GRSL.V · 2022-07-13 12:00:00

GR Silver Mining Releases High-grade Silver Results from San Marcial Resource Expansion Drilling Program - 15.4 m at 547 g/t Ag, including 2.0 m at 1,179 g/t Ag

Drill Results

GR Silver Mining Releases High-grade Silver

Results from San Marcial Resource Expansion

Drilling Program - 15.4 m at 547 g/t Ag,

including 2.0 m at 1,179 g/t Ag

VANCOUVER, BC

July 13, 2022

/CNW/ -

GR Silver Mining Ltd. ("GR Silver Mining"

or the

"Company")

(TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces first assay

results from the 2022 resource expansion drill program at the San Marcial Area in

Sinaloa, Mexico

The high-grade silver ("Ag") results demonstrate the potential for resource expansion both near-

surface and at depth at the San Marcial Area. The 23 released drill holes targeted delineation of

near-surface high-grade zones, as well as the lateral continuation of mineralization along the

prospective contact between the upper andesitic "block and ash" unit and lower volcano-sedimentary

units. This contact commonly hosts the San Marcial Area Ag mineralization (Figure 1). Results from

the remaining drill hole of the 2021 program, which targeted NW strike extensions of the mineralized

hydrothermal breccia, are also reported in this news release.

The success of the 2022 drilling has led the Company to extend its program further to the SE of the

southern limit of the current NI 43-101 San Marcial Resource Area ("NI 43-101"). Additional drilling

will continue to target new discoveries along strike, following the key geological contact zone (Figure

2).

Major highlights of the 23 holes are summarized as follows

Attractive high-grade Ag results at shallow depth with the potential to increase Ag grades in the

updated resource estimation scheduled for Q1|23, including:

SMSP22-003:

15.4 m

at 547 g/t Ag, including

2.0 m

at 1,179 g/t Ag

SMSP22-012:

15.0 m

at 324 g/t Ag, including

1.0 m

at 1,541 g/t Ag

SMS22-02:

2.8 m

at 455 g/t Ag, including

0.3 m

at 3,854 g/t Ag

SMSP22-010:

16.7 m

at 193 g/t Ag, including

2.0 m

at 921 g/t Ag

Near surface Ag resource (0-

20 m

depth) within the NI 43-101 had limited previous drilling. This

is now addressed with shallow, high-grade Ag intercepts from the current program.

The San Marcial mineralization is hosted by breccias along the contact between two different

volcanic units: an upper unit represented by andesitic "block and ash", and a lower unit

represented by lapilli-ash tuffs. Recent mapping and geochemical sampling have confirmed the

presence of Ag anomalies immediately SE of the NI 43-101.

An initial drill program is in progress to the SE of the NI 43-101 in some of these Ag anomalies,

testing extensions along the key mineralized contact zone, where high-grade Ag hydrothermal

breccias and related Ag-Au mineralization are present.

GR Silver Mining Chairman and CEO,

Eric Zaunscherb

commented,

"It is very exciting to see

exploration concepts, like the potential for additional high grade precious metal mineralization

extending to the SE of San Marcial, come to fruition. Recent results not only demonstrate this

potential but also the potential for targeted infill drilling to capture the presence of near-surface,

high-grade Ag and Au zones in the upcoming NI 43-101 update. Ongoing drilling is certainly

proving the importance of understanding the structural controls on high-grade mineralization, with

mounting anticipation of new discoveries as the geological onion is peeled."

Figure 1: San Marcial Longitudinal Section – Drilled Pierce Points with Grade x Thickness (CNW

Group/GR Silver Mining Ltd.)

Shallow Drill Program 2022

The NI 43-101 Report (see News Releases dated

February 7, 2019

and

June 12, 2020

) indicated

the potential for a significant portion of the resource to be open pit amenable. The Company

recognized an opportunity to increase near surface grades of the Ag-rich hydrothermal breccia,

which was neither mapped/sampled in detail in 2019, nor fully incorporated into the NI 43-101. The

breccia hosted mineralization on surface displays consistency of Ag grades over mineable widths

and is exposed in numerous locations along

500 m

of strike length. A shallow drill program was

instigated early this year, designed to confirm the theory of high-grade continuity with diamond drill

core that can be used in the NI 43-101 update, scheduled for Q1|23.

This program will aid the delineation of the shallow (0-

20 m

depth) high-grade breccia limits and, is

likely to result in an increase in Ag grades in the resource model near surface. As a reference, the

resource table from the

NI 43-101 Report

indicates an average Ag grade in the "OP Breccia" of 202

g/t Ag (Indicated) and 131 g/t Ag (Inferred). Results thus far from the 2022 shallow drill program

(Figure 2), such as

15.4 m

at 547 g/t Ag (SMSP22-003) and

15.0 m

at 324 g/t Ag (SMSP22-012),

indicate potential for Ag grades in the breccia near surface to exceed those estimated in the NI 43-

101 Report (Figure 1). The shallow drill program continues within the NI 43-101.

SE Resource Extension Drill Program

The San Marcial mineralization is hosted by hydrothermal breccias along the NW-SE trending, and

NE dipping, contact between two different (upper and lower) volcanic units.

The 2022 surface drilling aims to test the extensions of the mineralization along the target contact

zone, further to the SE (Figure 2). Field investigations have confirmed the geological contact along

1.5 km and further geochemical sampling has identified seven Ag exploration targets. This drill

program is in progress at the first target, which is located on confirmed surface Ag mineralization

similar to the mineralization found in the San Marcial Resource Area.

Initial results from drilling to the SE of the NI 43-101 have also confirmed Ag mineralized

hydrothermal breccias along the contact, similar to those in the NI 43-101, as well as the presence

of the Au mineralized footwall stockwork systems. As an example, drill hole SMS22-02 returned

2.8

at 455 g/t Ag, including a high-grade Ag core over

0.3 m

at 3,854 g/t Ag, in addition to 0.7% Pb

and 1.6% Zn (Table 1). Final results from hole SMS22-05 are pending, while samples from three

additional completed drill holes are in the laboratory for analysis, and two drill holes are currently in

progress. The drill program in the SE Resource Extension is ongoing and geological investigations

continue along the unexplored

500 m

of this potential geological contact.

Drilling Au Targets NW of the Resource Area

Two of the completed drill holes from the 2022 program targeted extensions to the breccia-hosted

Ag mineralization, as well as confirmation of high-grade Au veins, to the NW of the NI 43-101 (Figure

2). One completed drill hole in the NW, with samples currently at the laboratory (SMS22-07),

targeted an area where the Company drilled a high-grade Au intercept of

1 m

at 204.6 g/t Au in

2019 in drill hole SM-19-01 (see

News Release dated

July 30, 2019

). The update to the 2019 NI 43-

101 will also integrate Au mineralized zones and veins into the resource model.

Deep Drilling Program

The 2021 underground drill program at San Marcial successfully extended the mineralization down

dip more than

150 m

below the base of the border defined within the NI 43-101, supporting the

Company's theory of SE plunging high-grade Ag-mineralized shoots within the broader San Marcial

Breccia. It also confirmed the presence of multiple mineralization styles, with a wide, low-grade

stockwork-hosted Au zone hosted within the volcano sedimentary unit in the footwall, immediately

below the San Marcial Breccia mineralization.

The Company re-commenced the drill program in Q2|22 using existing drill pads on surface and

targeting the extension of the high-grade Ag mineralization up to

300 m

below the base of the 2019

resource model. The previous high-grade Ag results of (

5.6 m

at 1,792 g/t Ag in SMI21-03 and

3.5

at 1,002 g/t Ag in SMI21-04), combined with more detailed underground structural mapping, are

encouraging the Company to continue drill-testing the extensions of high-grade zones down-plunge.

These extensions have the potential to delineate additional resources to be incorporated in the

planned mineral resource update.

Figure 2: Location of 2022 Drill Holes and SE Extension Target Contact Zone (CNW Group/GR

Silver Mining Ltd.)

Table 1: Plomosas Project New Vein Systems - Drill Results

Drill Hole

From (m)

To (m)

Apparent

width

(m)

True

width (m)

Ag g/t

Au g/t

Pb %

Zn %

SMSP22-001

0.0

7.0

241

0.01

0.1

0.4

SMSP22-001A

0.0

14.0

13.9

0.02

0.2

0.4

including

11.4

12.5

1.1

197

0.05

0.7

SMSP22-002

0.0

14.2

14.0

128

0.01

0.2

0.5

SMSP22-003

0.6

16.0

15.4

15.2

547

0.01

0.2

0.6

including

2.8

4.8

2.0

1,179

0.01

0.2

0.5

SMSP22-004

0.0

14.6

6.2

175

0.02

0.3

0.7

including

10.0

14.6

4.6

1.9

314

0.05

0.6

1.4

SMSP22-005A

0.0

11.0

10.8

245

0.01

0.1

0.2

SMSP22-006

0.0

16.5

16.4

130

0.01

0.2

0.3

including

11.0

14.6

3.6

244

0.01

0.2

0.5

SMSP22-007

0.0

15.0

14.5

185

0.03

0.1

0.4

SMSP22-008

0.0

9.7

0.01

0.1

0.2

including

7.0

8.7

1.7

266

0.02

0.2

SMSP22-009

1.0

10.2

9.2

219

0.01

0.2

0.3

including

7.0

9.0

2.0

634

0.01

0.4

0.7

SMSP22-010

0.0

16.7

7.1

193

0.2

0.4

including

1.0

3.0

2.0

0.8

921

0.1

0.3

SMSP22-011

0.0

9.0

246

0.01

0.1

0.4

SMSP22-011A

0.0

13.0

10.0

0.1

0.2

SMSP22-012

0.0

15.0

14.9

324

0.1

0.2

including

0.0

1.0

1,541

0.1

0.3

SMSP22-012A

0.0

8.0

3.4

0.1

SMSP22-013

0.0

9.0

8.7

SMI21-08

156.4

162.5

6.1

3.5

0.02

0.1

253.0

256.1

3.1

1.8

0.05

0.6

1.0

277.3

289.7

12.4

7.1

0.14

0.1

SMS22-01

130.4

131.1

0.7

0.6

132

0.12

0.1

SMS22-02

285.9

288.7

2.8

2.3

455

0.01

0.1

0.2

including

287.4

287.7

0.3

0.2

3,854

0.02

0.7

1.6

297.0

305.0

8.0

6.6

0.02

0.1

0.2

SMS22-03

83.2

98.6

15.4

11.8

0.08

0.2

including

84.0

87.0

3.0

2.3

223

0.02

0.1

0.2

SMS22-04

277.2

286.3

9.2

8.0

0.40

0.1

338.6

342.0

3.4

2.9

0.20

0.1

0.3

SMS22-05

106.7

128.6

21.9

11.0

0.01

132.8

160.2

27.4

13.7

160.2

173.6

13.4

6.7

0.04

0.2

258.1

270.9

12.8

6.4

SMS22-06

255.0

266.0

11.0

10.0

0.01

0.1

0.2

277.0

279.0

2.0

1.8

111

0.03

0.1

SMS22-08

154.0

156.4

2.4

2.0

0.07

166.9

171.7

4.8

3.9

0.03

"na" = no significant result. Numbers may be rounded. Results are uncut and undiluted. True

sample widths are approximate due to complexity of structural orientations.

"*" = pending results

Table 2: 2022 San Marcial Drill Program - Surface Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (

)

Azimuth (

)

Depth (m)

Results Status

SMSP22-001

450815

2545982

877

-50

220

18.0

Received

SMSP22-001A

450816

2545983

877

-50

220

14.0

Received

SMSP22-002

450845

2545959

868

-65

225

16.9

Received

SMSP22-003

450869

2545937

877

-70

230

16.0

Received

SMSP22-004

450863

2545900

866

-38

14.6

Received

SMSP22-005A

450879

2545910

874

-90

11.0

Received

SMSP22-006

450890

2545898

873

-60

230

16.45

Received

SMSP22-007

450934

2545860

887

-60

230

15.0

Received

SMSP22-008

450950

2545826

886

-75

225

13.3

Received

SMSP22-009

450987

2545813

892

-52

205

10.2

Received

SMSP22-010

450789

2545971

891

-60

16.65

Received

SMSP22-011

450779

2545964

900

-35

225

9.0

Received

SMSP22-011A

450779

2545964

900

-45

300

14.0

Received

SMSP22-012

450786

2545957

895

-45

220

15.0

Received

SMSP22-012A

450790

2545940

897

-40

310

8.0

Received

SMSP22-013

450782

2545916

899

-40

230

10.0

Received

SMI21-08

451037

2546022

816

-80

350

309.0

Received

SMS22-01

451248

2545762

799

-80

275

161.0

Received

SMS22-02

451182

2545911

905

-80

190

353.75

Received

SMS22-03

451248

2545762

799

-50

295

151.5

Received

SMS22-04

450850

2546143

905

-82

150

355.5

Received

SMS22-05

451248

2545762

799

-72

340

278.15

Pending Results

SMS22-06

451182

2545911

905

-70

260

346.0

Received

SMS22-07

450783

2546102

928

-45

170

270.0

Pending Results

SMS22-08

451248

2545762

799

-75

193.0

Received

Note: all holes drilled from surface, except SMI21-08, which was drilled from the underground tunnel. Datum WGS84

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 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.

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 734 km

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/July2022/13/c3529.html

%SEDAR: 00040149E

For further information:

Please contact: Brenda Dayton, VP Corporate Communications,

Telephone: +1.604.558.6248, Email: [email protected]

CO: GR Silver Mining Ltd.

CNW 06:15e 13-JUL-22

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