GR Silver Mining Underground Drilling at San Marcial Continues to Deliver Wide and High- grade Silver Intercepts, Confirming Potential for Resource Expansion
GR Silver Mining Underground Drilling at San
Marcial Continues to Deliver Wide and High-
grade Silver Intercepts, Confirming Potential
for Resource Expansion
VANCOUVER, BC
,
April 6, 2022
/CNW/ -
GR Silver Mining Ltd. ("GR Silver Mining"
or the
"Company")
(TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to confirm the
extension of wide high-grade silver (Ag) mineralization from underground drilling in the San Marcial
Area, at the Plomosas Project,
Sinaloa, Mexico
. These assay results are from three underground
drill holes completed in 2021 and reinforce the widening of the mineral body at depth and along
strike, supporting potential resource expansion. The successful eight-hole underground drill program
confirmed a significant expansion of high-grade Ag mineralization approximately
300 m
down dip
below the lower limit of the pit-constrained San Marcial NI 43-101 (2019) mineral resource. High-
grade drill hole SMI21-07 indicates extension of the Ag mineralization by almost
100 m
down dip
below previously released drill hole SMI21-04 (Figures 1 and 2) (see
News Release dated
January 31, 2022
).
Highlights:
Ag and Au results from San Marcial
include:
SMI21-07:
0.4 m
at 1,413 g/t Ag within
7.4 m
at 201 g/t Ag, and
4.8 m at 223 g/t Ag within
17.0 m
at 124 g/t Ag
SMI21-06:
19.3 m
at 40 g/t Ag
SMI21-05:
1.1 m
at 5.32 g/t Au
The 2021 underground drilling program has confirmed
wide and high-grade Ag
mineralization below the
San Marcial NI 43-101 mineral resource, providing justification
for another resource expansion drilling program in 2022.
The results confirm the predominance of silver, with subordinate base metals, within the
San Marcial breccia-hosted mineralized zone.
Results from the final hole in the eight-hole,
2,436 m
, 2021 underground drill program
are pending.
The 2022 San Marcial surface and underground resource expansion drill program is
underway with three drill rigs on site. The program is targeting additional extensions to
the SE of the current NI 43-101 mineral resource, as well as down plunge from wide,
high-grade silver mineralization intersected in drill holes SMI21-04 and SMI21-07 (Figure
1).
GR Silver Mining Chairman and CEO,
Eric Zaunscherb
commented
"The combination of
contemporary and extensive historical data has allowed GR Silver's geologists to formulate a
modern exploration model focused on high-grade silver and gold mineralization. These results
continue to encourage us to explore San Marcial at depth and to the SE. With the recently
completed financing, the Company is fully financed to extend its sophisticated approach, including
as much as
10,000m
of drilling, seeking to extend San Marcial and further surgical infill drilling at
the former Plomosas Mine Area. We are extremely proud of the exploration platform that has been
assembled to advance the overall Plomosas Project, especially our talented Mexican geological
team, as well as the strong community relationships that have been nurtured."
Figure 1: Longitudinal section displaying “Ag Grade x Thickness” contours of the San Marcial NI 43-
101 resource model and new extensions to the mineralized body, down dip and along strike (CNW
Group/GR Silver Mining Ltd.)
The following table (Table 1) summarizes the most important results of the three drill holes
presented in this News Release. There is one hole pending results from the 2021 underground
drilling program.
Table 1: San Marcial Drill Results
Drill Hole
From
(m)
To (m)
Apparent
width
(m)
True
width (m)
Ag g/t
Au g/t
Pb %
Zn %
SMI21-05
137.4
141.7
4.3
2.5
5
0.83
0.3
0.1
includes
139.0
139.8
0.8
0.5
11
2.51
0.5
na
199.2
203.1
3.9
2.2
2
1.52
na
0.1
includes
202.0
203.1
1.1
0.6
3
5.32
na
0.1
SMI21-06
213.7
233.0
19.3
17.5
40
0.07
0.1
0.4
SMI21-07
239.6
247.0
7.4
3.7
201
0.02
0.2
0.3
includes
239.6
240.0
0.4
0.2
1,413
0.11
0.9
1.3
270.0
287.0
17.0
8.5
124
0.01
0.1
0.1
includes
277.0
281.8
4.8
2.4
223
0.01
0.1
0.1
includes
277.0
278.0
1.0
0.5
553
0.03
0.2
0.4
na" = no significant result. Numbers may be rounded. Results are uncut and undiluted. True sample widths are approximate
due to complexity of structural orientations.
Figure 2: San Marcial NI 43-101 Resource Model - Down Dip Extension Drill Programs 2021 & 2022
(CNW Group/GR Silver Mining Ltd.)
Table 2: San Marcial Underground Drill Hole Details
Drill Hole
East (m)
North (m)
RL (m)
Dip (
˚
)
Azimuth (
˚
)
Depth (m)
Results Status
SMI21-01
451033
2546021
818
-48
218
330
Received
SMI21-02
451033
2546021
818
-43
183
345
Received
SMI21-03
451033
2546021
818
-90
0
300
Received
SMI21-04
451033
2546021
818
-70
148
234
Received
SMI21-05
451033
2546021
818
-70
325
330
Received
SMI21-06
451033
2546021
818
-50
285
255
Received
SMI21-07
451033
2546021
818
-75
90
333
Received
SMI21-08
451033
2546021
818
-80
360
309
Pending
Note: all holes drilled from the same underground drill platform
2022 Drilling Program
A two phase
4,500 m
drilling program is planned for 2022 at San Marcial. Phase 1 (
2,000 m
) is now
in progress and incorporates surface diamond drilling as well as a continuation of the underground
drilling from the existing tunnel. Phase 2 of the planned drilling program will test potential step outs
outside of the main mineralized area to search for extensions.
The Company currently has three drill rigs on site at San Marcial: one is fully dedicated to the
underground drill program, and the other two rigs are drilling shallow holes along strike, stepping out
from the Resource Area limits and also testing potential extensions down dip from the lower limits of
the Resource Area.
The 2022 San Marcial drill program will support future resource expansion and an updated NI 43-
101 mineral resource estimate.
Surface exploration is in progress following up the major controls of the breccia-hosted
mineralization, defined by recent successful drilling, and geophysical and geochemical surveys. The
focus is along 1.5 km of favorable geological setting similar to the
500 m
strike length of structures
hosting the San Marcial silver mineralization. Subject to results of this exploration program, the
Company will review the need for additional rigs to advance drilling of new targets identified to the
SE of the Resource Area.
Geological Setting
Drill holes SMI21-05 and SMI21-06 intersected the central to NW extension of the breccia in an area
with known E-W and N-S trending faults that are displacing the breccia, resulting in a reduced or
segmented breccia thickness. SMI21-05 intersected Au anomalies related to quartz-sulphide veining
in the upper zone above the San Marcial Breccia position, whilst SMI21-06 cut a wide
19 m
zone of
Ag mineralization in veining and stockwork zones in the footwall of the San Marcial Breccia, hosted
within the volcano-sedimentary unit.
Drill hole SMI21-07 is the deepest hole to date, drilled in the central area of the San Marcial Breccia
which is located at the contact between dacitic "block and ash", of the upper volcanic sequence, with
the lower volcano-sedimentary unit. Silver assays returned up to 1,413 g/t Ag (over
0.4 m
) (Table
1). The typical breccia is composed of silicified wallrock fragments within a fine-grained hematite
matrix, cemented by disseminated, but visible, galena and sphalerite. Where SMI21-07 intersects
the upper section of the San Marcial Breccia, the presence of quartz, galena and Ag-bearing
acanthite sulphides is associated with high-grade Ag values (237 to
247 m
interval) within the
breccia (Table 1). High-grade examples of the deep mineralization can be observed at the following
link (see
Core Photos
)
Previous metallurgical test work by the Company has indicated positive metallurgical recoveries of
silver from the San Marcial breccia-style mineralization. The results demonstrated that the high-
grade silver mineralization at San Marcial is amenable to standard cyanidation processing with
recoveries of up to 92% silver (see
News Release dated
February 28, 2019
).
The mineral assemblage observed is typical of low sulphidation epithermal deposits with breccia ore
type deposition, with late cross-cutting veining and stockworks related to reactivation of regional,
extensional NW-oriented graben stress.
Corporate Update -
Allotment of Options
The Company also announces that, pursuant to its 10% rolling stock option plan and in compliance
with the policies of the TSX Venture Exchange, it has granted incentive stock options to certain
officers, consultants and employees of the Company's Mexican subsidiaries, to purchase up to an
aggregate of 920,000 common shares of the Company. These options are exercisable for a period
of five years at a price of
$0.25
per share. Of these options, 100,000 options granted to an officer
will vest as to 1/3 on the date of grant, and a further 1/3 on each of the 1st and 2nd anniversaries of
the date of grant.
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
2
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.
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For further information:
Brenda Dayton, VP Corporate Communications, Telephone:
+1.604.558.6248, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 06:15e 06-APR-22