GR Silver Mining Completes Extensive IP and Ground Magnetic Geophysical Survey Connecting the San Marcial and San Juan Areas
GR Silver Mining Completes Extensive IP and
Ground Magnetic Geophysical Survey
Connecting the San Marcial and San Juan
Areas
VANCOUVER, BC
,
Oct. 5, 2021
/CNW/ -
GR Silver Mining Ltd. ("GR Silver Mining"
or the
"Company")
(TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces the completion
of the 3D DC resistivity, induced polarization ("IP") and ground magnetic geophysical survey covering
over 7 km of prospective structural corridor as first step of a district-scale generative exploration
program at the Plomosas Project,
Sinaloa, Mexico
.
Highlights:
First-ever geophysical program links San Marcial resource with the recent GAP Area
discovery and the
San Juan
resource
A combined 71 kilometres of resistivity, IP, and ground magnetic line coverage
New shallow drill targets identified on the surveyed area including the vicinity of the San
Marcial resource areas
GR Silver Mining President and CEO,
Marcio Fonseca
commented
"The release of results from
the IP and magnetic survey has already provided valuable information for the current underground
drill program aimed at expanding the San Marcial resource. Together with the new district-scale
geologic surface mapping and sampling campaigns, and a better understanding of the structural
control of faults and mineralized structures, the new geophysical data provides new targets to build
our project pipeline within the Plomosas Project. We have already made significant advances with
drilling planned on the recent GAP Area discovery and we are looking forward to develop
additional targets to drill stage."
Geophysical Survey and Exploration Work
GR Silver Mining's 3D DC resistivity, IP and ground magnetic geophysical survey cover 7 kilometres
along strike, connecting the mineralized trend at San Marcial with the GAP and San Juan Areas
further to the northwest (Figure 1). This is the first-ever surface geophysical program carried out in
this under-explored area of the Plomosas Project. The ground geophysical survey was completed
and processed by Dias Geophysical Ltd. (of
Saskatoon, SK
,
Canada
) and Condor Consulting Inc.
(of
Lakewood, CO
, USA) respectively, producing 3D chargeability, resistivity, and magnetic inversion
data products. The geophysical program was comprised of a ground walking magnetometer and a
2D and 3D direct current induced polarization (DCIP) survey, using Dias Geophysical's proprietary
DIAS32 system. The survey was carried out with a pole-dipole configuration, and 2D and rolling
distributed 3D arrays, using
200 m
spaced lines in a NE-SW orientation.
The advantage of this multi-directional survey method over traditional IP surveys is that higher-
density datasets are collected, resulting in robust 3D data for accurate modelling and improved
depth sensitivity, among other advantages, providing better guidance for exploratory drilling.
Implications for Exploration
Initial results received from the survey were used in the planning and execution of the current
underground resource expansion drill program at San Marcial (see
News Release dated
September 1, 2021
). This area of high priority was surveyed with a tighter line
spacing of
100 m
. Several zones of elevated chargeability correspond with volcaniclastic-
sedimentary units that are found in the immediate footwall of the San Marcial Breccia (host to the
San Marcial NI 43-101 silver resource), overlapping with areas of disseminated pyrite, and
coincident with previously reported gold intercepts (see
News Release dated
November 12, 2020
).
An area as large as 3 km
2
has been identified in the vicinities of the San Marcial Resource Area with
elevated chargeability extending southwards from the San Marcial Resource Area (Figure 1).
Magnetic data shows that there are several oriented magnetic features in this area corresponding to
different intrusive bodies, including a fine-grained diorite and a granodiorite. These geophysical
features and structural controls are being investigated for relationships with the Company's extensive
geochemical database covering the San Marcial and GAP Areas and resulting exploration
opportunities.
Resistivity data shows that important parts of the Plomosas Project are separated into structural
blocks controlled by NW-trending faults and mineralized structures. Together with secondary NE-
trending structures, these features concentrate Ag-Au bearing veins, encountered during mapping
activities. As previously noted during exploration work in the Plomosas Mine,
San Juan
and GAP
Areas (see
News Release dated
September 8, 2021
), specific areas with intrusive diorite bodies
mapped within volcaniclastic and volcanic strata appear to control fluids producing Ag-Au
mineralization in several areas. Early-stage field assessment of Ag-Au targets is underway and
several of these are currently in the drill planning stage.
Figure 1 Magnetic Data, Chargeability, Resistivity and Geology Maps connecting the San
Marcial, GAP and San Juan Areas
Figure 1
Magnetic Data, Chargeability, Resistivity and Geology Maps connecting the San Marcial,
GAP and San Juan Areas (CNW Group/GR Silver Mining Ltd.)
Qualified Person
The scientific and technical data contained in this News Release related to the exploration program
were reviewed and/or prepared under the supervision of
Marcio Fonseca
, P. Geo. He has approved
the disclosure herein.
Corporate Update
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 employees
in its Mexican subsidiaries, to purchase up to an aggregate of 155,000 common shares of the
Company. These options are exercisable for a period of five years at a price of
$0.29
per share.
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 778 km
2
of concessions containing several structural corridors totaling over 75
kilometres in strike length.
GR Silver Mining Ltd.
Mr.
Marcio Fonseca
, P. Geo
President & 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:
please contact: Brenda Dayton, VP Corporate Communications,
Telephone: +1.604.558.6248, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 06:30e 05-OCT-21