GRSL.V · 2021-02-08 12:00:00

GR Silver Mining Reports Underground and Surface Drilling Results in the Plomosas Mine Area 8.6 m

Drill Results

GR Silver Mining Reports Underground and

Surface Drilling Results in the Plomosas Mine

Area

8.6 m

@ 6.50g/t Au, 79 g/t Ag, 0.7 % Pb, 5.8 % Zn (928 g/t AgEq

)

5.4 m

@ 9.06 g/t Au, 76 g/t Ag, 1.5 % Pb, 4.6 % Zn (1,181 g/t AgEq)

0.7 m

@ 19.95 g/t Au, 227 g/t Ag, 1.3 % Pb, 4.7 % Zn and 1.0 % Cu (2,507 g/t AgEq)

61.1 m

@ 0.4 g/t Au, 30 g/t Ag, 0.9 % Pb, 1.1 % Zn and 0.2 % Cu (144 g/t AgEq)

VANCOUVER, BC

Feb. 8, 2021

/CNW/ -

GR Silver Mining Ltd.

(TSXV: GRSL) (FRANKFURT:

GPE) (OTCQB: GRSLF)

("GR Silver Mining" or the "Company")

– is pleased to report drill

results from the underground and surface drilling program in the Plomosas Mine Area, as well as

sampling results from historic drilling, at its 100%-owned Plomosas Silver Project ("Plomosas

Project") in

Sinaloa, Mexico

The underground drilling program is targeting high-grade Ag-Au epithermal mineralization and bulk

tonnage-style polymetallic mineralization in the Plomosas Mine Area, with the objective to delineate

high margin precious and base metals mineralization for planned resource estimation.

The results of the current drilling program, combined with systematic sampling of historic un-sampled

drill core, at the Plomosas Mine Area, continue to delineate extensions of the mineralization

previously drilled at level 775 (see

News Release dated

5 January, 2021

). They have also defined

new mineralized zones laterally to previously mined areas with the presence of Au-rich epithermal

veins. The drill results demonstrate continued success in the delineation of thick intercepts of Au-Ag-

Pb-Zn-Cu mineralization, hosted in a series of hydrothermal breccias showing a strong relationship

with structures and intrusions at shallow depth. These relationships indicate a potential association

with a much larger epithermal system (Figure 1).

GR Silver Mining President and CEO,

Marcio Fonseca

, commented,

We have always had a

strong belief in the large-scale potential of the Plomosas Project. We continue to outline new

mineralized zones in the Plomosas Mine Area, with a series of compelling field and drill results

indicating a much larger epithermal system. More recent geochemical and geophysical data, and

vectors, suggest the mineralization within the Plomosas Project to be a district-scale system.

Surface and underground drilling is continuing, in combination with surface exploration, in the

vicinity of both the Plomosas Mine and San Juan Areas as part of our business strategy to

delineate additional zones of epithermal veining and hydrothermal breccias."

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead

and US$3.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

Figure 1: Location Map - 3D Image of the Plomosas Mine Area Drilling Location (CNW Group/GR

Silver Mining Ltd.)

The surface and underground diamond drilling program, together with sampling of existing historic

core, is designed to delineate new mineralized zones and enhance 3D geological modelling at

adequate spacing to support the upcoming resource estimation. The program has been successful in

discovering and confirming the continuity of epithermal mineralization throughout the Plomosas Mine

Area, in zones previously unexplored.

The drilling results (Table 1) demonstrate the upside potential of the Plomosas Mine Area and show

results which are expected to add to the upcoming resource estimation. Table 1 and 2 summarize

the most significant assay results for the drill holes reported in this News Release.

Table 1: Underground and Surface Drill Hole Assay Results - News Release

February 8, 2021

(Plomosas Mine Area)

Hole No.

Type

From

(m)

Drilled

width

(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq

g/t

PLI20-05

76.0

80.0

4.0

2.63

0.2

0.1

0.2

includes

77.0

78.0

1.0

136

8.95

0.6

0.1

0.4

1,101

includes

108.9

118.0

9.2

2.77

0.2

0.6

0.2

108.9

109.5

0.6

227

19.95

1.3

4.7

1.0

2,507

PLI20-06

0.0

8.0

0.01

0.3

1.0

0.1

PLI17-32

63.9

74.5

10.6

1. 37

0.4

0.6

0.1

245

As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. 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, US$0.95 per pound lead and US$2.00 per pound copper. The

metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn.and 70% Cu. "na" = no relevant assays. All numbers are rounded. Results are uncut and undiluted.

UG: Underground Drill Hole, SURF: Surface Drill Hole

Table 2: Historic Surface and Underground Drill Hole Assay Results - News Release

February

8, 2021

(Plomosas Mine Area)

Hole No.

Type

From

(m)

Drilled

width

(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq

g/t

35.2

36.9

1.7

1.5

4.5

0.0

6.1

127

0.01

1.3

0.9

198

11.8

14.8

3.0

288

0.01

0.2

0.4

307

0.0

12.0

105

0.01

1.1

0.9

169

113

49.4

58.0

8.6

6.50

0.7

5.8

928

128

43.0

50.8

7.8

1.33

0.8

3.8

128

50.8

56.2

5.4

9.06

1.5

4.6

1,181

130

31.0

32.0

1.0

6.00

0.6

2.6

34.5

37.0

2.5

1.24

1.1

1.8

135

59.5

61.8

2.3

0.2

15.7

4.1

138

46.5

49.7

3.2

0.03

6.4

3.9

140

4.8

5.8

1.0

0.03

5.1

1.2

200

0.0

17.7

0.05

2.2

2.4

23.7

24.1

0.4

130

0.02

10.0

14.1

862

28.8

29.8

1.0

110

0.07

0.6

2.8

215

202

0.0

5.5

0.08

3.0

1.9

SD-19

SURF

209.0

215.0

6.0

0.2

2.2

0.6

0.2

SURF

231.0

241.0

10.0

0.2

1.1

0.6

0.2

SD-24

SURF

213.6

225.5

11.9

0.4

0.2

0.6

SD-32

SURF

212.1

273.2

61.1

0.4

0.9

1.1

0.2

144

SD-44

SURF

281.2

281.8

0.6

330

0.2

8.6

9.1

5.4

1,244

SURF

293.9

305.2

11.3

0.4

3.0

3.2

SD-9

SURF

252.9

261.3

8.4

3.2

2.4

1.1

457

As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. 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, US$0.95 per pound lead and US$2.00 per pound copper. The

metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn.and 70% Cu. "*" = no copper assays. All numbers are rounded. Results are uncut and undiluted. UG:

Underground Drill Hole, SURF: Surface Drill Hole

The following table (Table 3) summarizes the collar locations for drill holes reported in this News

Release.

Table 3: Drill Hole Locations – News Release

February 8, 2021

(Plomosas Mine Area)

Hole No.

East (m)

North (m)

RL (m)

Dip

Azimuth

Depth (m)

PLI20-05

451136

2551933

748

-30

300

188

PLI20-06

451136

2551933

748

-15

315

128

PLI17-32

451035

2551807

750

-40

124

451446

2551858

927

-90

451437

2551841

929

270

451437

2551841

929

270

113

451044

2551898

751

-90

122

128

451061

2551906

751

-90

100

130

451044

2551898

759

-55

135

451420

2551881

927

-80

138

451421

2551881

927

-55

140

451422

2551881

927

-35

200

451239

2551978

810

270

202

451247

2551978

810

SD-19

451049

2551838

990

-75

263

SD-24

451049

2551838

990

-90

275

SD-32

451049

2551838

990

-80

328

SD-44

451105

2551858

1,024

-90

312

SD-9

451075

2551782

999

-75

360

292

All numbers are rounded.

Red

drill holes are drilled by GRSL

The drill hole PLI20-05 represents a

60 m

step-out along strike from the previously released high-

grade Au-Cu mineralization discovered at the deepest level (

775m

RL) of the Plomosas Mine Area

(see

News Release dated

5 January, 2021

). The latest step-out drill hole intersected a high-angle

faulted zone hosting similar high-grade Au-Cu mineralization, however more constrained by the fault

(see

Core Samples PLI20-05

). Additional drilling is in progress to further delineate the limits of this

mineralization.

The drill hole SD-09 represents unmined zones, with underground development/access completed in

the past. The polymetallic breccia at this level of the historical workings, reports high Au content

together with Pb-Zn mineralization hosted in sulfide rich (Pb-Zn) banded crustiform quartz veinlets.

The drill hole SD-32 represents the eastern limit of the mineralization defined in level 775, and is

located between two historical underground developments. It confirmed the presence of a broad,

bulk mineable style of mineralization, with widespread concentration of disseminated sulfides

throughout the whole

61 m

mineralized interval.

The drill holes, 28-72-75-113-128-130-135-138-140-200-202 and PLI17-32 represent historical

underground holes drilled in various levels of the Plomosas Mine Area with positive intersection of

Ag-Au-Pb-Zn rich Plomosas hydrothermal breccia.

Management believes that the large epithermal system at the Plomosas Mine Area is hosted by

regional high and low angle structures cross-cutting a suite of acid/basic volcanic units, widely

altered to clay minerals visible at surface in some areas (Figure 2). This type of alteration is typical

of the upper part of large epithermal systems and could represent additional zones of underlying

epithermal quartz veining, similar to veins currently exposed in the historic underground workings.

The potential extent of mineralization of these exploration targets is still conceptual in nature,

however, provides additional evidence of the large and rich footprint of precious and base metal

mineralization in the Plomosas Project.

Figure 2: Drone Image Plomosas Mine – Local Geology Showing Argillic Altered (Clay-rich) Zones

(CNW Group/GR Silver Mining Ltd.)

GR Silver Mining believes that the Plomosas Mine Area is part of a much larger epithermal system

supported by field evidence along a 1.2 km strike length. The 2021 underground and surface

exploration program aim to delineate maiden resource estimates in two areas, Plomosas Mine and

San Juan

, as well as discovering new mineralized zones close to the surface in the remaining part of

the exploration concessions.

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 disclosure herein.

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

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.

The recent drill holes, completed by First Majestic from 2016 to 2018, 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 by an

independent laboratory 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. Lead and

Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver

Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at

this stage is considering the information historic for news release purposes.

The Company also announces it has received TSX-V approval to the shares for debt transactions

previously announced on

January 21, 2021

and consequently has issued 141,097 common shares to

settle an aggregate debt of

$104,412

. All shares issued in conjunction with the debt settlements are

subject to a hold period expiring

June 6, 2021

in accordance with applicable securities laws and the

policies of the TSX-V.

About GR Silver Mining Ltd

GR Silver Mining Ltd. 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

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 a 600 tpd crush milling

flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million

pounds of lead and 28 million pounds of zinc.

The Project has an 8,515-hectare property position and is strategically located within 5 km of the

Company's San Marcial Silver Project in the southeast of Sinaloa State,

Mexico

The

March 2020

acquisition of the Plomosas Silver Project included 563 historical and recent drill

holes from both surface and underground locations. These drill holes represent an extensive

database allowing the Company to advance towards resource estimation and potential project

development in the near future.

The Company has commenced an

11,900 m

drilling program with surface holes focused on

expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the

San Juan Area

. Underground drilling included in the program will target the extension of recent

polymetallic discoveries at the lowest level (

775 m

RL, or ~250 m below surface) of the Plomosas

Mine Area and six low sulfidation epithermal veins at

San Juan Area

. Both areas will be the subject

of NI 43-101 resource estimations following completion of this drill program.

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$30 million

of previous capital investments. The previous owners invested

approximately

US$18 million

in exploration, including extensive geophysics and geochemistry

programs.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and

deposit geometry characteristics of a low sulfidation 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 remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database,

geophysical surveys and geochemical data covering most of the concession, has defined 16 new

exploration targets from which 11 have high priority for future exploration programs.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which contains

a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) NI 43-101 resource estimate. The Company

has filed a National Instrument 43-101 ("NI 43-101") report entitled "

San Marcial Project Resource

Estimation and Technocal Report,

Sinaloa, Mexico

" having a effective date of

March 18, 2019

and

an amended date of

June 10, 2020

(the "Report"). The Report was prepared by

Todd McCracken

and

Marcelo Filipov

of WSP Canada Inc. and is available on SEDAR. The company recently

completed over

320 m

of underground development in the San Marcial Resource Area, from which

underground drilling is planned to expand the high-grade portions of the resource down dip. The

Company recently discovered additional mineralization in the footwall, outside of the existing

resource, and will also be drilling this area. 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 18,

2019

and amended on

June 10, 2020

Recent exploration has identified silver and gold mineralization in areas previously defined as non-

mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and

associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-

ounce San Dimas Mining District which has historically produced more than 600 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.

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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 08-FEB-21

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