GR Silver Mining Announces Infill Drilling Results at Plomosas Mine Area - 5.7 m at 514 g/t Ag, including 1.0 m at 1,634 g/t Ag GR Silver Mining Reports on 2022 Annual General & Special Meeting Results
GR Silver Mining Announces Infill Drilling
Results at Plomosas Mine Area - 5.7 m at 514
g/t Ag, including 1.0 m at 1,634 g/t Ag
GR Silver Mining Reports on 2022
Annual General & Special Meeting Results
VANCOUVER, BC
,
Sept. 12, 2022
/CNW/ -
GR Silver Mining Ltd. ("GR Silver Mining"
or the
"Company")
(TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce infill
drilling results that make up part of the resource update program in progress at the Plomosas Mine
Area, Plomosas Project in
Sinaloa, Mexico
.
These drill holes were targeted by the Company to
replace historical holes used in the 2021 NI 43-101 mineral resource estimate, where zero values
were assigned, or to test new near-surface and underground high-grade Ag-Au mineralized zones,
identified in the recent underground sampling/mapping program. The infill drilling program is
continuing in the Plomosas Mine Area through the latter part of 2022, in anticipation of an updated
resource estimate in Q1|2023.
Highlights of the infill drilling at the Plomosas Mine Area include (see also
Table 1):
PLI22-12:
5.7 m
at 514 g/t Ag, 0.1 g/t Au, 0.4% Pb and 0.5% Zn
including
1.0 m
at 1,634 g/t Ag, 0.28 g/t Au, 1.2% Pb and 1.0% Zn
including
0.2 m
at 3,163 g/t Ag, 0.61 g/t Au, 2.5% Pb and 4.3% Zn
PLIP22-28:
7.3 m
at 55 g/t Ag, 8.66 g/t Au, 2.7% Pb, 6.6% Zn and 0.5% Cu
including
0.3 m
at 190 g/t Ag, 44.4 g/t Au, 1.3% Pb, 2.1% Zn and 1.0% Cu
PLIP22-18:
5.0 m
at 88 g/t Ag, 0.33 g/t Au, 5.1% Pb, 2.8% Zn and 0.2% Cu
PLS22-08:
21.2 m
at 2.1% Pb and 1.3% Zn
The Company's underground drilling and mapping program, currently in progress in the Plomosas
Mine Area, has identified un-mined zones that will be incorporated into the upcoming resource
estimate, as well as better delineating the precious metals-rich stockwork zones located on the
hanging wall of the hydrothermal breccia and often associated with NW-trending fault zones. Since
completion of the NI 43-101 (see
News Release dated
August 23, 2021
), the Company has added
4,946 m
of drilling at the Plomosas Mine Area. This represents a significant addition of results still to
be incorporated into the upcoming resource model and estimate.
GR Silver Mining Chairman and CEO,
Eric Zaunscherb
commented
"Our targeted infill drill
program at the Plomosas Mine Area is now over 50% complete with the remainder fully funded.
We remain on-track to provide an updated mineral resource estimate in Q1|2023. Our geological
team is successfully identifying new zones of polymetallic and precious-metal dominant
mineralization and replacing unsampled intervals in the resource block model with significant
mineralization. In addition to this low-hanging fruit, our geologists are refining their geological
model with immeasurable long-term impact on the explorational potential, not just at Plomosas
Mine Area but also at the expanding San Marcial Area and throughout the broader Plomosas
Project."
Figure 1: Location of Selected 2022 Infill Drill Holes – Plomosas Mine Area Upper Levels,
Longitudinal Section (CNW Group/GR Silver Mining Ltd.)
Plomosas Mine Area – Update Geological Modelling – Drilling Results to Date
A review of all geological information together with additional mapping and sampling, as well as
drilling, in the underground workings at the Plomosas Mine Area has revealed positive outcomes
allowing the Company to progress to more detailed 3D modelling of the mineralized zones.
Historical mine production to 2001, was concentrated along the principal Ag-Au-Pb-Zn mineralized
hydrothermal (Plomosas) breccia. The information collected by the Company during the past 12
months has indicated that not only are there zones with well-preserved precious and base metal-rich
hydrothermal breccias, but also well defined, wide Ag-Au only stockwork zones on the hanging wall
of the hydrothermal breccia (Figure 2).
Figure 2:
Geological Cross Section (2,551,900 N – B-B’) – Plomosas Mine Area (CNW Group/GR
Silver Mining Ltd.)
The Ag-Au stockwork zones are generally hosted between NE oriented fault offsets (or jogs) close
to, or hosted by, rhyolitic tuffs. They represent wide zones developed within a pinch and swell
geometry. The historical mine operations did not fully investigate or extract these zones,
concentrating primarily in the high-grade Pb-Zn hydrothermal breccia zones. New occurrences of the
main hydrothermal breccia have been discovered with the infill drilling program in underground areas
where there was a lack of information or development by previous companies.
The infill drilling program is also improving the definition of the boundaries of a broad Pb-Zn
mineralized zone, commonly surrounding all other mineralized domains (Figure 2). These broad Pb-
Zn rich zones, such as defined by PLS22-08 (
21.2 m
at 2.1% Pb and 1.3% Zn)
,
strengthen the
potential for definition of multiple mineralized zones in the Plomosas Mine Area in the vicinity of the
existing underground development.
The infill drilling program in the deeper levels of the underground workings is evaluating continuity of
high-grade Au mineralization. Recent results such as PLIP22-28 (
7.3 m
at 55 g/t Ag, 8.66 g/t Au,
2.7% Pb, 6.6% Zn and 0.5% Cu, including
0.3 m
at 190 g/t Ag, 44.4 g/t Au, 1.3% Pb, 2.1% Zn and
1.0% Cu), support the presence of a Au-enriched mineralized source associated with a stockwork
zone hosted at the intersection of NW and E-W faults, immediately below the historic Plomosas Mine
Area.
The Company has completed a total of
4,946 m
of drilling (96 holes) to date in the Plomosas Mine
Area, and is expecting to complete an additional
4,200 m
by year end, when all data will be
integrated in the upcoming mineral resource estimate. The following are the infill drilling results
highlights to date.
Table 1: Plomosas Mine Area – Infill Drilling Results Highlights
Drill Hole
From
(m)
To
(m)
Apparent
width
(m)
Ag g/t
Au g/t
Pb %
Zn %
Cu %
AgEq
g/t
PLI22-01
na
PLI22-02
na
PLI22-03
18.2
27.2
9.0
5
0.08
0.4
0.7
0.2
69
PLI22-04
0.0
10.5
10.5
8
0.17
0.5
0.5
0.1
65
PLI22-05
9.5
15.7
6.2
42
0.09
0.3
1.2
0.1
115
including
9.5
11.2
1.7
112
0.03
na
0.3
0.2
143
PLI22-06
0.0
11.1
11.1
33
0.15
0.8
0.8
na
100
including
0.0
2.0
2.0
143
0.25
3.2
1.4
na
319
PLI22-07
0.0
4.1
4.1
14
0.05
1.1
1.1
0.1
103
PLI22-08
0.0
2.8
2.8
15
0.24
1.4
2.6
0.0
181
PLI22-09
40.0
41.7
1.7
38
0.08
na
0.1
na
PLI22-10
0.8
13.0
12.2
3
0.04
0.4
0.4
na
PLI22-11
3.1
5.0
1.9
2
0.01
1.4
0.5
na
PLI22-12
8.0
26.0
18.0
202
0.05
0.2
0.3
na
224
including
17.9
23.6
5.7
514
0.10
0.4
0.5
na
558
including
19.5
19.7
0.2
3,163
0.61
2.5
4.3
na
3,459
and
21.5
22.5
1.0
1,634
0.28
1.2
1.0
na
1,735
23.9
28.7
4.8
103
0.09
0.5
0.6
na
152
PLI22-13
101.0
111.4
10.4
37
0.15
0.3
0.3
na
73
128.5
161.6
33.1
4
0.30
na
na
na
32
PLI22-14
10.5
10.8
0.3
10
0.11
1.0
0.1
0.1
68
PLI22-15
na
PLI22-16
0.0
2.5
2.5
12
0.28
1.2
1.7
na
139
PLI22-17
6.7
12.1
5.4
12
0.51
1.3
2.2
0.1
194
PLI22-18
44.7
50.2
5.5
11
0.31
0.8
2.1
na
143
PLI22-19
0.0
16.2
16.2
14
0.12
0.8
1.7
0.1
123
17.7
20.1
2.4
21
0.40
1.8
4.0
na
263
PLIP22-14
na
PLIP22-15
na
PLIP22-16
0.0
14.0
14.0
7
0.02
0.1
0.8
0.1
PLIP22-17
3.2
5.1
1.9
10
0.39
na
na
na
PLIP22-18
0.0
5.0
5.0
88
0.33
5.1
2.8
0.2
402
PLIP22-19
1.9
3.0
1.1
238
0.44
9.8
2.9
0.2
697
PLIP22-20
0.0
1.3
1.3
49
0.56
2.1
3.0
na
280
4.7
6.8
2.1
110
2.72
3.0
4.0
0.1
613
PLIP22-21
14.6
15.0
0.5
72
0.14
0.1
2.1
na
170
PLIP22-22
0.0
3.8
3.8
100
0.14
0.1
0.5
0.1
143
including
0.0
0.6
0.6
463
0.23
0.4
1.5
0.3
587
PLIP22-23
3.0
5.4
2.4
18
0.07
0.4
0.5
na
58
PLIP22-24
1.6
7.0
5.5
23
0.40
0.1
0.6
0.3
120
PLIP22-25
1.2
9.3
8.1
35
1.01
2.1
5.2
0.2
410
including
1.2
3.6
2.4
71
1.94
1.8
10.9
0.3
753
and
5.0
5.2
0.2
63
3.06
10.1
22.0
0.1
1,490
and
6.0
6.4
0.4
34
1.93
12.2
7.9
0.5
922
PLIP22-28
0
7.3
7.3
55
8.66
2.7
6.6
0.5
1,242
including
5.3
5.6
0.3
190
44.41
1.3
2.1
1.0
4,548
PLS22-07
97.4
97.7
0.3
614
0.01
na
1.1
0.1
669
113.2
115.5
2.4
122
na
na
0.1
0.1
133
PLS22-08
162.0
183.2
21.2
7
0.14
2.1
1.3
na
130
including
162.0
162.2
0.2
131
0.05
30.0
9.5
0.1
1,373
PLS22-09
118.5
123.4
4.9
186
0.49
0.7
0.7
na
282
including
122.4
122.9
0.5
893
0.74
1.2
2.1
0.1
1,088
Numbers may be rounded. Results are uncut and undiluted. True width not estimated as the Company does not have sufficient data from the new mineralized zones to determine
the true widths of the drill hole intervals with any confidence.
"na" = no significant result.
* AgEq calculations using US$20.00/oz Ag, US$1,600/oz Au, US$0.90/lb Pb, US$1.10/lb Zn and US$3.00/lb Cu, with metallurgical recoveries of Ag – 74%, Au – 86%, Pb – 69%,
Zn – 75% and Cu – 80%. AgEq = ((Ag grade x Ag Price x Ag recovery) + (Au grade x Au price x Au recovery) + (Pb grade x Pb price x Pb recovery) + (Zn grade x Zn price x Zn
recovery) + (Cu grade x Cu price x Cu recovery))/(Ag price x Ag recovery)
Eight of the holes reported in this news release, PLI22-08, PLI22-09, PLI22-12, PLI22-19, PLIP22-
023, PLIP22-024, PLIP22-025 and PLIP22-028 were drilled in locations where zero values were
adopted in GR Silver Mining's 2021 resource estimation, due to un-sampled historical intervals.
Overall, the results indicate the presence of silver mineralization including some isolated high-grade
zones such as
PLI22-12:
5.7 m
at 514 g/t Ag.
The following table (Table 2) details drill hole types and collar coordinates
.
Table 2: 2022 Plomosas Mine Area Infill Drill Program – Details
Drill Hole
East (m)
North (m)
RL (m)
Dip (
˚
)
Azimuth (
˚
)
Depth (m)
Type Drill Hole
PLI-22-01
451,241
2,551,896
767
-30
90
41.3
Underground
PLI-22-02
451,240
2,551,896
766
-71
90
69.5
Underground
PLI-22-03
451,201
2,551,822
767
-50
90
54.7
Underground
PLI-22-04
451,196
2,551,821
771
50
270
64.8
Underground
PLI-22-05
451,230
2,551,786
781
-40
90
48.5
Underground
PLI-22-06
451,227
2,551,790
781
-30
0
108.5
Underground
PLI-22-07
451,157
2,551,899
736
-60
90
60.5
Underground
PLI-22-08
451,233
2,551,745
776
-90
0
70.0
Underground
PLI-22-09
451,244
2,551,764
787
55
275
42.5
Underground
PLI-22-10
451,245
2,551,707
785
55
270
41.0
Underground
PLI-22-11
451,172
2,551,681
759
-20
130
41.4
Underground
PLI-22-12
451,157
2,551,758
817
-30
140
56.0
Underground
PLI-22-13
451,369
2,551,892
852
-50
90
170.0
Underground
PLI-22-14
451,355
2,551,844
850
-30
90
76.5
Underground
PLI-22-15
451,439
2,552,154
857
-60
90
55.5
Underground
PLI-22-16
451,372
2,551,779
853
-45
120
51.5
Underground
PLI-22-17
451,241
2,551,896
767
-30
90
80.5
Underground
PLI-22-18
451,201
2,551,822
767
-50
90
61.5
Underground
PLI-22-19
451,196
2,551,821
771
50
270
63.5
Underground
PLIP-22-14
451,261
2,551,897
768
-35
110
15.0
Underground
PLIP-22-15
451,260
2,551,893
767
-20
115
14.8
Underground
PLIP-22-16
451,206
2,552,009
769
-50
90
14.0
Underground
PLIP-22-17
451,212
2,552,002
769
-37
90
6.0
Underground
PLIP-22-18
451,202
2,551,973
768
-66
130
15.6
Underground
PLIP-22-19
451,188
2,551,870
763
-30
20
8.5
Underground
PLIP-22-20
454,216
2,551,726
769
-5
265
6.8
Underground
PLIP-22-21
451,193
2,551,700
760
-60
60
17.5
Underground
PLIP-22-22
451,217
2,551,656
768
-90
0
5.2
Underground
PLIP-22-23
451,002
2,551,893
688
-90
0
11.2
Underground
PLIP-22-24
451,032
2,551,888
682
-70
250
7.0
Underground
PLIP-22-25
451,044
2,551,898
677
-40
80
9.7
Underground
PLIP-22-28
451,261
2,551,897
768
-35
110
17.3
Underground
PLS-22-07
451,382
2,551,715
1,014
-60
70
240.0
Surface
PLS-22-08
451,427
2,551,690
1,002
-60
120
17.5
Surface
PLS-22-09
451,284
2,551,869
1,006
-87
110
11.2
Surface
Note: "PLS" holes drilled from surface and "PLI" holes drilled from underground; WGS84 Datum
Report from the 2022 Annual General & Special Meeting
GR Silver Mining reports that all five nominees listed in the management information circular dated
August 2, 2022
(the "
2022 Information Circular
") for the 2022 Annual General & Special Meeting
("
AGM
") of shareholders held on
September 6, 2022
, in
Vancouver, B.C.
, were re-elected as
directors of the Company. A total of 69,929,831 common shares of GR Silver Mining were
represented at the AGM, representing 35.82% of the Company's outstanding common shares as at
the record date of
August 2, 2022
. Shareholders voted in favour of all matters brought before the
meeting, including re-appointing
Davidson
and Company LLP as the Company's auditors and
approving the Company's new Omnibus Long-Term Incentive Plan (the "
Omnibus Plan
").
The Omnibus Plan provides the Company with a variety of security-related mechanisms to attract,
retain, and motivate qualified directors, employees, and consultants. The Omnibus Plan replaced
the Company's prior stock option plan and includes (i) a 10% "rolling" option plan, permitting a
maximum of 10% of the issued and outstanding common shares of the Company as at the date of
any option grant to be reserved for option grants; and (ii) a fixed plan permitting 19,521,680
common shares to be reserved for grants of restricted share units, deferred share units,
performance share units and other share-based compensation awards. The purpose of the
Omnibus Plan is to align the interests of directors, employees, and consultants with the interests of
shareholders and the long-term goals and success of the Company, and to enable and encourage
the directors, employees and consultants to acquire shares as long-term investments. A summary of
the Omnibus Plan can be found in the 2022 information Circular, filed under the Company's profile on
SEDAR (
www.sedar.com
). The Omnibus Plan, in its entirety, is also attached as Schedule "B" to the
2022 Information Circular.
The Company greatly appreciates the participation of its shareholders and their support.
Quality Assurance Program and Quality Control Procedures ("QA/QC")
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:
For further information, please contact: Brenda Dayton, VP Corporate
Communications, Telephone: +1.604.417.7952, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 06:15e 12-SEP-22