Mr. Eric Zaunscherb reports

GR SILVER CONTINUES EXPANSION OF THE SE AREA DISCOVERY ZONE WITH HIGH-GRADE SILVER INTERVALS OUTSIDE RESOURCE AREA 35.2 M AT 134 G/T AG INCLUDING 0.9 M AT 1412 G/T AG

GR Silver Mining Ltd. has released results from two additional stepout drill holes -- SMS23-03 and SMS23-04 -- outside the recently published National Instrument 43-101 mineral resource estimate boundary in the San Marcial area in Sinaloa, Mexico.

The drilling program is targeting the extension of the Southeast area discovery, 250 metres along strike to the southeast, targeting identification of the silver-mineralized contact zone at shallow depth. SMS23-03 is located approximately 100 metres outside of the mineral resource and represents the downdip extension, 100 metres below SMS23-02 (11.3 metres at 584 grams per tonne silver -- see news release dated May 25, 2023). SMS23-04 represents a stepout of 300 metres from the last drill hole used in the mineral resource (hole SMS22-23).

Highlights from the latest drilling at San Marcial (downhole thickness):

• SMS23-03: 35.2 metres at 134 grams per tonne silver, including 3.3 metres at 506 grams per tonne silver and 0.9 m at 1,412 grams per tonne silver;
• SMS23-04: 15.0 metres at 32 grams per tonne silver.

The positive results continue to encourage the company on the potential to extend the mineral resource along strike and down dip in the Southeast area discovery zone, the San Marcial area. From the original 300-metre strike length of the Southeast area discovery that was incorporated into the mineral resource, the company has drilled and identified an additional 450 metres of wide shallow silver mineralization along the prospective target contact.

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 Southeast area discovery zone for an additional 450 metres along strike to the southeast, outside the mineral resource.

Chair and chief executive officer Eric Zaunscherb commented: "Our current drill program is successfully demonstrating that wide, shallow, silver mineralization extends to the southeast from the Southeast 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."

Stepout 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 southeast boundary of the mineral resource, which includes the initial extension of the Southeast area discovery.

The target contact will be the focus of the company's surface exploration program over the coming months, particularly in areas coincident with silver 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 downdip 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 tend 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 Southeast 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 silver sulphides in the cementing matrix of hydrothermal breccias and possibly overprinted by sphalerite (zinc) and galena (lead) mineralization. A new style of mineralization was intersected in SMS23-03 above the contact zone, within the upper volcanics containing silver sulphosalts within calcite veinlets and stockworks. This discovery provides encouragement in this unit, which has previously lacked mineralization.

SMS23-04 was drilled approximately 150 metres 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, silver grades are not as high as SMS23-02 but still have important silver 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 farther to the southeast along the contact zone. SMS23-05 (pending assays) was drilled to investigate increase of silver mineralization downdip 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 silver sulphosalts and zinc/lead 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 crosscutting typical breccias of the Southeast area mineralization style.

Departure of vice-president, exploration and corporate development

Trevor Woolfe, vice-president, exploration and corporate development, will depart the company. Mr. Woolfe will be returning to his native Australia after he concludes his time with the company on June 30, 2023. He joined the company in July, 2018, and has been an important member of the geological team as the company's understanding of mineralization at the Plomosas project and, consequently, the company's mineral resource inventory has grown. He has been a central figure in the development and nurturing of the team in Mexico, which the company is fortunate to have in place. President and chief operating officer 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 Southeast area at the San Marcial. GR Silver is very grateful to Mr. Woolfe for his contributions in building the company and its team.

About the Plomosas project

The Plomosas project, including the recent high-grade silver Southeast 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 hectares, 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 Southeast area discovery, where drilling incorporated into the updated March, 2023, Plomosas project mineral resource estimation highlighted an exploration opportunity for continuous resource growth.

Quality assurance/quality control 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 Mexico SA de CV laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above silver greater than 100 parts per million (overlimits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, B.C. 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 overlimits. For gold assays the analytical methods are lead fusion and atomic absorption spectrometry lead fusion fire assay and gravimetric finish for gold above overlimits (greater than 10 parts per million).

Qualified person

The qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, for this news release is Marcio Fonseca, PGeo, president and chief operating officer 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-per-cent-owned assets, located on the eastern edge of the Rosario mining district, in the southeast of Sinaloa state, Mexico. GR Silver Mining controls 100 per cent 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-stage to advanced-stage exploration targets, the company holds 734 square kilometres of concessions containing several structural corridors totalling over 75 kilometres in strike length.

We seek Safe Harbor.