GRSL.V · 2022-10-17 12:00:00

GR Silver Mining Extends SE Area Silver Discovery with New Wide Intersection of 123.1 m at 112 g/t Ag, including 13.1 m at 289 g/t Ag and 0.4 m at 4,680 g/t Ag

Drill Results

GR Silver Mining Extends SE Area Silver

Discovery with New Wide Intersection of 123.1

m at 112 g/t Ag, including 13.1 m at 289 g/t Ag

and 0.4 m at 4,680 g/t Ag

VANCOUVER, BC

Oct. 17, 2022

/CNW/ -

GR Silver Mining Ltd. ("GR Silver Mining"

or the

"Company")

(TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce

successful follow up drilling lateral to the new high-grade Southeast Area ("SE Area") silver (Ag)

discovery, at the Company's wholly-owned Plomosas Project, in

Sinaloa, Mexico

. Surface drill hole

SMS22-16 intersected mineralization similar to the previously announced SMS22-10 discovery in the

SE Area, on a

90 m

step out drilling program, where multiple high-grade intervals are hosted in a

wide zone with a predominance of Ag-rich hydrothermal breccias and stockworks, to the SE of the

San Marcial Resource Area.

Highlights from the Southeast Area surface drilling results at San Marcial

SMS22-16: identified a wide hydrothermal breccia and stockwork system, with multiple high-

grade Ag intervals, similar to the wide hydrothermal system in the SMS22-10 discovery hole

(see

News Release dated

August 8, 2022

). SMS22-16 intersections are summarized as:

123.1 m

at 112 g/t Ag

including:

13.1 m

at 289 g/t Ag

including

0.4 m at 4,680 g/t Ag

27.3 m

at 250 g/t Ag

including

0.3 m at 1,351 g/t Ag

6.4 m

at 635 g/t Ag

including

0.5 m at 2,203 g/t Ag

SMS22-14: Confirmation of Ag mineralization at shallow depth

150 m

along strike from the SE

Area (Figure 1). Presence of wide Ag mineralization with isolated high-grade values. SMS22-14

intersections are summarized as

10.5 m

at 23 g/t Ag

3.5 m

at 118 g/t Ag

including

0.2 m at 1,790 g/t Ag

The drilling program continues at the SE Area, to define the geometry and lateral extents of the

mineralization. The results to date suggest that the high-grade, wide Ag mineralization can be

present at shallow depth from surface where Ag values are relatively low, as seen in shallow

hole SMSP22-023 (Table 1). The occurrence of Ag anomalous zones on surface along the 1.5

km target contact, further SE from the SE Area (Figure 1), provides new targets for the

Company to continue drilling, aimed at expanding the footprint of mineralization and potentially

for incorporation into the planned resource estimation update in Q1|23.

GR Silver Mining Chairman and CEO,

Eric Zaunscherb

commented,

"With each new drill hole, the

Company's understanding of the controls on mineralization in the new SE Area, as well as its size

and geometry, increase. The systematic approach capturing geochemical, geophysical, and

geological data at surface, is informing shallow drilling (e.g., hole SMSP22-023), which, in turn,

guides us at depth (e.g., SMS22-16). The evidence appears to be pulling us further to the

southeast and the ongoing fully funded drill program will continue to generate data for the mineral

resource estimate update scheduled for the first quarter of 2023."

Figure 1:

Location of 2022 Drill Holes - Southeast Area and San Marcial Resource Area (CNW

Group/GR Silver Mining Ltd.)

Drilling Program Southeast Area

Following the recent discovery of wide, high-grade Ag mineralization in the SE Area of San Marcial,

the Company continues to drill holes to test the geometry and continuity of mineralization at depth

and laterally.

SMS22-16

was designed to test lateral continuity, approximately

90 m

SE, of the wide high-grade

Ag mineralization intersected in SMS22-10 (Figure 1). The Ag-rich mineralization hosted in breccia

and intense hematite-quartz stockwork veining encountered in SMS22-16 is very similar to the

mineralization style encountered in SMS22-10 and at the same key elevation between the 650 and

550 levels, following the NW trend but within the prospective corridor in the intersection with the NE

trend. Similar to SMS22-10, the continuity of the discovery zone to SE is now validated by SMS22-

16, which displays multiple brecciation stages and a series of andesitic dykes intruding and hosting

Ag mineralization in the contact with the lower volcano-sedimentary unit.

SMS22-14

tested the extension of the mineralized contact zone

125 m

to the SE of SMS22-13,

encountering a geological setting similar to that identified in SMS22-10. SMS22-14 targeted a low-

grade Ag geochemical anomaly on surface relatively close to the target contact, to evaluate the

presence and continuity of Ag mineralization at shallow depth outside the NE trending structural

corridor that hosts the SE Area discovery zone. The results support further drilling in the area, down

dip and along strike, as it is common in the SE Area for the wide high-grade Ag mineralization to

occur at some depth, with the surface expression represented by wide low-grade Ag zones.

SMS22-15

was drilled

80 m

below SMS22-12 (Figure 2). The results suggest that the mineralization

on this section - SMS22-10, SMS22-12 and SMS22-15 - is part of an extensional breccia and

stockwork system with typical "pinch and swell" geometry.

Figure 2:

San Marcial and SE Area Longitudinal Section – Pierce Points Grade x Thickness (CNW

Group/GR Silver Mining Ltd.)

GR Silver Mining continues to identify additional targets in the SE Area 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.

Table 1: San Marcial Southeastern Area - Results Highlights

Drill Hole

From (m)

To (m)

Apparent

width

(m)

Ag g/t

Au g/t

Pb %

Zn %

SMS22-14

26.8

37.3

10.5

0.06

85.0

88.5

3.5

118

0.02

0.1

including

88.3

88.5

0.2

1,790

0.03

0.7

2.9

103.5

104.3

0.8

392

0.04

0.2

0.5

142.0

152.9

10.9

0.08

SMS22-15

322.4

328.3

5.9

0.03

0.4

1.1

SMS22-16

65.8

188.9

123.1

112

0.06

0.1

including

66.8

79.9

13.1

289

0.05

0.1

including

72.3

72.7

0.4

4,680

0.87

0.1

and

115.6

142.9

27.3

250

0.10

0.1

0.3

including

116.7

117.0

0.3

1,351

0.30

0.1

0.2

and

117.3

123.6

6.4

635

0.08

0.2

0.3

including

119.5

120.0

0.5

2,203

0.17

0.8

1.4

including

148.5

150.0

1.5

102

2.6

SMSP22-023

22.3

26.0 EOH

3.7

158

0.01

Numbers may be rounded. Results are uncut and undiluted. True width not estimated as the Company does not have

sufficient data from this new mineralized zone to determine the true widths of the drill hole intervals with any confidence.

"na" = no significant result "EOH" = end of hole

Table 2: 2022 San Marcial Drill Program – Southeast Area Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (

)

Azimuth (

)

Depth (m)

Results

Status

SMS22-14

451620

2545715

725

-60

210

182.6

this release

SMS22-15

451501

2545921

700

-80

240

408.0

this release

SMS22-16

451474

2545840

690

-50

205

243.6

this release

SMS22-17

451473

2546016

723

-50

225

380.0

pending

SMS22-18

451388

2545903

760

-48

225

336.0

pending

SMS22-19

451389

2545770

709

-50

210

in progress

SMS22-20

451388

2545903

760

-50

160

in progress

SMSP22-023

451460

2545735

678

-45

340

this release

Note: all holes drilled from surface; WGS84 Datum

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 SE 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

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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2022/17/c4010.html

%SEDAR: 00040149E

For further information:

Brenda Dayton, VP Corporate Communications, Telephone:

+1.604.417.7952, Email: [email protected]

CO: GR Silver Mining Ltd.

CNW 06:15e 17-OCT-22

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