GR Silver Mining Appoints Dr. Honza Catchpole as VP Exploration
GR Silver Mining Appoints Dr. Honza
Catchpole as VP Exploration
VANCOUVER, BC
,
Jan. 21, 2021
/CNW/ -
GR Silver Mining Ltd.
(TSXV: GRSL) (FRANKFURT:
GPE) (OTCQB: GRSLF)
("GR Silver Mining" or the "Company")
– is pleased to announce the
appointment of Dr.
Honza Catchpole
as VP Exploration effective
January 20, 2021
.
Dr. Catchpole has extensive experience working in
Mexico
,
USA
,
Canada
, Andean South America
and
Europe
, mainly with porphyry Cu, skarn (Zn-Pb-Ag-Cu), epithermal precious (Au-Ag) and base
metal (Ag-Zn-Pb-Cu) deposits. Dr. Catchpole has worked in project generation, exploration and
project evaluation of precious metal and porphyry Cu projects for Teck Resources Limited ("Teck"),
Vale Exploration Canada and Sumitomo Metal Mining Canada. Dr. Catchpole has been directly
involved in designing, planning and executing drill programs, as well as managing greenfield and
reconnaissance stage projects in
Mexico
. Dr. Catchpole comes to GR Silver Mining from Teck
where he was project manager and geoscience lead at the San Nicolas VHMS deposit in
Zacatecas,
Mexico
, currently at pre-feasibility stage. His background in geologic, alteration and structural
mapping (surface and underground) in Andean volcanic arc settings with good understanding of
hydrothermal alteration and mineralization is a valuable addition to the GR Silver Mining exploration
team.
Honza Catchpole
received his Ph.D. in Earth Sciences from the University of
Geneva, Switzerland
.
His research focused on the relationship of zoned epithermal silver and base metal mineralization to
porphyry-type mineral deposits at Morococha, central
Peru
.
Dr. Catchpole is a Professional Geologist (P. Geo) registered with the Association of Professional
Engineers and Geoscientists of the Province of
British Columbia
and a Qualified Person within the
meaning of National Instrument 43-101.
GR Silver Mining President and CEO,
Marcio Fonseca
, commented,
"We are very excited to have
attracted a highly qualified geoscientist with extensive experience in large polymetallic silver
mining districts and all key stages of successful exploration programs to join GR Silver Mining in
Mexico
. Dr. Catchpole's knowledge and experience working in
Latin America's
world class mining
districts is a valuable component for the upcoming exploration program in our projects."
Concurrent with the appointment of Dr. Catchpole as VP Exploration,
Trevor Woolfe
is stepping
down as VP Exploration and will remain with the Company as VP Corporate Development.
The Company also announces that, pursuant to its 10% rolling stock option plan and in compliance
with the policies of the TSX Venture Exchange, it has granted incentive stock options to certain
directors, officers, consultants and employees of the Company and its Mexican subsidiaries, to
purchase up to an aggregate of 2,405,000 common shares of the Company. These options are
exercisable for a period of five years at a price of
$0.74
per share. Of these options, 1,450,000
options granted to certain directors and officers of the Company will vest as to 1/3 on the date of
grant, and a further 1/3 on each of the 1
st
and 2
nd
anniversaries of the date of grant.
The Company has also negotiated a debt settlement with an arm's-length creditor. Pursuant to the
debt settlement agreement and subject to acceptance by the TSX Venture Exchange, the Company
has settled debt of
US$82,500
(CAD$104,412)
in consideration for which it will issue an aggregate
of 141,097 common shares at a deemed price of
CAD$0.74
per share.
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 a 600 tpd crush milling
flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million
pounds of lead and 28 million pounds of zinc.
The Project has an 8,515-hectare property position and is strategically located within 5 km of the
Company's San Marcial Silver Project in the southeast of Sinaloa State,
Mexico
.
The
March 2020
acquisition of the Plomosas Silver Project included 563 historical and recent drill
holes from both surface and underground locations. These drill holes represent an extensive
database allowing the Company to advance towards resource estimation and potential project
development in the near future.
The Company has commenced an
11,900 m
drilling program with surface holes focused on
expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the
San Juan Area
. Underground drilling included in the program will target the extension of recent
polymetallic discoveries at the lowest level (
775 m
RL, or ~250 m below surface) of the Plomosas
Mine Area and six low sulfidation epithermal veins at
San Juan Area
. Both areas will be the subject
of NI 43-101 resource estimations following completion of this drill program.
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$30 million
of previous capital investments. The previous owners invested
approximately
US$18 million
in exploration, including extensive geophysics and geochemistry
programs.
The silver and gold mineralization on this Project display the alteration, textures, mineralogy and
deposit geometry characteristics of a low sulfidation 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 remain under-explored.
In addition to the resource potential at Plomosas, a review of the existing drill hole database,
geophysical surveys and geochemical data covering most of the concession, has defined 16 new
exploration targets from which 11 have high priority for future exploration programs.
SAN MARCIAL PROJECT
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which contains
a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) NI 43-101 resource estimate. The company
recently completed over
320 m
of underground development in the San Marcial Resource Area, from
which underground drilling is planned to expand the high-grade portions of the resource down dip.
The Company recently discovered additional mineralization in the footwall, outside of the existing
resource, and will also be drilling this area. 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
.
Recent exploration has identified silver and gold mineralization in areas previously defined as non-
mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and
associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource.
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 21-JAN-21