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GR Silver Mining Reports High-Grade Drill Results and Extends the San Juan Ag-Au Mineralized System at the Plomosas Project to 1 km with a 600 m Step-Out


  • 1,723 gpt AgEq*1 over 2.7 m (15.1 gpt Au, 45 gpt Ag, 3.1% Pb and 0.9% Zn) including 5,055 gpt AgEq over 0.9 m (46.9 gpt Au, 76 gpt Ag, 3.3% Pb and 2.2% Zn)
  • 25.7 m at 1.0 gpt Au, 2% Pb and 1% Zn

VANCOUVER, BCJuly 7, 2020 /CNW/ – GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce drill results at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. These results are located in the San Juan-La Colorada Area, one of six priority areas with recent (2018) drill data being released by the Company.

These drill hole results identify silver and gold mineralized zones in a 600 m step out from the previously released drill hole results at San Juan (Figures 1 and 2) (see News Release dated May 4, 2020). They confirm continuity of the Au-Ag mineralized system for at least 1 km, supporting a geological model where both areas, La Colorada and San Juan, are part of a single significant epithermal system with occurrence of not only Ag-Pb-Zn mineralization hosted in polymetallic hydrothermal breccias, but also Au-Ag enriched veins in high angle fault zones.

The drilling intercepts confirm prospective, near-surface, multiple vein systems peripheral to other drilled areas. This creates the potential to delineate a much larger epithermal system for future drilling and resource estimation. To date, the Company has identified six veins in the San Juan-La Colorada Area as a result of previous drill results and surface and underground mapping/sampling. The Company believes that the Au-Ag bearing structures are part of regional scale fault systems, hosting attractive low sulphidation epithermal mineralization and thus providing the opportunity to move forward confidently with further shallow drilling.

GR Silver Mining President and CEO, Marcio Fonseca, commented“We are very pleased with the progress of our exploration program at Plomosas. We see significant strike length, down dip extensions and the presence of multiple veins, exhibiting the potential to define a large low sulphidation epithermal system covering most of the areas previously drilled. To date, we have been able to collect key geological and geometrical components for the silver-gold mineralized system at the San Juan-La Colorada Area, providing support for our upcoming drilling program. Results to date are indicating that both mineralization styles, Au-Ag epithermal veins and Ag-Pb-Zn hydrothermal breccias, are present, defining a large system with multi-kilometre strike potential“.

_____________________________

1

AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn.

Figure 1: San Juan-La Colorada Area Geology – Drill Hole Location Map

Figure 2: Drone Image of the San Juan–La Colorada Area (looking to the NW)

Table 1 summarizes the most significant drill assay results for this group of holes released for the San Juan-La Colorada Area.

Table 1: Summary Drill Hole Results – News Release July 7, 2020 (San Juan-La Colorada Area)

   Hole No.

From
(m)

To
(m)

Drilled
width
(m)

Est.
true
width
(m)

Ag g/t

Au g/t

  Pb %

Zn %

AgEq g/t

LCS18-01

203.3

203.6

0.4

0.4

14

0.1

3.3

5.2

LCS18-02

179.2

198.3

19.1

17.2

2

0.3

0.2

0.8

includes

190.5

192.2

1.7

1.5

8

2.1

0.8

4.1

LCS18-02

239.8

265.5

25.7

21.8

7

1.0

1.5

1.0

LCS18-03

206.7

209.3

2.7

2.4

45

15.1

3.1

0.9

1,723

includes

206.7

207.5

0.9

0.8

76

46.9

3.3

2.2

5,055

LCS18-04

250.9

288.6

37.8

34.0

5

0.3

0.8

1.0

includes 

276.0

287.6

11.6

10.4

7

0.7

1.6

2.3

368.9

370.0

1.2

1.0

182

0.3

0.1

0.2

224

LCS18-05

242.9

270.7

27.8

25.0

26

0.3

0.6

0.8

includes 

247.0

251.5

4.5

4.0

126

1.6

1.3

1.7

380

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

The drill holes in this news release were generated by a drill campaign completed by First Majestic Silver Corp. (“First Majestic”) in 2018 and not previously released. They are part of an extensive surface and underground diamond core drilling database, which GR Silver Mining is consolidating and validating.

Table 2 lists the drill hole intervals previously not sampled (“NS”) for this group of released holes. The Company is investigating these holes for evidence of mineralization in the core that warrants additional sampling and assaying.

Table 3 provides collar coordinates for the drill holes presented in this news release.

Table 2: San Juan-La Colorada Area – Drill Hole Intervals Not Sampled (Intervals greater than 20m)

Hole No.

From-To (m)

Sampling

Hole No.

From-To (m)

Sampling

LCS18-01

0-132.95

NS

LCS18-03

152.2-166.9

NS

LCS18-01

141.75-195.45

NS

LCS18-03

172.1-184.55

NS

LCS18-01

242-270.05

NS

LCS18-03

209.3-214

NS

LCS18-02

0-177.7

NS

LCS18-04

0-156.1

NS

LCS18-02

298.35-307.3

NS

LCS18-04

389.85-453.1

NS

LCS18-02

410.75-450.5

NS

LCS18-05

0-165.9

NS

LCS18-03

0-89.75

NS

LCS18-05

182.6-184

NS

LCS18-03

112-147

NS

LCS18-05

207.7-242.5

NS

All numbers are rounded. NS – Core not assayed by First Majestic

Table 3: Drill Hole Locations – San Juan-La Colorada Area (News Release 7/7/2020)

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

LCS18-01

447872

2551275

939

232

-47

270

LCS18-02

447922

2551141

922

250

-75

458

LCS18-03

447922

2551141

922

250

-50

214

LCS18-04

447961

2551067

899

250

-75

453

LCS18-05

447961

2551067

899

250

-54

280

All numbers are rounded.

The San Juan-La Colorada Area drill results continue to demonstrate the continuity of higher-grade mineralization along strike, expanding the footprint of the low sulphidation epithermal system for approximately 1km. The high grades encountered indicate both Au-Ag and Ag-Pb-Zn styles of mineralization in an area with multiple deep-rooted fault systems, creating a prospective setting for future discoveries (Photo 1).

Photo 1- High-grade Au Core Sample – Hydrothermal Breccia Drill Hole LCS18-03.

The low sulphidation epithermal Au-Ag system is hosted predominantly in high-angle faults, whereas the Ag-Pb-Zn mineralization is preferentially in shallow angle faults and polymetallic hydrothermal breccias (click here to view cross sections). Both mineralization styles have developed due to a combination of multiple deep-rooted fault structures in a multi-event system, where precious metals appear to be the younger mineralized phase. The deep-rooted regional structures transect and served as a fluid conduit for a large underlying hydrothermal system, cross cutting a volcanic sequence made of andesites, tuffs and rhyolites, where brittle fracturing in host rocks has created voids or traps for deposition of both styles of mineralization. The combination of these structures, together with favorable host rocks (permeability and porosity), have generated numerous alteration halos (argillic, propylitic, oxidation and silicification) (Figures 1 and 2). These altered areas are exploration guides for future drilling and expansion of the mineralization footprint.

The Company is implementing detailed core relogging and multi-element analysis by portable hand-held XRF (pXRF), particularly in non-sampled areas, prior to being submitted to the laboratory for detailed chemical analysis. Using pathfinder elements, the pXRF results enable data-driven determination of the mineralized and un-mineralized alteration mineral assemblages. The Company has successfully implemented a pXRF program at its nearby projects, where it has proven to be a cost- and time-effective first pass analytical method.

Previous owners completed aero- and ground geophysical surveys (magnetometry and IP) covering most of the deep-rooted regional faults. In general, for an IP survey, resistivity anomalies delineate the fault system and chargeability differentiates oxide vs. sulphide mineralization potential at depth. High resolution airborne magnetometry was undertaken by First Majestic in 2016, covering the Plomosas Project. This form of geophysical investigation is important in defining regional and local scale lithological variations, as well as potentially buried intrusive bodies that can be important heat and fluid sources in the genesis of epithermal mineralization in volcanic environments such as at Plomosas. Fluid flow derived from epithermal systems can result in the local destruction of magnetism, particularly along structural pathways, which can also be used as a targeting tool.

This geophysical ‘fingerprint’ of the mineralized system, together with the abundance of faults, has resulted in promising new prospective zones for oxide and sulphide mineralization types. GR Silver Mining continues to update the 3D geological model of exploration together with results from drill holes, bedrock mapping and soil and rock geochemistry and geophysics, generating data-driven, drill-ready targets supported by all four data sets.

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 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. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry.

The Company has also negotiated debt settlement with arm’s length and non-arm’s length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSX-V, the Company has settled aggregate debt of $207,728 outstanding as at June 30, 2020, in consideration for which it will issue an aggregate of 437,322 common shares at a deemed price of $0.475 per share.  Certain insiders of the Company participated in the debt settlements (Marcio Fonseca, the Company’s President, CEO and director, agreed to settle $7,500 debt for 15,790 shares; Blaine Bailey, the Company’s CFO, agreed to settle $7,500 debt for 15,790 shares; and Trevor Woolfe, the Company’s VP Corporate Development & Exploration, agreed to settle $15,000 debt for 31,579 shares).  Participation by Insiders in the debt settlements is also considered a “related party transaction” pursuant to MI 61-101.  The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the debt settlements in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the debt settlements by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization. All shares issued in relation to these debt settlements are subject to a hold period expiring four months + one day after the date the shares are issued, in accordance with applicable securities laws and the policies of the TSX-V.

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 from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and the delineation of 16 exploration/drilling targets.

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$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently drilling at the San Marcial Project, which contains 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred), exploring recently defined new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 18, 2019 and amended on June 10, 2020.

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 silver and 11 Moz gold 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.

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

Related Links

http://www.grsilvermining.com/

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Chris Perry on Tocvan Ventures

We always enjoy Chris “Equity Guru” Perry’s writing on junior resource companies. Chris is a skeptic with a long track record in the junior space. He turned his attention to Tocvan Ventures which is exploring a gold/silver property in Mexico.

“Tocvan Resources (TOC.C) announced substantial results Wednesday on the data from their property scale soil sampling survey at the Mexico-based Pilar gold-silver project, with returns of 8 g/t gold and 317 g/t silver among the highlights.

The tiny gold explorer is in the early stages of proving out its property but, in doing so, also announced it has discovered a new gold and silver mineralization on its eastern zone, causing excitement among insiders.

With only 17 million shares outstanding, and with a market cap barely over a million dollars, any positive news will likely bring the potential of high market upside, so sampling results that open the play up are definitely worth cheering about.” Chris Perry, Stockhouse

You can read the whole, very informative, article here.

I am looking forward to interviewing Tocvan’s President, Derek Wood, in the next few days.

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Tocvan Announces Results from Property Scale Soil Survey, Includes Highest Soil Results to Date with 8 g/t Gold & 317 g/t Silver New East Zone Discovery, at the Pilar Gold-Silver Project in Sonora, Mexico

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce results from the soil sampling survey at the Pilar Gold-Silver Project in Sonora, Mexico.

The highest assay results have been returned for gold and silver on the Pilar property in separate soil assays; 8 g/t Au & 317 g/t Ag. Also, a new zone of gold and silver mineralization containing areas of high grade gold and high grade silver has been revealed and is termed the “East Zone”, see figure 1.

Soil samples were systematically collected across the property as one of several survey tools to define mineralization trends associated with geological structures. To further help define mineralization trends previous results were also included and are shown below. Combined, these results have highlighted gold-silver areas and gold-silver trends across the Pilar property from north to south to narrow the focus for drilling.

Historically, the focus for development on the Pilar property has been in the north-west part of the property in the Main Zone and North Hill Zone. These zones along with the 4-Trench Zone have received over 17,700m of drilling. The Pilar property is a low-sulphide epithermal system, structure is key in mineralization deposition. In order to know where the mineralization is located, the structures need to be known and understood. In the efforts to define the structures controlling mineralization in the Main, North Hill, and 4-Trench zones, discoveries have been made elsewhere on the property, and those discoveries collectively have revealed a new zone of gold-silver mineralization, the East Zone (Figure 1).

Figure 1 characterizes the gold-silver assay results from the soil survey conducted this past March into April across the Pilar property. Also shown on figure 1 are gold-silver assay results from rock-grabs collected on the property this past November and previously reported January 7, 2020, they are included and shown here to provide a holistic view. Those rock-grabs were collected in response to testing high grade gold-silver soil assay results reported by Colibri Resource Corp. in 2018 and therefore show the effectiveness of assaying soil samples.

Taken collectively, the gold-silver assay results have revealed trends and zones of mineralization as depicted in figure 1 and the following figures. In figure 1 the gold-assay soil return is represented by 

and the silver-assay-soil return is represented by

. Gold and silver assay results collected as rock-grabs this past November and reported January 7, 2020 are represented by

.

The new East Zone (Figure 1) is represented by high grade gold and high grade silver assay results from rock grabs and soil sampling, and is a new trend of mineralization parallel to the NW-SE trend of mineralization of the Main Zone and North Hill Zone (see the bottom of this press release for summary drill results of the Main and North Hill zones). This trend/zone first started to reveal itself after a rock sampling survey conducted this past November. Some significant results include over 5 g/t gold and over 9 g/t gold (Figure 1), but also notably 323 g/t silver, 317 g/t silver, 127 g/t silver, and at the south-east corner of the property 84 and 76 g/t silver (Figure 1). This area roughly covers 600m x 200m and trends in the same direction as the Main Zone (which has been drilled to a depth of ~100m) and with NW-SE trending structures. Historically, previous operators have focused on developing gold on the Pilar property, clearly silver should be included as a part of that focus as well, and will be.


Click Image To View Full Size

Figure 1. Results from the 2020 Soil Survey at Pilar Au-Ag Project

Figures 2 and 3 below are mathematically smoothed soil gold-silver assay data to better reveal trends of mineralization and hence structural trends. The property is known to have cross-cutting NW-SE trending structures and NE-SW trending structures, an excellent combination of structures for mineralized fluid deposition. Directional trends have tentatively been interpreted and are depicted by yellow arrows on both figures. The figures below show trends of mineralization (structure) in under explored areas, and so, provide additional growth opportunities to locate more gold and silver. Mineralization is structurally controlled, knowing the locations, directions and especially the intersections of the structures will help to narrow the focus for locating drill targets.

The soil samples were analyzed by ALS Limited for gold and silver via Au-AA23 package (fire assay and atomic absorption) and Ag-AA45(aqua regia digestion and atomic absorption).

Next Steps for Pilar

Moving forward, scheduled work to be done, and included with these and previous results, are structural analyses with associated survey tools by structural geologists, and XRF survey of samples across the property and of historic drill hole samples held in storage. XRF identifies elements and their amounts which in turn help to identify pathfinder elements. All these surveys and analyses will be taken collectively in order to locate the structures and hence mineralization to provide targets for the drill program; currently anticipated in late summer/early fall of this year.


Click Image To View Full Size

Figure 2. Silver in Soil Results.


Click Image To View Full Size

Figure 3. Gold in Soil Results.

Special Note:

The current world health situation requires adjustments to work programs, health and safety is considered first.

Current health advice is for families and groups to self-isolate and to use caution with suggested recommendations from health leaders when social-distancing becomes a challenge. Countries are beginning to allow businesses to operate again. Isolation is an inherent part of mineral development programs.

About the Pilar Property

The Pilar Gold-Silver property has been identified as a structurally controlled low-sulphidation epithermal project hosted in Andesite and Rhyolite rocks. Hydrothermal fluids carrying gold, silver and other minerals are transported through the pre-existing structures and deposit out of the fluids and become emplaced within the structures and surrounding host rock. 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 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:

– 17,700m of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):

– 0.73g/t Au over 40m

    • – 0.75g/t Au over 61m

– 17.3g/t Au over 1.5m

– 5.27g/t Au over 3m

– 53.47g/t Au & 53.4g/t Ag over 16m

– 9.64g/t Au over 13m

– 10.6g/t Au & 37.8g/t Ag over 9m

– 2,650m of surface and trench channel sampling. Highlights include:

– 55g/t Au over 3m

– 28.6g/t Au over 6m

– 3.39 g/t Au over 50m

– Soil sampling results from undrilled areas indicating mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone

Additional areas of mineralization have been identified resulting from surface rock-grab-sample assay results that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south, see press release dated January 7, 2020. Significant results from that particular survey are highlighted below:

Sample #Au g/tAg g/tCu %Pb %
PILAR-MTS-020.914.30.2610.003
PILAR-MTS-031.35.40.3380.002
PILAR-MTS-050.812.70.1290.002
PILAR-MTS-063.28.30.3500.001
PILAR-MTS-090.22.21.2550.005
PILAR-MTS-100.917.20.7340.010
PILAR-MTS-113.857.40.8460.005
PILAR-MTS-120.05.61.9100.001
PILAR-MTS-130.012.90.9460.001
PILAR-MTS-140.13.31.4000.001
PILAR-MTS-190.81.70.0130.008
PILAR-MTS-205.684.20.0881.710
PILAR-MTS-210.720.30.0270.185
PILAR-MTS-229.376.40.1202.150
PILAR-MTS-250.5323.00.0160.242
PILAR-MTS-261.42.40.0020.013
PILAR-MTS-272.214.70.0120.259
PILAR-MTS-294.3172.00.0861.125
PILAR-MTS-3023.7116.00.0890.040
PILAR-MTS-334.444.50.1090.036
PILAR-MTS-347.541.90.0440.022
PILAR-MTS-352.23.50.1790.008

The technical information in this news release pertaining to geological data and its interpretation has been prepared by Mark T. Smethurst, P.Geo., COO, Director of the Company, and a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining 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 Ventures Currently has approximately 17.7 million shares outstanding and is earning into two exiting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.

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.

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

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 Silver-Gold Drill Results at Plomosas

GR Silver Mining Ltd. (TSXV: GRSL), (FRANKFURT: GPE), (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce drill results at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. These results are located in the Plomosas Mine Area, one of six priority areas with a combination of recent (2016 to 2018) and historical drill data being released by the Company.

These drill hole results show high-grade silver and gold mineralized zones outside of the previously mined polymetallic (Pb-Zn-Ag-Au) mineralization in the Plomosas Mine Area. The Au-Ag enriched veins and breccias occur in vertical and shallow-dipping fault zones on the footwall and hanging wall of the existing polymetallic mineralized zone, revealing potential extensions for a future resource estimation. The results also confirm the continuity of the polymetallic mineralized zone down dip and along strike outside the previously mined areas. The drill section discussed in this news release is a step-out section, 400 m north (Figure 1) of drill holes reported in the previous news release (see News Release dated May 13, 2020).

GR Silver Mining President and CEO, Marcio Fonseca, commented“We continue to systematically review the extensive un-released historical and recent drill hole database at the Plomosas Silver Project. The review confirms the presence of high-grade Au-Ag zones, which were not previously explored and evaluated by previous owners, nor integrated into a resource estimation. Most of the new mineralized veins are accessible through existing underground development, which facilitates planning of additional underground drilling and provides opportunities for new discoveries. The company has reviewed 51 drill holes at the Plomosas Mine Area to date and 256 drill holes remain to be validated. The validated drill holes are already integrated into a 3D database allowing interpretation of a wide footprint of high-grade multiple veins and hydrothermal breccias. 

Our ongoing investigations along the 8,000 m of underground tunnels at the Plomosas Mine Area, including geological/structural mapping and sampling, continue to reveal new mineralized zones. These new zones demonstrate that mineralization is not only hosted within a single high-grade structure but within multiple cross-cutting shallow and vertical structures. The Company has also encountered evidence of multiple mineralization styles (massive sulphide Pb-Zn lenses, brecciated and stockwork polymetallic mineralized systems and strong gold-silver rich quartz veined mineralized zones) during recent underground investigations, which are currently being integrated into the Plomosas Mine Area 3D model.

Table 1 summarizes the most significant drill assay results for this third group of holes released for the Plomosas Mine Area.

Table 1: Summary Drill Hole Results – News Release June 22, 2020 (Plomosas Mine Area)

Hole No.

Type

From (m)

To (m)

Drilled
width (m)

Est. true
width (m)

Ag g/t

Au g/t

Pb %

Zn %

AgEq g/t

218

Surf.

5.9

21.8

15.9

14.6

46

1.0

1.7

2.2

269

includes

5.9

9.7

3.8

3.5

183

4.3

6.4

7.9

1,057

233

Surf.

176.9

178.4

1.5

1.4

77

4.6

0.07

1.0

580

236

Surf.

79.8

85.8

6.0

5.4

326

1.9

0.7

1.2

573

includes

79.8

81.9

2.1

1.9

900

2.9

1.9

3.2

1,349

242

Surf.

64.5

67.8

3.3

2.1

349

0.4

2.3

1.3

502

246

Surf.

39.7

40.6

0.9

0.9

182

0.2

0.5

1.0

235

250

Surf.

123.9

136.2

12.3

6.2

23

1.9

0.3

1.5

267

253

Surf.

112.2

123.2

11.0

7.5

1,235

0.2

0.8

1.9

1,335

includes

113.9

116.2

2.3

1.2

2,600

0.1

1.4

3.6

2,755

includes

119.3

121.0

1.7

0.9

4,209

0.5

1.8

5.6

4,475

130.0

145.0

15.0

7.5

9

1.1

0.4

1.2

includes

137.6

139.4

1.8

1.8

45

0.5

1.0

1.4

164

162.8

165.6

2.8

1.4

10

2.2

0.1

0.3

258

Surf.

166.8

170.5

3.7

2.7

1,469

0.5

2.2

3.2

1,680

includes

166.8

168.6

1.8

1.3

2,827

0.5

2.8

4.6

3,098

170.5

194.4

23.9

17.4

4

3.6

0.01

0.1

includes

170.5

171.5

1.0

0.7

17

43.0

0.03

0.07

259

Surf.

205.7

213.5

7.8

5.2

11

2.6

0.1

0.1

232.0

235.4

3.4

2.2

398

0.01

0.3

0.7

427

236.5

271.8

35.3

22.7

6

1.0

0.1

0.2

275.3

275.9

0.6

0.4

1,285

0.5

0.8

1.6

1,410

265

Surf.

249.2

258.5

9.4

6.6

13

0.4

0.02

0.04

269

Surf.

209.2

210.4

1.2

0.8

6

4.0

0.01

0.2

270

Surf.

24.5

25.5

1.0

0.8

4

2.2

0.02

0.2

204.2

204.4

0.2

0.1

50

0.1

16.8

10.0

909

208.9

209.5

0.6

0.5

68

0.2

2.8

13.5

554

232.0

239.6

7.6

6.2

105

0.6

1.1

2.0

257

274

Surf.

244.4

284.4

40.0

32.8

32

0.9

0.8

0.8

177

includes

267.2

270.9

3.7

3.0

57

6.1

3.9

2.0

869

218-A

Surf.

4.0

14.0

10.0

9.8

28

0.7

4.2

0.9

272

PLI17-28

UG

66.4

81.4

15.0

13.0

13

2.8

0.5

1.4

351

includes

73.9

77.0

3.1

2.7

41

10.4

0.9

3.8

1,244

83.7

89.7

6.0

5.2

5

1.9

0.1

0.1

PLI17-31

UG

55.2

68.8

13.6

11.7

8

1.7

0.4

0.7

includes

63.1

64.7

1.6

1.4

19

10.5

0.5

0.7

1,133

PLI17-37

UG

62.9

71.9

9.0

7.9

29

0.1

0.6

1.4

158

PLI17-39

UG

50.7

59.4

8.7

8.7

39

0.4

1.2

1.4

159

94.4

95.9

1.5

1.5

53

1.0

0.01

0.02

159

PLSS18-01

Surf.

358.1

363.2

5.1

5.1

16

0.1

1.6

2.0

142

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

The existing drill holes for the Plomosas Project were generated by drill campaigns completed by First Majestic Silver Corp. (“First Majestic”) between 2016-2018 and Grupo Mexico between 1982-2000. They both form an extensive surface and underground core drilling database which GR Silver Mining is consolidating and validating.

The primary objective of Grupo Mexico was the discovery of Pb and Zn mineralization as potential feed for their historical flotation plant operations nearby. First Majestic drilled the Plomosas Mine Area targeting new mineralized zones down dip and along strike from the surface and underground sites. GR Silver’s QA/QC protocol dictates that wherever assay intervals are identified as missing within the drill hole database, the relevant drill holes will be re-examined, sampled, and assayed using the remaining core to complete the sequence of results.

Table 2 summarizes the historical drill hole intervals previously not sampled (“NS”) for this third group of holes released for the Plomosas Mine Area.

Table 2: Plomosas Mine Area Drill Holes – Historical Drill Hole Intervals Not Sampled (Intervals greater than 20m)

Hole No.

From-To (m)

Sampling

Hole No.

From-To (m)

Sampling

236

0-41.7

NS

269

0-81.8

NS

242

0-44.0

NS

269

84.3-114.2

NS

246

0-36.0

NS

269

122.35-147.6

NS

250

0-75.1

NS

270

0-24.5

NS

253

0-65.7

NS

270

25.5-53.5

NS

258

0-113.0

NS

270

54.5-204.2

NS

259

0-105.3

NS

274

0-106.4

NS

259

153.8-191.5

NS

274

118.1-150.0

NS

218-A

30.35-53.3

NS

274

154.3-230.3

NS

PLI17-28

0-65.5

NS

PLI17-31

114.75-136.9

NS

PLI17-28

104.45-155

NS

PLI17-37

0-63.0

NS

PLI17-30

0-44.1

NS

PLI17-37

102.6-126.4

NS

PLI17-30

78.2-111.7

NS

PLI17-39

0-40.5

NS

PLI17-30

124.75-150.3

NS

PLI17-39

63.45-93.2

NS

PLI17-31

0-42.9

NS

PLSS18-01

0-310.0

NS

265

0-96.1

NS

    PLSS18-01

312.6-349.2

NS

All numbers are rounded. NS – Core not assayed by First Majestic and Grupo Mexico

The company is currently re-logging and sampling potentially mineralized zones in the existing (non-sampled) core available on site, aiming to integrate the results into the current drilling database.

The preliminary review and integration of all data has indicated the presence of two significant mineralized structures.

The first contains higher lead, zinc and silver concentrations with strike N10E-NS and dip 40⁰, mostly sub-parallel to the main shallow Plomosas Fault (Figure 2). Massive sulphide silver-rich lenses (sphalerite, galena and minor chalcopyrite) are common occurrences in this mineralized structure (Link to Photos). The mineralization style is hosted preferentially in pyroclastic flows, volcanic breccias and fractured rocks, and it preferentially favours andesite breccias. It appears to form a series of bodies 50 – 80 m long by 40 – 60 m wide and varied thickness, due to pinch-swell geometry visible in the underground workings.

The second type of mineralized structures show banded and drusy quartz, strong silicification, networks of quartz veinlets and quartz breccias, containing significant gold and silver values and low lead and zinc content. They are represented by two systems with a general orientation N40E and N40W and variable dip angles, from 50⁰ to 70⁰.

The Company continues to validate all core assay results in the extensive Plomosas drill hole database, with the objective to fully integrate them into the 3D Model. Other ongoing site activities include underground mapping and sampling of the Plomosas Mine Area, drill core sampling and assaying, and initial bulk sampling of selected underground areas for future metallurgical testwork.

Additionally, the Company is advancing discussions with drill contractors to initiate a drilling program on the existing zones and drill targets in the near future.

Table 3: Drill Hole Locations – Plomosas Mine Area (News Release 22/6/2020)

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

218

451586

2552252

932

0

-90

93

233

451494

2552246

952

0

-90

207

236

451443

2552242

960

0

-90

233

242

451503

2552208

955

308

-60

133

246

451491

2552208

952

128

-70

151

250

451459

2552121

958

310

-50

200

253

451485

2552184

952

315

-45

194

258

451404

2552189

1000

308

-75

219

259

451404

2552189

1000

308

-60

280

265

451430

2552178

977

308

-73

259

269

451344

2552172

1030

0

-90

244

270

451344

2552172

1030

308

-80

285

274

451344

2552172

1030

308

-72

285

218-A

451586

2552252

932

68

-50

76

PLI17-28

451180

2552226

798

76

-35

155

PLI17-31

451179

2552227

798

60

-40

137

PLI17-37

451180

2552224

798

120

-35

141

PLI17-39

451180

2552224

798

105

-65

121

PLSS18-01

451201

2552308

1134

123

-53

407

All numbers are rounded.

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 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. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry.

GR Silver Mining has reviewed information related to the historic Grupo Mexico drill holes and believes the results are of sufficient quality and suitable for disclosure. GR Silver Mining has not verified the results. The following drill holes were drilled by Grupo Mexico, 218, 233, 236, 242, 246, 250, 253, 258, 259, 265, 269, 270, 274 and 218-A.

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 from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and the delineation of 16 exploration/drilling targets.

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$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently drilling at the San Marcial Project, which contains 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred), exploring recently defined new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 18, 2019 and amended on June 10, 2020.

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 silver and 11 Moz gold 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.

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

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.

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SOURCE GR Silver Mining Ltd.

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

Related Links

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Eloro Resources Completes Financing

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce it has completed a previously announced non-brokered private placement (the “Private Placement”) of 2,200,000 units of Eloro at a price of $0.25 per unit (“Units”) for gross proceeds of $550,000.

Each Unit consists of one Common Share and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.50 per share for a term of 18 months, expiring November 20, 2021.

In connection with the Private Placement, arm’s length finders received as compensation 7% cash commissions aggregating $5,687.50 and 22,750 finder’s warrants entitling the holders to purchase 22,750 Eloro common shares at a price of $0.50 per share for a term of 18 months.

The proceeds of the Private Placement will be used for working capital purposes and to fund exploration at its properties. Directors and officers of the Corporation subscribed for 245,000 units for proceeds of $61,250. The Private Placement is subject to final approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement are subject to the applicable statutory four month hold period.

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 has completed a NI 43-101 Technical Report on Iska Iska, which 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, President 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.

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Eloro Resources Increases Financing

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce that, further to its release dated May 1, 2020, it is proceeding with an increased non-brokered private placement (the “Private Placement”) of up to 2,200,000 units of Eloro at a price of $0.25 per unit (“Units”) for proceeds of up to $550,000.

Each Unit will consist of one common share (“Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.50 per share for a term of 18 months following the closing of the Private Placement.

The proceeds of the Private Placement will be used for working capital purposes and to fund exploration at its properties. The Private Placement is subject to approval by the TSX Venture Exchange. Directors and/or officers of the Corporation will be participating in the Private Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period.

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 has completed a NI 43-101 Technical Report on Iska Iska, which 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, President 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.

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GR Silver Mining Upsizes Bought Deal Financing to $8.1 Million

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has further increased the size of its previously announced brokered private placement offering (“Offering“) of units (“Units“) in order to accommodate participation by First Majestic Silver Corp. (TSX: FR, NYSE: AG), an existing major shareholder of the Company, in the Offering.

Under the amended terms of the Offering, Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“) has agreed to purchase, on a “bought deal” private placement basis, 30,000,000 Units of the Company at a price of $0.27 per Unit, for aggregate gross proceeds to the Company of $8,100,000.  As previously announced, 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 12 months following closing of the Offering at an exercise price of $0.40 per share.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 3,900,000 Units, for additional gross proceeds of up to $1,053,000, 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 May 28, 2020 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.

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. (GRSL.V) 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 from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and the delineation of 16 exploration/drilling targets.

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$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold 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.

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. 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, the participation by First Majestic Silver Corp. in 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. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking statements and information contained herein.

SOURCE GR Silver Mining Ltd.

For further information: +1 (604) 202 3155; Email: info@grsilvermining.com

Related Links

http://www.grsilvermining.com/

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GR Silver Mining Announces Upsize to Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has amended the terms of its previously announced offering of units of the Company. Under the amended terms of the Offering (as defined below), Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“) has agreed to purchase, on a “bought deal” private placement basis, 26,000,000 units (“Units“) of the Company at a price of $0.27 per Unit (the “Issue Price“), for aggregate gross proceeds to the Company of $7,020,000 (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 12 months following closing of the Offering at an exercise price of $0.40 per share.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 3,900,000 Units, for additional gross proceeds of up to $1,053,000, 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 May 28, 2020 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, excluding up to a maximum of $1,000,000 gross proceeds from the issuance of Units to persons identified by the Company pursuant to a President’s List for which a commission of 4.0% of such gross proceeds is payable by the Company to the Underwriters; and (ii) that number of non-transferable compensation options (the “Compensation Options“) as is equal to (a) 7.0% of the aggregate number of Units sold under the Offering, excluding those Units sold in connection with the President’s List, and (b) 4.0% of the aggregate number of Units sold under the Offering in conjunction with the President’s List. Each Compensation Option is exercisable into one common share of the Company at the Issue Price for a period of 12 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. (GRSL.V) 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 from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and the delineation of 16 exploration/drilling targets.

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$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold 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.

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. 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. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking statements and information contained herein.

SOURCE GR Silver Mining Ltd.

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

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GR Silver Mining Announces $6 Million Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“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, 22,300,000 units (“Units“) at a price of $0.27 per Unit (the “Issue Price“) for aggregate gross proceeds to the Company of $6,021,000 (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 12 months following closing of the Offering at an exercise price of $0.40 per share.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 3,345,000 Units, for additional gross proceeds of up to $903,150, 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 May 28, 2020 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, excluding up to a maximum of $1,000,000 gross proceeds from the issuance of Units to persons identified by the Company pursuant to a President’s List for which a commission of 4.0% of such gross proceeds is payable by the Company to the Underwriters; and (ii) that number of non-transferable compensation options (the “Compensation Options“) as is equal to (a) 7.0% of the aggregate number of Units sold under the Offering, excluding those Units sold in connection with the President’s List, and (b) 4.0% of the aggregate number of Units sold under the Offering in conjunction with the President’s List.  Each Compensation Option is exercisable into one common share of the Company at the Issue Price for a period of 12 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. (GRSL.V) 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 from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and the delineation of 16 exploration/drilling targets.

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$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold 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.

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

Facebook LinkedIn Twitter

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. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking statements and information contained herein.

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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GR Silver Mining Provides an Update on Gold and Silver Exploration Results at the San Marcial Project

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that ongoing exploration continues to confirm substantial gold and silver potential at the San Marcial Project (“San Marcial”) in Sinaloa, Mexico.

Exploration activities at San Marcial are aimed at expanding the Company’s existing NI 43-101 Mineral Resource of 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred), as announced in February 2019 (News Release February 7, 2019). The resource is open at depth. In addition, the Company has continued to follow up on the eight drill targets identified by the Company over the past 12-18 months using systematic exploration, culminating in a surface drill program.

Recent San Marcial exploration highlights include:

  • Purchase by the Company of three new drill rigs:
    • 1 x NW150 to drill up to 150 m depth
    • 2 x hand held portable rigs to drill up to 20 m depth
  • Commencement of surface drill program testing the main targets using the NW150 rig
  • Widening of 170 m underground tunnel complete; 100 m tunnel extension is underway
  • 2,000 m underground resource expansion drill program upon completion of tunnel
  • Litho-geochemical sampling program identified 2 km arcuate trend to the W and SW of the San Marcial resource, using Pb as a pathfinder
  • Positive initial gold results from channel sampling at two new targets including 0.2 m at 28.94 g/t Au and 143 g/t Ag and 0.2 m at 6.81 g/t Au
  • Shallow drill testing of surface geochemical anomalies and structural targets with the two new portable rigs

GR Silver Mining President and CEO, Marcio Fonseca, commented“During the current global COVID-19 crisis, the health and safety of our team is top priority. The Company has implemented measures to adhere to government-imposed restrictions. Meanwhile, our project team from the local area has been able to progress some aspects of our exploration program using strict safety protocols. The recent purchase of our own surface drill rig allows us flexibility to advance the drill program at San Marcial with our own professionally trained local crew, in isolation in the field camp.

The Company is focused on increasing the resource inventory at San Marcial. Extension of the underground tunnel for drill access is advanced, which will allow the Company to drill test the down-dip extensions to the NI 43-101 resource later this year. High-grade silver results from previous drilling demonstrate that the resource is open at depth, with potential for expansion. The Company’s newly purchased drill rig has now commenced a drilling program on our other eight gold-silver targets at San Marcial. The first target being tested is Chachalaca, where initial channel sampling encountered high-grade gold veins up to 0.2 m at 28.94 g/t Au and 143 g/t Ag. 

Our personnel continue to extend the geochemical database covering the remainder of the 1,250 ha concession with a close-spaced litho-geochemical sampling program in search of new discoveries. A ring-type feature has been identified using lead geochemistry, extending at least 2 km from the resource area and is known as the Faisanes-Mariposa Trend. Follow up of geochemical anomalies – using trenching, channel-sampling and shallow drilling – has identified various zones of high-grade gold and silver. These anomalies will be assessed for potential follow up drilling.”

1. SAN MARCIAL UNDERGROUND DRILL PROGRAM
As outlined in last year’s financing announcement (News Release November 7, 2019), the Company has an underground drilling program (up to 2,000 m) planned for 2020 to test the depth extensions of the San Marcial NI 43-101 silver resource. The San Marcial resource has no previous underground mining history. However, an old tunnel was driven 170 m to intersect the breccia-hosted high-grade mineralization. Work has been completed by GR Silver Mining to widen the existing tunnel to allow drill machinery to enter (Figure 1). Mapping and channel sampling of the high-grade breccia, where it cuts this new exposure, is currently underway.

Local experienced mining contractors are currently extending that tunnel a further 100 m to reach a point where a series of drill holes will test the deeper extensions of the resource. The resource is relatively shallow with the deepest high-grade silver intersections from drilling at approximately 220 m below surface. Results of the 2020 drill program will be incorporated into the San Marcial 3D resource model to assess the potential for underground development of a high-grade resource below the potentially open-pittable upper levels of the deposit.

On completion of the tunnel extension, the commencement of underground drilling will be subject to availability of our preferred third-party drill company, once COVID-19 restrictions are relaxed.

2. SURFACE DRILLING TARGETS
Since releasing the San Marcial NI 43-101 resource in February 2019, the Company has undertaken a systematic exploration program to investigate the remainder of the concession. The program initially involved soil sampling, a 25 m x 25 m litho-geochemical sampling program, geological mapping and channel sampling. The accumulated data generated at least eight drill-ready targets for both gold and silver (Figure 2).

Over the past two months, the Company has acquired three new drill rigs:

  • 2 x hand held portable drill rigs with the capacity to drill test new anomalies and veins down to 20 m depth
  • 1 x compact man portable NW150 diamond drill rig with capacity to test our more advanced drill targets to a maximum of 150 m depth

As part of the Company’s proposed 2020 surface drilling program, the NW150 diamond drill rig (Figure 3a) was recently purchased to provide a flexible and cost-effective drilling alternative to test targets generated at San Marcial. The NW150 commenced drilling at the Chachalaca target in the northwest of the San Marcial concession. Chachalaca is a gold target with shallow underground workings exposing flat-lying quartz veins, zones of stockwork and breccias (Figure 3b) over an area of 500 m x 150 m. Best channel sampling results to date include 0.2 m at 28.94 g/t Au and 143 g/t Ag and 2.0 m at 3.48 g/t Au and 164 g/t Ag (Table 1).

Table 1:   Chachalaca Target – Best GR Silver Channel Sampling Results

SAMPLE

TARGET

EAST

(m)

NORTH
(m)

CHANNEL
(m)

Au (g/t)

Ag (g/t)

14397-8

CHACHALACA

449,378

2,546,423

2.0

3.48

164

14400

CHACHALACA

449,385

2,546,421

0.4

6.74

43

14502

CHACHALACA

449,385

2,546,421

0.3

3.15

31

14503

CHACHALACA

449,390

2,546,451

0.5

1.01

32

14504

CHACHALACA

449,391

2,546,461

0.2

28.94

143

All numbers are rounded.

To date, three shallow NQ-sized diamond holes have been completed at Chachalaca for a total of 136.5 m (Table 2 and Figure 4). The core from these holes is currently being processed by our geological team on-site in preparation for analysis. Targets currently in the program to be drill tested in coming months include (Figure 4):

  • Faisane
    • Possible extensions of the San Marcial silver resource to the NW
    • Follow up a high-grade gold intercept (1m at 204.6 g/t Au) from the Company’s first drill hole SM-19-01 in 2019
  • Guacamayo
    • Follow up extensions of the San Marcial silver resource to the SE
    • Test a key contact zone along strike with evidence of gold mineralization
  • Venados
    • Follow up prospective gold zones
  • Mariposa
    • Follow up prospective gold zones along the Faisanes-Mariposa Trend
    • Follow up a channel sample containing 0.2 m at 6.81 g/t Au

Table 2:   San Marcial Regional Drilling Program (NW150 rig)

HOLE ID

TARGET

EAST

(m)

NORTH
(m)

AZIMUTH
(deg)

ELEVATION
(m)

DIP

DEPTH

(m)

SM-20-01

CHACHALACA

449,405

2,546,459

0

820

-90°

54.0

SM-20-02

CHACHALACA

449,374

2,546,415

0

830

-90°

51.0

SM-20-03

CHACHALACA

449,357

2,546,462

340

782

-50°

31.5

All numbers are rounded.

3. SHALLOW SURFACE DRILLING
As a follow up to the litho-geochemistry sampling program, GR Silver Mining is testing areas of interest with shallow surface drilling. The Company has acquired two small portable drill rigs that utilize 41 mm diamond core bits to drill down to between 10 and 15 m from surface (Figure 5). These rigs can quickly and economically provide 3D understanding of anomalous areas as defined by the geological team. To date, six holes (total 48.9 m) have been drilled at the SW end of the Faisanes-Mariposa trend, while seven holes have been completed at Chachalaca (total 64.2 m). These drill holes are being logged and processed by our technical team.

4. LITHO-GEOCHEMICAL SAMPLING
Since releasing the San Marcial NI 43-101 resource in February 2019, a key component of the Company’s exploration strategy has been its litho-geochemical sampling program. This entails sampling of in situ rock at surface on a 25 m x 25 m grid across the concession. These samples are prepared and analyzed by portable XRF equipment at our on-site facility, with strict QA/QC protocols – a significant cost-saving compared to commercial analyses. Importantly, the 12,000 samples collected to date by the Company (Figure 4) have led to a comprehensive geochemical and lithological database with multi-element results, covering more than 60% of the concession, and importantly, the main mineralized trends.

One of the key pathfinder elements in the litho-geochemical program at San Marcial is lead (Pb). GR Silver Mining has discovered an important arcuate anomalous trend within the Pb results that stretches almost 2 km from the NW extremity of the San Marcial Resource Area (Faisanes) to the SW through the Mariposa target (Figure 6). This corridor is one of the focuses of our field team – this large ring-shaped feature could indicate a large buried system within this volcanic environment. Initial assessment of the target areas generated by the litho-geochemical sampling is undertaken using mapping and channel sampling.

Channel sampling of veins in shallow workings at the Mariposa target have returned encouraging gold results including 0.2 m at 6.81 g/t Au and 0.6 m at 3.82 g/t Au. Also, in a channel closer to the Faisanes target, a recent sample returned an intersection of 4 m at 0.42 g/t Au.

These new gold prospects are in addition to the high-grade channel sampling results reported in 2019 from the Nava target (News Releases May 7, 2019 and July 10, 2019).

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.

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

Gold and silver assay results in this release are generated by a third-party laboratory. GR Silver Mining has implemented QA/QC procedures which include insertion of blank 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 Au>10 ppm or Ag >100 ppm (over limits), these samples are re-analyzed by SGS de Mexico in Durango. 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.

Lead results reported in this release are generated (along with a broad suite of other elements) by use of hand held portable XRF (pXRF) equipment (two units owned by the Company). The specific models are both NITON XL3t 955 ULTRA. GR Silver Mining has implemented QA/QC procedures which include insertion of CRM (blank and standard) samples in all sample lots tested by pXRF in the Company’s facilities in Rosario, Mexico. The NITONs utilize a default setting, without calibrations, with QC checked weekly and established protocols for QA. Every 3 months the parameters for QC are reviewed and adjusted, according to each CRM performance. The NITON XRF analyses of the litho-geochemical program, while qualitatively reliable, should not be relied upon as there are inherent uncertainties in XRF analyses. Laboratory assay results provide a more accurate and reliable grade estimate of the samples, and are used in later stage follow up programs.

ABOUT GR SILVER MINING LTD.

GR Silver Mining Ltd. (GRSL.V) 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 from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and the delineation of 16 exploration/drilling targets.

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$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

San Marcial Project
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold 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.

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

Related Links

http://www.grsilvermining.com/

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