Mr. Marcio Fonseca reports
GR SILVER MINING ANNOUNCES EXTENSION TO THE PLOMOSAS VEIN AND REPORTS HIGH-GRADE SILVER DRILL RESULTS
GR Silver Mining Ltd. has released drill results at its 100-per-cent-owned Plomosas silver project, Plomosas mine area, in Sinaloa, Mexico.
These drill results highlight high-grade silver-mineralized zones in a 50-metre stepout from a previously released section of drill hole results at the Plomosas mine area (see news release dated May 13, 2020). They confirm continuity of the silver-mineralized system for at least 500 m along strike. They also extend the continuity of both mineralization styles, Ag-Au (silver-gold) low sulphidation epithermal veins and polymetallic high-grade Ag-Pb-Zn (silver-lead-zinc) hydrothermal breccias, up to 700 m downdip below the surface.
The drill results confirm the prospectivity of near-surface, multiple veins and hydrothermal breccia systems close to existing underground development, which will facilitate access for follow-up in the company's upcoming drill program. Significantly, these drill holes also indicate the discovery of multiple subparallel mineralized systems below the current footwall of previously mined areas.
A large epithermal system is evident based on the most recently released set of drill results. The company has initiated a shallow (100 to 150 m depth) surface drilling program aiming to confirm the mineralization footprint and the new high-grade vein discoveries along strike and downdip.
GR Silver Mining president and chief executive officer Marcio Fonseca commented: "The mineralized veins and hydrothermal breccias at the Plomosas mine area were originally interpreted to be confined only along the major Plomosas fault; however, our recent validation and integration of all drill results, underground structural mapping and sampling, supports the occurrence of additional mineralized veins outside of that major structure.
"These results illustrate the potential to expand Ag-Au mineralization along strike and downdip, creating a much larger mineralized footprint for future resource estimation. Some of our recently released results are particularly impressive, not only for the thickness of the mineralization but also average grade, reporting intervals of 11.0 m at 1,235 g/t Ag and 5.4 m at 1,096 g/t Ag including 2.0 m at 2,484 g/t Ag. The recent progress of the surface and underground exploration program suggests that these high-grade veins extend and are open down plunge. With further success, we anticipate that the high-grade multivein mineralization in the Plomosas mine area will add additional mineralized zones for future resource delineation."
The associated table summarizes the most significant drill assay results for this group of holes released for the Plomosas mine area.
SUMMARY DRILL HOLE RESULTS -- NEWS RELEASE JULY 20, 2020 (PLOMOSAS MINE AREA)
Hole No. From To Drilled width Est. true width Ag Au Pb Zn AgEq
(m) (m) (m) (m) (g/t) (g/t) (%) (%) (g/t)
SD-14 102.0 105.4 3.4 2.8 123 na na 0.1
SD-17 81.0 84.7 3.7 3.5 169 na na 0.1
SD-17 93.4 107.4 14.0 13.2 239 na 0.1 0.3 252
includes 98.7 105.3 6.6 6.2 362 na 0.2 0.5
SD-20 93.3 126.4 33.1 32.6 35 na 0.1 0.2
SD-39 79.0 84.4 5.4 4.4 161 na na 0.1 168
SD-39 96.3 98.8 2.5 2 928 na 0.1 0.2 935
SD-40 101.5 112.4 10.9 10.7 84 na 0.1 0.2
SD-41 61.1 65.7 4.6 4.6 39 0.1 0.1 0.2
SD-43 106.0 111.4 5.4 2.7 1,096 na 0.3 0.2 1,112
includes 106.0 108.0 2.0 1 2,484 na 0.7 0.3 2,498
SD-43 118.0 123.0 5.0 2.5 234 na 0.0 0.1 240
SD-55 173.0 175.3 2.3 1.6 19 na 1.7 5.3
SD-79 205.8 213.7 7.9 5.1 6 na 0.6 0.7
117 6.3 9.3 3.0 1.3 191 na 1.1 0.9 254
117 20.5 21.4 0.9 0.4 375 na 3.0 2.1 536
277-IM 26.5 30.5 4.0 3.1 103 0.1 0.8 1.4 172
279-IM 25.3 38.3 13.0 10 328 0.2 0.5 1.2 397
281 8.0 11.0 3.0 3 16 0.3 1.2 2.9
281 14.0 18.0 4.0 4 27 0.2 1.4 3.8
281 44.0 48.0 4.0 4 12 0.1 1.6 2.7
282 2.0 4.0 2.0 1.9 20 0.4 1.9 5.0
282 6.0 8.0 2.0 1.9 50 3.8 1.9 9.0 745
283 14.0 20.0 6.0 3 18 0.8 2.1 6.6
283 78.0 80.0 2.0 1 185 0.8 1.5 2.1 377
284 38.5 40.5 2.0 2 18 0.2 5.9 3.2
286 103.0 105.0 2.0 2 4 0.1 0.1 2.4
287 96.0 101.0 5.0 4.8 7 0.2 1.9 1.9
288 76.8 80.8 4.0 3.5 9 0.4 0.5 2.7
294 51.7 52.7 1.0 0.6 18 0.2 0.6 3.0
PLI17-18 51.9 55.3 3.4 3.3 15 0.1 0.5 3.4
includes 53.4 53.9 0.5 0.5 59 0.2 2.6 11.3 480
PLI17-18 119.4 124.5 5.1 5 147 0.9 0.1 0.2 244
* AgEq is based on long-term gold, silver, zinc and lead prices of $1,600 (U.S.) per ounce gold,
$16.50 (U.S.) per ounce silver, 85 U.S. cents per pound zinc and 95 U.S. cents per pound lead. The
metallurgical recoveries are assumed as 90 per cent Ag, 95 per cent Au, 78 per cent Pb and 70 per cent
Zn. All numbers are rounded. Results are uncut and undiluted.
The drill holes in this news release were generated by a drill campaign completed by First Majestic Silver Corp. in 2017 (PLI17-08), and historical drill holes completed by Grupo Mexico. Both drill sets were not previously released. They are part of an extensive surface and underground diamond core drilling database, which GR Silver Mining continues to consolidate and validate. The company recently announced a surface drilling program (see news release dated July 15, 2020), which aims to expand the mineralization footprint along strike, which will lead to the first 3-D geological model and resource estimation at the Plomosas mine area.
The associated table lists the drill hole intervals previously not sampled (NS) for this group of released holes. The company is investigating these intervals for evidence of mineralization in the core that warrants additional sampling and assaying.
PLOMOSAS MINE AREA -- DRILL HOLE INTERVALS
NOT SAMPLED (INTERVALS GREATER THAN 20 M)
Hole No. From-to
(m)
PLI17-18 15.05-45.55
PLI17-18 87.75-115.0
PLI17-18 171.15-209.7
All numbers are rounded.
The Plomosas mine area drill results continue to demonstrate the continuity of higher-grade precious and base metals mineralization along strike, expanding the footprint of the low sulphidation epithermal system for approximately 500 m. The high grades encountered, Ag-Pb-Zn and Ag, occur in an area with multiple deep-rooted fault systems and are confirming the presence of unmined near-surface high-grade mineralized zones for upcoming drilling follow-up.
Qualified person
The scientific and technical data contained in this news release related to the Plomosas project were reviewed and/or prepared under the supervision of Marcio Fonseca, PGeo. He has approved the disclosure herein.
Quality assurance program and quality control procedures (QA/QC)
The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic's Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de Mexico SA de CV facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised fire assay with atomic absorption finish for samples above Au greater than 10 parts per million and Ag greater than 300 ppm and gravimetric finish. Pb and Zn were analyzed using inductively coupled plasma optical emission spectrometry.
About GR Silver Mining Ltd.
GR Silver Mining is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets, which lie on the eastern edge of the Rosario mining district, Sinaloa, Mexico.
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