GR Silver Mining Announces Financial Results
GR Silver Mining Announces Financial Results
for the Quarter Ending September 30, 2022
VANCOUVER, BC
,
Nov. 22, 2022
/CNW/ -
GR Silver Mining Ltd.
("GR Silver Mining" or the
"Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – reports the Company's
unaudited financial results for the third quarter ended
September 30, 2022
. The condensed
consolidated interim financial statements and management's discussion and analysis ("MD&A") for
the third quarter ended September 30, 2022 are available under the Company's SEDAR profile on
www.sedar.com
or on GR Silver's website
www.grsilvermining.com
.
Highlights of
Q3|2022
During the nine months ended
September 30, 2022
, GR Silver Mining drilled 126 underground
and surface holes totalling
5,757.0 m
at the Plomosas Mine, and 49 surface holes totalling
5,677.6 m
at San Marcial.
On
August 8
, GR Silver Mining announced discovery of wide, high-grade silver mineralization
approximately
250 m
southeast of the southernmost boundary of the San Marcial Resource
Area, in an area known as the Southeast Area ("SE Area").
Hole SMS22-10 intersected
101.6
m
at 308 g/t Ag (from
98.5 m
down hole), including multiple intervals grading over 1,000
g/t Ag
. Subsequent drilling, announced in the news releases of
September 7
and
October 17
,
demonstrates the geometry, lateral extent and continuity of the new zone along strike to the
southeast of this hole, in which silver-rich mineralization is hosted in breccia and intense
hematite-quartz stockwork veining. The Company continues to identify additional targets on this
part of the San Marcial Property, utilizing geophysical, geochemical and geological mapping
studies, and will continue to test the lateral extent of high-grade Ag mineralization along the
target contact. The Company anticipates drilling will continue with two rigs over the coming
months in the SE Area of San Marcial.
After delivery of the Plomosas Mine and San Juan Areas Mineral Resource Estimate in
August
2021
, GR Silver Mining embarked on a program of surgical infill drilling in the Plomosas Mine
Area, to replace some of the historical holes used in the estimate that were selectively sampled,
as well as to test new near-surface and underground high-grade Ag-Au mineralized zones.
News releases on
April 27
,
May 24
,
September 12
and
October 31
detailed results from this
successful program, which continues with three rigs. The Company has released the results
from 105 new holes (
5,523 m
), which demonstrate new discoveries in several un-mined zones in
the primary polymetallic hydrothermal breccia, as well as newly discovered footwall and hanging
wall precious metal mineralization associated with cross cutting faults (e.g., hole
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
).
On
August 30
, the Company closed a best-efforts brokered private placement offering, issuing
36,263,000 units of the Company at a price of
$0.15
per unit for aggregate gross proceeds of
$5,439,450
, including 2,929,000 units sold pursuant to the partial exercise of the option granted
to the agents. Each unit consisted of one common share in the capital of the Company and one-
half of one common share purchase warrant. Each whole warrant is exercisable to acquire one
common share for a period of 36 months following the closing of the Offering at an exercise
price of
$0.22
per common share.
As at
September 30, 2022
, the Company held cash of
$3.6 M
. Management is of the opinion
that the delivery of the mineral resource estimate update for the combined Plomosas Project,
integrating the Plomosas Mine and San Marcial Areas, is on track for delivery in the first quarter
of 2023.
GR Silver Mining Chairman and CEO,
Eric Zaunscherb
comments "In the year to date, GR Silver
has successfully advanced the Plomosas Project with purposeful drilling and resultant new
mineralization discoveries incremental to the existing mineral resource estimates. We have been able
to advance the project as a result of the skills of our excellent team in
Mexico
, the support of our
capital markets partners that helped the company to attract new capital, and the welcome support
of our new and existing shareholders. We are excited about the integrated mineral estimate to
come, as well as the results of ongoing exploration in the new year."
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 km
2
of concessions containing several structural corridors totaling over 75 km in
strike length.
GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & 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:
Brenda Dayton, VP Corporate Communications, Telephone:
+1.604.417.7952, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 17:58e 22-NOV-22