Guanajuato Silver Provides El Cubo Drill Results ~ Intercepts 26.7 g/t Au and 321 g/t Ag for 2591 g/t AgEq* over 0.42 metres ~
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Guanajuato Silver Provides El Cubo Drill Results
~ Intercepts 26.7 g/t Au and 321 g/t Ag for 2591 g/t AgEq* over 0.42 metres ~
October 16, 2025 – 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 the 2025 exploration and development drilling program at the Company’s wholly
owned El Cubo Mines Complex (“El Cubo”) located in Guanajuato, Mexico.
Highlights
• Grades of over two kilograms per tonne silver-equivalent (AgEq) drilled at the Packman Vein in the
Villalpando area near the Company’s property boundary (PAC25-03: 26.7 g/t gold and 321 g/t
silver for 2591 g/t AgEq* over 0.42 metres).
• Another new vein discovery near the San Luis Vein also returned grades of over two kilograms per
tonne silver-equivalent (SL25-10: 13.02 g/t gold and 970 g/t silver for 2077 g/t AgEq* over 0.18
metres).
Image 1: El Cubo 3-D View of Principal Veins
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*All references in this news release to silver equivalent or AgEq have been calculated using 85:1
silver/gold (Ag/Au). For 2025, GSilver’s minimum mining width is 0.80 metres, and the minimum
mining cut-off grade is 150 g/t.
James Anderson, Chairman and CEO, said, “El Cubo has been producing high grade silver and gold for over
120 years; we are encouraged by the latest round of drill res ults and look forward to developing these
zones. Of particular interest, drilling in the San Luis area has generated the potential for yet another new
high-grade vein discovery; it is compelling discoveries like these that have defined the Guanajuato Silver
Mining District for more than four centuries.”
El Cubo Diamond Drill Results
FROM (m) TO (m)
San Luis Vein 30.80 31.50 0.70 Veinlet 0.14 105 117 0.45
San Luis Vein 114.90 115.10 0.20 Vein 0.22 74 93 0.10
San Luis Vein 134.65 134.90 0.25 Veinlet 0.41 123 158 0.24
San Luis Vein 134.90 135.85 0.95 Vein 1.12 330 425 0.52
San Luis Vein 113.55 114.75 1.20 Vein 0.69 143 201 0.85
Including 113.95 114.40 0.45 Including 1.31 298 410 0.32
Maria Vein 167.00 167.85 0.85 Vein 0.56 96 144 0.60
177.00 177.45 0.45 Veinlet 0.69 315 373 0.21
SL25-04 San Luis Vein 157.40 158.75 1.35 Vein 1.27 248 356 0.72
SL25-05 169.25 169.70 0.45 Veinlet 0.87 496 570 0.08
San Luis Vein 141.90 143.25 1.35 Vein 0.46 60 99 0.86
Including 142.40 143.25 0.85 Including 0.62 89 141 0.54
36.70 37.00 0.30 Vein 0.31 78 104 0.19
120.75 122.00 1.25 Vein 0.64 59 113 0.67
20.20 20.35 0.15 Vein 0.17 135 149 0.11
165.65 165.85 0.20 New Vein 13.02 970 2,077 0.18
DOL25-01 Dolores Vein 31.25 32.10 0.85 Vein 0.60 163 214 0.69
16.40 16.60 0.20 Breccia 0.48 171 212 0.13
74.35 74.65 0.30 Veinlet 0.66 89 145 0.19
Packman Vein 76.20 78.15 1.95 Vein 1.80 161 314 1.05
17.85 18.05 0.20 Veinlet 0.94 119 199 0.14
26.75 27.15 0.40 Breccia 0.33 343 371 0.28
Packman Vein 87.65 87.90 0.25 Vein 0.44 749 787 0.19
21.55 21.95 0.40 Vein 0.41 108 143 0.28
33.00 33.80 0.80 Veinlet 0.85 97 170 0.56
Packman Vein 33.80 34.40 0.60 Vein 26.70 321 2,591 0.42
15.40 16.05 0.65 Breccia 0.62 381 434 0.48
Packman Vein 28.85 29.25 0.40 Vein 0.17 108 123 0.29
43.75 43.95 0.20 Veinlet 0.98 425 508 0.15
54.60 55.20 0.60 Hanging Wall Vein 1.39 14 132 0.56
Villalpando 69.90 74.10 4.20 Vein 3.30 24 305 2.77
Raquel Vein 77.55 77.85 0.30 Vein 1.28 175 284 0.24
VPO25-02 Raquel Vein 129.25 129.65 0.40 Vein 0.56 301 348 0.18
VPO25-04 137.50 138.55 1.05 Stockwork 4.79 15 422 0.48
Villalpando 184.80 186.55 1.75 Vein 0.44 53 90 0.67
Including 186.20 186.55 0.35 Vein 0.84 237 308 0.13
PAC25-03
PAC25-04
VPO25-01
VPO25-05
AgEq (g/t)
SL25-08
SL25-10
SL25-06
SL25-01
SL25-02
SL25-03A
TRUE
WIDTH
PAC25-01
PAC25-02
INTERSECTION DRILLHOLE ZONE WIDTH
(m) DESCRIPTION Au (g/t) Ag (g/t)
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San Luis Vein
The east to west trending San Luis Vein has quickly taken on significant importance at the El Cubo Mine.
In 2025, San Luis has contributed over 8,900 tonnes of mineralized material to El Cubo’s production profile,
and the most recent drilling provides better certainty for future volume and grade prediction. Important
intercepts include SL25-02 which returned 1.12 g/t gold and 330 g/t silver over 0.52 metres, and SL25-04
which returned 1.27 g/t gold and 248 g/t silver over 0.72 metres. The relatively higher gold content in the
San Luis Vein will continue to make this area of the mine a primary focus for continued exploration and
potential expansion.
Image 2: Long Section San Luis Vein
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Dolores Vein
The Dolores Vein runs NNW, parallel to the Villalpando vein; together these two mineralized systems are
the most prolific vein systems in the eastern half of the Guanajuato mining district. Drilling into the Dolores
Vein via a single drillhole (DOL25-01) confirmed both the continuity of the mineralized system at depth
and evidence of a lateral extension; DOL25-01 returned 0.60 g/t gold and 163 g/t silver over 0.69 metres.
The Company will now focus on servicing and developing this area in advance of exploitation.
Packman Vein
The northwest-southeast running Packman Vein, which is interpreted as a loop extending from the Dolores
Vein, represents a potentially new mining zone. The Packman Vein is located near to the San Luis Vein, and
is characterized as a narrow structure with high gold and silver content; the system rests in close proximity
to the Company’s property boundary with Fresnillo PLC, the world’s largest silver producer. Notable
intercepts include PAC25-01 which returned 1.8 g/t gold and 161 g/t silver over 1.05 metres and PAC25-
03 which returned a bonanza grade of 26.7 g/t gold and 321 g/t silver over 0.42 metres.
Drilling through the Packman Vein has also discovered the presence of two additional new veins. One of
these veins sits in proximity to the Dolores system; this new vein was encountered through the drilling of
the footwall structures of the San Luis and Packman veins; all four of the drillholes into the Packman Vein
encountered this new structure with the most notable intercept being PAC25-04 which returned 0.62 g/t
gold and 381 g/t silver over 0.48 metres. A second and more distant new vein structure was discovered
through drilling at San Luis; SL25-10 returned 13.02 g/t gold and 970 g/t silver for 2077 g/t AgEq over 0.18
metres. This new area holds potential for additional expansion and the Company intends it to be the focus
of additional future drilling this year.
Villalpando Vein
Three drillholes in Villalpando have returned intercepts that confirm mineralized structures and will
provide the basis for advancing development at levels six and seven. The most notable intercept was
VPO25-04 which returned 4.79 g/t gold and 15 g/t silver over 0.48 metres. The Villa lpando Vein and
associated loops are currently the primary source of new mineralized material being processed at El Cubo.
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Drillhole Information
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
t h e n c ut in half wit h a d iam on d sa w; half of t h e c or e w as le ft in t h e c or e b o x an d th e ot he r h alf w as
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% passing two millimeters, 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 analysis using
fire assay and gravimetry termination. Following industry -standard procedures, blank and standard
HOLE ID EAST NORTH ELEVATION DIP ° AZIMUT
SL25-01 1062.50 -1398.113 2097.22 16.08 201.27
SL25-02 1062.62 -1397.668 2097.76 34.89 205.12
SL25-03A 1064.96 -1398.371 2098.64 37.46 139.83
SL25-04 1065.29 -1397.969 2098.74 38.04 124.60
SL25-05 1065.20 -1398.106 2098.70 20.55 125.79
SL25-06 1032.90 -1347.195 2280.84 14.17 135.04
SL25-07 1032.22 -1347.44 2281.20 24.02 152.46
SL25-08 1032.26 -1347.45 2281.31 22.62 180.16
SL25-09 1032.34 -1346.856 2281.95 43.51 165.57
SL25-10 558.30 -1495.93 2181.25 13.55 46.75
PAC25-01 557.41 -1495.374 2182.58 44.11 10.82
PAC25-02 557.38 -1495.162 2179.88 -44.5 10.04
PAC25-03 558.28 -1496.082 2181.79 30.45 64.67
PAC25-04 558.33 -1495.966 2180.79 1.6 70.09
DOL25-01 555.33 -1501.89 2180.28 -17.35 166.74
VPO25-01 119.10 -301.111 2251.89 -44.26 37.45
VPO25-02 120.93 -305.347 2251.30 -46 124.16
VPO25-03 116.92 -301.464 2251.62 -59.44 337.39
VPO25-04C 117.03 -301.93 2252.08 -78.09 349.67
VPO25-05 120.54 -306.425 2251.77 -53.42 145.54
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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. 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 accu racy 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 c alculation
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.
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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) 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 interpretation of drill
results, the potential for yet another new high-grade vein discovery, future volume and grade prediction,
future focus areas for exploration, development and production, expansion, planned future drilling 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.
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 G Silver 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, i mprove 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
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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.