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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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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

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“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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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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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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Eloro Resources reports 442 grams silver equivalent/tonne (Ag eq/t) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03%Pb and 1.16%Sn) over 56.2m in Continuous Channel Sampling of Santa Barbara Adit, Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia

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 28 diamond drill holes totalling 10,677 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 five additional holes (DSB-02 to DSB-06) on SBBP and detailed continuous channel sampling in the Santa Barbara adit. Two new holes (DCN-01 and DCN-02) have been completed on the CBP with results pending. Figure 1 is a geological plan map showing locations of the drill holes and updated geological interpretation. Figure 2 is a geological cross section along the axis of the SBBP showing location of the main mineralized zone. Figure 3 is a N-S cross section through the SBBP. Figure 4 is map of the continuous channel sampling at the Santa Barbara adit. Tables 1 gives significant drilling results, Table 2 gives complete continuous channel sampling results for the Santa Barbara Adit and Table 3 lists holes completed with assays pending. Highlights are as follows:

Highlights

  • 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 in continuous channel sampling of the Santa Barbara adit. This high-grade interval includes two exceptional sections with 2,445.88 g Ag eq/t (1,024 g Ag/t, 25.0% Pb and 1.16% Sn) over 8.11m and 1.941 g Ag eq/t (870 g Ag/t, 7.58% Pb and 2.43% Sn) over 12.3m.
  • 155.15 g Ag eq/t including notably high Sn, 0.43 %Sn over 73.29m in drill hole DSB-06
  • 115.76 g Ag eq/t over 84.0m and 66.44 g Ag eq/t over 217.9m in Hole DSB-03
  • 96.71 g Ag eq/t over 29.4m and 120.03 g Ag eq/t over 13.57m in Hole DSB-05
  • 65.72 g Ag eq/t over 83.3m including 120.91 g Ag eq/t over 25.0m in Hole DSB-02

Major Mineralized Zone Delineated at Santa Barbara Breccia Pipe

As shown in the geological cross section along the longitudinal axis of the SBBP (Figure 2) and the updated N-S geological cross section (Figure 3), first pass drilling has outlined a major mineralized zone which extends for at least 800m across the full long axis of the SBBP and is at least 400m wide with thickness ranging from approximately 200m to 400m. Recent drilling has doubled the extent of the breccia pipe from 400m to at least 800m in a northwest direction. The grade and intensity of mineralization appears to be increasing to the east, with the Santa Barbara adit returning the highest grades yet discovered at Iska Iska. The mineralized zone appears to be controlled by a major structure that dips shallowly westward and that cuts across both the breccia pipe and the surrounding fractured and altered dacitic dome. The higher-grade mineralization, which is more prevalent in the eastern half of the SBBP including discovery hole DHK-15 which returned 129.6 g Ag eq/t over 257.5m (see press release January 26, 2021), appears to be related to structural overprinting of an earlier epithermal stage of mineralization. Additional drilling under the adit and to the east is planned to further test this highly prospective area.

Drilling Central Breccia Pipe
Drill hole DSB-02 drilled at -60 degrees south from the radial setup at SBBP, intersected 332m of mineralized breccia in the northeast corner of the CBP as previously reported (see press release dated February 23, 2021) This hole returned a number of significant intersections including 65.72 g Ag eq/t over 83.3m including 120.03 g Ag eq/t over 25.0m. The host rocks at CBP are primarily granodioritic intrusion breccias, in contrast to the SBBP, which is dominated by dacitic fragments. Notably, the chemistry of the CBP is different with mineralization dominantly Sn and Ag with low values of Pb and Zn in contrast to the adjacent SBBP. This indicates that the CBP was probably originally formed at a deeper level. Two additional holes (DCN-01 and DCN-02) from the northern radial setup have been completed as shown in Figure 1 with a third hole (DCN-03) in progress. Results for these holes are pending.

Tom Larsen, Chairman & CEO commented: “These new drilling and continuous channel sampling results are demonstrating some very high metal values; especially silver and tin, within this immense mineralized system at Iska Iska. We continue to encounter mineralization in every drill hole to date, showing potential for a world-class bulk mineable deposit, blending higher grade metal values within the lower grade wide-spread mineralization at Iska Iska. We are well financed to continue pursuing an aggressive exploration program.”

Mr. Larsen, continued: “The technical team will shortly be commencing geophysical surveys, utilizing magnetic surveys to outline potential structures/breccia pipes and down hole Induced Polarization (IP) that will assist in pinpointing higher grade metal sections of the Iska Iska polymetallic-epithermal mineralized complex. The Santa Barbara Breccia Pipe has almost doubled in potential size from our radial drilling program demonstrating large tonnage potential. The Company believes along with the Santa Barbara and Central Breccia Pipes so far outlined, that the Porco (South) target has similar size potential and that there could be other comparable-size breccia pipes obscured by cover within the Iska Iska Caldera Complex.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We continue to intersect widespread silver-tin polymetallic mineralization in all our holes and have now doubled the extent of the SBBP. Our understanding of this remarkable mineralizing system continues to advance; however, we are still at a very early stage in the exploration. Following completion of our first pass drilling on SBBP, we will move the drill to test below the Santa Barbara adit and complete a section of holes to test east of the breccia pipe into the centre of the caldera complex. We will be working with Micon International to design further follow-up drilling on SBBP in order to define a National Instrument 43-101 mineral resource. Drilling will continue to test the CBP from both the north and south setups. As previously announced, we will be bringing in a third drill in early May to begin testing the very prospective Porco (South) target (see press release February 29, 2021).”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza SRL, and an expert on Bolivian geology, stated: “The polymetallic mineralization at Iska Iska likely formed in three stages: an early high temperature tin mineralization-stage that is overprinted by a second-stage lower temperature epithermal silver, zinc, lead and gold mineralizing event; and finally, a third stage of redeposition and remobilization/upgrading during Andean tectonism.”

Dr. Arce further commented: “The first stage of mineralization comprising principally tin appears to be related to intrusion breccias such as those seen in the CBP. This style of mineralization is comparable to other known tin deposits such as Chorolque 25km to the northwest which is hosted in an intrusion breccia. The second stage epithermal mineralization is hosted in phreatomagmatic and phreatic breccia pipes in volcanic and sedimentary rocks. The brecciation of all rocks during this phase generated veins, veinlets, disseminations and multidirectional stockworks, generally enriched in several metals. All the rocks were also commonly pervasively silicified, sericitized, argillized and propylitized during this time. The remarkable tin and/or silver-polymetallic enriched zones such as in 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 April 13, 2021
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9d6580a-b689-4b71-bfa0-8712cbc9a5c5

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.

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 g Ag eq/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: Continuous Channel Sampling Results, Santa Barbara Adit
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a274f6b-50e7-4268-b230-5ce0af5d97e8

Table 3: Summary of Diamond Drill Holes at Iska Iska from press release of April 13, 2021 with assays pending.

Hole No.TypeCollar EastingCollar NorthingElevAzimuthAngleHole Length m
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
Subtotal1990.2
DSB-10S205118.97656205.74356.0225-60In 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
TOTAL3,204.2

S = Surface; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 10,677m m in 12 underground holes and 16 surface holes with 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 press release of February 26, 2021, Eloro has changed the assay protocol to utilizing 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 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 Breccia Pipe area
https://www.globenewswire.com/NewsRoom/AttachmentNg/15a644ea-dbcb-4674-bf0d-d01a10abe1fb

Figure 2: Geological Cross Section on the Longitudinal Axis of the Santa Barbara Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a48d35f-2ae6-4a3d-912a-8578eaeb20c8

Figure 3: North-South Geological Cross Section, Santa Barbara Breccia Pipe and Northern Central Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/553642e2-26be-4a68-951f-5db7c947417f

Figure 4: Plan Map of Channel Sampling at Santa Barbara Adit, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5eb94cf-fda9-48bd-8794-4e27c93d6feb

 

Table 1Table 2Figure 1Figure 2Figure 3Figure 4
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GR Silver Mining Announces $8 Million Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – announces that it has entered into an agreement with Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 13,600,000 units (“Units“) at a price of $0.59 per Unit (the “Issue Price“) for aggregate gross proceeds to the Company of $8,024,000 (the “Offering“).  Each Unit will consist 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 will be 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 has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 2,040,000 Units, for additional gross proceeds of up to $1,203,600, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

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

The Offering is expected to close on or about April 27, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.  All securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

In connection with the Offering, the Underwriters will receive: (i) a cash commission of 7.0% of the gross proceeds of the Offering; and (ii) that number of non-transferable compensation options (the “Compensation Options“) as is equal to 7.0% of the aggregate number of Units sold under the Offering.  Each Compensation Option 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 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 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 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. Plomosas and San Marcial collectively represent a geological setting resembling the multi-millionounce 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 gold 2,3. 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.

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.

____________________

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                                        

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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. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the timing and completion of the Offering, the use of proceeds of the Offering and the availability of regulatory approvals for the Offering. 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) 202 3155, Email: info@grsilvermining.com

http://www.grsilvermining.com/

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Tocvan Samples 4.5 g/t Au and 735 g/t Ag in channel sample at New Triple Vein Zone. Sampling at 4 Trench Extension returns 19.9 g/t Au in channel sample

Tocvan Ventures Corp. (CSE: TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to report results from surface exploration at its flagship Pilar Gold-Silver Project. The aim of the program was to advance key targets with no previous mapping or detailed sampling to drill ready status for a Phase II drill program scheduled to begin in April. A total of 207 rock chip samples were collected covering the entire property (Figure 1). Sampling at the new Triple Vein Zone target has returned anomalous values over a 400-meter strike length, highlighted by 4.5 g/t Au with 735 g/t Ag and 4.3 g/t Au with 96 g/t Ag. Sampling along the 4 Trench Extension returned anomalous values over a 600-meter trend highlighted by 19.9 g/t Au with 8 g/t Ag and 5.1 g/t Au with 142 g/t Ag.

 

Highlights from Surface Sampling:

 

Triple Vein Zone

  • – 4.5 g/t Au and 735 g/t Ag, channel sample of quartz vein in previously unmapped artisanal working

    – 8.0 g/t Au and 8 g/t Ag, channel sample of oxidized brecciated andesite

    – 4.3 g/t Au and 96 g/t Ag, channel sample of oxidized brecciated andesite

    – 5.1 g/t Au and 24 g/t Ag, channel sample of vein in previously unmapped artisanal working

    – 2.8 g/t Au and 15 g/t Ag, channel sample of silicified brecciated andesite 3-meters thick

4-Trench Extension

  • – 19.9 g/t Au and 8 g/t Ag, channel sample, andesite dyke with quartz

    – 5.1 g/t Au and 142 g/t Ag, grab float sample along vein strike

    – 3.7 g/t Au and 62 g/t Ag, grab float sample along vein strike

    – 3.4 g/t Au and 28 g/t Ag, channel sample of oxidized quartz vein

    – 1.9 g/t Au and 178 g/t Ag, channel sample of oxidized quartz vein

*All samples are rock channel or grab samples . Grab samples are selective and may not represent mineralization over wider intervals.

 

“The results released today confirm the new vein corridors recently identified by mapping are mineralized and carry similar grade to our Main Zone,” commented VP Exploration, Brodie Sutherland. “Our next phase of drilling will begin later this month. Not only do we have follow-up work to continue at our Main Zone with the recent surface exploration results we have no shortage of targets to test, especially along the 4 Trench Extension and the new Triple Vein Zone.”

 


Click Image To View Full Size

 

Figure 1. 3D Target Map of Pilar Gold-Silver Project. Veins are outlined in red. Outside of the Main Zone the majority of the project area has not been drill tested.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite 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 are of rock grab and rock chips, grab samples are selective and not necessarily representative of the mineralization over wider widths. Rock samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish.

 

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 27 million 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) 200-3569

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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Eloro Resources Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia

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 26 diamond drill holes totalling 9,427 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (SBBP) and Central Breccia Pipe (CBP) targets. Results have been released for 18 of these holes (see press releases November 18, 2020 (DHK-01 to DHK-05), January 26, 2021 (DHK-06 to DHK-15) and February 23, 2021 (DHK-16, DHK-17 and DSB-01) with results pending for holes completed on SBBP (DSB-2 to DSB-08) and CBP (DCN-01).

Santa Barbara Breccia Pipe (SBBP)

On the SBBP, eight (8) surface drill holes (DSB-01 to DSB-08) totalling 4,753 metres have been completed in a radial pattern from the centre of the pipe; the ninth hole DSB-09, is in progress (Figure 1 and Table 1). Drilling has confirmed the surface diameter of the SBBP to be approximately 400m with the pipe bulging deeper to a diameter of approximately 500m. Substantial widths of mineralized breccia have been intersected in all drill holes in the SBBP; deep hole DSB-06 drilled at -80 degrees to the south intersected approximately 400 metres of silicified and mineralized breccia to a depth of 725 metres.

Central Breccia Pipe (CBP)

At CBP, one hole, DCN-01, 590 metres long, drilled at -60 degrees to the northeast has been completed in the northern radial setup (Figure 1 and Table 1). This hole intersected 380 metres of silicified and mineralized breccia; assays are pending. A second hole, DCN-02, drilled at -60 degrees southwest is in progress to complete an initial northeast-southwest section across the CBP (Figure 2). This will be followed by a deep hole DCN-03 at -80 degrees to the south to test for a potential tin porphyry at depth. Additional first pass planned holes on 90-degree quadrants in CBP are shown in Figure 2.

Porco (South) Breccia Pipe Target

The Porco (South) target is a potential breccia pipe target approximately 600m in diameter located in the southern part of the Iska Iska caldera structure as shown in Figure 2. Channel sampling by Dr. Osvaldo Arce, P.Geo. in the 2019 due diligence program returned significant values in the Porco adit about 200m south of the potential pipe as shown in Figure 3. The average grade of this channel sampling over a strike length of 50m along the vein structure for an average sample width of 2.49m was 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn. Mineralization in the Porco adit occurs within an east-west striking vein structure cutting Ordovician quartz sandstones.   Within this structure, there is a massive sulphide vein that ranges from 30cm to 1m wide surrounded by veinlets and disseminations of sulphide in the sandstone.   It is likely that this mineralization is related to the potential Porco (South) breccia pipe in the same way that the high-grade veins in the Huayra Kasa underground workings occur within the mineralized envelope around the Santa Barbara and Huayra Kasa breccia pipes. All of the mineralization at Iska Iska is related to a major silver-tin polymetallic porphyry-epithermal complex that is associated with the 1.8km diameter Iska Iska caldera structure which extends for at least 1km vertically.

Geophysical, Metallurgical and Mineralogical Studies

Other work in progress at Iska Iska includes a detailed ground magnetic survey over the entire property, preliminary metallurgical tests, mineralogical and petrographic studies and synchrotron mineralogical studies. Induced polarization/resistivity (IP/Res) surveys, both downhole and along traverses at surface, are planned to commence in early May. Physical property measurements completed on core samples indicate that the mineralization at Iska Iska will respond very well to the IP/Res surveys.

Tom Larsen, Chairman and CEO of Eloro, commented: “I am extremely pleased on behalf of the shareholders and the Eloro team that the Company completed the bought deal financing for aggregate gross proceeds of Cdn $25,012,500 on March 26, 2021. Eloro recognizes and appreciates the confidence and support shown by the underwriting team of Haywood Securities Inc. and Cantor Fitzgerald Canada Corp. as co-underwriters and joint bookrunners; and Cormark Securities Inc as co-lead underwriter. Eloro is now well positioned financially to move forward with the 50,000 metre diamond drilling program that is currently underway. This is an exciting time for Eloro as it moves towards unlocking the full value of the extensive potential world-class silver-tin polymetallic porphyry-epithermal complex at Iska Iska.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are continuing to aggressively explore the major targets at Iska Iska with drilling progressing well on both the SBBP and CBP. A third drill will be brought to site in early May to begin testing the Porco (South) target which has excellent potential. We have also expanded our geological team and are in the process of upgrading our facilities and infrastructure to handle the expanded drilling program.”

Table 1: Summary of Diamond Drill Holes at Iska Iska from the February 23, 2021 press release, with assays pending.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-02S205118.97656205.74356.0180-60632.5
DSB-03S205118.97656205.74356.090-60515.3
DSB-04S205118.97656205.74356.00-60536.4
DSB-05S205118.97656205.74356.0270-60611.2
DSB-06S205118.97656205.74356.0210-80818.5
DSB-07S205118.97656205.74356.0135-60683.4
DSB-08S205118.97656205.74356.045-60614.4
Subtotal4,752.7
DSB-09S205118.97656205.74356.0315-60In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-01S204902.07655860.04420.045-60590.5
Subtotal590.5
DCN-02S204902.07655860.04420.0225-60In progress
TOTAL5,343.2

S = Surface; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 9,147 m in 12 underground holes and 14 surface holes with two surface holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., 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 press release of February 23, 2021, Eloro has changed the assay protocol to utilizing 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 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 Breccia Pipe area
https://www.globenewswire.com/NewsRoom/AttachmentNg/dcddc6ef-b70b-43a3-8510-c93197a8ea8a

Figure 2: Geological Plan Map of the Iska Iska Caldera Complex Showing Planned Drilling on the Central Breccia Pipe and Potential Porco (South) Breccia Pipe Targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/30210d49-559f-4586-a4bf-287d79c73f64

Figure 3: Plan Map of Channel Sampling at Porco Adit, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/0265e8a0-c466-424e-bba3-636255e814e7

Figure 1Figure 2Figure 3
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GR Silver Mining Drills Wide, High-Grade Silver Mineralization in the Plomosas Mine Area

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report results from the Company’s current core drilling program, demonstrating wide intercepts of silver mineralization from underground drilling in the Plomosas Mine Area at the Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

The underground drill hole results reported in this News Release are part of the drilling program that will be incorporated with existing historic drilling data to support the upcoming resource estimate on the Plomosas Project. This is one of two  areas  with resource estimates underway, the other is on the San Juan Area located 2.5 km from the Plomosas Mine Area.

The wide intervals, including 21 m of drilled silver mineralization, represent un-mined zones extending the mineralization footprint along strike and down-dip. The silver mineralization was intercepted up to 350 m below surface, in areas previously not drilled. An additional surface hole, completed in the vicinity of the Plomosas Mine Area, is also reported in this News Release, delineating a new wide zone of Pb-Zn-Ag-Au mineralization hosted by quartz-sulphide rich, banded epithermal veins.

Additional surface and underground core drilling is ongoing at the Plomosas Mine Area, along with 3D wireframe modelling of the mineralization, which will include these recently discovered high-grade Ag mineralized systems into the maiden resource estimate, scheduled for completion in Q2/2021.

The following figure illustrates a longitudinal section parallel to the Plomosas Fault along the 0.6 km trend that hosts precious and base metals mineralization at the Plomosas Mine Area, (Figure1).

_________________

1 

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.

GR Silver Mining President and CEO, Marcio Fonseca, commented, Our surface and underground drilling program continues to expand the high-grade Ag-Au bulk tonnage zones at the Plomosas Mine Area. The lower levels of the historic Plomosas Mine had seen only limited drilling by previous operators, oriented primarily towards exploitation of only Pb-Zn mineralization rather than the high-grade Ag-Au mineralization recently being discovered by GR Silver Mining. Our recent drilling, including highlighted intercepts in this release of 21 m at 466 g/t AgEq84 m @ 74 g/t AgEq and 71 m at 48 g/t AgEq, confirms the presence of multiple, broad unmined Ag-Au rich zones. These results are evidence of the potential bulk tonnage scale of the high-grade mineralizing system at the Plomosas Mine Area. They also demonstrate the opportunities that lie ahead for the Plomosas Project with additional core drilling programs to follow the upcoming resource estimates.”

Drill holes reported in this News Release successfully confirmed and expanded the high-grade, bulk tonnage silver mineralized zones at the Plomosas Mine Area. Drilling by the Company in the lower levels of the historical mine area, where there is limited previous underground drilling, has consistently intercepted multiple broad zones of disseminated galena (Pb) and sphalerite (Zn) mineralization, in addition to multiple sub-parallel Ag-rich banded quartz epithermal veins, located on both the footwall and hanging wall of the Plomosas Fault. These drill holes are extending the footprint of the high-grade, bulk tonnage zone along strike and down-dip. Best intercepts from drill holes in these zones are shown in the tables below.

Table 1: Underground Drill Hole Assay Results – News Release March 25, 2021

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

Ag
g/t

Au
g/t

Pb %

Zn %

Cu %

AgEq
g/t

PLI21-07

77.0

97.0

20.0

12.9

63

0.03

0.1

0.1

na

73

includes

89.5

97.0

7.5

4.8

126

0.03

na

0.1

na

132

112.0

133.0

21.0

13.5

377

0.23

0.7

1.5

na

466

includes

112.5

119.5

7.0

4.5

633

0.20

0.9

1.5

na

726

includes

112.5

114.0

1.5

1.0

1,987

0.58

1.9

4.0

na

2,218

PLI21-06

54.5

94.0

39.5

27.9

5

0.06

0.3

0.4

na

PLI21-05

0.0

71.0

71.0

30.0

10

0.20

0.2

0.4

0.1

48

PLI21-04

20.0

49.0

29.0

27.3

5

0.09

0.2

0.3

0.1

PLI21-03

0.0

69.0

69.0

68.9

9

0.15

0.3

0.4

0.1

PLI17-20

166.4

171.3

4.9

4.8

31

0.10

0.4

1.9

na

108

PLI17-25

43.9

54.2

10.3

8.4

9

0.06

0.1

0.4

0.3

87.9

89.1

1.2

1.0

144

0.60

0.5

na

0.1

230

PLI17-29

53.5

55.8

2.4

2.4

81

0.20

0.3

1.0

0.2

152

PLI17-34

52.3

73.9

21.6

21.5

9

0.20

0.3

0.4

na

79.7

87.3

7.6

7.6

42

0.20

0.3

0.7

na

92

PLI17-40

50.1

53.3

3.2

2.3

94

0.26

0.4

0.4

na

143

82.9

89.6

6.7

4.7

30

0.30

0.3

0.3

na

77

See note below

Table 2: Surface Drill Hole Assay Results – News Release March 25, 2021

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq
g/t

PLS20-08

246.0

330.0

84.0

84.0

7

0.14

1.0

0.6

0.01

includes

246.0

256.0

10.0

10.0

6

0.50

1.0

1.1

0.01

282.2

293.2

11.0

11.0

19

0.20

2.2

1.4

0.09

159

SD-2

343.6

350.6

7.0

7.0

4

1.10

0.4

2.0

0.01

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 3) summarizes the collar locations for drill holes reported in this News Release.

Table 3: Drill Hole Locations – News Release March 25, 2021

Hole No.

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth
(˚)

Depth
(m)

PLI21-07

451099

2551713

732

-10

115

147.3

PLI21-06

451073

2551749

728

0

110

144.0

PLI21-05

451111

2551797

708

-50

95

93.2

PLI21-04

451112

2551797

705

-45

90

52.5

PLI21-03

451111

2551797

708

-60

295

100.5

PLI17-20

450926

2551773

731

-45

90

207.0

PLI17-25

450926

2551771

731

-60

138

300.0

PLI17-29

450928

2551774

731

-75

354

220.0

PLI17-34

451025

2551793

729

-50

90

144.7

PLI17-40

451024

2551794

728

-80

80

123.3

PLS20-08

451052

2551793

966

-75

180

561.0

SD-2

450910

2551768

946

-90

0

421.1

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

The Ag-rich mineralization in PLI21-07 is represented by NW oriented crustiform-banded silica-rich epithermal veins, crosscutting or subparallel to the N-S oriented Plomosas Fault (see link to Core Photos). The Plomosas Fault commonly hosts high-grade Ag-Au-Pb-Zn hydrothermal breccias, with evidence of multiple stages of brecciation and mineralization within the Plomosas Mine Area. The  hydrothermal breccias rich in base metals appear to indicate an early stage mineralized system, which has undergone reactivation and remobilization. The crustiform-colloform veins yield a precious metals-rich epithermal system with potential for high grade mineralization at depth. A NE oriented fault system also demonstrates potential for high-grade Au mineralized zones with indications in places of an association with copper mineralization. At some underground levels, where all three structural systems intersect, the presence of wide, potentially bulk mineable mineralized zones are common.

Preliminary processed results of ground magnetic and IP geophysical survey data have recently indicated significant multiple shallow anomalous zones in the vicinity of the Plomosas Mine Area. IP and magnetic anomalies may be related to shallow sulphide-bearing mineralization, in and around the modelled resource area, expanding the potential footprint of the mineralized system, (Figure 1).

GR Silver Mining believes that the Plomosas Project represents a district-scale mineralized system. The Company is carrying out a 11,900 m diamond core drilling program and plans to complete a resource estimation in two areas (Plomosas Mine Area and San Juan Area) in the second quarter of 2021. Work to date by the Company has resulted in the  successful expansion of the known zones of mineralization within these two areas. The Plomosas Mine Area displays evidence of a 600 m long epithermal system, potentially extending up to 1.2 km, whereby multiple veins and discoveries have defined a much larger high-grade Ag and Au mineralized footprint. Through surface exploration and drilling, the San Juan Area, initially thought to consist of only one 400 m long epithermal vein, now appears as a 2 km long epithermal system, consisting of at least six epithermal veins.

The Plomosas Mine Area and San Juan Area represent two areas at resource estimation stage. Both areas have a geological footprint similar to the nearby San Marcial Project, where the company has estimated a NI 43-101 resource of 29 Moz Ag (Indicated) and 10 Moz Ag (Inferred)2. The San Marcial NI 43-101 resource covers a 500 m strike length, which is part of a larger 6 km trend under exploration within the San Marcial Project.

The integration of the Plomosas Project and the San Marcial Project, together with concessions under acquisition adjacent to these projects, provides the company full control of the major structural corridors on the eastern edge of the Rosario Mining District. During 2021, GR Silver Mining continues to explore new mineralized zones, close to surface, within these exploration concessions, providing potential for additional resource growth.

_________________

2 

Refer to News Release dated June 12, 2020

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.

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 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 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.

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.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District. The recently announced Share Purchase Agreement (see News Release February 1, 2021), to acquire Marlin Gold Mining Ltd., consolidates the business strategy to control the most important silver and gold assets in the multi-million ounce historic Rosario Mining District. The acquisition is expected to close on March 31, 2021, when GR Silver Mining will control 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.

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: +1 (604) 202 3155, Email: info@grsilvermining.com

http://www.grsilvermining.com/

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Newlox Gold Welcomes Tarrnie Williams to the Advisory Board

Vancouver, BC – TheNewswire – 18 March 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased to welcome Tarrnie Williams to the Company’s advisory board. Tarrnie is a highly experienced executive who has served on the board of several successful public and private companies over his 50-year business career. Tarrnie’s involvement in the development and commercialization of technology companies, including founding Canada’s first public software company and experience as CEO of Electronic Arts Canada, will be instrumental in developing Newlox’s emerging green mining technology division.

Tarrnie holds a B.Sc. in Mathematics (U of Alberta) and has been a Director of several public, private, and not-for-profit organizations, including having served as Chairman, President and Audit Chair of several public companies over his long and varied career. Tarrnie has had significant hands-on experience in project management, mergers, acquisitions, divestitures, restructurings, private and public placements of equity and debt, and IPO transactions and served for ten years as an Adjunct Professor at the Sauder School of Business, University of British Columbia.

Presently, Tarrnie holds the position of Executive Chairman of Kidoz Inc. (TSXV: KIDZ); a kid-tech software developer and owner of the KIDOZ Safe Ad Network reaching over 300 million children monthly through a curated online experience. Tarrnie’s position at Kidoz is a continuation of his illustrious career in the technology sector, and we are excited for him to bring his experience and enthusiasm to Newlox Gold.

A Message from Ryan Jackson, President & CEO:

“We are pleased to welcome Tarrnie Williams to Newlox Gold’s advisory board. Tarrnie is a strong supporter of Newlox Gold and has already offered valuable advice to the Company drawn from his wealth of experience. Tarrnie is best known for his successful ventures in the tech industry, resulting in his recognition as the “God Father of Video Games” in Canada by DigiBC with their Lifetime Achievement Award.  Tarrnie has led or mentored multiple business ventures, including companies in the resource sector in the past. The combination of his ability to advance technology companies with his knowledge and passion for the resource industry is a significant asset to Newlox Gold.”

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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