GRSL.V · 2023-03-01 12:00:00

GR Silver Mining Reports Drill Hole Results from the Plomosas Mine Area 5.8 m at 427g/t Ag

Drill Results

GR Silver Mining Reports Drill Hole Results

from the Plomosas Mine Area 5.8 m at 427g/t

VANCOUVER, BC

March 1, 2023

/CNW/ -

GR Silver Mining Ltd.

GR Silver Mining

" or the

Company

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

final batch of underground drilling results from the Plomosas Mine Area as part of the 2022 infill and

exploratory drilling program at the Company's wholly-owned Plomosas Project in

Sinaloa, Mexico

The 28 drill holes being reported in this announcement were all drilled from within the historic

Plomosas Mine Area, mainly above the 900 level, targeting the wide polymetallic Plomosas Breccia

in unmined areas close to existing underground development and access (Figure 1). The infill drilling

program achieved its objective to better delineate new mineralized zones and to replace un-sampled

historical holes previously adopted in the 2021 resource estimation.

Highlights from the

underground drilling results

(Down hole widths):

PLIP22-094:

21.7 m

at 158 g/t Ag, 0.05 g/t Au, 1.9%

Pb, 1.8% Zn

and

0.1% Cu

(301 g/t

AgEq

)

including

5.8 m

at 427 g/t Ag, 0.09 g/t Au, 4.9% Pb, 1.4% Zn

and

0.1% Cu

(648 g/t AgEq)

PLIP22-092:

13.0 m

at 161g/t Ag, 0.20 g/t Au, 1.0% Pb, 1.5%

and

0.1% Cu

(273 g/t

AgEq)

PLIP22-089:

5.4 m

at 325 g/t Ag, 0.54 g/t Au, 3.1% Pb, 2.5% Zn and 0.1% Cu (567g/t AgEq)

including:

2.5 m

at 524 g/t Ag, 0.19 g/t Au, 2.7% Pb, 0.8% Zn

and

0.1% Cu

(660 g/t AgEq)

PLIP22-078:

4.7 m

at 277 g/t Ag, 0.75 g/t Au, 7.5% Pb, 2.1%

and

0.2% Cu

(666 g/t AgEq)

The drilling results continue to reveal attractive wide high-grade silver-polymetallic mineralization in

unmined areas at the upper levels of the historic underground mine. These results continue to

demonstrate the potential to incorporate wide and attractive polymetallic results into the upcoming

resource estimation, scheduled for completion by the end of Q1|2023.

GR Silver Mining Chairman and CEO,

Eric Zaunscherb

comments,

The upcoming resource

estimation is expected to define a significant resource dominated by silver mineralization over

broad widths, relatively close to surface or existing underground infrastructure. We consider these

attributes to contribute to GR Silver Mining's competitive advantages, along with project scale and

prospectivity, and the management and board skills to take the project to the next level. We

anticipate a potential market re-rating related to the resource estimation update, based on scale

and quality of resources.

The 186 drill holes (11,750 metres), completed by GR Silver Mining at the Plomosas Mine Area

since the 2021 resource estimation, have added important core drilling in specific areas of the

existing NI 43-101 resource block model, which together with 36,400 metres of historical drilling

completed by First Majestic, Aurcana and IMMSA, provide a higher density and confidence of

information for the resource estimation in progress.

_____________________________

See Table 1 footnote for details of AgEq calculation

Figure 1:

Location of Selected Drill Holes – Plomosas Mine Area Upper Levels, Longitudinal Section

(CNW Group/GR Silver Mining Ltd.)

The highlights of the drill holes reported in this news release are summarized as follows:

Table 1: Plomosas Mine Area – Latest Results Highlights

Drill Hole

From

(m)

Apparent

width

(m)

True

width

(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq g/t

PLI22-53

2.3

3.8

1.5

1.0

270

0.15

0.8

1.1

348

42.4

45.8

3.4

2.9

251

0.01

2.2

2.4

412

PLIP22-60

No significant intervals

PLIP22-61

6.3

8.3

2.0

1.7

0.01

0.4

0.5

0.1

118

PLIP22-62

No significant intervals

PLIP22-64

No significant intervals

PLIP22-66

0.8

14.1

13.2

8.5

0.06

0.3

0.4

PLIP22-71

0.0

7.7

6.3

0.08

0.8

0.6

PLIP22-72

0.0

1.9

2.31

1.9

3.8

437

PLIP22-73

No significant intervals

PLIP22-74

0.8

13.0

12.2

0.70

0.5

0.4

139

PLIP22-75

2.0

6.1

4.1

0.13

0.8

0.5

PLIP22-76

No significant intervals

PLIP22-78

4.8

9.5

4.7

277

0.75

7.5

2.1

0.2

666

PLIP22-79

No significant intervals

PLIP22-80

No significant intervals

PLIP22-82

1.3

4.6

3.3

0.08

0.1

0.2

PLIP22-84

No significant intervals

PLIP22-85

0.0

5.3

4.3

1.1

6.0

0.1

293

0.0

0.9

0.7

0.01

4.3

17.2

0.2

849

PLIP22-86

0.0

5.3

3.4

0.04

1.9

2.0

161

PLIP22-87

1.6

9.3

7.7

5.9

0.06

0.4

PLIP22-88

6.5

13.2

6.8

5.9

0.09

0.1

PLIP22-89

9.0

14.3

5.4

4.7

325

0.54

3.1

2.5

0.1

567

10.9

13.4

2.5

2.0

524

0.19

2.7

0.8

0.1

660

PLIP22-90

5.2

6.5

1.3

0.8

0.11

2.2

3.5

0.1

258

PLIP22-92

5.6

18.6

13.0

11.3

161

0.20

1.0

1.5

0.1

273

PLIP22-93

11.7

14.7

3.0

2.6

210

0.03

0.8

0.2

0.1

257

11.7

12.3

0.6

0.5

485

0.09

4.3

0.2

0.3

660

PLIP22-94

0.0

21.7

19.7

158

0.05

1.9

1.8

0.1

301

9.3

15.1

5.8

5.3

427

0.09

4.9

1.4

0.1

648

PLIP22-95

No significant intervals

PLIP22-96

7.4

9.4

2.1

2.0

276

0.01

0.5

1.1

338

14.3

19.4

5.2

3.3

0.06

1.1

0.5

103

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

* AgEq calculations using US$20.00/oz Ag, US$1,600/oz Au, US$0.90/lb Pb, US$1.10/lb Zn and US$3.00/lb Cu, with metallurgical recoveries of Ag – 74%, Au – 86%, Pb – 69%,

Zn –75% and Cu – 80%. AgEq = ((Ag grade x Ag Price x Ag recovery) + (Au grade x Au price x Au recovery) + (Pb grade x Pb price x Pb recovery) + (Zn grade x Zn price x Zn

recovery) + (Cu grade x Cu price x Cu recovery))/(Ag price x Ag recovery)

Table 2: Plomosas Mine Area Latest Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (

)

Azimuth

(

)

Depth (m)

Drill Hole

Type

PLI22-53

451307

2551909

818

270

78.0

Underground

PLIP22-60

451532

2552237

897

310

16.0

Underground

PLIP22-61

451517

2552066

917

-44

110

18.7

Underground

PLIP22-62

451512

2552050

919

-44

140

16.5

Underground

PLIP22-64

451474

2552010

903

-53

103

15.0

Underground

PLIP22-66

451473

2551899

903

-32

14.7

Underground

PLIP22-71

451297

2551672

801

-47

17.75

Underground

PLIP22-72

451325

2551606

801

-50

18.0

Underground

PLIP22-73

451350

2551595

802

-60

16.0

Underground

PLIP22-74

451409

2551539

804

-26

320

15.0

Underground

PLIP22-75

451415

2551561

804

-25

329

15.0

Underground

PLIP22-76

451312

2551886

817

141

31.0

Underground

PLIP22-78

451232

2551853

801

-25

115

41.5

Underground

PLIP22-79

451377

2551581

802

-45

15.0

Underground

PLIP22-80

451378

2551568

803

-43

14.0

Underground

PLIP22-82

451345

2551862

851

-50

21.25

Underground

PLIP22-84

451410

2552076

854

270

12.4

Underground

PLIP22-85

451336

2551983

853

-20

260

20.5

Underground

PLIP22-86

451337

2551961

853

-45

12.5

Underground

PLIP22-87

451396

2551889

852

-20

29.0

Underground

PLIP22-88

451428

2551885

852

-45

38.0

Underground

PLIP22-89

451345

2551739

842

-80

110

28.0

Underground

PLIP22-90

451331

2551733

844

260

19.4

Underground

PLIP22-92

451400

2551467

882

-30

40.5

Underground

PLIP22-93

451367

2551951

881

-30

14.7

Underground

PLIP22-94

451387

2551974

880

-28

21.65

Underground

PLIP22-95

451330

2551892

873

-90

8.0

Underground

PLIP22-96

451342

2551939

869

-20

21.0

Underground

Note: WGS84 Datum

QA/QC Procedures

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 (>10 ppm).

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 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 square kilometres of concessions containing several structural corridors totaling

over 75 kilometres 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/March2023/01/c6107.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 01-MAR-23

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