GR Silver Mining Announces Postponement of Filing of Q1 Financial Documents
GR Silver Mining Announces Postponement of
Filing of Q1 Financial Documents
VANCOUVER
,
May 29, 2020
/CNW/ -
GR Silver Mining Ltd. (TSXV: GRSL,
FRANKFURT
: GPE,
OTCQB: GLYXF) ("GR Silver Mining" or the "Company")
– in response to the COVID-19
pandemic, the securities regulatory authorities in
Canada
have granted a blanket exemption allowing
issuers an additional forty-five days to complete their regulatory filings that were otherwise due
during the period from
March 23, 2020
to
June 1
, 2020. Due to delays to obtain financial information
in
Mexico
, caused by the COVID-19 pandemic, the Company is relying on this blanket relief to
postpone the filing of its Q1 interim financial statements and corresponding management's
discussion and analysis (collectively, the "
Q1 Financial Documents
") for the three month period
ended
March 31, 2020
.
As required by BC Instrument 51-515, and similar Instruments and Orders enacted in
Alberta
,
Saskatchewan
and
Ontario
, the Company discloses the following:
The Company presently anticipates being able to complete and file the Q1 Financial Documents
on or before
July 15, 2020
.
Until the Company has filed and announced the required Q1 Financial Documents, members of
management and other insiders are subject to a trading black-out policy that reflects the
principles in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and
Revocations in Multiple Jurisdictions.
The Company confirms that there have been no material business developments since
April 24,
2020
, when the Company filed its
December 31, 2019
year end audited financial results, other
than as announced.
About GR Silver Mining Ltd
.
GR Silver Mining Ltd. (GRSL.V) 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, and the delineation of 16 exploration/drilling
targets.
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 expanding its NI 43-101 resource estimate at the San Marcial Project, which
contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining 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 26, 2019
.
Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-
ounce San Dimas Mining District which has historically produced more than 620 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. Forward-looking
statements and forward-looking information include, but are not limited to, statements with respect
to the timing and completion of the Offering, the use of proceeds of the Offering and the
availability of regulatory approvals for the Offering. Except for statements of historical fact relating
to the Company, certain information contained herein constitutes forward-looking statements.
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.
The forward-looking statements and information contained in this press release are made as of the
date hereof, and the Company is not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and assumptions contained herein,
investors should not place undue reliance on forward-looking information. The foregoing
statements expressly qualify any forward-looking statements and information contained herein.
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 17:30e 29-MAY-20