GSilver Establishes New High-Grade Gold Zone at San Ignacio Mine Drills 8.20m true width of 536 g/t AgEq AND 1.06m true width of 2,585 g/t AgEq*
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GSilver Establishes New High-Grade Gold Zone at San Ignacio Mine
Drills 8.20m true width of 536 g/t AgEq AND 1.06m true width of 2,585 g/t AgEq*
July 22, 202 5 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “ Company” or
“GSilver”) (TSXV:GSVR)(OTCQX:GSVRF) is providing an update on exploration and development work at
the Company’s wholly-owned San Ignacio Mine (“San Ignacio”) located in Guanajuato, Mexico.
Highlights
• High-grade veins have been intercepted at the Santo Nino zone including:
o 8.20 metres true width grading 5.7 g/t gold and 54 g/t silver (536 g/t AgEq) and a
separate 1.06 metres true width grading 28.5 g/t gold and 164 g/t silver (2, 585 g/t
AgEq) in UGSI25-007
o 2.34 metres true width grading 4.9 g/t gold and 165 g/t silver for 579 g/t AgEq in
UGSI25-006
o 4.46 metres true width grading 2.2 g/t gold and 99 g/t silver for 287 g/t AgEq in
UGSI25-009
• The intercepts highlight a new gold-rich zone within the Santo Nino area at San Ignacio.
• Development work has been initiated to access these high-grade gold areas for development
in 2025.
James Anderson, Chairman & CEO, said, “With these exceptional results from San Ignacio in hand, we have
already begun the engineering and preparatory work that will allow for rapid exploitation of this
potentially rich mining zone that sits entirely outside of our official resource estimates. We expect to be
mining this new area within three months’ time; thereby showcasing our ability to act quickly when special
opportunities arise and, in the process, demonstrating our outsized leverage to precious metals’ prices.”
As previously announced, Guanajuato Silver completed work on the 430 Ramp earlier this year (See
Guanajuato Silver news release dated February 28, 2025 titled “Guanajuato Silver Completes Development
of High Grade Santo Nino Vein at San Ignacio ”). The new ramp opened access t o the Sant o Nino V ein,
which is one of the larger veins that sit within the highly productive La Luz structure ; this multi-pulse
mineralized system has a known strike length of over 8km. The La Luz structural system also feeds
Endeavour Silver’s nearby Bolanitos Mine, which produced 452,627 ounces of silver and 25,230 ounces of
gold in 2024 (See Endeavour Silver news release dated January 9, 2024).
San Ignacio Drilling
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The Company initiated a phase one diamond drilling campaign in early 2025 with the objective of
expanding existing resources and identifying new resource opportunities within the western (Santo Nino)
and eastern (Melladito and Nombre de Dios) areas at San Ignacio. Nine underground holes have been
completed to date, representing approximately 1,000 metres of drilling, the results of which are presented
below. These holes have been drilled using one of the company’s four in-house drill rigs.
• Drillholes 1 through 5 were drilled to the east towards the Nombre de Dios and Melladito areas.
• Drillholes 6 through 9 were drilled to the west towards Santo Nino.
*(All AgEq calculations in this news release use a silver to gold ratio of 85:1; some AgEq figures may vary
slightly due to rounding)
Mining is currently occurring within the western zones of San Ignacio. The mineralization highlighted
within the tables above is within proximity to existing infrastructure and the Company expects to expedite
development to these zones so that they can be sequenced for extraction in 2025.
DRILLHOLE WIDTH TRUE WIDTH Au Ag AgEq
# From(m) To (m) (m) (m) (g/t) (g/t) (g/t)
UGSI25-001 74.65 75.15 0.50 0.35 1.3 7.0 118 Nombre de Dios
UGSI25-002 121.05 122.35 1.30 1.13 1.5 24.2 153 Intermeidate Vein
UGSI25-003 78.65 80.55 1.90 1.30 1.7 4.5 151 Loop
and 82.00 87.50 5.50 2.10 4.1 4.3 353 Nombre de Dios
and 150.30 150.90 0.60 0.44 2.4 14.0 222 Melladito
and 151.30 151.70 0.40 0.29 2.1 3.0 183 Melladito
UGSI25-004 59.85 60.50 0.65 0.39 0.3 262 283 Loop
UGSI25-004 63.30 64.55 1.25 0.72 0.9 101.1 178 Loop
UGSI25-005 32.15 32.45 0.30 0.26 0.9 62.0 135 VNLT
and 46.50 47.90 1.40 0.99 1.1 12.6 106 Nombre de Dios
and 119.75 120.45 0.70 0.61 1.4 22.0 141 Melladito
UGSI25-006 59.30 60.55 1.25 1.08 2.5 3 219 Vein
and 64.80 67.50 2.70 2.34 4.9 165 579 Santo Nino Vein
and 172.85 173.45 0.60 0.30 0.6 212 261 Vein
UGSI25-007 66.10 76.25 10.15 8.20 5.7 54 536 Santo Nino system
including 66.10 66.85 0.75 0.60 15.1 13 1,293 Santo Nino system
including 74.70 75.75 1.05 0.83 13.7 158 1,322 Santo Nino system
and 78.85 80.80 1.95 1.61 3 .7 127 439
and 82.10 83.55 1.45 1.06 28.5 164 2,585 Vein
and 86.40 87.15 0.75 0.48 1.2 56 159 Vein
and 95.40 95.75 0.35 0.32 0.5 268 307 Vein
UGSI25-008 Hole lost in fault - currently being redrilled as UGSI25-008A
UGSI25-009 49.85 57.90 8.05 4.46 2.2 99 287 Santo Nino
INTERSECTIONS Zone
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Figure 1. Surface map of the San Ign acio mine highlighting the vein locations relative to the newly intercepted
gold-rich zone at Santo Nino.
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Figure 2. Plan view of the 430 access ramp at Santo Nino with the underground drill hole traces (green) .
Drillholes 10, 11, 12, 13, 14, and 15 are planned for the second phase of the 2025 campaign.
The San Ignacio Mine is located within the Guanajuato Mining District, approximately ten kilometres
northeast of GSilver’s Valenciana Mines Complex (VM C). Mineralized material that is mined from San
Ignacio is trucked over sealed roads to VMC for processing at the Cata Mill. Mineralization consists of low-
sulphidation epithermal gold -silver fissure veins, breccias, and stockwork zones that occur within the
northwest-southeast aligned La Luz structural zone.
Corporate Update
The Company also announces that NucTech Mexico, S.A. de C.V. (“NucTech”) has commenced litigation in
Mexico City, Mexico against the Company. NucTech alleges that the Company has not compensated it for
the installation and use of NucTech’s mineral sorting equipment at the Company’s San Ignacio mine in
Guanajuato, Mexico and is claiming compensation for future equipment rentals over a 10-year period. The
Company believes that the litigation has no merit, and the Company will vigorously defend itself. The
amounts claimed do not have any supportable basis and the Company will pursue all legal options to
protect its interests and will seek to recover legal and other costs from NucTech. The Company will provide
further updates on this matter as developments warrant.
Sampling and quality assurance/quality control
Guanajuato Silver adheres to thorough QA/QC procedures and practices that exceed standard regulatory
requirements when managing the Company’s testing and sampling. Drill core was first reviewed by a
Company geologist, who identified and marked intervals for sampling. The marked sample intervals were
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then cut in half with a diamond saw; half of the core was left in the core box and the other half was
removed, placed in plastic bags, sealed and labeled. Intervals and unique sample numbers are recorded
on the drill logs and the samples are sequenced with standards and blanks inserted according to a
predefined QA/QC procedure. The samples are maintained under security on site until they are shipped
to the analytical lab. The analytical work reported on herein was performed by Guanajuato Silver’s local
laboratory, located at the Valenciana Mines Complex at Ex -Hacienda de Bustos in Guanajuato City. This
laboratory is owned and operated by the Company and is not independent . To validate the Company’s
assay results and preparation procedures, GSilver customarily sends additional random samples
representing approximately 20% of all analytical samples to one of two ISO certified labs: Quimico
Platinum, located at Silao, Guanajuato or Bureau Veritas located in Hermosillo, Sonora, Mexico. Both
laboratories are certified at the ISO/IEC (International Organization for Standardization/International
Electrotechnical Commission) geo-analytical laboratory and are independent of GSilver and its "qualified
person". Core samples were subject to crushing at a minimum of 70% pa ssing two millimetres, followed
by pulverizing of a 250-gram split to 85% passing 75 microns. Gold determination was via standard atomic
absorption (AA) finish 30-gram fire assay (FA) analysis, in addition to silver and 34-element using fire assay
and gravimetry termination. Following industry -standard procedures, blank and standard samples were
inserted into the sample sequence and sent to the laboratory for analysis. Data verification of the
analytical results included a statistical analysis of the standa rds and blanks that must pass certain
parameters for acceptance to ensure accurate and verifiable results. As of the date of this press release,
the Company has not yet received the results of the random samples sent to the independent laboratory.
Qualified Person
William Gehlen, a Director of Guanajuato Silver, is a Certified Professional Geologist with the American
Institute of Professional Geologists (No. 10626), and a Qualified Person as defined by National Instrument
43-101, Standards of Disclosure for Mineral Projects.
Mr. Gehlen has reviewed and verified technical data disclosed in this news release and has not detected
any significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other
factors that could materially affect the accuracy or reliability of the drilling data referred to herein. The
verification of data underlying the disclosed information includes reviewing compiled assay data; QA-QC
performance of blank samples, duplicates and certified reference materials; and grade calculation
formulas.
About Guanajuato Silver
GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in
central Mexico. The Company produces silver and gold concentrates from the El Cubo Mine, Valenciana
Mines Complex, and the San Ignacio Mine; all three mines are located within the state of Guanajuato,
which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead,
and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and
three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.
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ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO
For further information regarding Guanajuato Silver Company Ltd., please contact:
JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433
GSilver.com
Guanajuato Silver Bullion Store
Please visit our Bullion Store, where Guanajuato Silver coins and bars can be purchased.
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
release.
Forward-Looking Statements
This news release contains certain forward -looking statements and information, which relate to future
events or future performance including, but not limited to statements or information regarding, GSilver’s
growth, interpretation of drill results, development work to access the high -grade gold areas , rapid
exploitation of this potentially rich mining zone , expectations to be mining this new area within two
months’ time, future mining plans, expectations regarding the NucTech litigation and GSilver’s status as
one of the fasting growing silver mining Company in Mexico.
Such forward-looking statements and information reflect management's current beliefs and are based
on information currently available to and assumptions made by the Company; which assumptions, while
considered reasonable by the Company, are inherently subject to significant operational, business,
economic and regulatory uncertainties and contingencies. These assumptions include: the potential
quantity, grade and metal content of the mineralized material at El Cubo and San Ignacio, the
geotechnical and metallurgical characteristics of such material conforming to sampled results and
metallurgical performance; available tonnage of mineralized material to be mined and processed;
resource grades and recoveries; assumptions and discount rates being appropriately a pplied to
production estimates; prices for silver, gold and other metals remaining as estimated; currency exchange
rates remaining as estimated; availability of funds for the Company's projects and to satisfy current
liabilities and obligations including debt repayments; capital, decommissioning and reclamation
estimates; prices for energy inputs, labour, materials, supplies and services (including transportation)
and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or
interruptions in scheduled construction and production; all necessary permits, licenses and regulatory
approvals a re received in a timely manner; and the ability to comply with environmental, health and
safety laws. The foregoing list of assumptions is not exhaustive.
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Readers are cautioned that such forward-looking statements and information are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause future results, level of activity,
production levels, performance or achievements of GSilver to differ materially from those expected
including, but not limited to, market conditions, availability of financing, currency rate fluctuations, high
inflation and interest rates, geopolitical conflicts including wars, actual results of exploration,
development and production activities, actual grades and recoveries of silver, gold and other metals from
the Company’s existing mines including El Cubo, Pinguico, San Ignacio, VMC and Topia, availability of
third party mineralized material for processing, unanticipated geological or structural formations and
characteristics, environmental risks, future prices of gold, silver and other metals, operating risks,
accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory
approvals and permits, inadequate insurance, and other risks in the mining industry. There are no
assurances that GSilver will be able to continue to increase production, tonnage milled and recoveries
rates, improve grades and reduce costs at El Cubo, Pinguico, San Ignacio, VMC and/or Topia to process
mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries,
costs and timetable anticipated. In addition, GSilver’s decision to process mineralized material from El
Cubo, Pinguico, San Ignacio, VMC and Topia is not based on a feasibility study of mineral reserves
demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk
of failure, both economically and technically. Mineral resources and mineralized material that are not
Mineral Reserves do not have demonstrated economic viability, are considered too speculative
geologically to have the economic considerations applied to them, and may be materially affected by
environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no
assurances that the Company's projected grades of gold and silver at El Cubo and San Ignacio and the
anticipated level of production therefrom will be realized. In addition, there are no assurances that the
Company will meet its production forecasts or generate the anticipated cash flows from operations to
satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which
the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is
also uncertainty about impact of any future global pandemic, ongoing global conflicts, elevated inflation
and interest rates and the impact they will have on the Company's operations, supply chains, ability to
access mining projects or procure equipment, contractors and other personnel on a timely basis or at all
and economic activity in general. Accordingly, readers should not place undue reliance on forward-
looking statements or information. All forward-looking statements and information made in this news
release are qualified by these cautionary statements and those in our continuous disclosure filings
available on SEDAR+ at www.sedarplus.ca including the Company’s most recently filed annual
information form. These forward-looking statements and information are made as of the date hereof
and the Company does not assume any obligation to update or revise them to reflect new events or
circumstances save as required by law.