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Posts, updates and videos about silver – updated automatically.

Eloro: Big Breccias in Bolivia

I think it is fair to say that Eloro (V.ELO) CEO Tom Larsen is excited by what the company is finding at its Iska Iska Property in Southern Bolivia. The announcement of a second major mineralized breccia pipe approximately 400m in diameter confirmed Larsen’s belief that Iska Iska may have significant tonnages of commercially viable material.

In the release, Larsen states, “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.”

Iska Iska was taken on by Eloro as a second project when the company’s La Victoria project in Peru ran into regulatory headwinds. “We have the financing and the drill plan for La Victoria,” said Larsen on the phone. “What we have to get is a land rental agreement from the community. We are making progress on that but it is slow going.”

All of which has meant that Iska Iska has become Eloro’s flagship property. From the start, the property had the advantage of being privately owned and having been operated as a mine previously. The Huayra Kasa underground workings from the previous mine gave Eloro the great advantage of being able to drill from underground drill bays. While those workings are not deep, about 20 meters from surface, they illustrate a potential open pit operation.

“We’re drilling from three underground bays,” said Larsen. “This is on the northern part of the property. We drill holes from each bay in all four directions. Everything we have drilled, so far, has been mineralized. Whether there is commercial mineralization is yet to be determined. We have assay results for five holes with ten holes pending.”

What the drills are finding is a very strong set of indications that Eloro has found a second breccia pipe. “We drilled into the breccia and then we brought in another drill,” said Larsen. “Our hole # 14 drilled from the third underground bay going west intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole 14 ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.”

“This Santa Barbara Breccia Pipe is different,” said Larsen. “It’s more circular and about 400 meters in diameter. In the outlying areas of the pipe we’re seeing more lead and zinc. In the center we see tin, copper and bismuth which are less transportable and closer to the heat source. However, the field XRF analyser picking up on these metals is not set up to detect either gold or silver.”

This is the second breccia pipe Eloro has found at Iska Iska. The first was reported November 18, 2020. In that report Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, stated, “Breccia pipes such as the one we have discovered are important hosts of bulk tonnage ore bodies in many producing mines in epithermal and porphyry deposits especially in the Andean Cordillera of Central and South America.  These pipes tend to occur in clusters, and recent geologic work by our Bolivian geologic team led by Dr. Osvaldo Arce indicates the setting at Iska Iska is conducive for discovery of such a cluster.”

As Eloro awaits assay results from its current drill holes it is completing an access road for a surface drill pad for surface definition drilling of the Santa Barbara breccia pipe.

“We have also located a Central Pipe which is to the south,” said Larsen. “It appears to be elongated and about 400 meters by 700 meters.”

“We have potential breccia pipe targets along the ring structure of the collapsed caldera,” said Larsen. “We are very enthused with the results to date. Our team is working very well. Remember, we really only started drilling in September. We’re able to drill 50 to 90 meters a day at a direct cost of about $110 US a meter.”

The breccia pipes may or may not contain commercially viable material but they are strong indicators that there is a magmatic-hydrothermal source underlying the breccias. Dr. Bill Pearson, P.Geo., Chief Technical Advisor commented, “given the strong association of gold with bismuth in the high-grade zones at Huayra Kasa, gold is likely to be present. It is also very likely that there is a major tin-copper-bismuth porphyry system beneath these breccia pipes; this possibility will be tested in the next round of surface diamond drilling.”

“All the rock is mineralized,” said Larsen. “It really suggests a porphyry intrusive running deeper.”

Larsen describes Iska Iska as a “typical Andean Cordilleran system”. What he does not say is that these sorts of systems produce copper, tin, silver and, perhaps, gold in huge tonnages. It is very early days at Iska Iska, but for investors, the very real possibility of a large mining opportunity becomes more realistic with each hole drilled.

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Eloro Resources Discovers Second Major Mineralized Breccia Pipe Approximately 400m in Diameter at its Iska Iska Property, Potosi Department, Southern Bolivia

  • Drill Hole DHK-14 drilled at -10 degrees to the southwest of Huayra Kasa workings from Drill Bay #3 intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.
  • Channel sampling in 2019 at the north-western end of the Santa Barbara adit returned 0.32 g Au/t, 26.90 g Ag/t, 1.16% Pb, 28.5 g In/t and > 500ppm Sn along the margin of this pipe.
  • A third potential breccia pipe immediately to the south, the Central Breccia Pipe, identified by surface geological mapping and Aster satellite data, is elongate in shape with potential dimensions of approximately 400m by 700m;
  • Five (5) additional potential breccia pipe targets outlined further to the south and east; all confirmed and potential breccia pipes occur along ring structures in the margins of the Iska Iska caldera complex.

Eloro Resources Ltd. (TSX-V: ELOOTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that diamond drilling has confirmed the presence of a second major breccia pipe southwest of the Huayra Kasa underground workings as shown in Figure 1. Drill Hole DHK-14 drilled at -10 degrees to the southwest of the underground workings from Drill Bay #3 intersected almost 180m of silicified and mineralized breccia from 151m to 330m in the Santa Barbara Breccia Pipe. This hole stopped in well-mineralized breccia at the maximum limit of the drilling range and only penetrated approximately 50% of the breccia pipe. Assays are pending. A field XRF analyser indicates the presence of lead (Pb) and zinc (Zn) predominantly before and in the periphery of the breccia transitioning to copper (Cu), bismuth (Bi) and tin (Sn) in the central part. However, the numbers measured are not quantitatively accurate hence cannot be reported. Note that silver (Ag) and gold (Au) cannot be detected by this instrument.

Based on surface geological mapping and interpretation of Aster satellite data (see inset map, Figure 1) along with digital terrain data, the new Santa Barbara Breccia Pipe has an approximate diameter of 400m which is substantially larger than the previously announced breccia pipe discovered adjacent the underground workings approximately 500m to the east. (see press release November 18, 2020). Furthermore, within the breccia, silicification is the predominant alteration suggesting that this pipe is closer to the source of the magmatic-hydrothermal mineralization. Sulphide mineralization occurs throughout the breccia as veins, stockworks, disseminations with locally massive zones. Fragments are principally dacitic in composition with local sandstone and pumice.

As an indication of the style of mineralization in this new breccia pipe, channel sampling in 2019 by Dr. Osvaldo Arce, P.Geo. at the end of the Santa Barbara adit returned 0.32 g Au/t, 26.90 g Ag/t, 1.16% Pb, 0.01% Zn, 28.5 g In/t and > 500ppm Sn over 2.6m in breccia along the southeast margin of this pipe. A third potential breccia pipe immediately to the south, the Central Breccia Pipe, identified by surface geological mapping and Aster satellite data, is elongate in shape with potential dimensions of approximately 400m by 700m (Figure 1). In addition to the potential Central Breccia Pipe, five (5) additional potential breccia pipe targets have been outlined further south and to the east; all confirmed and potential breccia pipes occur along ring structures in the margins of the Iska Iska caldera complex (Inset map, Figure 1). Eloro plans to systematically test each of these newly identified breccia pipe targets for mineralization with diamond drilling.

Tom Larsen, Chairman and CEO of Eloro, commented: “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “The alteration in the Huayra Kasa breccia pipe just east of the underground workings is principally argillic and sericitic which is typical of higher level mineralization in a porphyry-epithermal complex. In contrast, the alteration in the newly discovered Santa Barbara Breccia Pipe is principally silicification. This and the presence of copper, tin and bismuth in the core of the breccia indicates that we are getting closer to the magmatic-hydrothermal source. Furthermore, given the strong association of gold with bismuth in the high-grade zones at Huayra Kasa, gold is likely to be present. It is also very likely that there is a major tin-copper-bismuth porphyry system beneath these breccia pipes; this possibility will be tested in the next round of surface diamond drilling. Meanwhile we are excitedly waiting for more assay results.

Qualified Person

Dr. Osvaldo Arce, P. Geo., Manager of Minera Tupiza, Eloro’s subsidiary in Bolivia and a Qualified Person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, provides technical oversight to the program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited. Processing of the ASTER and satellite data was done by Sandra L. Perry, MS, P.Geo. of Perry Remote Sensing LLC in Denver, Colorado. Ms. Perry is a Qualified Person as defined by NI 43-101. Drill samples are prepared in SGS BOLIVIA SA’s preparation facility in Oruro, Bolivia with pulps sent to the main SGS laboratory in Lima, Peru for analysis by fire assay for gold and silver as well as 31 element ICP. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed.

About Iska Iska

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

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

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

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

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

About Eloro Resources Ltd.

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

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

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/828eb68d-065d-436d-aa95-f6b687f5f7af

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GR Silver Mining Delineates New Mineralized Zone from Drilling in the San Juan Area, Plomosas Silver Project


  • 5.5 m @ 332 g/t AgEq1 (264 g/t Ag, 0.4 g/t Au, 0.3 % Pb and 0.6 % Zn), includes
  • 1.5 m @ 1,112 g/t AgEq (943 g/t Ag, 1.1 g/t Au, 0.5 % Pb and 1.3 % Zn)
  • 19.0 m @ 297 g/t AgEq (49 g/t Ag, 1.8 g/t Au, 0.8 % Pb and 1.4 % Zn)
  • 25.2 m @ 178 g/t AgEq (82 g/t Ag, 0.5 g/t Au, 0.9 % Pb and 0.5 % Zn)
  • 3.2 m @ 477 g/t AgEq (27g/t Ag, 0.3 g/t Au, 3.0 % Pb and 11.4 % Zn)
  • 7.1 m @ 7.5 % Zn, 2.4 % Pb and 0.9 g/t Au
  • 3.3 m @ 11.3 % Zn
  • 0.4 m @ 10.2 g/t Au and 2.1 % Zn

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report a new mineralized zone defined by drill results from the San Juan Area at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. The new zone called the “Yecora Vein” includes results from the 2020 drilling program as well as a reinterpretation of historical drill results in the same area.

The results confirm the presence of wide and high-grade zones of silver, gold, lead and zinc mineralization, close to the surface in a new mineralized structure paralled to the San Juan Area. In addition to encountering attractive, near surface polymetallic (Ag-Au-Pb-Zn) mineralization at Yecora, gold-hosted veins have been identified indicating new opportunities for shallow drilling. The San Juan Trend now extends for at least 2 km along strike, consisting of at least six mapped veins: San JuanLa ColoradaYecora, Loma Dorada, La Odisea and San Francisco (Figure1).

_____________________________

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.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “These results from the Yecora Vein together with our recent 3D modelling of ground IP and airborne magnetic geophysical data provide encouragement for the definition of a much larger epithermal system at San Juan. Since the March 2020 acquisition of the Plomosas Project, the Company has expanded the strike length of the San Juan system from its original 400 m to approximately 2 km, and has demonstrated the presence of at least six mineralized veins (Figure 2). Our ongoing surface drilling program, together with validation of extensive historic drilling data, is providing strong evidence that the mineralized footprint extends beyond the previously drilled areas”.

The progress of the exploration program at San Juan, which includes surface drilling and a review of geochemical and geophysical exploration data, in combination with detailed geological mapping, is expanding the extent of high-grade precious and base metal mineralization. This program has achieved the discovery of new mineralized structures close to the old San Juan mine workings at shallow depth. The Yecora Vein is located to the west of the San Juan Vein and appears to be a splay from the low sulphidation epithermal vein systems mapped in nearby old workings (La Colorada). It has a strike length of at least 500 m and remains open in both directions.

Highlights of the Yecora Vein in the San Juan Area

  • Results from a total of 29 shallow core drill holes define a new mineralized zone.
  • The footprint of the mineralized structures is approximately 500 m along strike, open in both directions, dipping 50˚ to 70˚ to the west.
  • The mineralized structure sits on the geological contact between andesites and volcanic breccias, showing evidence of intense remobilization.
  • The zone includes both a polymetallic, epithermal vein style of mineralization, from 2 to 5 m wide, in addition to disseminated sulphides, resulting in high grade zinc and lead in the host rock up to 25 m wide.
  • There is an apparent zonation in the mineralized zone with polymetallic epithermal quartz veins sitting on the upper part of the system, dipping 50 ˚ to the west. The disseminated stockwork and veinlets with associated base metals mineralization occur mostly on the lower portion of the system. There is commonly narrow massive sphalerite-galena with associated silver and gold mineralization in the lower portion of the system.
  • There is good continuity between the 50 m spaced drilled sections (on average), supporting the potential to define additional shallow resources.
  • The proximity to the surface of most of the drill results, in combination with favourable topography, provides an immediate target for additional drilling along strike and down-dip.

The mineralized Ag-Au-Pb-Zn veins reported in this news release (Table 1), add to the potential for delineation of near surface polymetallic resources in multiple zones at the San Juan Area.

The Company’s diamond core drilling program at the Plomosas Silver Project is ongoing and includes shallow drill holes from surface, as well as underground drilling inside recently rehabilitated existing developments or old workings. The Company has increased the scale of the drill program at the Plomosas Silver Project from a previously released 4,500 m (see News Release dated 15 July, 2020) to a total of 11,900 m. There are currently five drill rigs on site, including one underground drill rig, as part of the resource expansion and discoveries drill program.

Table 1 summarizes the most significant drill assay results for this set of 29 drill holes released for the Yecora Vein in the San Juan Area.

Table 1: Summary Surface Drill Hole Results – News Release November 23, 2020 (Yecora Vein – San Juan 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

YES20-01

37.0

42.5

5.5

5.5

264

0.4

0.3

0.6

332

includes

39.5

41.0

1.5

1.5

943

1.1

0.5

1.3

1,112

YE-1

80.9

83.9

3.0

3.0

na

1.4

na

1.2

includes

82.0

82.4

0.4

0.4

na

10.2

na

2.1

YE-2

49.7

52.1

2.4

2.3

na

0.6

na

1.0

YE-3

108.4

110.0

1.7

1.6

na

1.1

na

na

YE-4

61.5

75.3

13.8

13.5

na

0.5

na

na

YE-5

41.4

54.2

12.8

12.5

na

na

0.7

1.5

YE-8

136.6

139.9

3.3

3.2

na

na

na

11.3

YE-9

80.9

81.5

0.6

0.5

na

na

na

7.2

99.3

100.3

1.0

1.0

na

2.3

na

0.2

YE-11

120.0

124.0

4.0

3.5

10

0.7

na

na

YE-12

43.5

45.5

2.0

2.0

16

na

2.3

3.7

197

YE-13

58.4

59.1

0.7

0.7

na

0.2

0.2

2.3

61.1

62.0

0.9

0.9

na

1.0

na

na

YE-15

66.0

67.0

1.1

1.1

9

0.9

na

19.3

632

YE-17

74.3

77.5

3.2

3.0

27

0.3

3.0

11.4

477

YE-19

86.5

93.6

7.1

7.0

13

0.9

2.4

7.5

388

YE-20

21.4

28.6

7.2

7.0

na

na

0.2

0.6

31.0

34.6

3.6

3.5

12

na

1.5

1.3

100

79.8

85.0

5.3

5.2

14

0.2

0.2

7.3

242

YE-21

65.1

77.4

12.3

12.1

na

na

0.3

0.4

YE-23

91.3

94.8

3.5

3.3

na

na

0.9

1.6

116.2

126.7

10.5

10.0

na

0.6

1.0

5.0

YE-24

55.0

59.7

4.7

4.5

na

na

0.3

1.4

YE-25

50.9

62.1

11.2

11.2

na

na

0.2

0.6

146.8

148.8

2.0

2.0

18

1.0

1.7

10.4

464

YE-26

17.1

32.1

15.0

15.0

na

0.1

0.3

1.0

YE-27

35.4

60.5

25.2

25.0

82

0.5

0.9

0.5

178

YE-28

165.7

168.3

2.6

2.5

na

na

0.4

1.0

171.3

172.9

1.6

1.4

na

na

0.6

2.1

179.2

184.5

5.3

5.0

na

na

0.5

1.2

YE-29

20.4

30.7

10.3

10.0

8

0.1

2.7

1.9

163

YE-30

52.5

61.8

9.3

9.0

10

0.1

1.5

2.0

127

66.1

85.2

19.1

19.0

49

1.8

0.8

1.4

297

223.4

224.3

0.9

0.9

3

5.0

na

na

YE-31

105.5

108.1

2.6

2.5

10

1.0

5.4

1.9

349

134.3

137.0

2.7

2.6

na

0.4

na

2.4

178.7

182.0

3.3

3.2

na

2.4

na

na

YE-32

171.7

174.3

2.6

2.5

na

0.4

na

1.1

182.1

184.4

2.3

2.2

na

na

na

1.4

YE-34

133.9

143.1

9.2

9.0

na

0.6

na

1.1

YE-35

136.2

147.9

11.7

11.5

na

na

na

0.6

150.1

155.9

5.8

5.6

na

na

0.2

0.6

208.6

211.5

2.9

2.7

na

0.2

na

1.1

221.3

223.6

2.3

2.1

na

0.6

na

2.2

YE-36

160.7

166.5

5.8

5.5

na

0.5

na

na

270.4

280.8

10.4

10.0

na

na

na

0.6

*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 29 drill holes in this news release were generated by: (a) GR Silver Mining’s core drilling campaign (YES20-01), and (b) historical drill holes completed by Grupo Mexico, which make up part of an extensive surface and underground diamond core drilling database, that the Company continues to consolidate and validate.

Table 2 provides collar coordinates for the drill holes presented in this news release.

Table 2: Drill Hole Locations – News Release November 23, 2020 (Yecora Vein, San Juan Area)

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

YES20-01

447753

2550717

821

270

70

118.5

YE-1

447834

2550460

783

235

75

136.1

YE-2

447834

2550460

783

235

45

107.6

YE-3

447834

2550460

783

0

90

118.8

YE-4

447815

2550485

786

238

77

144.3

YE-5

447815

2550484

786

0

90

150.9

YE-8

447815

2550484

786

238

55

139.8

YE-9

447855

2550513

796

238

71

143.8

YE-11

447855

2550513

796

0

90

172.7

YE-12

447814

2550478

783

235

66

207.1

YE-13

447797

2550550

793

235

73

129.3

YE-15

447797

2550592

798

235

60

184.1

YE-17

447797

2550592

798

235

78

205.2

YE-19

447797

2550592

798

0

90

207.5

YE-20

447715

2550631

818

0

90

209.5

YE-21

447765

2550629

796

0

90

167.3

YE-23

447839

2550615

816

235

75

169.6

YE-24

447765

2550629

796

235

75

127.2

YE-25

447839

2550615

816

0

90

212.3

YE-26

447715

2550631

818

270

75

236.3

YE-27

447746

2550686

811

270

70

210.7

YE-28

447839

2550615

816

55

78

220.8

YE-29

447715

2550631

818

270

65

205.3

YE-30

447746

2550686

811

0

90

247.0

YE-31

447893

2550463

795

0

90

204.5

YE-32

447893

2550463

795

235

55

190.6

YE-34

447856

2550365

793

270

65

208.3

YE-35

447876

2550225

821

0

90

233.3

YE-36

447857

2550365

793

0

90

280.7

All numbers are rounded.

The Company believes that the San Juan Area represents a large, low sulphidation epithermal system. Our investigations to date have identified evidence of multiple events of mineralization, including a combination of precious and/or base metals in veins, veinlets, stockworks and hydrothermal breccias. This represents an opportunity for the definition of a resource in this area with the shallow surface drilling program to continue discovering new mineralized zones close to the surface.

Qualified Person

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

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

The Company has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The 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, 16 new exploration targets from which 11 have high priority for future exploration programs.

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

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Eloro Resources Discovers Major Breccia Pipe with Extensive Silver Polymetallic Mineralization and a High-Grade Gold-Bismuth Zone in the Iska Iska Property, Potosi Department, Southern Bolivia

Source: Eloro Resources Ltd.

photo-release
Geological Plan Map with Drill Holes, Huayra Kasa Zone, Iska Iska Project
Geological Plan Map with Drill Holes, Huayra Kasa Zone, Iska Iska Project
Figure 1
Geological W-E Cross Section, looking north, Huayra Kasa Zone, Iska Iska Project
Geological W-E Cross Section, looking north, Huayra Kasa Zone, Iska Iska Project
Figure 2
Channel Sampling Plan Map Au-Bi, Huayra Kasa Underground, Iska Iska Project
Channel Sampling Plan Map Au-Bi, Huayra Kasa Underground, Iska Iska Project
Figure 3:
Channel Sampling Plan Map Ag-Zn-Pb, Huayra Kasa Underground, Iska Iska Project
Channel Sampling Plan Map Ag-Zn-Pb, Huayra Kasa Underground, Iska Iska Project
Figure 4
Geology of Southern Bolivia in Iska Iska Area showing locations of Mines and Major Polymetallic Mineral Deposits
Geology of Southern Bolivia in Iska Iska Area showing locations of Mines and Major Polymetallic Mineral Deposits
Figure 5
  • Number of extensive mineralized intersections in holes within major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04;
  • High Grade Gold-Bismuth zone averages 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m in underground workings and is open along strike to the north.
  • 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m intersected in Hole DHK-05 on the strike extension of the high-grade Au-Bi zone.

TORONTO, Nov. 18, 2020 (GLOBE NEWSWIRE) —  Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM(“Eloro”, or the “Company”) is pleased to announce that Minera Tupiza S.R.L., Eloro’s Bolivian subsidiary has completed 13 diamond drill holes totalling 2,898 metres of both underground and surface drilling at its optioned Iska Iska property in the Potosí Department of southern Bolivia. This is the first drilling ever carried out on the property. Figure 1 is a plan map showing locations of drill holes along with geology and alteration. Results from Hole DHK-01 to DHK-05 are reported in this press release; results for the other holes are pending. Due to the polymetallic nature of the deposit, silver equivalent (“Ag eq”) and where applicable gold equivalent (“Au eq”) values have been included for comparative purposes.

The Iska Iska altered-mineralized zone as currently defined is approximately 550m wide and has been initially drill tested over a strike length of 600m as shown in Figure 1. The zone is wide open along strike as well as downdip. Figure 2 is a west-east geological cross section highlighting the major breccia pipe discovery. Significant assay results are given in Table 1. Table 2 gives collar coordinates and azimuths/orientations for all drill holes completed to date. Results are also reported for additional channel sampling in the Huayra Kasa underground workings with complete results including previously released results (see press release October 8, 2019) in Table 3.

Discovery of Major Breccia Pipe with Extensive Silver Polymetallic Mineralization

Underground holes DHK-03 and -04 drilled at 00E and -500E, respectively, intersected a major mineralized breccia pipe located just east of the underground workings as shown in Figures 1 and 2. Significant results from these holes justifying further detailed work include:

  • Hole DHK-04 – 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60Lead (Pb) over 16.39m (140.91 g Ag/t eq) from 150.61m to 167.00m within a broader interval of 122.74m from 89.13m to 211.87m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq); and
  • Hole DHK-03 – 11.57 g Ag/t, 1.06% Zn and 0.42% Pb over 15.66m (62.00 g Ag/t eq) from 119.50m to 135.20m within a broader interval of 33.09m from 119.50m to 152.63m grading 5.90 g Ag/t, 0.63% Zn0.21% Pb and 0.47g Au/t (72.71 g Ag eq/t).

The highlighted significant zones also have anomalous copper values of between 0.01% and 0.07% Cu against background values of much less than 0.01% Cu which may be a significant indicator of the potential for more copper at depth.

Tom Larsen, Chairman and CEO of Eloro, commented: “This is a very exciting discovery confirming that Iska Iska has excellent potential to host a significant silver polymetallic mineral deposit that is potentially bulk mineable. We will be continuing our drilling program as well as expanding our exploration efforts along strike including carrying out gravity and magnetic surveys to outline additional potential pipes. 3-D modelling is also in progress to better understand the geometry of the pipe as well as the distribution of mineralization within it to facilitate further drilling. Concurrently with these activities, preliminary metallurgical test-work will be conducted to support future mineral resource estimation.”

Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro commented: “These first holes provide our first indication that Eloro has discovered a significant new silver polymetallic system akin to other such systems in the prolific southern Bolivian Potosi mineral district. All holes drilled to date have encountered visible mineralized intercepts. Interestingly, a gold-bismuth-rich phase of mineralization is also present within this complex system. Mineralization occurs in and adjacent to a large effusive breccia pipe along the margin of a major volcanic caldera. Breccia pipes such as the one we have discovered are important hosts of bulk tonnage ore bodies in many producing mines in epithermal and porphyry deposits especially in the Andean Cordillera of Central and South America.  These pipes tend to occur in clusters, and recent geologic work by our Bolivian geologic team led by Dr. Osvaldo Arce indicates the setting at Iska Iska is conducive for discovery of such a cluster. Our next seven holes, all with visible intervals of mineralization, explore more of this newly discovered breccia pipe. Notably, hole DHK-012, a surface hole, encountered 300m of mineralized breccia at depth. We eagerly await results from these holes.”

A surface drill was brought in to allow further drilling of the newly discovered breccia pipe which occurs along the contact between a Miocene dacitic dome which has intruded Ordovician sandstones. To date five (5) additional holes (DHK-08 to DHK-12) have been completed confirming that the pipe is oval-shaped with a west-east dimension of 150m and north-south dimension of 200m. As shown in Figure 2 the pipe appears to have a southeasterly plunge. The deepest hole thus far, DHK-12, intersected 300m of mineralized breccia before intersecting mineralized granodiorite.

Within the mineralized granodiorite, there is widespread propylitic alteration consisting of epidote, fluorite and pyrite which suggests that the bottom of the hole is on the margin of a polymetallic porphyry system. Further drilling will be required to confirm the actual base of the pipe as the granodiorite intersected in Hole DHK-12 may be an apophyse (offshoot) from a larger intrusion at depth which could potentially host a porphyry copper deposit. It is also evident that the high-grade vein/breccia zones previously mined in the adjacent Huayra Kasa workings are very likely distal mineralized structures related to the breccia pipe and the porphyry system. This view is further supported by the synchrotron study of the underground channel samples (see press release dated June 25, 2020) which concluded that the four mineralogical domains identified by mineral cluster analysis are related and represent a single, large mineralizing system.

High grade Gold-Bismuth Zone Identified in Underground Workings at Huayra Kasa

Additional channel sampling carried out in the underground workings at Huayra Kasa has identified a north-northwest trending high grade gold-bismuth zone along the west margin of the breccia pipe as shown in Figure 3. Channel sampling here returned 7.1 g Au/t, 0.2% Bi , 28.3 g Ag/t, 1.1% Zn and 0.6% Pb (8.29 Au eq/t) over an average width of 3.04m for a strike length of 47m. Drill hole DHK-05 collared in Drill Bay #1 intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31on the strike extension of this zone.

A second subparallel zone also occurs approximately 40m to the west where channel sampling returned 3.2 g Au/t0.18% Bi, 40 g Ag/t, 1.3% Zn and 0.7% Pb (4.7 g Au eq/t) over an average width of 1.27m for a strike length of 22.5m. Drill hole DHK-01, drilled from Drill Bay #1 intersected 3.9 g Au/t and 0.52% Bi (5.34 g Au eq/t) over 1.85m including 10.2 g Au/t and 1.1% Bi (13.23 Au eq/t) over 1.25m.   Drill hole DHK-03 in the central part of the breccia pipe returned 3.72 g Au/t and 0.50% Bi (4.28 g Au eq/t) over 1.08m indicating that this high-grade gold-bismuth mineralization is much more widespread.

The channel sampling also confirmed the distribution of significant silver polymetallic mineralization within the Huayra Kasa workings. Figure 4 shows the distribution of Ag, Zn and Pb. Zn has the widest distribution with Ag and Pb zones occurring within the broader Zn envelope. Significant results include:

  • West workings – 11.6 g Ag/t, 2.3% Zn, 0.5% Pb (100.8 Ag eq/t) over average channel width of 2.0m for strike length of 16.5m
  • Central workings – 130.9.g Ag/t, 3.68Zn and 3.1% Pb (330 Ag eq/t) over average channel width of 1.9m for a strike length of 78.9.0m. Drilling will be required to establish the grade and width of this zone for mineral resource estimation.
  • East workings – 28.8 g Ag/t, 1.39% Zn0.6% Pb,7.1 g/t Au and 0.2% Bi (556.7 Ag eq/t) over an average channel width of 2.6m for a strike length of 45.0m.

Significant values of indium have also been identified in both the underground channel samples and selected sampling of the diamond drill holes (see Table 4 for partial results in underground samples). Indium is usually associated with zinc however complete analytical data is not yet available to fully report on overall indium contents but indium is certainly a potentially payable metal.

Iska Iska Compared to Polymetallic Mines and Deposits in Southwestern Bolivia

Geologically, Iska Iska is in the southwest part of the Eastern Cordillera of Bolivia which hosts a number of major polymetallic mines and mineral deposits as shown in Figure 5. Table 4 lists geological characteristics of these mines and mineral deposits.

Dr. Osvaldo Arce, P.Geo. Manager of Minera Tupiza S.R.L and an expert on Bolivian geology commented: “The Huayra Kasa adit occurs along the contact between Ordovician sandstone and a Miocene dacitic dome. The breccia pipe has been emplaced in or near the ring fault zone along the northern side of the Iska Iska caldera which is a collapse structure that subsided as a result of the eruption of large volumes of dacitic and andesitic lava flows during Miocene time. Sericitic, argillic and decarbonization alteration is widespread in a zone at least 550m wide that extends 600m along strike and is open to the west and east. The high-grade gold and bismuth mineralization appear to be an earlier stage and occur mostly along structures at or near the contact zone between sandstone and dacite. Silver, zinc and lead mineralization, in contrast, is more widely distributed in the whole mineralized system and overprints the earlier high-grade gold and bismuth zones. The final stage of mineralization appears to be a late overprint of zinc and indium.”

Dr. Arce continued, “The Southeastern Andes polymetallic province is characterized by the presence of collapse/resurgent calderas, which were subsequently mineralized by both high temperature minerals such as cassiterite and wolframite associated with dacitic to rhyolitic subvolcanic stocks, overprinted by a late epithermal high and intermediate sulphidation events. The silver polymetallic type of mineral deposit represents the most common type of mineralization in the country. These deposits are characterized by a polymetallic signature (Sn, Ag, Zn, Pb, Bi, W, Au, Sb), which is usually telescoped and spatially related to intrusions. San Vicente and Tasna are hosted in sedimentary rocks; Cerro Rico de Potosí, Tatasi and Chorolque are hosted mostly in igneous rocks; whereas San Cristobal, Pulacayo, and Iska Iska are hosted in both sedimentary and igneous roccopper,

ks. It is very likely that the mineralized granodiorite intersected in Hole DHK-12 is on the margin of a major porphyry complex at Iska Iska.”

Qualified Person

Dr. Osvaldo Arce, P. Geo., a Qualified Person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, provides technical oversight to the program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited. Drill samples are prepared in SGS BOLIVIA SA’s preparation facility in Oruro, Bolivia with pulps sent to the main SGS laboratory in Lima, Peru for analysis by fire assay for gold and silver as well as 31 element ICP. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed.

About Iska Iska

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

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

Geological mapping on the property by Eloro has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about 5 square kilometres. The silver polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and disseminations, forming a subvertical vein system in both the stock and the volcanic and sedimentary rocks. Preliminary evaluation work including 42 channel samples in underground and on surface workings at Iska Iska returned significant results as summarized below. All of the channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m, averaging 2.90 m (see press release of October 8, 2019 for further details).

  • Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
  • Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
  • Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
  • Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
  • Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
  • Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel samples).
  • Indium. Anomalous indium values range between 10.35->500 g/t In (34% of channel samples).

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

About Eloro Resources Ltd.

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

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

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

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

Table 1. Significant Mineralized Intercepts in Holes DHK-01 to DHK-05, Huayra Kasa.

DDH
No.
From
(m)
To (m)Length
(m)*
Ag
(g/t)
Zn %Pb%Au
(g/t)
Bi
(%)
Ag eq**Au
eq***
DHK-010.001.201.2014.401.930.430.010.0089.191.16
18.7535.9017.1534.640.640.890.040.0079.621.04
85.5088.302.830.640.840.720.010.0046.800.61
109.40111.251.856.641.590.503.900.52408.885.34
Incl.109.40110.000.6016.503.271.0610.201.101013.6813.23
DHK-020.002.492.4922.442.150.630.030.00110.79
27.4739.1111.6412.830.420.310.030.0136.68
Incl.27.4728.070.6068.301.352.080.060.00166.56
Incl.28.0729.651.580.800.020.010.010.002.36
Incl.29.6530.200.5551.102.960.850.140.17192.65
Incl.30.2034.904.700.500.020.010.010.002.06
Incl.34.9035.530.6389.502.371.930.120.00222.88
 79.16126.9147.450.940.490.150.070.0126.82 
Incl.79.1681.302.161.503.470.440.270.00147.58
Incl.81.3088.997.160.790.010.020.020.003.57
Incl.88.9991.142.153.100.020.070.750.1473.50
Incl.91.14105.8214.680.850.090.030.060.009.21
Incl.105.82106.510.691.602.751.200.010.00121.62
Incl.106.51121.2114.700.570.070.010.010.003.96
Incl.121.21126.915.701.222.050.780.010.0088.25
DHK-030.002.802.8011.800.270.400.010.0030.99
119.50152.6333.095.900.630.210.470.0672.21
Incl.119.50135.2015.6611.571.060.420.070.0062.00
Incl.144.25147.853.601.340.590.020.010.0022.31
Incl.147.85151.553.700.500.100.000.010.004.67
Incl.151.55152.631.082.100.060.043.720.50327.584.28
DHK-0426.1032.606.507.920.650.210.010.0035.44
44.9473.8328.896.660.490.180.030.0029.21
Incl.44.9451.796.8510.110.570.300.010.0037.02
Incl.51.7953.691.900.650.130.010.010.005.99
Incl.53.6954.841.1511.701.240.400.140.0072.73 
Incl.54.8457.963.120.500.020.010.010.002.30
Incl.57.9663.185.224.730.620.120.030.0030.92
Incl.63.1868.585.400.500.010.010.010.001.75
Incl.68.5873.835.2515.170.960.360.060.0060.44
89.13211.87122.7414.290.810.410.040.0053.67
Incl.96.47105.499.021.310.140.030.010.007.40
Incl.105.49122.1116.6221.031.520.570.050.0088.43
Incl.122.11138.2716.161.600.150.050.010.008.44
Incl.138.27142.484.2131.791.051.040.050.0095.24 
Incl.142.48150.618.131.870.130.030.010.007.52
Incl.150.61167.0016.3954.481.451.600.010.00140.91
Incl.167.00173.406.400.600.070.010.010.003.93
Incl.173.40188.7015.3015.460.750.490.040.0054.71 
Incl.188.70198.639.930.550.090.010.010.004.84
Incl.198.63211.8713.240.740.950.010.060.0036.92
DHK-050.0011.8511.856.5131.960.806.510.07588.517.68
Incl.0.002.312.3163.691.961.4729.560.262446.4931.94
39.4051.7512.3512.790.410.350.020.0035.97
Incl.39.4041.842.4436.840.891.200.020.0096.45
Incl.41.8447.235.391.160.060.040.010.004.85
Incl.47.2351.754.5213.680.570.280.020.0040.43
74.5277.823.309.580.630.270.020.0037.85
137.92146.428.504.800.600.140.080.0033.90
 171.50191.6820.1815.140.710.390.110.0056.16 
Incl.172.62173.140.52386.0012.0010.103.380.001280.8416.72
202.10207.855.7511.981.550.410.010.0073.70

All drill core is HQ size (63.5mm)
*At the present time no estimate of true width can be made but will be determined when additional drill results are available. Tr = trace
** Formula for Ag g eq/t = Ag g/t + (Zn %*33.1)+ (Pb %*23.6)+ (Au g/t*76.6)+ (Bi%*75.1)
*** Formula for Au g eq/t) = Ag eq/t/76.6

  • Metal prices used are: Ag = $24.66/oz, Zn = $1.19/lb, Pb = $0.85/lb, Au = $1889/oz, Bi = $2.70/lb (all prices USD$).
  • Ag eq calculated for the purpose of normalizing/rationalizing polymetallic results; these calculations do not necessarily reflect Ag as being the primary metal in many reported intervals.
  • Au eq calculated for mineralized intervals where gold is the primary metal

Table 2: Summary of Diamond Drilling at Huayra Kasa to November 9, 2020

Hole No.EastingNorthingElevationAzimuthAngleHole
length m
DHK-0120554976564024150180°-10°111.25
DHK-0220554976564024150180°-50°159.45
DHK-032055537656406415090°117.45
DHK-03 EXT.2055537656406415090°48.40
DHK-042055537656406415090°-45°251.98
DHK-0520554976564084150-50°207.85
DHK-0620554776564064150270°201.40
DHK-0720554776564064150270°-45°129.45
DHK-082055647656404417590°-70°305.50
DHK-092056647656404417690°-45°303.30
DHK-1020563676564054180-45°152.00
DHK-1120563676564054180180°-45°344.00
DHK-1220563676564694160180°-55°402.00
DHK-1320541876563634150270°165.00
DHK-1420541876563634150235°-10°In progress
TOTAL2898.23

Underground Holes – DHK-01 to -07, -013, -014; Surface Holes – DHK-08 to -12

Table 3: Assay Results for Underground Channel Sampling, Huayra Kasa (Refer to Figures 3 and 4 for sample locations).

Sample
ID
Width
(m)
AzimuthAg
g/t
Pb
%
Zn
%
Au
g/t
Bi
%
Cu
%
In
g/t
1HK-012.35580.530.010.010.010.000.02na
2HK-024.1791.390.440.510.360.010.05na
3HK-033.12225.500.632.152.50.100.06na
4HK-043.63210.500.281.990.850.010.04na
5HK-053.1691.680.040.320.040.000.02na
6HK-062.634046.100.773.010.070.000.05na
7HK-073.2356204.004.134.810.350.000.05na
8HK-083.735275.101.351.400.020.000.02na
9HK-093.3349266.008.245.750.020.010.01na
10HK-102.7354632.0013.3413.780.010.010.11na
11HK-112.4311.670.150.69<0.010.000.01na
12HK-123.15453.780.801.29<0.010.000.01na
13HK-132.25503.100.150.39<0.010.000.01na
14HK-142.91613.600.430.380.040.000.02na
15HK-152.53571.820.031.05<0.010.000.01na
16HK-162.153570.850.010.08<0.010.000.01na
17HK-173365.990.250.31<0.010.000.01na
18HK-202.95687.580.070.2515.50.590.06na
19HK-213.35632.600.070.510.340.010.02na
20HK-222.98473.701.703.809.10.120.08na
21HK-433.3565106.001.640.974.880.230.04na
22HK-444.37051.600.830.526.020.910.05na
23HK-454.4641.800.030.543.980.020.05na
24HK-465.3574.700.100.270.980.010.02na
25HK-473.87018.400.612.699.980.070.01na
26HK-484603.700.080.464.010.060.03na
27HK-492121.000.010.050.30.000.01na
28HK-50234716.300.532.410.050.000.01na
29HK-512352<0.50.010.01<0.010.000.01na
30HK-532261<0.50.010.020.020.000.01na
31HK-54226014.900.340.8717.050.140.02na
32HK-552246<0.50.010.020.010.000.01na
33HK-562170<0.50.000.010.010.000.01na
34HK-57216632.100.872.820.050.000.01na
35HK-58211527.900.943.260.030.000.01na
36HK-59213218.700.542.490.050.000.01na
37HK-602802.100.050.647.50.150.05na
38HK-612.45041.000.440.8319.30.130.21na
39HK-622604.000.090.221.7850.100.03na
40HK-632.57714.400.350.832.930.070.02na
41HK-6438339.900.962.250.790.010.01na
42HK-660.7526070.502.322.8132.50.210.03na
43HK-67140157.003.683.110.040.010.03na
44HK-682121.200.190.180.020.000.01na
45HK-692160.700.130.270.030.000.01na
46HK-702210.800.020.200.020.000.01na
47HK-7122870.700.070.270.010.000.01na
48HK-732291<0.50.040.390.010.000.01na
49HK-742192.000.080.670.020.000.01na
50HK-752140.600.050.150.010.000.01na
51HK-762.434969.702.312.670.070.000.04na
52HK-773.2299.000.281.150.520.000.03na
53HK-781.4855.700.150.962.720.070.04na
54HK-791.69249.200.962.182.170.030.06na
55HK-801.4092.702.176.490.090.000.05na
56HK-810.6352169.003.382.980.040.000.18na
57HK-821.212119.002.713.090.070.000.02na
58HK-831.717130.002.188.700.020.000.08na
59HK-8421184.003.239.510.010.000.08>500
60HK-851.3235.800.272.450.010.000.03na
61HK-861.353.000.050.47<0.010.000.01na
62HK-871.3686.100.171.500.010.000.01na
63HK-881.301.200.030.14<0.010.000.01na
64HK-891.6240.700.030.21<0.010.000.02na
65HK-902.235617.400.693.360.010.000.02na
66HK-9123408.900.543.15<0.010.000.02na
67HK-92230610.300.602.93<0.010.000.02na
68HK-93231218.300.341.090.020.000.01na
69HK-9522881.000.120.180.010.000.01na
70HK-9621952.710.120.200.010.000.032.21
71HK-97219711.500.692.090.020.000.03na
72HK-98220512.500.502.340.010.000.04na
73HK-991.331325.301.563.590.020.010.03na
74HK-1001.2308<0.50.040.04<0.010.000.02na
75HK-10121231.900.080.21<0.010.000.03na
76HK-102211411.000.500.54<0.010.000.07na
77HK-1030.86480.001.090.216.220.680.08na
78HK-1040.756516.050.150.519.020.570.072.67
79HK-1050.95093.202.492.030.160.000.06na
80HK-1061.30244.005.005.080.020.000.15na
81HK-1071.314180.004.415.020.010.000.02na
82HK-1081.12488.803.226.220.020.000.02na
83HK-1091.21546.401.381.360.030.000.02na
84HK-1100.91024.300.640.600.010.000.0117
85HK-1123.3324PPPPPPP
86HK-1132.9115PPPPPPP
87HK-1142.8132PPPPPPP
88HK-1152.9516PPPPPPP
PPending
naNot Analyzed

Table 4: Geological Characteristics of Major Polymetallic Mineral Deposits, Southern Andes Potosi District, Bolivia

DEPOSITOWNERRESOURCES/
RESERVES *
HOST ROCKMINERALIZATION
TYPES
ALTERATION TYPESDEPOSIT TYPE
Iska Iska (Ag, Pb, Zn, AuBi, In)Empresa Minera Villegas & Minera Tupiza-Eloro ResourcesExploration by Minera Tupiza subsidiary of ELORO RES.Ordovician sandstone, Tertiary dacite dome & granodiorite stockBreccia, stockwork & disseminationsArgillic, sericitic, propylitic in dacite & epidote, fluorite, magnetite in granodioriteBolivian type Porphyry-epithermal complex
Chorolque (Sn, W, Au)COMIBOL
Production by Mining Cooperatives
Resources ≥ 100 Mt @ 1.5% Sn, 1.5% WO3

Ordovician shale, siltsone, sandstone & Miocene subvolcanic dacite stockBreccia, veins & veinletsQuartz-tourmalinesericitechloritePolymetallic Bolivian type within an intrusion
Tasna
(Bi, Au, Cu, W, Sn)
COMIBOL
Production by Mining Cooperatives

Resources > 30Mt ; Reserves 840,000 t @ 1.35% Bi, 1.35 g Au/t, 1.16% Cu, 0.21% WO3)

Ordovician shale, siltsone, sandstone & Miocene Quartz-feldspathic porphyric dikesVeins, veinlets & anticline hingesSericite, potassic, advanced argillic & tourmalinePolymetallic Bolivian type associated to sedimentary rocks
San Vicente (Ag, Zn, Pb, Cu, Sn)COMIBOL
Production by Pan American Silver
Resources
≥ 9 Mt @300 g/t Ag;
3% Zn;
0.4% Pb;
0.3 % Cu;
0.3 % Sn
Oligocene fanglomerate, Ordovician shales & porphyritic dacite dikesMassive, replacement veins filling pre-existent faults, shear zones & bonanza zonesSilicification in shear zonesPolymetallic Bolivian type associated to sedimentary rocks
Tatasi
(Ag, Sn)
COMIBOL
Production by Mining Cooperatives
Resources
≥ 40 Mt @ 80 g/t Ag, 2% Sn
Ordovician shales & sandstone, Cretaceous limestones, lava flows, volcanic domes & dacitic dikes“Rosary” veins, shear zones, bonanza zones, stockwork & disseminationSilicification, sericite, argillic & propyliticBolivian type Porphyry-epithermal complex
San Cristóbal
(Ag, Zn, Pb)
SUMITOMO CORP.
Production by Minera San Cristobal subsidiary of Sumitomo Corp.
Resources
≥ 100 Mt @ 63 g/t Ag, 1.5% Zn, 0.5% Pb
Central depression of about 4 km in diameter filled by up to 300 m thickness of volcaniclastic lacustrine sediments.Steep fractures & breccias, stratiform disseminations in volcaniclastic-lacustrine sediments, irregular open space fractures, narrow hydrothermal brecciasIllite with disseminated pyrite of an intermediate argillic assemblageVolcanic hosted massive polymetallic (epithermal type)
Pulacayo
(Ag, An. Pb)
COMIBOL
Exploration by Silver Elephant
Resources
≥ 30 Mt @ 435 g/t Ag, 3.5% Zn, 2.1% Pb
Silurian sedimentary rocks & igneous Neogene aged rocksVeta Tajo is part of a large structural system striking east-west & dipping 75° to 90° south.Propylitic, sericitic, moderate-advanced argillic, & siliceousVolcanic hosted massive polymetallic (epithermal type)

Sources:
Web sites of mentioned companies;
Book: Metalliferous Ore Deposits of Bolivia (Arce, 2009);
Book: Yacimientos Metalíferos de Bolivia (Arce, 2020).
Note: Resources and Reserves figures are provided for information purposes only and may not necessarily be compliant with National Instrument 43-101

Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/87da15ac-d67a-440d-b149-8cf84cc81aea

https://www.globenewswire.com/NewsRoom/AttachmentNg/46098774-e57f-4154-b416-eaeba75c88d1

https://www.globenewswire.com/NewsRoom/AttachmentNg/830f5b34-d136-41e9-9764-ed1ecb8f7640

https://www.globenewswire.com/NewsRoom/AttachmentNg/2319c0ac-1317-4b2b-bb6f-cbf42714db3d

https://www.globenewswire.com/NewsRoom/AttachmentNg/ebd16e27-9992-4eff-af2b-89854c193d72

 

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GR Silver Mining Discovers New Gold and Silver Mineralization in the Footwall of the San Marcial Silver Resource, Providing Support for Future Resource Expansion


  • 3.8 m @ 2,184 g/t Ag, 0.8 % Pb and 2.9 % Zn
  • 2.7 m @ 1.48 g/t Au, including 0.6 m @ 5.87 g/t Au
  • 2.5 m @ 1.43 g/t Au, including 1.0 m @ 3.34 g/t Au
  • 0.9 m @ 1,452 g/t Ag, 1.5 % Pb and 9.0 % Zn

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce new high grade silver and gold mineralization located in the footwall adjacent to the NI 43-101 resource at the San Marcial Silver Project (“San Marcial Project”) in Sinaloa, Mexico. These positive results support the potential for future expansion of the resource.

The new mineralization has been identified in channel sampling along newly constructed road access to the underground tunnel which has been expanded for the planned underground drill sites (Figure 1) . This new mineralization has been tested with initial shallow drill holes, which tested the 3D continuity of the host structures at short distances from the road and close to the surface. The new road cuts have exposed a new section of the footwall zone of the NI 43-101 resource, in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones.

The area is currently being mapped in detail, with additional geochemical investigation to define the geometry and continuity of the mineralized system along strike and down dip (Figure 2). The position of the road outcrops relative to the orientation of mineralized structures meant that some samples were taken sub-parallel to the mineralization, and the approximate true widths are noted in Table 1. The initial set of three drill holes are oriented sub perpendicular to the structures and mineralized zones, however a follow-up deeper drilling program is being envisaged by the Company to fully define the dimensions of the mineralized system.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “The Company has taken advantage of new outcrops of fresh rock resulting from the construction of a new road access to the San Marcial Tunnel. The exposure of a wide hydrothermally altered, silicified and sulfide rich zone  revealed high grade silver and gold mineralization in the footwall area adjacent to the Resource Area, that has the potential to add to the San Marcial NI 43-101 resource estimate. We have validated a number of these mineralized zones with shallow diamond drill holes. It is significant in that the precious metals mineralization is hosted within a potentially wide zone with evidence of hydrothermal features such as sicilification and sulfide rich veining similar to our high grade gold result from the 2019 drilling program that returned 1m at 204.6 g/t Au, approximately 140 m to the northwest of the tunnel, and also outside the NI 43-101 Resource Area. Additional work is ongoing in this area to follow up on the encouraging results to date.”

Mineralization along the new access road consists of high-grade silver and, locally, gold bearing quartz-sphalerite-galena veinlets that entered fracture-controlled fluid pathways along contacts with and within intercalated  acid volcanics. The host rock  is moderately quartz-sericite altered, with variable amounts of disseminated and stringer pyrite, sphalerite and galena. The nature and frequency of the veinlets is currently being studied, though the Company believes that these veinlets could potentially increase in frequency and possibly coalesce with depth. Alteration is characterized in some sections by intense silicification, implying a large hydrothermal system, potentially wider than the mineralized zones.

Significant results from channel sampling along the new road, which provides access to the underground development at the San Marcial Tunnel, include the following mineralized zones (Table 1).

Table 1: Channel Sampling Results from the New Road leading to the San Marcial Tunnel

Channel

From
(m)

To

(m)

Sampled
Length

(m)

Approx.
True
Width (m)

Au g/t

Ag g/t

Pb %

Zn %

SMtr-049

35.4

50.8

15.4

11.5

0.02

37

0.1

including

35.4

37.4

2.0

1.2

0.02

83

0.1

and

46.9

50.8

3.9

2.7

0.04

57

0.2

61.3

69.3

8.0

7.5

0.02

39

72.3

73.3

1.0

0.7

1.91

4

78.3

79.3

1.0

0.6

0.01

30

88.3

91.3

3.0

2.7

0.15

10

101.3

105.3

4.0

2.6

0.07

60

105.3

112.3

7.0

5.2

0.27

10

including

105.3

107.3

2.0

1.3

0.56

18

124.5

125.5

1.0

0.3

0.03

48

132.6

133.6

1.0

0.3

0.02

50

177.0

180.8

3.8

0.2

0.03

2,184

0.8

2.9

188.8

189.7

0.9

0.2

0.04

1,452

1.5

9.0

240.6

242.6

2.0

0.2

0.01

80

0.1

0.1

* “-” = assays <0.1%. All numbers are rounded. Results are uncut and undiluted. True sample widths are approximate due to complexity of structural orientations.

3.8 m long sample, taken along the length of a narrow hydrothermal breccia revealed individual mineralized values of up to 1 m at 3,033 g/t Ag, with associated 0.6 % lead and 4.0 % zinc. The 0.2 m wide (approximate true width) breccia contact zones, located on either side of the 1.0 m wide dike, are an indication of a series of structurally controlled pathways permitting the mobilization of mineralized fluids.

Of the historic drill holes completed in the San Marcial Resource Area, only one hole – SM-10-09, was drilled deep enough below the main San Marcial breccia to encounter this footwall zone at depth, and is significant due to the high silver grades obtained in a similar quartz breccia contact of the dacite host rock with an intrusive dike. The results (Table 2) illustrate the continuity of the hydrothermally altered system and significant mineralization at depth.

Table 2: Significant results from the end of hole SM-10-09 – Breccia/dike contact mineralization

(Results previously released. See News Release dated 18 September, 2018)

Drill Hole

From (m)

To

(m)

Length (m)

Ag g/t

Au g/t

SM-10-09

188.0

235.0

47.0

4.7

0.2

280.0

286.0

6.0

139

0.04

including

285.0

286.0

1.0

501

0.08

286.0

295.0

9.0

Dike – No Significant Mineralization

295.0

299.0

4.0

120

0.1

All numbers are rounded. Results are uncut and undiluted

Three diamond drill holes (Figure 1) have recently been completed to test this footwall dacite zone, which targeted quartz vein and quartz vein breccia contact zones at relatively shallow depth. The quartz veins were found to occur in the footwall of the NI 43-101 resource. High grade gold results of up to 2.7 m at 1.48 g/t gold (Au) including 0.6 m at 5.87 g/t Au (Table 3), were reported from this drilling. The results revealed continuity of the mineralization at depth, with higher grades revealed at the contact zones, as well as continuity of lower, though significant, grades between these zones.

Hole SM-20-07 (Table 4) was drilled vertically to test a sulphide rich structurally controlled zone on surface, 46 m from the road channel samples. This hole successfully tested the target and revealed significant fluid pathway gold and silver mineralization along the contact with strong alteration and mineralization through most of the drill hole. Some of the most important intervals, including a number of high grade gold intervals, are illustrated as follows (Table 3).

Table 3: Significant assay results from drill holes SM-20-07, 08 and 09.

Drill Hole

From (m)

To (m)

Length (m)

Au g/t

Ag g/t

SM-20-07

4.5

4.95

0.45

0.16

57

12.55

15.5

2.95

0.43

10

including

13.5

13.93

0.43

1.70

7

21.5

24.0

2.5

1.43

2

including

23.0

24.0

1.0

3.34

3

41.5

44.2

2.7

1.48

8

including

42.5

43.1

0.6

5.87

12

75.4

77.6

2.2

0.53

7

including

77.15

77.6

0.45

1.30

2

SM-20-08

13.5

14.0

0.5

0.26

5

17.0

18.0

1.0

0.02

30

SM-20-09

0.0

1.5

1.5

0.03

33

13.6

19.5

5.9

0.03

39

incl

13.6

14.6

1.0

0.09

42

and

18.5

19.5

1.0

0.03

146

22.85

25.3

1.45

0.45

8

All numbers are rounded. Results are uncut and undiluted. True widths are approximate due to complexity of structural orientations.

Holes SM-20-08 and SM-20-09 (Table 4) were drilled at locations southeast from the tunnel (Figure 1), and higher up the ridge. Both holes were drilled to test contacts between a mafic dike and the volcanic rock. In both cases, and similar to hole SM-20-07, significant mineralization was encountered both at the contact, as well as throughout the volcanic rocks.

It is important to note that the sequence of volcanic  rocks hosting the elevated gold results in the footwall below the San Marcial Resource in SM-20-07, is the same stratigraphic position as the high-grade gold result announced by the Company from the 2019 drill program (SM-19-01) which returned 1 m at 204.6 g/t Au (see News Release dated 30 July, 2019), approximately 234 m to the northwest.

Table 4: Drill Hole Locations – News Release November 12, 2020 (San Marcial Road Access Area)

Hole No.

East (m)

North (m)

RL (m)

Azimuth

Dip

Depth (m)

SM-20-07

450,919

2,545,550

818

0

-90

100.5

SM-20-08

451,059

2,545,453

894

30

-70

30.0

SM-20-09

451,024

2,545,476

900

30

-45

30.0

All numbers are rounded. Datum: UTM NAD 27, Zn 13

Future Drilling Program

The footwall of the NI 43-101 resource is where the Company is currently integrating all data, aiming to study un-tested areas close to the current mineralization with the potential to expand the San Marcial Resource. Future drilling will further test this footwall zone, while providing information on the orientation, continuity and grade of mineralization at depth.

Channel Sample Protocols

Channel samples from SMtr-049 were collected with a rock saw, typically on 1 m continuous intervals. The samples were then sent to the SGS Laboratory in Durango for assay.

Channel lengths were measured along the trench commencing at the southern end. Approximate true thicknesses were calculated using field assumptions of the orientation of the mineralization.

Channel composites were calculated with a minimum composite width of 1 m and a grade cut-off of 30 g/t Ag or 0.10 g/t Au. i.e. no intercepts were reported that averaged less than 30 g/t Ag or 0.10 g/t Au.

Qualified Person

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

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

The Company has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry, Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

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, 16 new exploration targets from which 11 have high priority for future exploration programs.

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. In August 2020, GR Silver Mining commenced its drilling program in the area to investigate extensions to known mineralization and to guide new discoveries, part of a planned resource estimation in 2021.

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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Understanding structure: X marks the spot

When geologists are planning a drilling program they want to have as much information as possible before the drill starts turning. Tocvan put out a press release  October 27 which, in technical language, indicated that the company’s geologists has reached some conclusions as to the geological structures at its Pilar Gold-Silver Project in Sonora, Mexico. And it is those structures which will determine where Tocvan (C.TOC) will drill.

The problem is that whenever geos start talking about structure they tend to drift off into very detailed and largely incomprehensible “geo speak” which leaves the investor no wiser. What are these structures, how do you “see” them and why do they matter? Fortunately, while he is a geologist, Mark Smethurst, COO of Tocvan, is also very good at translating geo speak into regular English.

We began our conversation talking about the tools Tocvan was using. “We used induced polarization to look down to about 300 meters, and 3D Inversion Magnetic Susceptibility to go down to 600 meters,” said Smethurst. “We collect the data and then send it to geo-physicists and specialists who interpret the data and provide 3D images that can be used in targeting the mineralization that is contained within and controlled by the structures found on the property. Structures such as faults and shear zones.”

It’s a process, as Smethurst puts it, “It’s the evolution of knowledge over time. You are testing previous knowledge. You start by walking around looking for geo clues, looking for features which occurred in the past. You look for the features in LIDAR and you line up the LIDAR image with what the geo-physicists are telling you.”

“You are trying to confirm structures which are indicated at surface,” said Smethurst. “You take your prior work and update your interpretation.”

C.TOC, Tocvan Ventures
Figure 1

“If you look at Figure 1 you will see the deep rich blue which shows magnetic susceptibility lows and red which shows magnetic susceptibility highs . . You want the lows,” said Smethurst. “This is an image of the rock 600 meters down.”

“The blue lows are openings. Where the crust has torn,” said Smethurst. “That’s where there is weakness, where there is a shear zone.”

“If you take a sheet of paper and put it on your desk and push one side up and the other down you will see the paper deform and, if you put enough pressure on, eventually tear,” said Smethurst. “Where there is a tear the features open up and there is porous space. The fluids which carry mineralization flow up through the tear.”

“Those fluids are pushed by pressure below but also sucked by the vacuum above,” said Smethurst. “The hydrothermal fluid here is molten quartz. It has the viscosity of oil on a cold winter morning. And in that fluid you’ll see gold, silver, zinc and lead.”

C.TOC, Tocvan Ventures
Figure 2

“The second figure is an image using the same technique as Figure 1 but this time 400 meters below surface. The structures are less sharply defined at this level because of weathering,” said Smethurst. “Thirty-five million years of weathering have smeared the features.”

The third figure is an image taken using Induced Polarization. IP is effective to 300 meters and it tracks structure,” said Smethurst. “We are seeing a corridor running NW/SE. We are also seeing a “pipe” in line with the structures. The system is fed by fissures which are actually bigger than faults”

C.TOC, Tocvan Ventures
Figure 3

The objective of this imaging is to find the best drilling targets. If you look at Figure 1 again, you will see dashed white lines. These are north-trending faults and those faults are co-incident with gold intercepts from historic drilling. If you overlay Figure 3 you can get a sense of the vertical structure reaching surface.

“It’s like a pirate’s treasure map. X marks the spot,” said Smethurst.

The next step for Tocvan is to choose actual drill targets and start drilling. The company has the historic drill results but it has also identified new targets which warrant drilling. Smethurst and his team have focussed the search for drilling targets. Now the drill will test the knowledge Tocvan has already developed about the Pilar property.

For the investor, this sort of meticulous pre-drilling preparation is very good news. Drilling is expensive. Being able to carefully target a drilling program means that program will have a much greater chance of success. The junior resource market is driven by drilling, a few good holes and Tocvan could easily double it’s current $0.35 share value.

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Aben Resources Provides Results and Summary of 2020 Drill Program at the Forrest Kerr Gold Project in BC’s Golden Triangle

Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (the “Aben” or the “Company”) announces the results of the recently completed drill program from the Forrest Kerr Gold Project. The Company completed two holes for a total of 990.0 meters. The 2020 drill program tested for the mineralized extension of high-grade polymetallic mineralization on the west side of the Nelson Creek Fault Zone. Both holes were collared on the scree-covered west bank of the Boundary Valley, several hundred meters outboard from the main mineralized zone at North Boundary.

Boundary Zone and Exploration & Potential Drill Target maps:
https://abenresources.com/site/assets/files/4087/2020-10-29-abn_slide_for_website.pdf

Hole FK20-71 encountered multiple horizons of polymetallic mineralization (Au-Ag-Cu-Zn) with the most uniform zone returning an average gold grade of 0.46 g/t Au (grams/tonne) over 37.0 meters (highest 1.0m value of 3.45 g/t Au). This horizon directly correlates with a drilled intercept from hole FK19-53 that averaged 1.2 g/t Au over 19m (located 70 meters above) and several surface samples (180m above) that returned gold values between 1.0 to 43.3 g/t Au. With limited drilling, this zone shows uniform gold grade mineralization over 180 m of vertical extent with a minimum surficial mineralized footprint exceeding 300 meters along strike. Notably, this mineralization is located west of the Nelson Creek fault zone, a structure that was previously thought to cut-off polymetallic mineralization west of the North Boundary high-grade mineralized zone.

FK20-72 tested for the potential of precious metal mineralization at the intersection of the NE-SW directed Blind Fault and the N-S oriented Nelson Creek Fault Zone. This hole encountered sporadic polymetallic mineralization adjacent to a strongly-altered fault-derived (mylonitic) rock package, but failed to encounter the structurally offset high-grade mineralization present at the North Boundary main zone (180m NE). A 19.0 m intercept with consistent low-tenor gold grades averaged 0.25 g/t Au between 453.0-472.0m downhole depth, roughly 350m below the surface of the North Boundary mineralized corridor.

The west-side mineralization is hosted within a volcanic to sub-volcanic Hazelton rock package with variably strong Quartz-Sericite-Pyrite (QSP) alteration, abundant quartz veins and a significant potassic component indicative of high-temperature fluids sourced from a proximal mineralizing heat source.

Both drillholes encountered highly fractured rock below approximately 55.0 meters of glacier-derived debris within and adjacent to the Forrest Kerr Fault Zone, a major crustal feature that provided structural pathways for mineralized fluids. Adverse weather in July, August and into September also affected the efficiency of drilling, which prompted Aben to suspend drilling after 990m of a planned 1500m.

The Forrest Kerr Property consists of 4 separate claim blocks comprised of 56 mineral claims (23,397 ha) and is owned 100% by Aben Resources. Numerous areas of interest have been identified since Aben began systematic exploration in 2016, with a total of 72 drill holes (22,958m/75,302’) completed. The Boundary Valley (3.5 km x 1.0 km) hosts significant surface gold mineralization and complex structural intersections, both of which are important indicators of the potential for discovery of more sub-surface high-grade gold mineralization.

Aben CEO Jim Pettit states, “Despite the challenges the Company faced this season at the Forrest Kerr Project, we managed to identify a new mineralized zone that shows uniform gold values over significant intervals along strike and to depth. This is significant as the Nelson Creek Fault was previously thought to cut off polymetallic mineralization west of the North Boundary High Grade Zone. This definitely opens up the west side of the Boundary Valley for further exploration.”

About Aben Resources:

Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company.

Forrest Kerr Gold Project, Golden Triangle, BC claims map:
https://abenresources.com/site/assets/files/4087/abn_forrest_kerr_project_map.pdf

For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.

Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.

ABEN RESOURCES LTD.

“Jim Pettit”
______________________
JAMES G. PETTIT
President & CEO

For further information contact:
Aben Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com

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

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

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Tocvan Announces Drill Targets, 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 drill targets for the next phase of the

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation“) is pleased to announce drill targets for the next phase of the development program at the Pilar Gold-Silver Project in Sonora, Mexico. Drill permitting is underway and is pending..

Successes have been achieved from the Phase 1 target generating program over the past six months to locate targets for drill testing. MPH Consulting Limited, and SRK Consulting (Canada) Inc. have completed the structural analyses on the Pilar Property in Mexico. High grade gold and silver are located within and controlled by structures such as faults, intersecting faults, and dilated structures.

Results from the study show deep penetrating sub-vertical north-trending structures found within the northwest trending structural shear corridor. Gold and silver mineralization correspond with north-trending structures and are bounded within the northwest trending shear zone. The north-trending faults are extensional features that can be interpreted as en-echelon (dilational) structures. These dilational faults have an approximate length of 300m, extend from surface to an approximate depth of 600m, and are repeating structures within the northwest trending large shear corridor across the property for at least 1,000m. Additional drill targets, where gold values are also controlled, are at the intersections of north-trending faults with northwest-trending shear structures. These intersections are often areas of weaknesses, dilated, and present as pockets and chutes.

The north-trending extensional structures (en echelon) are dominant features becoming more conspicuous with depth and likely acted as the plumbing system for the mineralized hydrothermal fluids. These structures start to become more discernible at 250m below surface with increasing clarity approaching 600m below surface. Figures 1 and 2 show depth slices at 400m and 600m below surface. Note the blue features in Figures 1 and 2, these are magnetic lows representing the north-trending extensional structures within the northwest trending shear corridor. Also note in press release dated Sept. 29, 2020 the additional target of the near/at-surface pipe-structure discovery (Figure 3) and its correlation with the middle north-trending structure (blue, white-dashed line) in Figure 1. Pipe-structures are features formed in areas of weakness, ie. intersecting faults, and have the possibility of containing high grade gold and silver. Note in press release dated Oct. 15, 2020 the spatial correlation of the recently identified high grade silver East Zone with an interpreted pipe-feature from geochemistry analyses.

According to the epithermal model which draws comparisons from epithermal deposits from around the world, high grade gold and silver including bonanza grades (> 1opt gold) have commonly been found at depths of 250m to as far as 800m below surface (Corbett, C., Leach, T., 1997). Those high grade intercepts have been found within large vein structures, fissures, pipe-structures, and other extensional (dilation) structures. The target generating work completed over the past 6 months have revealed structures amenable to possessing high grade mineralization consistent with the low-sulphide epithermal model.

Results from the structural study reinforce a previous recent study (press release Sept. 29, 2020) based on geochemistry of locating the epithermal gold-silver system vertically in space, this is key in estimating the depth to intercept high grade gold and silver. Highly silicified rocks trend northwest – southeast and have a spatial correlation to northwest- southeast trending faults. These silica caps (silica sinters) are located in the Main Zone and North Hill Zone and are believed to have thicknesses of at least 150m. Silica sinters are indicative of the paleo-surface (the original surface at the time of emplacement), it is the surface expression of the hydrothermal system. According to the epithermal model, it is not uncommon for highly silicified areas to contain leakage anomalies of mineralization, from which, is an indicator of higher grade mineralization deeper down in an epithermal gold-silver system beneath the silica caps. From comparisons of epithermal deposits from around the world, high grade gold and silver have commonly been found at depths of 250m to as far as 800m below the paleo-surface (Corbett, C., Leach, T., 1997).

Reference:

Corbett, G.J., and Leach, T.M., 1997, Southwest Pacific Gold-Copper Systems: Structure, Alteration and Mineralization: Short Course Manual.


Click Image To View Full Size

Figure 1. 3D Inversion Magnetic Susceptibility slice at ~600m below surface (MPH Consulting Ltd) (SRK Consulting (Canada) Inc.).


Click Image To View Full Size

Figure 2. 3D Inversion Magnetic Susceptibility slice at ~400m below surface (MPH Consulting Ltd) (SRK Consulting (Canada) Inc.).


Click Image To View Full Size

Figure 3. Interpretation of ground Induced Polarization data (MPH Consulting Ltd).

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 is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins 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

    • oo- 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.

Contact Details
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Tocvan Ventures Corp: Research Report TSXV Research by Elite Strategic Inc.

Tocvan Ventures Corp. (CSE:TOC) (FWB:TV3) (“Tocvan” or the “Corporation”) is pleased to report that a new research report has been published at TSXV Research by Elite Strategic Inc.

The report can be viewed in its entirety by visiting the TSXV Research web site:

https://www.tsxvresearch.com/research/tocvan-toc/

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 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in the Sonora State of Mexico and the Rogers Creek project in Southern British Columbia. Management feels both opportunities 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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Eloro: Exploring a region in Bolivia from Space

Tom Larsen, CEO of Eloro Resources (V.ELO), is waiting, somewhat patiently, for the results of drilling at the company’s Iska Iska project in Southern Bolivia. Eloro signed the Iska Iska deal in January and the drills are turning.

The Iska Iska project has the potential to be big. Very big. Which means that the drilling is designed to define structure. “It will be a couple of weeks before we have the initial results,” said Larsen. “Structurally we are very pleased. But we need to release multiple holes and we need the assays.”

“We want to be able to explain what we are doing,” said Larsen. “These are big systems. There are actually two systems. A deeper porphyry with an epithermal system above.”

“It is a 3500 meter drill program. We’re drilling from three underground drill bays with two drills,” said Larsen. “We’re expecting news flow in a few weeks and we have to educate the market. We’re there for big tonnage.”

Iska Iska has the great advantage of having the land owned by a private family which speeds up permitting and has allowed Eloro to move quickly with its drill program. The property itself was brought to Eloro by Bolivian geologist Osvaldo Arce who had worked on the property prior to Eloro’s involvement. From the outset Eloro was confident that there was considerable silver at Iska Iska but the project also has polymetallic potential.

Because of its involvement with Iska Iska, Eloro has taken a good look at Bolivia as a mining jurisdiction. Until a few years ago Bolivia was generally seen as relatively hostile to mining, but this has changed with the government of Bolivia becoming much more mining-friendly. Larsen expects the new government, elected Monday, to continue with “business as usual.” The project is located in Bolivia’s prolific South Mineral Belt which includes world-class deposits as Chorolque, Tasna, Choroma, Siete Suvyos and San Vicente.

Because of the negative mining environment a few years ago, the region is somewhat under-explored, which Larsen saw as an opportunity for Eloro.

“We wanted to get a regional picture,” said Larsen. “We wanted to look for similar hydrothermal alterations.”

To get that picture, Eloro used ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) technology to find anomalies which were similar to the anomalies which characterize Iska Iska. ASTER is a high resolution, satellite borne, imaging instrument which can provide detailed information about geological features.

Eloro used the ASTER imaging to look at the Potosí area and to search for anomalies which suggested the possibility of mineralization.

“You can’t really see these anomalies on the ground,” said Larsen. “But the ASTER survey did not cost much and gave us nine new target areas.”

Eloro staked these “mining areas” and detailed each of them in a press release dated October 14, 2020. In that release, Larsen stated, “Iska Iska has excellent potential to host a significant silver polymetallic mineral deposit. We are currently carrying out an underground drill program (see press release September 14, 2020) with results pending. Acquisition of these additional properties which appear to have similar hydrothermal alteration signatures to Iska Iska further expands our very prospective land position in the area.”

ASTER imaging is remarkably powerful in that it not only can indicate surface features suggestive of mineralization, it can also provide information as to the composition of the rocks it is imaging.

What this has meant for Eloro is that along with being able to determine where unexplored calderas are located, ASTER has indicated what the hydrothermal alterations are within those calderas. This is important as in most cases there are no outcrops. The ASTER results have given Eloro a road map of where to look for more high-value targets like Iska Iska.

The key element to Iska Iska is size. The initial drill results will give Eloro a sense of the potential grade of the project but they will also begin to define the size of the potential deposit, knowing it will take multiple drill holes to confirm that size.

Finding and staking more prospective land in the region makes sense. If Iska Iska turns out to be worth developing it will be because it is a very large deposit. Having other, similar, ground to explore will give Eloro regional reach in a target-rich, but underexplored, environment.

 

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