GR Silver Mining Provides an Exploration Update for the San Marcial Silver-Gold Project, Including Drill Result of 28.7 m at 92 g/t Silver, 30 m from the NI 43-101 Resource Area.
GR Silver Mining Provides an Exploration
Update for the San Marcial Silver-Gold Project,
Including Drill Result of 28.7 m at 92 g/t Silver,
30 m from the NI 43-101 Resource Area.
VANCOUVER
,
Jan. 20, 2020
/CNW/ -
Goldplay Exploration Ltd. (TSXV: GRSL,
FRANKFURT
:
GPE, OTCQB: GLYXF) ("GR Silver" or the "Company")
is pleased to provide drilling results, as
well as an update on exploration and current activities at the Company's San Marcial Silver-Gold
Project ("San Marcial") in
Sinaloa, Mexico
.
Results have been received from the 2019 core drilling program including a
28.7 m
wide intersection
containing 92 g/t silver (Ag).
Following the successful 2019 drill program, GR Silver is preparing for its 2020 core drilling
campaign, which will incorporate a maiden underground program, as well as surface drilling.
San Marcial Exploration Highlights:
Final 2019 drill holes intersected wide zones of Ag mineralization and anomalous gold
(Au) on targets generated by GR Silver outside of the resource area, including:
SM-19-07:
28.7 m
at 92 g/t Ag, including
13.75 m
at 154 g/t Ag (Faisanes target)
SM-19-08:
0.6 m
at 138 g/t Ag and 0.56 g/t Au (Guacamayo target), confirming the
presence of mineralized breccia
30 m
east of the SE limit of the NI 43-101 resource
Underground drilling will test high-grade depth extensions below San Marcial resource
Development underway to expand and extend the existing tunnel for drill access
Our in-house XRF litho-geochemistry program for target generation has re-commenced
Due diligence has commenced on the two Letters of Intent announced in the past month
as potential acquisitions adjacent to the San Marcial Project:
Plomosas Silver Project (First Majestic Silver Corp.)
La Trinidad Project (Mako Mining Corp.)
GR Silver Mining President and CEO,
Marcio Fonseca
, commented
,
"After receiving the wide
silver results at the Faisanes target from our 2019 drill program, we are pleased to announce that
work has begun on our 2020 program. The first phase will involve underground drilling from the
existing San Marcial tunnel, where work is already underway to provide drill access. High grade
deep historical drill results suggest that the NI 43-101 resource is open at depth and could develop
into a high-grade underground target below the near-surface resources. We remain steadfast in
our goal to increase the silver resource at San Marcial.
Coinciding with our name change from Goldplay Exploration Ltd. to
GR Silver Mining Ltd.
, our
team has commenced the due diligence reviews of data associated with agreements on two
significant land packages that surround the San Marcial Project. The two projects being reviewed
for acquisition consist of past-producing silver-gold mines, defined targets and ample grass-roots
exploration opportunities. Upon successful incorporation of the
La Trinidad
and Plomosas projects,
GR Silver Mining Ltd. is positioned to become a leading mining company in the "Gran" Rosario
Mining District, with multiple advanced stage, high grade silver-gold projects."
2019 Drill Program Summary
Results from the final three holes of the Company's maiden drill program at San Marcial in 2019
reveal additional high-grade silver mineralization over attractive widths, as well as anomalous gold
mineralization. They also confirmed continuity of the mineralized zone
30 m
to the east of the NI 43-
101 resource, supporting potential expansion into the Guacamayo target.
The 2019 program focused on new targets generated by the Company outside the NI 43-101
resource area. The full program consisted of eight diamond core holes (see Appendix), totaling
1,210.5 m
on the Faisanes,
Nava
and Guacamayo targets (Figure 1).
Drill hole SM-19-07 at the Faisanes target returned an exciting
28.7 m
intercept from surface
containing 92 g/t Ag, including
13.75 m
at 154 g/t Ag (Table 1). This result confirms depth continuity
of wide zones of silver mineralization of up to
56m
at 196 g/t Ag in surface trench SMtr-001 (see
news release dated
21 February, 2019
). An intercept of anomalous gold, at
75.85 m
down hole
depth, contained
0.65 m
at 0.5 g/t Au and may be hosted by the same structure that corresponds to
the very high grade
1m
at 204.6 g/t Au result intersected in hole SM-19-01 (see news release dated
30 July, 2019
) (Figure 2). Another hole located
120 m
west, SM-19-04 (Figure 1), failed to intersect
visually significant mineralization, resulting in a
14 m
intersection being analysed; however, no assays
of significance were recorded.
The high-grade results at the Faisanes target in drill holes SM-19-01, SM-19-07 and surface trench
SMtr-001 have the potential to provide an extension to the San Marcial NI 43-101 silver resource
30
m
in a NW direction. A third drill hole, SM-19-04, located
120 m
to the west (Figure 1), did not return
obvious mineralization, but proved important in improving the Company's understanding of the
geology between the Faisanes and
Nava
targets.
Figure 1: 2019 Drill Locations at Faisanes and Guacamayo (CNW Group/GR Silver Mining Ltd.)
Table 1: Assay results from Faisanes and Guacamayo drill holes
Drill Hole
Target
From (m)
To (m)
Sample
Length (m)
Au Grade
(g/t)
Ag Grade
(g/t)
Cut-off grade
SM-19-04
Faisanes
NA
SM-19-07
Faisanes
0.00
28.70
28.70
<0.01
92
30 g/t Ag
including
1.50
15.25
13.75
<0.01
154
80 g/t Ag
48.65
49.05
0.40
0.03
99
80 g/t Ag
75.85
76.50
0.65
0.50
4
0.1 g/t Au
80.25
80.40
0.15
0.79
9
0.1 g/t Au
SM-19-08
Guacamayo
9.00
10.00
1.00
0.19
1
0.1 g/t Au
14.00
17.00
3.00
0.21
23
0.1 g/t Au
including
15.00
15.60
0.60
0.58
138
0.5 g/t Au
54.00
57.00
3.00
0.13
3
0.1 g/t Au
Values may be rounded. Mineralized zones are calculated using minimum width of 0.1 m, allowing for maximum
2 m of internal dilution, using the cut-off grades shown to define the mineralized zones. True widths can not be
confidently estimated at this point. NA = No samples above cut-off
Figure 2: Drill Section SM-19-01 and SM-19-07 at Faisanes (A-A’) (CNW Group/GR Silver Mining
Ltd.)
The Guacamayo target is located at the SE end of, and along strike from, the San Marcial Resource
Area (Figure 1). During 2019, results from geological prospecting and trenching at this target
confirmed the existence of anomalous gold and silver associated with structures near the contact
between an upper volcanic package and underlying dacitic units. As reported in our News Release
dated
8 August, 2019
, one trench (SMtr-022) at Guacamayo returned a wide zone of
24 m
at 219
g/t Ag and 0.25 g/t Au. In addition, trench SMtr-019 contained
5 m
at 0.6 g/t Au.
The final hole in the 2019 drill program was targeted at Guacamayo in the vicinity of trench SMtr-033
which contained several intervals of anomalous gold associated with a structural contact zone of
faults, stockwork, quartz veinlets, hydrothermal breccia and a late stage dacitic dyke. The
60 m
drill
hole, SM-19-08, intersected anomalous narrow zones of Au and Ag mineralization up to
0.6 m
at
0.58 g/t Au and 138 g/t Ag (Table 1 and Figure 3). Other drill targets, for testing in the 2020 surface
drilling program, are being assessed at Guacamayo to investigate the continuity of mineralization to
the SE, along strike from the San Marcial resource.
Figure 3: Drill Section SM-19-01 and SM-19-07 at Faisanes (A-A’) (CNW Group/GR Silver Mining
Ltd.)
2020 Underground Drill Program
The planned underground core drilling campaign will focus on testing down-dip extensions to the
2019 NI 43-101 San Marcial silver resource, as well as investigating continuity of the gold potential
that was discovered in 2019, in the footwall sequence below the silver resource. Drilling to date has
only tested the silver resource to approximately
250 m
vertical depth, and remains open at depth, as
most sections finished in silver intervals above 1,000 g/t Ag. Development within the historical San
Marcial tunnel is currently underway to provide access for the underground program that is part of
the Company's objective to increase resources.
The existing historical tunnel is approximately
170 m
in length, and orientated perpendicular to the
silver mineralization. Development currently underway (Figure 4) will result in the tunnel being
extended a further
100m
, with a cross-cut parallel to the mineralization allowing additional access
along the strike of the mineralization to then test the NE-dipping breccia hosted mineralization at
depth. The initial underground drill program is expected to total
2,000 m
and will be followed by a
surface diamond drilling program to test other targets defined on the tenement.
Figure 4: Drilling blast holes to expand underground tunnel (T-001) at San Marcial (CNW Group/GR
Silver Mining Ltd.)
Geochemical Targeting
2019 was a milestone year for our exploration team. We made great progress on our flagship San
Marcial Project by expanding the silver NI 43-101 resource by 60%, initiating a core drilling program,
discovering eight new drilling targets, and hitting bonanza-grade gold on our first drill target (the first
hole drilled on the property in 10 years).
Additional knowledge was fast-tracked with our detailed, cost-effective, exploration program, which
incorporated our in-house XRF soil and litho-geochemistry program, geological mapping and
trenching. In the past year we have collected approximately 4,000 soil samples and 5,700 litho-
geochemical samples from the San Marcial concession. Analyses of these samples with our two in-
house portable XRF (Niton) units has provided us with a valuable and extensive geochemical data
base to aid in our exploration targeting process. Our knowledge of the silver and gold mineralization
in the project has evolved significantly, which is expected to drive us toward new discoveries in
2020.
The geochemical program for 2020 is currently underway. Anomalies in pathfinder elements defined
by this program will again be followed up by detailed geological mapping and trench/channel
sampling, aiming at identifying additional drill targets.
Due Diligence on 2 Letters of Intent
The Company recently signed two non-binding Letters of Intent; the first with Mako Mining Corp.,
related to (the potential acquisition of) the La Trinidad Mine and the second with First Majestic Silver
Corp., related to (the potential acquisition of) the Plomosas Silver Project (see News Releases
dated
17 December, 2019
and
7 January, 2020
). These transactions, together with successful
exploration results in 2019, represent significant milestones for our team and management. The
acquisitions reflect our strategy to consolidate the major mineralized silver-gold structures
surrounding our San Marcial Project.
The potential acquisitions of
La Trinidad
and Plomosas are a cost and time effective approach to
advance our mission of delivering of high-grade silver-gold ounces in the historical Rosario Mining
District. Upon completion of due diligence and the signing of definitive agreements, the extensive
datasets will allow us to fully explore, not only the 6 km existing trend at San Marcial, but also an
additional ~25 km of mineralized trend with at least 15 new targets inside the Plomosas Silver
Project, along with prospective gold and silver targets at
La Trinidad
.
The due diligence process is now underway on both project opportunities.
Qualified Person
The scientific and technical data contained in this news release related to the San Marcial Project
was reviewed and/or prepared under the supervision of
Marcio Fonseca
, P.Geo., a non-independent
qualified person to GR Silver Mining Ltd. who is responsible to ensure that the geological information
contained in this news release is accurate and who acts as "qualified person" under the National
Instrument 43-101 Standards of Disclosure of Mineral Projects.
Quality Assurance Program and Quality Control Procedures ("QA/QC")
GR Silver has implemented QA/QC procedures which include insertion of blank 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: 4-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.
About GR Silver Mining Ltd
.
GR Silver recently changed its name from Goldplay Exploration Ltd to better reflect its focus on
silver projects in the "Gran" Rosario Mining District. GR Silver has successfully consolidated a
district-sized portfolio, owning >250 sq. km of mineral concessions in the historic
Rosario
gold-silver
Mining District in the state of
Sinaloa, Mexico
. Its flagship project, San Marcial, consists of a 1,250-
ha land package located south of the
La Rastra
and Plomosas historic mines. San Marcial is a near-
surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource
estimate was completed by GR Silver in early 2019. Additionally, bonanza-grade gold was drilled in
July 2019
at San Marcial, opening the potential for further gold success. GR Silver's 100% owned
El
Habal
precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700
hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a
paved road from the historic mining town of
Rosario, Sinaloa, Mexico
.
GR Silver's current focus includes expanding its NI 43-101 resource estimate at the San Marcial
project, which contains 36Moz AgEq (indicated) + 11Moz AgEq (Inferred), by defining new high-
grade gold and silver targets along the project's 6 km mineralized trend. GR Silver is the first
company to perform exploration work and to drill at San Marcial in over 10 years. It is a low-risk
development stage project, fully exploration permitted and supported by the local communities to
carry out all proposed exploration activities. A 6 km trend has so far been identified, highlighting the
significant potential for further discoveries. The Company has identified 8 high-priority targets along
the 6 km trend and in 2019 drilled preliminary holes into three high-priority targets at Faisanes,
Nava
and Guacamayo. Some of these exploration targets consist of old shallow pits, caved shafts and
historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by
major regional structures in a felsic volcanic environment. Mapping and sampling by GR Silver have
revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment
for additional high-grade gold and silver discoveries.
The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a
series of rolling hills with evidence of historic shallow underground mining along a 6 km-long
prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which
operated for over 250 years.
GR Silver's team has over 30 years of experience with senior roles in exploration, financing, and
development in the mining industry, including over ten years of extensive exploration experience in
the Rosario Mining District, leading to previous successful discoveries.
The NI 43-101 reports for each of the San Marcial and El Habal Projects are available on SEDAR.
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.
Appendix: Faisanes and Guacamayo Drill Hole Collar Location Details
Drill Hole
Target
East
(mE)
North
(mN)
Dip
Azimuth
Final Depth
(m)
SM-19-01*
Faisanes
450,896
2,545,836
-50˚
220˚
281.0
SM-19-02*
Nava
448,987
2,545,610
-50˚
350˚
292.5
SM-19-03*
Nava
449,341
2,545,698
-50˚
340˚
150.0
SM-19-04
Faisanes
450,572
2,545,719
-50˚
320˚
180.0
SM-19-05*
Nava
449,272
2,545,786
-50˚
160˚
66.0
SM-19-06*
Nava
448,985
2,545,796
-48˚
200˚
100.0
SM-19-07
Faisanes
450,838
2,545,721
-50˚
005˚
81.0
SM-19-08
Guacamayo
451,243
2,545,530
-50˚
250˚
60.0
* Drill holes previously reported on News Releases dated
30 July 2019
and
25 November 2019
SOURCE
GR Silver Mining Ltd.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2020/20/c8818.html
%SEDAR: 00040149E
For further information:
+1 (604) 202 3155, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 07:30e 20-JAN-20