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Gran Colombia Announces 2021 First Quarter Results Webcast

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it will release its 2021 first quarter results after market close on Thursday, May 13, 2021 and will host a conference call and webcast on Friday, May 14, 2021 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/sffq8mu3
Canada Toll / International:1 (514) 841-2157
North America Toll Free:1 (866) 215-5508
Colombia Toll Free:01 800 9 156 924
Conference ID:50163709

A replay of the webcast will be available at www.grancolombiagold.com from Friday May 14, 2021 until Friday, June 11, 2021.

Beyond Gold

Gran Colombia recently premiered its new corporate video ‘Beyond Gold’ featuring the Company’s operations and sustainability initiatives. The video was directed by Colombian journalist Yamid Ahmad and includes interviews with senior management; footage of Medellín, Segovia, inside the Company’s mines and processing plants; progress in technology and environmental impact; interviews with local collaborators including the Angelitos de Luz Foundation and artisanal miners; as well as the positive impact of the Company’s initiatives on the communities of Segovia and Remedios through its investments in education, infrastructure and formalization of artisanal mining.

The video is available at https://www.youtube.com/watch?v=3bQyzXBWz_c.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia’s portfolio includes equity positions in several listed companies advancing gold and silver projects including a 44.3% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato; Canada – Juby), an 18.2% equity interest in Gold X Mining Corp. (TSX-V: GLDX) (Guyana – Toroparu), a 27.3% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero; Colombia – Guia Antigua and Zancudo) and a 25.8% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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GR Silver Mining Closes Acquisition of 100% of San Marcial Silver Project

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the ” Company”) – is pleased to announce that it has made the final option payment of CDN$2.5 M and issued 1,500,000 common shares to SSR Mining Ltd., as required under the San Marcial option agreement dated April 17, 2018 (refer to News Release dated May 7, 2018). SSR Mining’s subsidiary, Silver Standard México, S.A. de C.V., has also been granted a 0.75% net smelter returns royalty (“NSR”). The Company has a buy-back right on the NSR that can be exercised at any time by payment of CDN$1.25 M. As required by applicable securities law and the policies of the TSX Venture Exchange, the shares will be subject to a hold period expiring September 6, 2021.

Since acquiring the option three years ago, GR Silver Mining has invested over CDN$4.6 M in exploration expenditures on the Project, increasing NI 43-101 resources by 57% in the Indicated category to 29 Moz Ag and by 126% in the Inferred category to 10 Moz Ag. The Company has also progressed exploration outside of the Resource Area discovering 14 exploration targets which are currently being explored with the first ever ground geophysical survey and geological work, with potential for drilling later this year. This transaction represents a low-cost acquisition at US$0.13/oz AgEq, for an advanced-stage property with the potential for initial open pit development.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “We are very pleased to have completed the acquisition of 100% of the San Marcial Project. While a number of companies have reviewed this project over the past 20 years, GR Silver Mining is the first to recognize its significant potential, having expended over CDN$4.6 M in producing a NI 43-101 silver resource estimate in 2019, discovering new silver and gold drill targets and now obtaining full ownership. The NI 43-101 report in 2019 indicated that the project is potentially open pit amenable and there are underground opportunities for future development of San Marcial. Numerous areas in the vicinity of the NI 43-101 Resource Area represent opportunities for resource expansion. The successful consolidation of 100% ownership of San Marcial, as well as the neighbouring Plomosas and La Trinidad Projects, provide the Company with two past producer Ag-Au mines, unrestricted access to all exploration targets on three mineralized trends totaling 75 km, where initial field work has already identified 24 old Ag-Au workings.

The Company today has control of a district-scale mineralized Ag-Au system, with potential for continuous discoveries and resource expansion. We are now completing work on two resource estimates at the neighbouring Plomosas Project, expected to be completed in Q2/2021. The new resources support our strategy for continuously increasing the Company’s resource inventory, with the objective of future integration of all projects into combined development.”

In February 2019, less than 12 months after acquiring the option on the San Marcial Project, GR Silver Mining reached a significant milestone by publishing a NI 43-101 silver resource estimate. This estimate confirmed a 57% increase in Indicated Resources to 29 Moz Ag and a 126% increase in Inferred Resources to 10 Moz Ag, in comparison to the 2008 historical resource. Aspects of the GR Silver Mining resource were amended in June 2020 (see News Releases dated February 7, 2019 and June 12, 2020).

In addition to outlining a much larger NI 43-101 silver resource at San Marcial, over the past three years the Company has undertaken successful and extensive concession-wide exploration activities. The discoveries of new high-grade Ag-Au zones outside of the Resource Area has identified the exploration potential for future resource expansion at San Marcial. The following are examples of previously announced exploration work completed by the Company, not incorporated in the NI 43-101 report, and selected results indicating the potential outside of the Resource Area.

  • completed 51 trenches/channels on priority targets, with best results including:
  • completed 17 diamond drill holes, including:
  • completed a 25 m x 25 m litho-geochemical sampling program covering almost 70% of the 1,250 ha property, and creating a geochemical database of over 13,000 samples,
  • commenced the first ever ground geophysical survey across the San Marcial concessions. This survey includes IP and magnetometry and is currently being completed. This survey will aid our technical team during the remainder of 2021 to advance new targets towards initial shallow surface drilling.

More recently, GR Silver Mining was the first company to complete an underground tunnel development into the San Marcial deposit, providing full exposure of the mineralized zones to support an oriented underground drill program and to delineate high-grade extensions to the silver resource at depth. The upcoming underground drill program scheduled to commence in Q2/2021 will provide additional information that will be incorporated in an updated resource estimate for the San Marcial Project towards the end of 2021.

While the San Marcial Resource Area is contained structurally within a 500 m long breccia-host, part of a 6 km mineralized trend, our exploration has successfully identified a new Au-Ag epithermal-style mineralization in various other targets within the concession and on the footwall of the NI 43-101 Resource Area. These multiple opportunities for resource expansion are now being explored by the Company as one regional-scale mineralized system, with use of geophysical, geochemical and detailed geological surveys.

GR Silver Mining’s achievements at San Marcial over the past three years have included successful exploration results as well as providing significant employment opportunities for the local population and developing strong relationships and support from local communities.

The integration of the Plomosas Project and the San Marcial Project, together with the recent acquisition of the La Trinidad Project, represent the first time in the history of the Rosario Mining district that one single company controls 100% of the area, with access to three major structural corridors representing a total of 75 km of strike length. During 2021, GR Silver Mining will continue to explore new Ag-Au mineralized zones, close to surface, within these projects, providing potential for drilling, additional discoveries and resource growth.

Qualified Person

The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo. He has approved the disclosure herein.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.

Plomosas Silver Project

GR Silver Mining’s 8,515 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is completing a drilling program with surface holes focused on expanding known mineralization along strike in two areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program is targeting the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas are currently the subject of NI 43-101 resource estimations.

The assets include all facilities and infrastructure including access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 M of previous capital investments. The previous owners invested approximately US$18 M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The Company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first Company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 ounces of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

Whilst the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The Company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin Gold Mining Ltd. (“Marlin”) in March 2021, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

Mr. Marcio Fonseca, P. Geo.
GR Silver Mining Ltd. President & CEO

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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) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements 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.

______________________

1

Refer to Marlin Gold Mining Ltd. (Marlin) NI 43-101 News Release dated February 1, 2013

2

Refer to Marlin MD&A Releases dated 30 April 2015, 29 April 2016, 1 May 2017, 30 April 2018, 29 August 2018

3

Refer to Mako Mining Corp. MD&A Releases dated 28 August 2019, 29 April 2020

4

Refer to Marlin NI 43-101 News Release dated March 18, 2011

SOURCE GR Silver Mining Ltd.

For further information: +1.604.558.6248, Email: info@grsilvermining.com

http://www.grsilvermining.com/

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Eloro Resources’ First Drill Hole at the Iska Iska Project’s Central Breccia Pipe Encounters Multiple Mineralized Intercepts including 196 Grams Silver Equivalent/tonne (g Ag eq/t) over 56.2m and containing 343 g Ag eq/t (274 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.5m

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 29 diamond drill holes totalling 11,696 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (“SBBP”) and Central Breccia Pipe (“CBP”) targets. This press release reports further drilling results from the first drill hole (CDN-01) to test the CBP from the northern radial platform. Figure 1 is a geological plan map showing locations of the drill holes and updated geological interpretation. Figure 2 is a NE-SW geological cross section through the eastern side of the SBBP and the northwest part of the CBP showing location of the main mineralized zone. Table 1 gives significant drilling results and Table 2 lists holes completed with assays pending. Highlights are as follows:

Highlights

  • Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m, from 252.84m to 309.04m in Hole DCN-01.
  • Recently completed hole DSB-10, drilled from a platform at the SBBP, encountered over 500 m of continuous sulphide mineralization in a position several hundred meters below mineralization encountered in hole DCN-01. Assays are pending.

Major Mineralized Zone Being Outlined in Central Breccia Pipe

Drill Hole DCN-01, drilled from the northern radial setup on the CBP, intersected a broad 483.3m wide mineralized zone, from 107.2m to the end of the hole at 590.5m. Within this mineralized zone there are 19 intersections greater than 31 g Ag eq/t, representing 61% of the overall mineralized interval, including eight (8) intersections greater than 60 g Ag eq/t (Table 1). The highest-grade interval returned 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m, including 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m from 252.84m to 309.04m. As shown in Figure 2 and discussed below, this intersection appears to be the top of a very extensive mineralized zone in the CBP that may be as much as 500m thick.

Drill Hole DSB-10, drilled on an azimuth of 225 degrees at a dip of -60 degrees, initially intersected 380m of oxidized and leached breccia of the SBBP before intersecting a 500m long section of mineralized intrusion breccia in the northwestern part of the CBP, as shown in Figures 1 and 2. Within this broad zone, moderate to strong sulphide mineralization extends for a total of 293m from 522m to 586 (64m) and from 650m to 879m (229m). This hole is the longest drilled at Iska Iska thus far, with a final length of 1,019.4m, reflecting the remarkable size of the mineralized system in the CBP. Drill Hole DCN-02 drilled on section with DCN-01 to the southwest at -60 degrees intersected several zones of mineralized intrusion breccia approximately 50m thick before intersecting dacite at the western margin of the breccia pipe. DCN-03 was drilled from the same setup at -60 degrees to the southeast for a length of 464.5m but was stopped in favour of doing a more efficient hole from the southern radial setup (Figure 1). This hole at an azimuth of 90 degrees and a dip of -60 degrees, is currently at 780m and is ongoing. Assay results from all these holes are pending. Further drilling is planned to better define the overall mineralized zone which is very extensive.

Third and Fourth Diamond Drill Being Mobilized to Iska Iska Site

Eloro contractor Leduc Drilling has mobilized a high-capacity underground drill to Iska Iska, which is capable of drilling up to 600m long underground drill holes. This drill is currently being setup in Drill Bay #3 at the west end of the Huayra Kasa underground workings to complete a fan of holes to evaluate the area beneath the Santa Barbara adit eastwards to the centre of the caldera complex. The first hole DHK-18, to be drilled at an azimuth of 180 degrees and dip of -10 degrees, will be collared shortly. This hole is designed to test underneath the Santa Barbara adit where a recent continuous channel sample returned 442 g Ag eq/t (165 g Ag/t, 3.46% Pb and 0.46% Sn) over 166m including 1,092 g Ag eq/t (including 446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m (see press release April 13, 2021). An underground drill bay will also be excavated at the west end of the Santa Barbara Adit to allow underground drilling from there. Underground drilling is also possible from the Porco adit.

As previously announced (see press release March 29, 2021), an additional surface drill will be mobilized in early May to test the Porco target, located in the southern part of the Iska Iska Caldera Complex. This will be the fourth drill on site.

Geophysical, Metallurgical, Synchrotron and Mineralogical Studies

The magnetic survey is progressing well with approximately 43% of the planned 185-line kilometre survey now complete. Continuous readings are being taken on north-south lines spaced at 50m intervals to provide detailed magnetic coverage of the entire property. Down-hole Induced Polarization (“IP”) surveys and a surface gradient IP survey are also planned.

Preliminary metallurgical tests are in progress at the University laboratory in Oruro. Results from the synchrotron study by Western University are currently being analyzed. Mineralogical studies are in progress at the Colorado School of Mines.

Micon International Retained to Complete Updated NI 43-101 Technical Report

Mr. Charley Murahwi, P.Geo., Senior Economic Geologist for Micon International Limited and an independent technical consultant for Eloro, previously completed an independent National Instrument 43-101 technical report on Iska Iska, dated April 27, 2020, which included a site visit in January 2020. Mr. Murahwi is currently updating this report to reflect drill hole results reported up to and including this news release. While COVID-19 related travel restrictions have prevented a return site visit, Mr. Murahwi has been kept up-to-date on the program’s progress and has had the opportunity to view a number of representative drill hole samples as well as review all drill hole data.

Tom Larsen, Chairman and CEO of Eloro said: “As the technical team receive more geological information and assay results from the accelerated drilling program, it is becoming readily apparent that Iska Iska is proving to be in a massive mineralized system generating elevated metal values from every host rock and structure encountered, especially as one goes deeper. Results from our discovery hole DHK-15, the recent channel sampling of the Santa Barbara adit and current results from Hole DCN-01 show the significant potential for outlining major areas of high-grade mineralization within this extensive mineralized system.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, stated: “We are continuing to aggressively explore the very extensive mineralized system at Iska Iska. The target area for mineralization in SBBP and CBP is now more than 1km long and at least 800m wide with mineralization open in all directions. All of the holes drilled to date have intersected mineralization. The recognition of the importance of the third stage of major remobilization by Dr. Arce, as outlined in our April 13, 2021 release, has opened up large areas for further testing outside of the immediate breccia pipes, which themselves are major targets. The addition of our third and fourth drills will allow us to continue to aggressively test these targets. We also very much hope that the COVID-19 situation in Lima, Peru will improve so that the ALS Global Laboratory can return to more normal production rates for assaying.”

Dr. Quinton Hennigh, P.Geo. commented: “Every single drill hole completed at Iska Iska to date has encountered mineralization, a very positive sign that we are dealing with a very large system. While it is remarkable to see the first hole at CBP return multiple intervals of mineralization, some high grade, it is also intriguing that hole DSB-10 has encountered over 500 m of continuous sulphide mineralization several hundred meters below. What was encountered in hole DCN-01 may simply be smoke above something even larger. We are quite anxious to see the return of results from this hole.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza SRL, and an expert on Bolivian geology, stated: “The style, metal types and distribution of mineralization at Iska Iska are very typical of the Bolivian polymetallic type of deposit. What is remarkable at Iska Iska, however, is that the entire system is so well preserved. In recent drill holes such as DSB-10, we are intersecting extensive thicknesses of sulphide mineralization that are comparable in scale to other well-known world class Bolivian polymetallic deposits. Multi-episodic activities of magmatic-hydrothermal systems within different host lithologies and structures lead to multistage polymetallic mineralization. Sn and Ag typically characterize the first-stage inner high-temperature part of a km-sized mineralizing system with sulphide- breccias, veins, stockworks and disseminations centred in both an intrusion breccia cupola and the overlying subvolcanic granodiorite intrusion at the CBP.

Subsequent second-stage mineralization sequentially expanded outwards from the intrusion breccia and granodioritic intrusion forming a broader halo with vein-breccia or replacement-style Pb-Zn ± Sn ± Au ± Bi ± Cu polymetallic stage mineralization hosted in breccia pipes and dacitic domes of a lower temperature shallower epithermal system at the SBBP. This produced different types of enriched mineralized shoots within the breccia and the dacitic envelope. The remarkable tin and/or silver-polymetallic enriched zones such as in Hole DCN-01, DSB-10 and the Santa Barbara adit likely formed in the third phase due to faulting and fracturing during major Andean deformation, which led to development of favourable sites for redeposition and remobilization/upgrading of the pre-existing tin and silver-polymetallic mineralization. This last stage was likely a prolonged multi-stage event with considerable telescoping of mineralization.”

Table 1: Significant Diamond Drilling Results, Iska Iska as at May 4, 2021
https://www.globenewswire.com/NewsRoom/AttachmentNg/62181753-6928-4ece-9017-822d42c0c706

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal) are as follows:

ElementPrice (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,400.0065.60000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629

In calculating the intersections reported in this press release a sample cutoff of 30 gAgeq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

Table 2: Summary of Diamond Drill Holes at Iska Iska from press release of May 4, 2021 with assays pending.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Underground Drilling Huayra Kasa – Santa Barbara Area
DSB-18UG205468.97656367.2235180-10In progress
        
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-07S205118.97656205.74356.0135-60683.4
DSB-08S205118.97656205.74356.045-60614.4
DSB-09S205118.97656205.74356.0315-60692.4
DSB-10S205118.97656205.74356.0225-601,019.4
      Subtotal3,009.6
DSB-11S205118.97656205.74356.0125-40In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-01S204902.07655860.04420.045-60590.5
DCN-02S204902.07655860.04420.0225-60623.5
Subtotal1,214.0
DCN-03S204902.07655860.04420.0225-60In progress
TOTAL4,223.6

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 11,696.4m m in 12 underground holes and 17 surface holes with one underground and two surface holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited.

Drill and channel samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi. The property can be classified as a silver-tin polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver-tin polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high-grade zone.

On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. Highlights are as follows:

  • 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In, 0.0064%Bi and 0.0083%Cd) from 0.0m to 257.5m in hole DHK-15, the deepest of the three holes reported within the SBBP;
  • 79.00 g Ag eq/t over 121.33m (21.77g Ag/t, 0.034g Au/t, 0.35%Zn, 0.23%Pb, 0.18%Cu, 0.056%Sn, 0.0011%In, 0.004%Bi and 0.0055%Cd) from 0.0m to 121.33m in Hole DHK-14 within the SBBP;
  • 74.16 g Ag eq/t over 40.88m (33.43g Ag/t, 0.032g Au/t, 0.04%Zn, 0.33%Pb, 0.13%Cu, 0.045%Sn, 0.0010%In and 0.0012%Bi) from 30.40m to 71.28m in Hole DHK-13 which is within the approximately 100m wide mineralized envelope that surrounds the breccia pipe.

Silver-tin polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex. A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas
https://www.globenewswire.com/NewsRoom/AttachmentNg/45211fd2-0975-4710-bf0c-e2b47491bfc4

Figure 2: SW-NE Geological Cross Section of the Central Breccia and Santa Barbara Breccia Pipes, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/32a34ce7-a966-45d8-bbe8-9b6401f79361

Table 1Figure 1Figure 2
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Tocvan Reports 92% Recovery of Gold from Preliminary Metallurgical Results

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce the results of ongoing metallurgical work at its flagship Pilar Gold-Silver Project in Sonora, Mexico. Preliminary results have been received from two composite samples taken from the previously released drill hole JES-20-32. Drill hole JES-20-32 is thought to be representative of the central portion of the Main Zone, which during Phase I drilling in December of 2020 intersected 94.6-meters at 1.6 g/t Au including 9.2m at 10.8 g/t Au and 38 g/t Ag from 57.9 to 152.5 meters.  The samples consisted of a low-grade (0.63 g/t Au) and a medium-grade (1.2 g/t Au) composite to determine the susceptibility of dissolution of gold through cyanide bottle testing. The results show after a retention time of 48 hours, maximum dissolution can be reached of 91% for the low-grade composite and 92% for the medium-grade composite.  A summary of the results are provided in Table 1. Samples were submitted to SGS Laboratories in Durango, Mexico for analysis.

 

Table 1. Summary of Cyanide Bottle Test


Click Image To View Full Size

­­

“These results are an important first step as we move towards a bulk sample at Pilar,” commented VP Exploration, Brodie Sutherland. “The results align with analysis completed by past operators which displayed similar gold recoveries of 90 to 92%. With our Phase II drill program well underway we will continue to evaluate the potential of Pilar with continued exploration and metallurgical studies leading towards a bulk sample later this year.”

 

Update on Phase II Drill Program

A minimum of 14 drill holes totalling 2,400 meters is planned for the initial stage of the Phase II drill program. Eight drill holes have been completed to date for a total of 1,394 meters. Samples for the first three holes have been submitted to ALS Labs in Hermosillo, with the remaining holes expected to be shipped and submitted this week. Early drilling has focused on the extension of the Main Zone. Drill targeting is now shifting towards testing new targets in the 4-Trench Extension, North-Hill and Triple Vein Zone areas. A second stage of drilling totalling 1,600 meters is planned to commence mid-May which will continue to test property wide targets and follow-up on results from the initial stage.

 

Corporate Update

Tocvan is also pleased to report it has granted 200,000 share options to a consultant of the company. The options are exercisable at $0.80 per share with a 5-year term to expiry and will vest over a one-year period.

 


Click Image To View Full Size

 

Figure 1. Cross Section of Drill Hole JES-20-32 from Phase I drilling, looking northwest. Preliminary metallurgical composite samples released today were from hole JES-20-32.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 1.5 m @ 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Sampling Methods

Samples collected for metallurgy are composites of RC chips with a minimum weight of 15kg. Composites were shipped to SGS Durango, Mexico. Gold recovery was analyzed by cyanide bottle roll test.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

 

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Lucky Minerals Updates Wayka Epithermal Gold Discovery With Geophysics

Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) (“Lucky” or the “Company“) is pleased to announce it has continued work at the Wayka epithermal gold discovery at its 100% owned Fortuna Property (“Fortuna”). Fortuna comprises approximately 55,000 hectares in a known mineralized zone in southern Ecuador.

Lucky’s CEO, Mr Francois Perron stated: “Our recent Wayka discovery of mineralized vuggy silica hosted in volcanics at surface confirms we are in a high-sulfidation epithermal system. The geophysical data from El Buitre-Emma which revealed a magnetic low anomaly leading to the interpretation of a NNE structure has now been confirmed to coincide with the alteration at surface. The anomaly is presently shown to be at least 3 km long in a north-easterly direction and extends to the limit of the current data. Our teams are pursuing work in the field that will lead to a better understanding of this system both in terms of scale and alteration types which could allow to identify potential feeder zones. This exciting work will lead to drill targets that will be tested in the coming months.”

Wayka Update

Lucky’s exploration team has continued with geological mapping and sampling at Wayka.

This field work has allowed the team to standardize some of the rock type nomenclature and prepare an updated outcrop geology map of the area. At Wayka most rock types are rhyolites, vuggy silica, dacite porphyry and breccias. Please click here to view updated outcrop geology map.

Wayka lies along an elevated ridge that trends northeast with elevations ranging from approximately 3,600 m to 3,700 m above sea level and is bound to the East by the El Buitre Porphyry Prospect and to the West by the Emma Porphyry Prospect.

Compilation of El Buitre-Emma geophysical survey leads to interpretation of a NNE fault coinciding with surface alteration.

A review of geophysical data from a mag survey completed by our former JV partner has improved our understanding of Wayka. The mag survey shows an anomalous elongated mag low that appears to coincide with the volcanics and alteration zones at Wayka. Please click here to view (looking north) image of the mag low anomaly.

The mag low anomaly trends northeast for approximately 3 km, of which 1.5 km appears to coincide with the surface alteration and mineralization identified to date at Wayka. Our exploration team will continue to extend the surface alteration along the interpreted fault both to the north and the south. The interpretation of the mag low extends to the limit of the current geophysical data both to the north and the south. Please click here to view (looking northeast) image of mag low anomaly.

To date we have received a total of 12 assay results from ALS Chemex Labs for Wayka (News Release dated April 20, 2021) with samples up to 2.9 g/t gold.

Additional sample results are expected in the following days and will include the balance of the initial samples from Wayka as well as some from follow up prospecting work at Sherman.

A total of 36 rock samples have been submitted for Terraspec analyses to determine the type of alteration minerals associated within this mineralized system. This work is expected to assist in identifying potential feeder zones. These results are still pending.

As geological work at Wayka continues, our understanding of the mineralized system is expected to improve as more detailed work is completed. At the moment, Wayka has been observed to remain open in all directions.

Next Steps at Wayka

Exploration teams are focused on gathering samples to further our understanding of current zones and expand the known footprint of the mineralized system. Samples are being submitted approximately every two weeks to ALS Chemex laboratories in Quito for prep work, and the analytical work will be completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. Results will be released as they are received.

Present work is focused on surface exploration which includes sampling and mapping. This will be followed by trenching leading to scout drilling.

El Garo Soil Sampling Continues

Present work at El Garo continues. El Garo is a large epithermal system with outcrops of dacite and vuggy silica. This system is less than 8 km north of Wayka. Due to a lack of outcrop, a soil sampling program was initiated last year and is in the process of being completed. Results from this program will be combined with trenching. A drilling program continues to be planned for El Garo.

QA/QC Protocols

All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.

The Company’s Fortuna Project is comprised of twelve contiguous royalty-free 550 km2 (55,000 Ha, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

Covid-19 Safety Protocols

Lucky Minerals has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are housed in separate and private accommodations and are isolated from the community.

Qualified Person:

Victor Jaramillo, M.Sc.A., P.Geo., Lucky’s Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

ON BEHALF OF THE BOARD

“Francois Perron”
Chief Executive Officer

Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting Francois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

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.

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

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GR Silver Mining Reports High-Grade and Wide Silver Mineralization From Drilling in the San Juan Area


  • 2.0 m @ 954 g/t Ag, 1.3 g/t Au, 1.2 % Pb and 1.6 % Zn (1,177g/t AgEq1)
    including 1.0 m @ 1,184 g/t Ag, 2.3 g/t Au, 1.3 % Pb and 0.9 % Zn (1,486 g/t AgEq)
  • 1.1 m @ 781 g/t Ag, 0.2 g/t Au, 1.5 % Pb and 0.3 % Zn (863 g/t AgEq)
  • 22.3 m @ 62 g/t Ag, 0.3 g/t Au, 0.6 % Pb and 0.4 % Zn (126 g/t AgEq)

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report drill results that extend the high-grade silver mineralization 100 m to the north along strike in the San Juan Vein. Additionally, a wide, up to 65 m continuous silver mineralized zone, is delineated on the footwall of the Yecora Vein, defining shallow wide mineralized zones to be included in the upcoming maiden resource estimate at San Juan. Both veins are part of the vein system of the San Juan Area of the Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

The results contained within this news release integrate drill holes obtained from the Company’s current drill program with the existing historic drilling data to support the upcoming maiden resource estimates on the Plomosas Project. They represent intersections in two of the six veins already delineated in the San Juan Area (Figure 1).

The high-grade silver mineralization encountered in the San Juan Vein confirms continuity of the mineralization close to surface, 100 m to the north along strike, and also correlates with previously identified high-grade mineralization at depth (Figure 2).

GR Silver Mining President and CEO, Marcio Fonseca commented, “We are very pleased to report additional results from the Company’s 2021 drilling of the San Juan Area, which in combination with historical drill results, significantly extend shallow high-grade silver vein structures. The results also identify wide mineralization adjacent to existing high-grade silver veins, defining a large epithermal system to support the maiden resource delineation underway for the San Juan Area. These results highlight the potential of three of the six veins in the San Juan Area to host a shallow high-grade resource. The remaining veins at San Juan provide an opportunity for possible future resource estimations.”

The broad interval of silver mineralization on the footwall of the Yecora Vein represents the discovery of a much larger footprint than initially interpreted for this epithermal vein system, supporting potential open pit-amenable zones. This type of wide mineralization, hosted in a hydrothermal breccia at Yecora, has geological similarities with high-grade silver-gold mineralization drilled 100 m along strike and previously reported (see News Release dated November 23, 2020). Ground geophysical data indicates the presence of large bodies at depth, possibly related to the wide-spread silver mineralized zones at San Juan.

Surface diamond core drilling is ongoing at the other veins within the San Juan Area (Figure 2), particularly in the La Colorada Vein. GR Silver continues to delineate high-grade, shallow silver-gold mineralization at the La Colorada Vein. The La Colorada Vein represents a NW continuation of the Yecora Vein, in an area with a series of shallow old workings, and where the vein system has the potential to be extended at least another 1 km along strike. The shallow core drilling program underway at the San Juan Area will integrate three vein zones; San JuanYecora and La Colorada, with a combined total strike length of 2 km into an initial maiden resource estimate.

Additional veins located in the San Juan Area, which include San Francisco, Loma Dorada and La Odisea, will be the subject of additional diamond drilling in 2021, following the completion of the maiden resource estimation, intending to continue the Company’s identification of new resources in the Plomosas Project.

____________________________
1 AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1,600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

The longitudinal sections below represent the trend of the La Colorada-Yecora Veins and separately projects the parallel San Juan Vein (Figure 2).

Table 1 (below) summarizes the most significant assay results for the drill holes in this News Release covering the Yecora Vein and the San Juan Vein.

Table 1: Drill Hole Assay Results – News Release May 3, 2021 (Yecora Vein and San Juan Vein)

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

 Ag
g/t

 Au
g/t

Pb %

Zn %

Cu %

 AgEq
g/t

SJS21-03A

166.2

169.2

3.0

2.9

144

0.09

0.3

0.8

na

186

SJS21-04

117.0

127.5

10.5

9.8

242

0.31

0.4

0.8

na

310

includes

118.2

120.3

2.0

1.9

954

1.29

1.2

1.6

0.1

1,177

118.2

119.2

1.0

0.9

1,184

2.27

1.3

0.9

na

1,486

SJS21-05

108.9

123.5

14.6

`12.5

52

0.05

0.1

0.4

0.01

73

SJS21-05

128.5

130.6

2.1

1.8

61

0.01

0.2

0.4

0.01

82

SJS21-06

70.0

76.0

6.0

5.8

31

0.10

0.1

0.2

0.01

47

SJS21-07

No Significant Assays

SJS21-08

No Significant Assays

SJS21-09

38.0

40.0

2.0

1.9

45

0.40

1.9

6.4

0.01

324

LRD-35

81.8

89.8

8.0

4.00

126

0.08

1.7

0.7

na

214

LRD-37

40.0

62.3

22.3

20.2

62

0.31

0.6

0.4

na

126

includes

53.2

59.5

6.3

5.7

154

0.96

1.2

0.4

na

308

LRD-39

45.0

50.7

5.7

5.6

223

0.45

0.7

0.7

na

312

LRD-50

46.4

112.2

65.8

46.0

10

0.04

0.4

0.8

na

52

LRD-51

79.5

95.5

16.0

13.1

4

0.05

0.4

0.8

na

LRD-52

49.8

59.1

9.3

8.0

20

0.28

0.4

0.6

na

80

67.0

71.5

4.5

3.9

311

0.08

0.8

0.2

na

354

includes

69.2

70.3

1.1

1.0

781

0.21

1.5

0.3

na

863

LRD-61

92.8

145.1

52.4

40.1

5

0.07

0.4

1.0

na

YE-6

35.6

36.4

0.8

0.6

27

0.01

1.7

6.3

0.1

272

63.8

65.0

1.2

0.9

6

0.01

1.7

1.8

na

YES20-02

0.0

15.0

15.0

13.2

2

0.31

0.2

1.9

na

YES20-03

209.2

244.9

35.7

31.5

1

0.06

0.1

0.6

na

227.9

233.1

5.3

4.6

2

0.31

0.2

1.9

na

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu. All numbers are rounded. Results are uncut and undiluted. “na” = no relevant assays

The following table (Table 2) summarizes the collar locations for drill holes reported in this News Release.

Table 2: Drill Hole Locations – News Release May 3, 2021 (Yecora Vein and San Juan Vein)

Hole No.

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth
(˚)

Depth
(m)

SJS21-03-A

448288

2550667

965

227

-60

184.5

SJS21-04

448170

2550727

934

196

-45

177

SJS21-05

448202

2550700

943

206

-50

150.35

SJS21-06

448139

2550685

940

245

-50

86.5

SJS21-07

448248

2550545

901

220

-80

75

SJS21-08

448339

2550479

907

220

-60

80

SJS21-09

448294

2550510

895

220

-70

55.5

LRD-35

447754

2550685

821

0

-90

136.55

LRD-37

447754

2550685

821

270

-70

96.4

LRD-39

447754

2550685

821

270

-43

83.95

LRD-50

447754

2550715

825

0

-90

140.25

LRD-51

447775

2550655

816

0

-90

119.2

LRD-52

447754

2550715

825

270

-70

118.9

LRD-61

447844

2550685

840

270

-80

166.9

YE-6

450073

2548236

1117

235

-75

114.95

YES20-02

447673

2550628

799

252

-60

21.0

YES20-03

447931

2550703

842

230

-80

350.0

All numbers are rounded. Red drill holes are drilled by GRSL; East (m) and North (m) are UTM coordinates in WGS84, zone 13.

Based on the results to date, the Company intends the following:

  • To complete the remaining 1,600 m of surface drilling at the San Juan Area by May 2021, covering the San JuanYecora and La Colorada Veins
  • To complete a maiden NI 43-101 mineral resource for the San Juan Area and a maiden NI 43-101 resource for the Plomosas Mine Area by the end of Q2/2021
  • Surface drilling on three additional veins; San Francisco, La Odisea and Loma Dorada, to further delineate extensions to the known mineralization

The Plomosas Mine Area and San Juan Area represent two independent areas at resource estimation stage. The Plomosas Mine Area has a current strike length of 600 m and the San Juan Area is 2 km in length. The Company is completing two separate resource estimates which will be part of the combined maiden NI 43-101 report for the Plomosas Project.

Both areas have a geological footprint similar to the San Marcial Project, 5 km to the south. At the San Marcial Project the company has estimated an initial NI 43-101 resource of 29 Moz Ag (Indicated) and 10 Moz Ag (Inferred)2, on the initial 500 m strike length. The San Marcial NI 43-101 resource is part of a larger 6 km trend under exploration, including a current ground geophysics survey and diamond drilling planned for later in 2021.

The integration of the Plomosas Project and the San Marcial Project, together with the recent acquisition of the Trinidad Project, provides the Company with full control of three major structural corridors on the eastern half of the Rosario Mining District, representing a total of 75 km of strike length. During 2021, GR Silver Mining will continue to explore new mineralized zones, close to surface, within these projects, providing potential for additional resource growth.

Qualified Person

The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo. He has approved the disclosure herein.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

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 4-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.

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 México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Lead and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

___________________________
2 Refer to News Release dated June 12, 2020

About GR Silver Mining Ltd.

GR Silver Mining Ltd. 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.

Plomosas Silver Project

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 Moz of silver, 73 M lbs of lead and 28 M lbs of zinc.

The Project has an 8,515 ha property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is carrying out a drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program is targeting the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas will be the subject of NI 43-101 resource estimations following completion of this drill program.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30M of previous capital investments. The previous owners invested approximately US$18M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets of which 11 have high priority for future exploration programs.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold3.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold4,5. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold6, which is considered to be open along strike and down dip.

While the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

_____________________________________
3 Refer to Marlin Gold Mining Ltd. (Marlin) NI 43-101 News Release dated February 1, 2013
4 Refer to Marlin MD&A Releases dated 30 April 2015, 29 April 2016, 1 May 2017, 30 April 2018, 29 August 2018
5 Refer to Mako Mining Corp. MD&A Releases dated 28 August 2019, 29 April 2020
6 Refer to Marlin NI 43-101 News Release dated March 18, 2011

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

Mr. Marcio Fonseca, P. Geo.
GR Silver Mining Ltd.
President & CEO

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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) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements 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.

SOURCE GR Silver Mining Ltd.

For further information: Telephone: +1.604.558.6248, Email: info@grsilvermining.com

http://www.grsilvermining.com/

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Newlox Gold Advances Boston Construction

Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX | Frankfurt/Stuttgart: NGO | OTC:NWLXF) is pleased to announce that the Company has made significant progress in the construction of its Boston Processing Facility (Plant 2). Since announcing the start of construction at Boston last month, Newlox Gold has acquired crushing, milling, and precious metals recovery equipment, much of which is now on the new processing plant site.

Newlox designed this mill with the capability of processing 150 tonnes per day of mineralized material grading approximately 15 grams gold per tonne. At full scale, Boston is expected to be capable of recovering approximately 20,000 ounces of gold per year, as well as a significant quantity of silver.

Construction at Boston is proceeding according to plan with completion anticipated within approximately two months. This phase will be followed by commissioning, testing, and commercialization. Newlox Gold is undertaking an expedited construction and commissioning schedule at Plant 2, which is made possible by its fully-permitted status and its proximity to the artisanal mining operations, as well as the experience of Newlox Gold’s engineering and fabrication team.

Boston is built upon a wealth of historical exploration and mining data. Newlox’s operations team has worked closely with the Company’s local mining partners in both planning and development work, facilitating the expedited start of construction. As part of this process, the local groups are actively reconditioning the Boston Mine adits (tunnels) in anticipation of enhanced mineral processing without the need for mercury. The refurbishing of the Boston Mine is part of a greater effort by local artisanal mining groups to improve productivity through collaboration with Newlox Gold.

This partner mining approach creates a coexistence model for artisanal mining, seeking to uplift local miners by providing access to modern and efficient processing technologies while maintaining cultural and economic traditions. Partner mining will not only improve local economic conditions but will also notably remove the unhealthy legacy of mercury-based processing techniques, which result in both negative human and environmental consequences.

As previously announced Newlox secured a net revenue-sharing agreement with an established artisanal mining syndicate with which management has a multi-year association. Net revenues after all production costs will be split 50/50 between the miners and Newlox. Newlox will have zero mining costs as a result of this arrangement. The Company expects the Boston Project to contribute significantly to Newlox’s near-term growth. By selecting small-scale projects with low capital requirements and expedited development timelines, the Company plans to grow aggressively in Latin America to encompass multiple projects. Boston will become a model for the artisanal mining sector.

A Message from Ryan Jackson, President & CEO:

“We are delighted to report that construction at the Boston Project is proceeding according to plan. The project will provide local mining groups with access to modern mineral processing technology. It will empower local miners to enhance their economic, social, and environmental circumstances while advancing our Company’s growth strategy.

Newlox Gold has raised sufficient capital to fund its 2021 initiatives and remains on a solid footing to achieve its goals. This year will be a monumental one for Newlox Gold. We are completing the ramp-up of operations at the first processing plant as well as establishing our vision for organic growth through the deployment of additional artisanal mining focused facilities.”

 

Forward-Looking Information

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).

 

Technical Disclaimer

 

The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.

 

On Behalf of the Board, Newlox Gold Ventures Corp.

 

Contact Newlox Gold

 

Ryan Jackson

Newlox Gold Ventures Corp., President

Website:                                                         www.newloxgold.com

www.newlox.tech

Email:                                                                 ryan@newloxgold.com

Phone:                                                                 +1 778 738 0546

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GR Silver Mining Completes Oversubscribed $11,534,500 Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSL) (FSE: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has completed its previously announced bought deal private placement (the “Offering“) of an aggregate of 19,550,000 units of the Company (the “Units“) at a price of $0.59 per Unit (the “Issue Price“) for gross proceeds of $11,534,500, which was oversubscribed and included the exercise of the underwriters’ option in full.

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant“).  Each Warrant is exercisable to acquire one common share for a period of 24 months following closing of the Offering at an exercise price of $0.74 per share.  The Warrants may be accelerated by the Company, at its sole option, at any time after the closing date of the Offering provided that the volume-weighted average closing price of the common shares of the Company on the TSX Venture Exchange is greater than or equal to $1.30 for a period of 60 consecutive trading days, by giving notice to the holders thereof and, in such case, the Warrants will expire at 4:00pm (Toronto time) on the earlier of: (i) the 30th day after the date on which such notice is given by the Company in accordance with the terms of the Warrants, and (ii) the actual expiry date of the Warrants.

The Company intends to use the net proceeds for working capital and general corporate purposes.

The Offering was led by Beacon Securities Limited as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters including Echelon Wealth Partners Inc. (collectively, the “Underwriters“).

In connection with the Offering, the Underwriters received a cash commission and non-transferable broker warrants (the “Broker Warrants“).  The Underwriters elected to receive a portion of their cash fees in Units, resulting in the Company paying aggregate cash fees of $617,368.63 and issuing an aggregate of 255,000 Units to the Underwriters.  GR Silver also issued the Underwriters an aggregate of 1,301,388 Broker Warrants. Each Broker Warrant is exercisable into one common share of the Company at the Issue Price for a period of 24 months from the closing date of the Offering.  The Underwriters were also paid a corporate finance fee in connection with the Offering of $22,000 and 37,000 Broker Warrants.

The Offering remains subject to the final acceptance of the TSX Venture Exchange. All securities issued under and in connection with the Offering are subject to a hold period in Canada expiring August 28, 2021.

Exploration Program

The upsized bought deal financing provides GR Silver Mining with significant funds to advance activities on its three key focus areas – Plomosas, San Marcial and Trinidad. In 2021, the Company will continue its aggressive exploration, including drilling programs on these three projects. Existing exploration programs are being expanded, following the discovery of new Ag-Au exploration targets, and new programs are being added, commensurate with the prospectivity of this historic district.

  • Surface drilling is progressing at the Plomosas Project, specifically in the San Juan Area, with all resource drilling expected to be finalized by May 2021.
  • GR Silver is advancing two new resource estimates on the Plomosas Project – one at the Plomosas Mine Area and another at the San Juan Area. These resources are expected to result in a maiden NI 43-101 report being completed before the end of Q2/2021, which will add to the Company’s existing resource inventory.
  • The Company will exercise the option to acquire the San Marcial Project in May, which will result in GR Silver Mining holding 100%-ownership and unlimited access across its portfolio in the Rosario Mining District. GR Silver will be the first company to exercise the full acquisition of the San Marcial Project in the past 15 years, after completing $4.6 million in exploration expenditures over the past three years, and increasing the Indicated silver resource inventory by 59% (see News Release dated February 7, 2019).
  • The San Marcial IP and ground magnetic geophysical survey now in progress (see News Release dated February 22, 2021) will be extended by 30% in size to the NW, over the GAP area and into the San Juan Area of the Plomosas Project. This 87.5 line km geophysical survey is significant to complement the Company’s previous litho-geochemical sampling program in defining shallow new exploration targets for future drilling. A mapping and sampling program over mineralized vein and breccia structures continues to uncover new zones for further work. The Company expects that the geophysical survey and mapping efforts will support delineation of new mineralized zones in the under-explored gap along the prospective trend between the San Marcial Area and the San Juan Area, six kms to the NW, and also in new areas to the SW of the San Marcial Resource Area.
  • With completion of the underground development at the San Marcial Resource Area, the Company is finalizing technical and commercial arrangements to initiate an underground drill program. This program will test the depth extensions of the San Marcial Resource, with the aim of increasing the published mineral resource estimate (see News Release dated June 12, 2020) by the end of 2021.
  • Additional surface drill programs are expected to test strike extensions to the maiden NI 43-101 resources at the Plomosas Project, as well as investigating new targets at both the San Marcial Project and the Plomosas Project.
  • A new exploration campaign with grid-based soil sampling and geological mapping is planned for the large underexplored area between the Plomosas Mine Area and the San Juan Area, covering areas with field evidence of historic workings and high potential for Ag and Au mineralization in veins and breccias.
  • A full evaluation of the large La Trinidad exploration data package – including existing soil, stream sediment and drill hole geochemical databases – is currently underway. This will be combined with publicly available geological, geochemical and geophysical datasets to focus on areas of interest. A systematic exploration approach will assure that a pipeline of quality Au and Ag targets are generated and prioritized for exploration, aiming at new discoveries and potential delineation of near surface resources. Concurrently, field crews will complete ground evaluation and reconnaissance of existing mineral occurrences and areas of limited historical drilling.
  • Development of multiple 3D deposit models at Plomosas, San Juan and San Marcial, in addition to the Company’s regional exploration model and information from La Trinidad, will lead to a fully integrated Preliminary Economic Assessment targeting early 2022 completion.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. 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.

Plomosas Silver Project

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.

The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is carrying out a drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program will target the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas will be the subject of National Instrument 43-101 (“NI 43-101”) resource estimations following completion of this drill program.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 million of previous capital investments. The previous owners invested approximately US$18 million in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a NI 43-101 report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 ounces of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 million since 2006.

___________________________

Refer to Marlin Gold Mining Ltd. (Marlin) NI 43-101 News Release dated February 1, 2013

2 Refer to Marlin MD&A Releases dated 30 April 2015, 29 April 2016, 1 May 2017, 30 April 2018, 29 August 2018

Refer to Mako Mining Corp. MD&A Releases dated 28 August 2019, 29 April 2020

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

Whilst the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as a current mineral resource. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

Mr. Marcio Fonseca, P. Geo.
President & CEO
GR Silver Mining Ltd.

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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) accept responsibility for the adequacy or accuracy of this press release.

______________________________

Refer to Marlin NI 43-101 News Release dated March 18, 2011

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the use of proceeds of the Offering, the availability of regulatory approvals for the Offering, and future exploration programs at any of the Company’s mineral properties. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. 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.

SOURCE GR Silver Mining Ltd.

For further information: +1 (604) 558-6248, Email: info@grsilvermining.com

http://www.grsilvermining.com/

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Cartier Signs Agreement with Hawkmoon To Option 100% of the Wilson Property

Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Company”) announces the execution of an option agreement (the “Agreement”) with Hawkmoon Resources Corp.   (“Hawkmoon”) to option 100% of its interests in its Wilson property located 15 km east of the Municipality of Lebel-sur-Quévillon.

During the five-year option period, Hawkmoon shall have the sole and exclusive right and option to earn a 100% interest (the “Option”) by paying Cartier an amount aggregating $1,000,000 in cash, issuing in favour of Cartier of an aggregate of 5,000,000 common shares of Hawkmoon, incurring not less than $6,000,000 in expenditures and performing a minimum of 24,000 metres of diamond drilling on the Wilson property. Upon execution of the Agreement, Cartier has received an amount of $200,000 in cash and 700,000 common shares of Hawkmoon. All shares issued to Cartier under the Agreement will be subject to a statutory four (4) month hold period.

Upon the exercise of the Option, Cartier will be granted a 2% NSR production royalty on the Wilson property, half of which (1% NSR) shall be redeemable for $4,000,000.

Cautionary Statement

Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company’s plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.

For more information, please contact:

Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

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Etruscus Announces Private Placement Financing

Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the “Company” or “Etruscus”), a Vancouver-based exploration company, announces that, subject to Canadian Securities Exchange (“CSE”) approval, the Company will raise up to $1,500,000 through a non-brokered private placement.  The financing will consist of a combination of up to 2,000,000 non-flow-through units at $0.30 per unit and up to 3 million flow-through units at $0.35 per unit. The non-flow-through funds will be used for both exploration and general working capital and the flow-through funds will be used for continued exploration of the Company’s Rock & Roll and Sugar Properties.

Each non-flow-through unit will consist of one common share and one-half (½) of a share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.40 per share for a 2-year period.

Each flow-through unit will consist of one flow-through common share and one-half (½) of one non-flow-through share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.45 per share for a 2-year period.

All shares issued under the private placement will be subject to a hold period of four months and one day from the date of issuance. Finders’ fees may be paid in accordance with securities regulations.

The flow-through shares will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Act”). The Proceeds of the flow-through private placement will be used to incur “Canadian exploration expense” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2021, and as required under the Act.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Etruscus

Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.’s prolific Golden Triangle.

Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange, “ETRUF” on the OTC and “ERR” on the Frankfurt Stock Exchange and has 28,514,306 common shares issued and outstanding.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute ‘forward-looking’ statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management’s Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Etruscus Resources Corp.

For further information: Investor Relations Contact: Derek Wood, Email: dwood@conduitir.com, Telephone: 403-668-7855; Company Contact: Gordon Lam, CEO, Email: info@etruscusresources.com, Telephone: 604-336-9088, Website: www.etruscusresources.com

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