground development, which will facilitate access for follow up in our
upcoming drill program. Significantly, these drill holes also indicate the discovery of multiple
subparallel mineralized systems below the current footwall of previously mined areas.
A large epithermal system is evident based on the most recently released set of drill results. The
Company has initiated a shallow (100-
150 m
depth) surface drilling program aiming to confirm the
mineralization footprint and the new high-grade vein discoveries along strike and down dip.
GR Silver Mining President and CEO,
Marcio Fonseca
, commented
,
"The mineralized veins
and hydrothermal breccias at the Plomosas Mine Area were originally interpreted to be confined
only along the major Plomosas Fault, however our recent validation and integration of all drill
results, underground structural mapping and sampling, supports the occurrence of additional
mineralized veins outside of that major structure.
1.
AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead.
The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn.
These results illustrate the potential to expand Ag-Au mineralization along strike and down-dip,
creating a much larger mineralized footprint for future resource estimation. Some of our recently
released results are particularly impressive, not only for the thickness of the mineralization but
also average grade, reporting intervals of
11.0 m
at 1,235 gpt Ag and
5.4 m
at 1,096 gpt Ag
including
2.0 m
@ 2,484 gpt Ag. The recent progress of the surface and underground exploration
program suggests that these high-grade veins extend and are open down plunge. With further
success, we anticipate that the high-grade multi-vein mineralization in the Plomosas Mine Area will
add additional mineralized zones for future resource delineation".
Figure 1: Drone Image of the Plomosas Mine Area (looking to the NW) - Drill Hole Location Map
(CNW Group/GR Silver Mining Ltd.)
Figure 2: Geological Cross Section – D - D’ at the Plomosas Mine Area (looking to the NW) (CNW
Group/GR Silver Mining Ltd.)
Table 1 summarizes the most significant drill assay results for this group of holes released for the
Plomosas Mine Area.
Table 1: Summary Drill Hole Results - News Release
July 20, 2020
(Plomosas Mine Area)
Hole No.
Hole Type
From (m)
To (m)
Drilled width (m)
Est. true width (m)
Ag g/t
Au g/t
Pb %
Zn %
AgEq g/t
SD-14
SURF
102.0
105.4
3.4
2.8
123
na
na
0.1
SD-17
SURF
81.0
84.7
3.7
3.5
169
na
na
0.1
SD-17
SURF
93.4
107.4
14.0
13.2
239
na
0.1
0.3
252
includes
98.7
105.3
6.6
6.2
362
na
0.2
0.5
SD-20
SURF
93.3
126.4
33.1
32.6
35
na
0.1
0.2
SD-39
SURF
79.0
84.4
5.4
4.4
161
na
na
0.1
168
SD-39
SURF
96.3
98.8
2.5
2
928
na
0.1
0.2
935
SD-40
SURF
101.5
112.4
10.9
10.7
84
na
0.1
0.2
SD-41
SURF
61.1
65.7
4.6
4.6
39
0.1
0.1
0.2
SD-43
SURF
106.0
111.4
5.4
2.7
1,096
na
0.3
0.2
1,112
includes
106.0
108.0
2.0
1
2,484
na
0.7
0.3
2,498
SD-43
SURF
118.0
123.0
5.0
2.5
234
na
0.0
0.1
240
SD-55
SURF
173.0
175.3
2.3
1.6
19
na
1.7
5.3
SD-79
SURF
205.8
213.7
7.9
5.1
6
na
0.6
0.7
117
UG
6.3
9.3
3.0
1.3
191
na
1.1
0.9
254
117
UG
20.5
21.4
0.9
0.4
375
na
3.0
2.1
536
277-IM
UG
26.5
30.5
4.0
3.1
103
0.1
0.8
1.4
172
279-IM
UG
25.3
38.3
13.0
10
328
0.2
0.5
1.2
397
281
UG
8.0
11.0
3.0
3
16
0.3
1.2
2.9
281
UG
14.0
18.0
4.0
4
27
0.2
1.4
3.8
281
UG
44.0
48.0
4.0
4
12
0.1
1.6
2.7
282
UG
2.0
4.0
2.0
1.9
20
0.4
1.9
5.0
282
UG
6.0
8.0
2.0
1.9
50
3.8
1.9
9.0
745
283
UG
14.0
20.0
6.0
3
18
0.8
2.1
6.6
283
UG
78.0
80.0
2.0
1
185
0.8
1.5
2.1
377
284
UG
38.5
40.5
2.0
2
18
0.2
5.9
3.2
286
UG
103.0
105.0
2.0
2
4
0.1
0.1
2.4
287
UG
96.0
101.0
5.0
4.8
7
0.2
1.9
1.9
288
UG
76.8
80.8
4.0
3.5
9
0.4
0.5
2.7
294
UG
51.7
52.7
1.0
0.6
18
0.2
0.6
3.0
PLI17-18
UG
51.9
55.3
3.4
3.3
15
0.1
0.5
3.4
includes
53.4
53.9
0.5
0.5
59
0.2
2.6
11.3
480
PLI17-18
UG
119.4
124.5
5.1
5
147
0.9
0.1
0.2
244
*AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The
metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn. "na" = no relevant assays. All numbers are rounded. Results are uncut and undiluted. UG:
Underground Drill Hole, SURF: Surface Drill Hole
The drill holes in this news release were generated by a drill campaign completed by First Majestic
Silver Corp. ("First Majestic") in 2017 (PLI17-08), and historical drill holes completed by Grupo
Mexico. Both drill sets were not previously released. They are part of an extensive surface and
underground diamond core drilling database, which GR Silver Mining continues to consolidate and
validate. The Company recently announced a surface drilling program (see
News Release dated
July 15, 2020
) which aims to expand the mineralization footprint along strike,
which will lead to the first 3D geological model and resource estimation at the Plomosas Mine Area.
Table 2 lists the drill hole intervals previously not sampled ("NS") for this group of released holes.
The Company is investigating these intervals for evidence of mineralization in the core that warrants
additional sampling and assaying. Additionally, Table 3 provides collar coordinates for the drill holes
presented in this news release.
Table 2: Plomosas Mine Area - Drill Hole Intervals Not Sampled (Intervals greater than
20m
)
Hole No.
From-To (m)
Sampling
PLI17-18
15.05-45.55
NS
PLI17-18
87.75-115.0
NS
PLI17-18
171.15-209.7
NS
All numbers are rounded. NS - Core not assayed by First Majestic
Table 3: Drill Hole Locations – News Release
July 20, 2020
(Plomosas Mine Area)
Hole No.
East (m)
North (m)
RL (m)
Az.
Dip
Depth (m)
117
451290
2551683
818
270
0
101.5
281
451079
2551741
753
90
-49
98.3
282
451074
2551718
753
0
-90
99.5
283
451095
2551738
752
90
16
84.2
284
451095
2551738
751
90
-42
87.0
286
451050
2551683
752
102
-57
170.1
287
451050
2551683
752
120
-75
149.9
288
451050
2551683
752
180
-83
122.9
294
451050
2551683
752
246
-69
146.6
277-IM
451155
2551658
752
90
0
149.0
279-IM
451155
2551658
753
90
24
76.8
PLI17-18
450939
2551785
751
100
-38
209.7
SD-14
451394
2551708
1043
0
-90
110.5
SD-17
451397
2551731
1034
90
-60
114.9
SD-20
451397
2551731
1034
0
-90
131.4
SD-39
451390
2551738
1037
90
-72
99.8
SD-40
451390
2551738
1037
90
-58
113.2
SD-41
451390
2551738
1037
270
-72
71.2
SD-43
451390
2551738
1037
0
-90
187.6
SD-55
451311
2551761
1032
270
-82
201.8
SD-79
451317
2551716
1050
270
-75
213.7
All numbers are rounded.
The Plomosas Mine Area drill results continue to demonstrate the continuity of higher-grade precious
and base metals mineralization along strike, expanding the footprint of the low sulphidation
epithermal system for approximately
500 m
. The high grades encountered, Ag-Pb-Zn and Ag, occur
in an area with multiple deep-rooted fault systems and are confirming the presence of unmined near
surface high-grade mineralized zones for upcoming drilling follow-up.
Qualified Person
The scientific and technical data contained in this News Release related to the Plomosas Project
was reviewed and/or prepared under the supervision of
Marcio Fonseca
, P.Geo. He has approved
the disclosure herein.
Quality Assurance Program and Quality Control Procedures ("QA/QC")
The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols
reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all
sample lots sent to First Majestic's Laboratorio Central facilities in La Parilla, Durango, for sample
preparation and assaying. Additional validation and check assays were performed by an
independent laboratory at SGS de México, S.A. de C.V. facilities in
Durango, Mexico
. The analytical
methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic
Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn
were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining
has not received information related to the Grupo Mexico QA/QC and assay protocols and at this
stage is considering the information historic for news release purposes.
About GR Silver Mining Ltd
.
GR Silver Mining Ltd. is a
Mexico
-focused company engaged in cost-effective silver-gold resource
expansion on its key assets which lie on the eastern edge of the Rosario Mining District,
Sinaloa,
Mexico
.
PLOMOSAS SILVER PROJECT
GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village
of
La Rastra
, within the Rosario Mining District. The Project is a past-producing asset where only
one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The
Project has an 8,515-hectare property position and is strategically located within 5 km of the San
Marcial Silver Project in the southeast of Sinaloa State,
Mexico
. The Plomosas Project comprises six
areas with an average of 100 surface and underground drill holes in each area, geophysical and
geochemical data covering most of the concession, 16 new exploration targets from which 11 have
high priority for future exploration programs.
The 100%-owned assets include all facilities and infrastructure including: access roads, surface
rights agreement, water use permit,
8,000 m
of underground workings, water access, 60 km - 33
KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing
approximately
US$30m
of previous capital investments. The previous owners invested approximately
US$18 million
in exploration.
The silver and gold mineralization on this Project display the alteration, textures, mineralogy and
deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia
mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow
mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of
the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The
Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas
Mine,
San Juan
,
La Colorada
,
Yecora
,
San Francisco
and El Saltito. These drill holes represent an
extensive database allowing the Company to advance towards resource estimation and potential
project development in the near future.
SAN MARCIAL PROJECT
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver
Mining is currently drilling at the San Marcial Project, which contains 36 Moz AgEq (Indicated) and
11 Moz AgEq (Inferred), exploring recently defined new high-grade gold and silver targets along the
project's 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San
Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource
Estimation and Technical Report) was completed by WSP Canada Inc. on
March 18, 2019
and
amended on
June 10, 2020
.
Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-
ounce San Dimas Mining District which has historically produced more than 600 Moz silver and 11
Moz gold over a period of more than 100 years.
OTHER PROJECTS
GR Silver Mining's other projects are situated in areas attractive for future discoveries and
development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.
Mr.
Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of
this press release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements 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.
SOURCE
GR Silver Mining Ltd.
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For further information:
+1 (604) 202 3155, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 07:30e 20-JUL-20