GR Silver Mining Identifies High-Grade Gold- Silver Area at Plomosas Project: 1.8 m at 30.6 gpt Au and 118 gpt Ag (3,092 gpt AgEq*), including 0.6 m at 86 gpt Au and 36 gpt Ag (8,378 gpt AgEq*)
GR Silver Mining Identifies High-Grade Gold-
Silver Area at Plomosas Project: 1.8 m at 30.6
gpt Au and 118 gpt Ag (3,092 gpt AgEq*),
including 0.6 m at 86 gpt Au and 36 gpt Ag
(8,378 gpt AgEq*)
VANCOUVER
,
May 13, 2020
/CNW/ -
GR Silver Mining Ltd. (TSXV: GRSL,
FRANKFURT
: GPE,
OTCQB: GLYXF) ("GR Silver Mining" or the "Company")
– is pleased to report high-grade drill
results at its 100% owned Plomosas Silver Project ("Plomosas Project") in
Sinaloa, Mexico
. These
results are located in the Plomosas Mine Area, one of six priority areas with a combination of recent
(2016 to 2018) and historical drill data being released by the Company (
See Drone Image
).
These additional drill hole results confirm the presence of high-grade gold-silver mineralization in the
Plomosas Mine Area in un-mined zones, representing Au-Ag enrichment in vertical faults cross-
cutting the main shallow-dipping Plomosas Fault. The drill section discussed in this news release is a
step-out section (Figure 1),
100 m
south of drill holes reported in a previous news release (see
April 23, 2020
).
Figure 1: Cross Section Drill Hole Collar Locations – Mineralized Structures (Plomosas Mine Area)
(CNW Group/GR Silver Mining Ltd.)
GR Silver Mining President and CEO,
Marcio Fonseca
, commented
,
"With the confirmation of
the new high-grade Au-Ag zones hosted in subvertical faults,
100 m
along strike from the
previously released cross section, we envisage an increased potential for definition of multiple
high-grade mineralized veins for future resource estimation. These results confirm multiple
mineralization styles at the Plomosas Project, outside of the previously mined polymetallic high-
grade Pb-Zn-Ag-Au breccia that was typically hosted in shallow-dipping regional faults. GR Silver
Mining is the first company to fully integrate and place all data in a 3D model allowing
interpretation of a wide footprint of high-grade multiple veins. This modelling allows us to plan
future expansion drilling and resource estimation. Our investigations of the extensive unreported
drill database covering the Plomosas Mine Area continue to support a model with potential for
mineralization not only hosted within a single high grade structure but within multiple cross-cutting
high-grade veins (See
high-grade core photo intervals
)."
Table 1 summarizes the most significant drill assay results for the second group of holes released
for the Plomosas Mine Area.
Table 1: Summary Drill Hole Results - News Release May 13, 2020 (Plomosas Mine Area only)
Hole No.
From
(m)
To
(m)
Drilled
width
(m)
Est.
true
width
(m)
Ag g/t
Au g/t
Zn %
Pb %
Ag Eq
g/t
SD-3
336.3
338.1
1.8
1.74
118
30.64
0.1
0.1
3,092
includes
337.5
338.1
0.6
0.58
36
86.00
0.1
0.1
8,378
SD-4
229.5
230.9
1.4
1.30
6
4.75
0.0
0.1
SD-5
243.2
247.9
4.8
4.23
57
1.35
3.7
3.3
320
SD-8
261.6
263.5
1.9
1.72
157
1.79
8.7
1.8
430
274.4
280.8
6.4
5.80
106
0.42
0.3
0.8
174
includes
278.1
280.8
2.6
2.40
186
0.71
0.3
1.3
303
includes
279.8
280.8
1.0
0.91
450
1.50
0.4
2.0
668
SD-21
225.5
228.7
3.2
3.13
31
4.54
5.8
5.2
679
includes
226.4
227.5
1.0
1.04
67
10.26
14.4
10.8
1,500
Hole No.
From
(m)
To
(m)
Drilled
width
(m)
Est.
true
width
(m)
Ag g/t
Au g/t
Zn%
Pb%
Ag Eq
g/t
SD-27
211.8
216.8
5.0
4.96
52
2.60
0.7
3.1
416
includes
211.8
212.8
1.0
0.99
142
11.20
2.7
11.5
1,645
SD-31
41.7
42.7
1.0
0.98
850
0.14
0.8
1.2
908
SD-51
108.0
122.4
14.4
14.09
185
0.07
0.6
0.8
222
includes
108.0
109.3
1.3
1.22
1,650
0.10
5.3
6.6
1,914
126.7
128.2
1.5
1.47
526
0.13
1.1
1.6
601
SD-53
150.0
153.0
3.0
2.70
240
0.05
0.9
1.6
304
161.5
162.5
1.0
0.90
403
0.25
2.4
2.2
516
175.0
178.8
3.8
3.42
240
0.05
1.0
1.6
306
183.0
184.2
1.2
1.08
42
0.75
12.9
8.4
462
73
0
4.5
4.5
4.28
760
0.00
2.3
1.5
822
139
28.0
28.7
0.7
0.70
547
0.70
1.3
1.5
671
190
7.0
19.2
12.2
12.15
225
0.43
3.0
3.6
404
191
6.0
7.5
1.5
1.45
1,659
0.19
1.2
3.7
1,814
PLI17-14
4.2
8.4
4.15
3.98
11
0.30
2.0
3.5
171
includes
4.2
4.65
0.45
0.43
22.66
0.57
7.1
15.1
639
PLI17-23
22.0
22.4
0.4
0.40
20
17.88
0.1
0.8
1,784
PLI17-24
63.1
65.5
2.0
1.93
96
4.11
0.8
5.9
705
Hole No.
From
(m)
To
(m)
Drilled
width
(m)
Est.
true
width
(m)
Ag g/t
Au g/t
Zn%
Pb%
Ag Eq
g/t
includes
64.7
65.7
0.4
0.4
327
15.44
3.2
22.4
2,627
226.9
228.3
1.4
1.39
10
6.71
0.1
0.1
includes
226.9
227.3
0.4
0.40
19
23.05
0.2
0.3
PLI17-36
50.9
51.8
0.9
0.84
445
0.87
1.1
0.1
535
PLI17-38
116.1
119.1
3.0
2.98
248
0.10
0.2
0.6
182
includes
118.1
119.1
1.0
1.00
485
0.05
0.1
0.3
500
*AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The
metallurgical recoveries are assumed as 100%. "na" = no relevant assays.
All numbers are rounded. Results are uncut and undiluted.
The existing drill holes for the Plomosas Project were generated by drill campaigns completed by
Grupo Mexico between 1982-2000 and First Majestic Silver Corp. ("First Majestic") between 2016-
2018 and form an extensive database which GR Silver Mining is consolidating and validating. The
primary objective of Grupo Mexico was the discovery of Pb and Zn mineralization as potential feed
for their historical flotation plant operations nearby. First Majestic drilled the Plomosas Mine Area
aiming to define new mineralized zones down dip and along strike from the surface and underground
sites. Wherever assay intervals are identified as missing within the drill hole database, the relevant
drill holes will be re-examined, sampled, and assayed using the remaining core to complete the
sequence of results.
Table 2 summarizes the historical drill hole intervals previously not sampled ("NS") for the second
group of holes released for the Plomosas Mine Area.
Table 2: Plomosas Mine Area Drill Holes – Historical Drill Hole Intervals Not Sampled
(Intervals greater than
20 m
)
Hole No.
From-To
(m)
Sampling
Hole No.
From-To
(m)
Sampling
SD-3
0-218.5
NS
SD-51
0-63.4
NS
SD-4
0-210.4
NS
SD-53
0-30.7
NS
SD-4
324.8-356.4
NS
SD-53
44.4-75.7
NS
SD-5
0-181.8
NS
PLI17-14
54.8-79.0
NS
SD-5
187.75-216.3
NS
PLI17-14
118.3-139.5
NS
SD-5
257.3-357.3
NS
PLI17-23
0-22.0
NS
SD-8
0-100.15
NS
PLI17-23
108.2-138.7
NS
SD-8
122.15-142.5
NS
PLI17-23
195.6-220.5
NS
SD-8
146.85-180
NS
PLI17-24
0-27.5
NS
SD-8
198.95-224.35
NS
PLI17-24
72.2-93.5
NS
SD-21
0-194
NS
PLI17-24
95.8-169.8
NS
SD-27
0-157.8
NS
PLI17-24
228.3-262.6
NS
SD-27
170.1-191.2
NS
PLI17-36
102.6-172.8
NS
All numbers are rounded
The high-grade Au-Ag vein intersections consist of mineralization hosted on high angle faults cross
cutting the shallow angle regional faults (Plomosas Fault). Mineralization consists of 0.6 to
1.8 m
wide banded quartz-acanthite-argentite-pyrite veins and breccias, dipping at an estimated 70° ESE.
Conceptually, since the historical Plomosas operation only mined the polymetallic shallow dipping
breccia, this new interpretation defines a series of low sulphidation epithermal veins, proximal to
each other, close to existing underground infrastructure and accessible for drilling and potential
future exploitation. The Plomosas Mine Area has a high-grade footprint approximately
300 m
along
strike, as defined by interpretation of released drill holes and historical underground sampling, and is
open in most directions, Figure 2. Further drilling for potential expansion of the high-grade footprint
is currently being planned.
The Company continues to validate all drill hole results in the extensive Plomosas drill database
aiming to fully integrate them in a 3D Model. Other ongoing site activities include underground
mapping and sampling on the Plomosas Mine Area, drill core sampling and assaying, and initial bulk
sampling of selected underground areas for future metallurgical testwork
Figure 2:
Drill Hole Collar Locations– Mineralized Structures (Plomosas Mine Area) (CNW Group/GR
Silver Mining Ltd.)
Table 3: Drill Hole Locations
Hole No.
East
North
RL
Azimuth
Dip
Depth (m)
SD-3
450909
2551768
969.4
57
-70
389.3
SD-4
450909
2551768
969.4
57
-80
421.4
SD-5
451074
2551782
999.0
270
-89
260.6
SD-8
451074
2551782
999.0
360
-80
318.5
SD-21
451014
2551799
979.5
90
-83
327.15
SD-27
451014
2551799
979.5
90
-75
216.8
SD-31
451379
2551778
1025.1
90
-71
94.05
SD-51
451310
2551760
1032.7
90
-77
154.55
SD-53
451310
2551760
1032.7
90
-88
185.2
73
451436
2551840
928.7
270
30
53.2
139
451052
2551790
752.2
90
-53
132.2
190
451397
2551780
908.2
110
-34
93.5
191
451399
2551780
908.7
110
-64
67.5
PLI17-14
451021
2551881
705.0
180
-45
162.55
PLI17-23
450937
2551785
752.0
90
-68
220.5
PLI17-24
450937
2551782
752.0
138
-80
262.6
PLI17-36
451037
2551804
750
115
-45
172.8
PLI17-38
451034
2551800
750
135
-35
154.2
All numbers are rounded.
The Company also announces that, pursuant to the Company's 10% rolling stock option plan and in
compliance with the policies of the TSX Ventur Exchange, it has granted incentive stock options to
certain directors, officers, and consultants of the Company to purchase up to an aggregate of
1,385,000 common shares of the Company. These options are exercisable for a period of 5 years
at a price of
$0.335
per share.
Qualified Person
The scientific and technical data contained in this News Release related to the Plomosas Project
was reviewed and/or prepared under the supervision of
Marcio Fonseca
, P.Geo. He has approved
the disclosue herein.
Quality Assurance Program and Quality Control Procedures ("QA/QC")
The recent drill holes completed by First Majestic followed QA/QC protocols reviewed and validated
by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First
Majestic's Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying.
Additional validation and check assays were performed at independent laboratory by at SGS de
México, S.A. de C.V facilities in
Durango, Mexico
. The analytical methods applied for these recent
holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples
above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using
Inductively Coupled Plasma Optical Emission Spectrometry.
GR Silver Mining has reviewed information related to the historic Grupo Mexico drill holes and
believes the results are of sufficient quality and suitable for disclosure. GR Silver has not verified the
results. The following drill holes were drilled by Grupo Mexico, SD-3, SD-4, SD-5, SD-8, SD-21, SD-
27,SD-51, SD-53,73, 139, 190 and 191.
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. 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 13-MAY-20