VANCOUVER, BC, June 14,
2023 /CNW/ - GR Silver Mining Ltd. ("GR
Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB:
GRSLF) (FRANKFURT: GPE) – is pleased to announce results from two
additional step-out drill holes – SMS23-03 and SMS23-04 - outside
the recently published NI 43-101 Mineral Resource Estimate boundary
("Mineral Resource") in the San Marcial Area in Sinaloa, Mexico.
The drilling program is targeting the extension of the SE Area
discovery, 250 m along strike to the
southeast, targeting identification of the silver mineralized
contact zone at shallow depth. SMS23-03 is located approximately
100 m outside of the Mineral Resource
and represents the down-dip extension, 100
m below SMS23-02 (11.3 m at
584 g/t Ag – see News Release dated May 25,
2023). SMS23-04 represents a step out of 300 m from the last drill hole used in the
Mineral Resource, hole SMS22-23 (Figures 1 and 2).
Highlights from the latest drilling at San Marcial
(down hole thickness):
- SMS23-03: 35.2 m at 134 g/t
Ag, including 3.3 m at 506 g/t Ag and
0.9 m at 1412 g/t
- SMS23-04: 15.0 m at 32 g/t
Ag
The positive results, continue to encourage the Company on the
potential to extend the Mineral Resource along strike and down-dip
in the SE Area Discovery Zone, San Marcial Area. From the original
300 m strike length of the SE Area
Discovery that was incorporated into the Mineral Resource, the
Company has drilled and identified an additional 450 m of wide shallow silver mineralization along
the prospective Target Contact (Figure 1).
The wide silver intervals intersected in holes SMS23-03 and
SMS23-04 continue to support the potential for extension of the
wide mineralization geometry along strike. The drilling program,
with two additional drill holes (for a total of six), aims to
extend the footprint of the SE Area Discovery Zone for an
additional 450 m along strike to the
southeast, outside the Mineral Resource.
Chair and CEO Eric Zaunscherb
commented, "Our current drill program is successfully
demonstrating that wide, shallow, silver mineralization extends to
the southeast from the SE Area discovery. We look forward to
committing to the 12,500-metre drill program that has been
recommended (see News Release dated May
8, 2023), pending board approval, that will further test
this highly prospective target area."
Table 1: San Marcial SE
Extension Drill Program– Results Highlights
Drill
Hole
|
From
(m)
|
To
(m)
|
Apparent
width
(m)
|
Ag
g/t
|
Au
g/t
|
Pb %
|
Zn %
|
SMS23-03
|
178.4
|
195.7
|
17.3
|
111
|
0.01
|
0.1
|
0.1
|
including
|
186.6
|
188.3
|
1.7
|
640
|
0.03
|
na
|
na
|
|
198.3
|
204.6
|
6.3
|
132
|
0.02
|
na
|
0.1
|
|
229.3
|
264.5
|
35.2
|
134
|
0.11
|
0.1
|
0.4
|
including
|
229.3
|
243.4
|
14.1
|
174
|
0.06
|
0.2
|
0.5
|
and
|
252.2
|
255.5
|
3.3
|
506
|
0.23
|
0.3
|
0.8
|
including
|
254.1
|
255.0
|
0.9
|
1,412
|
0.48
|
0.6
|
2.2
|
SMS23-04
|
170.6
|
185.6
|
15.0
|
32
|
0.03
|
0.1
|
0.1
|
Numbers may be
rounded. Results are uncut and undiluted. True width not estimated
as the Company does not have sufficient data from the new
mineralized zones to determine the true widths of the drill hole
intervals with any confidence. "na" = no significant
result.
|
Table 2: Drill Hole Details - 2023
San Marcial Step Out Drill Program
Drill
Hole
|
East
(m)
|
North
(m)
|
RL
(m)
|
Dip
(˚)
|
Azimuth
(˚)
|
Depth
(m)
|
Results
Status
|
SMS23-03
|
451670
|
2545827
|
780
|
-80
|
202
|
350
|
This release
|
SMS23-04
|
451798
|
2545713
|
760
|
-75
|
210
|
300
|
This release
|
SMS23-05
|
451798
|
2545713
|
760
|
-85
|
30
|
325
|
Pending
|
SMS23-06
|
|
|
|
|
|
|
Pending
|
WGS84 Datum. Numbers
may be rounded.
|
Step Out Drilling Program Southeast
Area
GR Silver Mining has completed six drill holes and it will have
all assays received by August 2023.
This drilling program is the first drilling to be undertaken
outside of the SE boundary of the Mineral Resource, which includes
the initial extension of the SE Area discovery.
The Target Contact (Figure 1) will be the focus of the Company's
surface exploration program over the coming months, particularly in
areas coincident with Ag anomalies from surface geochemical
sampling and the Company's 2021 ground geophysical survey.
A description of each drill hole and results are as follows:
SMS23-03 was drilled to test the down-dip continuity of
high-grade "bonanza" silver mineralization intersected in SMS23-02
(see News Release dated May 25, 2023)
at the northeast dipping contact between upper volcanics and the
lower volcano-sedimentary unit. SMS23-03 intersected the contact
zone deeper than expected and with a higher dip angle indicating
that the contact zone tends to subvertical at depth in this
location. Surface mapping indicates the presence of a northeast
trending fault in the vicinity of SMS23-02 and SMS23-03,
subparallel to the faults controlling mineralization in the SE Area
discovery. The latter hole intersected the green facies
volcano-sedimentary unit, similar to that hosting the SMS22-10
discovery hole mineralization, which was not reported in the
shallower SMS23-02. The silicified facies of the
volcano-sedimentary unit, below the green facies, reported Ag
sulphides in the cementing matrix of hydrothermal breccias and
possibly overprinted by sphalerite (Zn) and galena (Pb)
mineralization. A new style of mineralization was intersected in
SMS23-03 above the contact zone, within the upper volcanics
containing Ag sulfosalts within calcite veinlets and stockworks.
This discovery provides encouragement in this unit, which has
previously lacked mineralization.
SMS23-04 was drilled approximately 150 m southeast of SMS23-02 to test the
continuity of high-grade mineralization in the silicified facies of
the volcano-sedimentary unit close to surface. The drill hole
intersected the contact zone at a lower elevation than expected
however Ag grades are not as high as SMS23-02 but still have
important Ag anomalies indicating the continuity of the
mineralization. Nevertheless, the drill hole intersected another
two breccia zones with sphalerite, indicating that better grades
and plunge of mineralization tends to deepen further to the
southeast along the contact zone. SMS23-05 (pending assays) was
drilled to investigate increase of silver mineralization down-dip
from the hole SMS23-04.
The breccias at the hole SMS23-04 are developed mostly in the
silicified facies of the volcano-sedimentary unit with Ag
sulfosalts and Zn>Pb sulphides. The pale brown sphalerite
variety in this hole indicates a low temperature of crystallization
instead of the dark marmatite sphalerite variety seen elsewhere at
San Marcial. This mineralization is hosted within white and
amethystine silica, with bladed calcite textures indicating a
classic low sulphidation epithermal system cross-cutting typical
breccias of the SE Area mineralization style.
Departure of Vice President
Exploration and Corporate Development
GR Silver Mining also announced the departure of Vice President
Exploration and Corporate Development Trevor Woolfe. Mr. Woolfe
will be returning to his native Australia after he concludes his time with us
on June 30, 2023. He joined the
Company in July 2018 and has been an
important member of the geological team as our understanding of
mineralization at the Plomosas Project and, consequently, our
mineral resource inventory, have grown. He has been a central
figure in the development and nurturing of the team in Mexico, which we are fortunate to have in
place. President and COO Marcio
Fonseca will take on most of Mr. Woolfe's responsibilities,
but he will be supported by General Manager Alejandro Cano Cabello (Mining and Metallurgical
Engineer) with extensive experience in development and operation of
exploration and mine projects in Mexico, Exploration Manager Luis Coto (20 years of experience, including
large epithermal systems with known deposits in Latin America), and experienced geological
staff who discovered the SE Area at the San Marcial. We are very
grateful to Mr. Woolfe for his contributions in building the
Company and our team.
About the Plomosas
Project
The Plomosas Project, including the recent high-grade silver SE
Area discovery in the San Marcial Area, is an emerging high-grade
silver district located in southern Sinaloa, Mexico. The Plomosas Project,
covering 43,187 ha, benefits from mine infrastructure, road access
and existing permits, associated with past-producing historical
mining sites. The district contains intermediate to low
sulphidation epithermal silver and gold mineralization hosted in
hydrothermal breccias and veins. Recent success in exploration and
drilling has delineated wide, high-grade, shallow hydrothermal
breccias in the San Marcial Area, including the SE Area discovery,
where drilling incorporated into the updated March 2023 Plomosas Project mineral resource
estimation highlighted an exploration opportunity for continuous
resource growth.
QA/QC Procedures
The Company has implemented QA/QC
procedures which include insertion of blank, duplicate, and
standard samples in all sample lots sent to SGS de México, S.A. de
C.V. laboratory facilities in Durango,
Mexico, for sample preparation and assaying. For every
sample with results above Ag >100 ppm (over limits), these
samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four
acid Digest and Inductively Coupled Plasma Optical Emission
Spectrometry with Lead Fusion Fire Assay with gravimetric finish
for silver above over limits. For gold assays the analytical
methods are Lead Fusion and Atomic Absorption Spectrometry Lead
Fusion Fire Assay and gravimetric finish for gold above over limits
(>10 ppm).
Qualified Person
The Qualified Person under National
Instrument 43-101 Standards of Disclosure for Mineral Projects for
this news release is Marcio Fonseca,
P. Geo., President & COO for GR Silver Mining, who has reviewed
and approved its contents.
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 km2 of concessions
containing several structural corridors totaling over 75 km in
strike length.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair &
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.