GSilver Drills 2,988 GPT AgEq Over 0.35m Estimated True Width at El Cubo Reports Successful Drilling from Three Different Guanajuato Areas
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GSilver Drills 2,988 GPT AgEq Over 0.35m Estimated True Width at El Cubo
Reports Successful Drilling from Three Different Guanajuato Areas
VANCOUVER, BC / ACCESSWIRE / May 5, 2022 / Guanajuato Silver Company Ltd. (the "Company" or
"GSilver") (TSXV:GSVR)(OTCQX:GSVRF) is pleased to report drill results from its ongoing exploration
programs at the Company's wholly owned El Cubo Mine Complex and El Pinguico project in Guanajuato,
Mexico.
Highlights from Recent Drilling at the Company's Guanajuato properties:
• Hole VP022-002: 1,956 grams per tonne (gpt) Ag and 12.90 gpt Au for 2,988 gpt AgEq over 0.55m
(0.35m est. true width) from the Villalpando vein, at the Capulin area, at El Cubo.
• Holes SC22-001 and SC22-002: 42 gpt Ag and 7.56 gpt Au for 647 gpt AgEq over 0.35m (0.3m est.
true width) in hole SC22-001 and 276 gpt Ag and 4.49 gpt Au for 636 gpt AgEq over 0.30m (0.13m
est. true width) and 194 gpt Ag and 2.60 gpt Au for 402 gpt AgEq over 0.55m (0.30m est. true
width) in hole SC22-002from the ‘680' vein, and the Tuberos and Poniente veins, respectively, at the
Santa Cecilia area, at El Cubo.
• Hole P21-22: 227 gpt Ag and 2.11 gpt Au for 396 gpt AgEq over 1.5m (0.60m est. true width) and
193 gpt Ag and 1.15 gpt Au for 285 gpt AgEq over 0.6m (0.24 m est. true width) from the Arroyo
vein and El Pinguico vein, respectively, at the El Pinguico project.
"These results serve to build confidence in our understanding of geological controls of high-grade
mineralisation within the various veins and different zones of our Guanajuato mine holdings. Further, drilling
at the El Cubo mine continues to identify mineralisation that the Company can quickly build into its near-term
mining plans," commented James Anderson, Chairman and CEO of Guanajuato Silver.
GSilver continues infill and expansion drilling at the El Cubo Mine targeting the Villalpando, Asuncion,
Tuberos and ‘680' veins at the Villalpando and Santa Cecilia areas; in parallel, GSilver is continuing exploration
at the El Pinguico project targeting the Arroyo and Pinguico veins. From late January to end of March 2022, a
total of 3,130 meters in 14 holes were drilled from underground at the Guanajuato properties.
The drill results announced today include the last two holes drilled at El Pinguico in 2021, and six of the 14
diamond drillholes drilled so far this year. The Company is reporting results for a total of eight drill holes from
the three areas.
Villalpando Exploration
Drilling at the Capulin area of El Cubo, targeting the Villalpando and Asuncion vein structures, has been very
successful. Overlooked by previous operators, this area boasts ample development work with easy access to
newly defined mineralised material. The Asuncion vein occasionally exhibits bonanza grades as highlighted by
VPO22-002, which returned over 95 troy ounces of silver-equivalent over an estimated true width of 0.35
metres. At Capulin, drill holes VPO22-04 and VPO22-05 have been drilled and are out for assay. Drilling
remains ongoing in this area.
Figure 1: Capulin Area, El Cubo Mine
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Capulin Area, El Cubo Mine
Hole Structure
From To Interval Est. True
Width Au Ag AgEq
(m) (m) (m) (m) (gpt) (gpt) (gpt)
? 100.70 101.35 0.65 0.32 0.39 120 151
VPO22-
001
Asuncion 125.05 125.55 0.50 0.28 0.21 103 119
? 141.70 143.30 1.60 0.76 0.11 107 116
Villalpando 164.20 232.85 68.65 7.89 0.27 29 50
including 164.20 165.90 1.70 0.17 0.54 70 113
including 173.80 175.05 1.25 0.13 0.42 81 115
including 189.25 196.45 7.20 0.72 0.53 65 107
including 199.75 200.70 0.95 0.10 0.95 86 162
including 209.25 210.10 0.85 0.09 0.49 84 124
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including 220.95 225.70 4.75 0.48 0.67 63 117
including 228.80 229.85 1.05 0.11 0.98 114 194
Capulin Area, El Cubo Mine
Hole Structure
From To Interval Est. True
Width Au Ag AgEq
(m) (m) (m) (m) (gpt) (gpt) (gpt)
VPO22-
002
Asuncion 81.00 81.55 0.55 0.35 12.90 1,956 2,988
Villalpando 141.70 171.05 29.35 13.55 0.21 31 47
including 151.30 154.35 3.05 1.15 0.76 115 176
including 156.05 159.75 3.70 1.28 0.53 69 111
Villalpando FW 175.45 176.15 0.70 0.39 0.44 92 127
VPO22-
003
Villalpando 169.50 170.70 1.20 0.44 0.15 89 101
Villalpando 172.65 174.75 2.10 0.82 0.56 111 156
Villalpando 178.20 178.70 0.50 0.17 1.50 24 143
Villalpando 181.15 181.70 0.55 0.19 0.60 91 139
Santa Cecilia Exploration and Development
Drilling in the Santa Cecilia area of El Cubo targets numerous vein structures; these include ‘680', Tuberos,
Poniente, and the northern extension of Villalpando. In this area, productive veins are often perpendicular
(transverse) to the regional NW structure and frequently carry proportionally higher gold content.
As mine production in the Santa Cecilia area continues to take on a more important role within GSilver's El
Cubo mining strategy, and in view of the area's important grade potential, the decision has been made to join the
southern Villalpando area with the northern Santa Cecilia area at depth. With only approximately 150m of
development tunnelling to complete before this connection is made, management estimates that the work
necessary for this task will take only approximately 6 to 8 weeks. Upon completion, haulage trucks, which
currently need to travel on gravel roads for 6.7km from Santa Cecilia to our processing plant, will now need
only to travel 2.5km within the mine; thereby reducing fuel costs, tire wear, and road maintenance costs
significantly and immediately.
At Santa Cecilia, drill holes SC22-03 to SC22-08 have been drilled and are out for assay. Drilling at Santa
Cecilia, an area that was largely discounted by previous operators, remains ongoing.
Figure 2: Santa Cecilia Area, El Cubo Mine
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Santa Cecilia Area, El Cubo Mine
Hole Structure
From To Interval
Est.
True
Width
Au Ag AgEq
(m) (m) (m) (m) (gpt) (gpt) (gpt)
SC22-01 680 Vein 72.90 73.25 0.35 0.30 7.56 42 647
SC22-02 Tuberos Vein 131.60 131.90 0.30 0.13 4.49 276 636
Poniente Vein 172.55 173.10 0.55 0.30 2.60 194 402
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Commenting on these results, James Anderson added, "The gold-bearing transverse veins at Santa Cecilia are
demonstrative of the numerous opportunities that exist at El Cubo where we can take advantage of rich
mineralization that was largely overlooked in recent years. Remarkably, we are already producing precious
metals concentrate from backfill and stacked material that was previously left behind at Santa Cecilia. Evidence
of additional similar transverse veins are present throughout El Cubo, and we expect that these systems will
form a major component of our mining operations into the future."
El Pinguico Exploration
Drill results from the El Pinguico project included two drill holes drilled from the San Jose #2 crosscut in 2021.
P21-22 encountered the Pinguico system and returned 0.60m estimated true width (ETW) at 285 gpt AgEq.
Importantly, both holes cut good widths of very good grade in the Arroyo vein; this vein was encountered
previously but until now had only returned moderate results. These results will be thoroughly studied and
interpreted by GSilver geological staff prior to additional targeting of this area.
Figure 3: Pinguico Project (2021)
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El Pingüico Project (2021)
Hole Structure
From To Interval True
Width Au Ag AgEq
(m) (m) (m) (m) (gpt) (gpt) (gpt)
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P21-21 Arroyo 2.05 4.30 2.25 1.29 1.13 104 194
P21-22
Arroyo 0.00 3.90 3.90 1.56 1.04 120 203
including 2.40 3.90 1.50 0.60 2.11 227 396
Pinguico 217.70 218.30 0.60 0.24 1.15 193 285
2022 drilling at El Pinguico was targeted from a drill site located within the old mine workings at Adit Level 1
for the first time. Good widths of moderate grade were encountered in P22-01. P22-02 encountered no
significant results; P22-03 is out for assay, while drilling of P22-04 is ongoing.
Figure 4: El Pinguico Project (2022)
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El Pinguico Project (2022)