Guanajuato Silver Drills 3.19m of 492 g/t AgEq* at Valenciana Mines Complex ~ Result includes 0.42m of 2808 g/t AgEq* ~
Guanajuato Silver Drills 3.19m of 492 g/t AgEq* at Valenciana Mines Complex
~ Result includes 0.42m of 2808 g/t AgEq* ~
November 20, 2024- Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “ Company” or
“GSilver”) (TSXV:GSVR)(OTCQX:GSVRF), a growing Mexican-based precious metals producer, is pleased to
provide an update on its 2024 exploration drilling program at the Valenciana Mines Complex (“VMC”) in
Guanajuato, Mexico. The Company anticipates providing exploration highlights from its El Pinguico Project
and San Ignacio mine located in Guanajuato Mexico, and its Horcon Project located in Jalisco, Mexico, prior
to year end.
James Anderson, Chairman & CEO, said, “Our exploration programs continue to align with our production
goals as we look to use our exploration successes to support our mid to long-term production growth. The
district scale potential of the substantial Veta Madre system in Guanajuato remains the focus of our efforts;
we are privileged to have the opportunity to run advanced exploration programs within the heart of one
of Mexico’s richest silver mining camps.“
Guanajuato Mining District Map
*All references in this news release to silver equivalent or AgEq have been calculated using 85:1 gold/silver
(Ag/Au).
Valenciana Mines Complex
In Q2, 2024, drilling began at VMC, with a total of 679 meters of infill drilling completed across seven drill
holes, using the Company’s Ingetrol underground drill rig. These holes were drilled into the upper vein
system of Veta Madre, in the Cata mine area. The Cata deposit is located at an inflection point of the Veta
Madre structure; in this area, a vein system has been identified with crystalline texture and stockwork,
oriented northwest-southeast, parallel to Veta Madre.
Long Section – Valenciana Mines Complex – Cata Area Highlighted
Mining operations at Cata are currently underway at the 667 Stope, which corresponds to the Alto 3 vein
of the Veta Madre system. Exploration work at the Valenciana Mines Complex during Q3 2024 focused on
two key areas: the evaluation and reinterpretation of stope extensions and the analysis of the historical
high-grade pillars along the Veta Madre vein and its associated hanging wall veins; these potential blocks
are situated within favorable geological zones. With the drilling of seven holes at the 320 level, four main
veins have been identified: Alto1, Alto2, Alto3, and Alto 4. The most significant results from the drilling in
this area are as follows:
Cata Diamond Drill Results
Maravillas
The Maravillas section is the most under-explored area of the Valenciana Mines Complex. Despite being
located in the exact centre of VMC ’s 4.2km strike length along Veta Madre , and despite forming the
connection between the two most prolific mineralized zones at VMC (the Valenciana and Cata mines), only
limited drilling has been conducted at Maravillas over the past two centuries.
Long Section Valenciana Mines Complex – Maravillas Highlighted
From To Width True Width Au Ag AgEq
(m) (m) (m) (m) (g/t) (g/t) (g/t)
Alto 3 24.75 25.70 0.95 0.82 1.32 306 418
Stockwork 25.70 30.30 4.60 3.52 0.10 3 12
Alto 3.5 73.05 73.60 0.55 0.45 3.72 7 323
Alto 4 84.70 85.65 0.95 0.73 0.42 5 41
Alto 4 loop 87.90 88.45 0.55 0.47 0.71 2 62
Alto 3 45.75 46.60 0.85 0.75 0.33 75 103
Alto 4 122.50 122.85 0.35 0.30 0.04 4 7
Branch 123.20 123.50 0.30 0.20 0.04 6 10
UGC24-003
UGC24-004
Breccia 64.40 65.45 1.05 0.44 0.01 19 20
Alto 4 67.50 68.20 0.70 0.45 0.07 34 40
Alto 5 74.35 74.90 0.55 0.35 0.01 2 2
Breccia 84.10 87.55 3.45 2.21 0.65 3 58
Including 84.10 85.00 0.90 0.58 0.16 2 15
Including 85.00 85.50 0.50 0.32 0.98 7 90
Including 85.50 86.10 0.60 0.38 0.21 2 20
Including 86.10 86.45 0.35 0.22 0.99 2 86
Including 86.45 86.80 0.35 0.22 2.87 3 247
Including 86.80 87.55 0.75 0.48 0.18 2 17
UGC24-006
Alto 3 40.50 41.20 0.70 0.69 4.82 1,114 1,523
Vein 46.80 47.50 0.70 0.49 4.75 1,311 1,715
Alto 3.5 69.10 69.55 0.45 0.39 0.03 2 5
Alto 4 88.60 89.85 1.25 1.24 2.14 13 195
Include 88.60 88.90 0.30 0.30 0.10 5 14
Include 88.90 89.55 0.65 0.64 3.84 12 338
Include 89.55 89.85 0.30 0.30 0.50 23 66
UGC24-005
UGC24-007
HOLE ID VEIN
UGC24-001
UGC24-002
No significant results.
No significant results.
No significant results.
Three holes have been drilled into the centrally located Maravillas zone, with the best assay result being
2808 grams per tonne silver-equivalent over a true width of just under one half of a meter, within a true
width interval of 3.19m grading 492 gpt AgEq *. The objective of this drilling was to intercept the
stockwork in the hanging wall of the Veta Madre vein system; a total of 615 meters of diamond drilling has
been concluded. Assay results for the first drill hole (UGM24-001) are posted below; assay results for the
two additional drillholes are expected later in Q4. Following this, an analysis will be conducted within the
relevant operational areas to develop additional exploration and development plans for this area of VMC.
Gi v e n t h e p r o x i m i t y o f t h i s ar e a t o e x i s ti n g r a m ps and the main Cata production shaft infrastructure,
integrating the Maravillas area into the VMC mine could be completed with minimal additional
development.
Carlos Silva, COO, said “Drilling success in this underexplored area of Valenciana has exciting potential. An
assay result of over two kilograms w i t h i n o n e o f M e x i c o ’ s m o s t f a m o u s a n d p r o l i fi c m i n e s i s a l w a y s
noteworthy; we will quickly follow up on these initial results.”
Maravillas Diamond Drill Results
Drill Collar Information
Sampling and quality assurance/quality control
Drill core was first reviewed by a Company geologist, who identified and marked intervals for sampling.
The marked sample intervals were 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
Corporacion Quimica Platinum S.A de C.V., Silao, Guanajuato, Mexico which is independent of GSilver. To
validate the Company’s assay results and its preparation procedures, GSilver sends additional random
From To Width True Width Au Ag Ag Eq
(m) (m) (m) (m) (g/t) (g /t) (g/t)
Stockwork 34.50 36.90 2.40 2.15 0. 03 7 9
Veinlets 50.00 50.55 0.55 0.45 0.01 7 8
Veinlets 55.05 55.65 0.60 0.49 0.02 20 22
Veinlets 63.35 64.60 1.25 0.96 0.17 57 71
Including 63.35 63.95 0.60 0.46 0.01 3 4
Including 63.95 64.60 0.65 0.50 0.31 107 133
Veinlets 78.15 78.75 0.60 0.52 0.05 4 8
Veinlets 99.50 100.50 1.00 0.87 0.01 2 3
Veinlets 115.80 118.00 2.20 1.99 0.01 2 3
Veinlets 127.00 128.95 1.95 1.38 0.01 2 3
Breccia 158.55 159.60 1.05 1.01 0.02 12 14
Stockwork 162.05 162.65 0.60 0.56 0.01 2 2
Breccia 162.65 163.70 1.05 0.99 0.01 4 5
Breccia 163.70 167.10 3.40 3.19 1.11 398 492
Including 163.70 164.15 0.45 0.42 6.63 2,239 2,803
Including 164.15 164.50 0.35 0.33 0.03 8 11
Including 164.50 164.80 0.30 0.28 0.37 167 199
Including 164.80 165.25 0.45 0.42 0.03 18 20
Including 165.25 166.00 0.75 0.70 0.04 13 17
Including 166.00 166.70 0.70 0.66 0.40 196 230
Including 166.70 167.10 0.40 0.38 0.82 344 414
HOLE ID VEIN
UGM24-001
UGC24-001 Valenciana Mines Complex Cata 267 17
UGC24-002 Valenciana Mines Complex Cata 298 11
UGC24-003 Valenciana Mines Complex Cata 215.5 19
UGC24-004 Valenciana Mines Complex Cata 177 10
UGC24-005 Valenciana Mines Complex Cata 142.5 12
UGC24-006 Valenciana Mines Complex Cata 242.5 60
UGC24-007 Valenciana Mines Complex Cata 172 45
UGM24-001 Valenciana Mines Complex Valenciana/Maravillas 56.2 -36.1
Hole ID Complex Location Azimuth (°) Dip (°)
samples representing approximately 20% of all analytical samples to Bureau Veritas in Hermosillo, Sonora,
Mexico. Bureau Veritas is an ISO/IEC (International Organization for Standardization/International
Electrotechnical Commission) geo-analytical laboratory and is independent of GSilver and its "qualified
person". In order to further validate the Company’s assay results and its preparation procedures GSilver
sent additional random samples representing approximately 10% of all analytical samples to SGS Mexico,
S.A de C.V, Durango, Mexico. SGS is also an ISO/IEC geo-analytical laboratory and is independent of GSilver
and its "qualified person". Core samples were subject to crushing at a minimum of 70 per cent passing
two millimeters, followed by pulverizing of a 250- g r a m s p l i t t o 8 5 p e r c e n t p a s s i n g 7 5 m i c r o n s . G o l d
determination was via standard atomic absorption (AA) finish 30-gram fire assay (FA) analysis, in addition
t o s i l v e r a n d 3 4-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
standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable
results.
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 detected no
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. Verified
data underlying the disclosed information includes reviewing compiled assay data; QAQC 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.
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, GSilver’s growth, the timeline for release of
additional drill and assay results, the interpretation of drill results, the potential for further exploration
and development of GSilber’s mineral properties, GSi lv er’ s s t at us as one of t he f as ting gr owing silv er
mining company in Mexico.
Such fo rward -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 applied 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 are received in a timely manner; and the ability to comply with environmental, health and
safety laws. The foregoing list o f assumptions is not exhaustive.
Readers are c autioned 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, 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, 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, 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 I gnacio 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 resurgence of COVID-19, the ongoing war in Ukraine and conflict in Gaza, 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.