GR Silver Mining Discovers High-grade Shallow Precious Metals Mineralization at the Plomosas Project

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL), (OTCQB: GRSLF) (FRANKFURT: GPE) – announces drilling results from initial exploration carried out on new areas representing potential step outs from NI 43-101 mineral resources at both the San Juan/La Colorada and Plomosas Mine Areas. The gold (Au) and silver (Ag) discoveries are in addition to the Company’s successful exploration programs reported earlier this year at the Loma Dorada, Trampolín and Corta Pico vein systems (see News Releases dated February 10, 2022 and February 17, 2022).

Highlights:

• Exploration results focused on new areas of El Saltito, Las Cuevas and Las Teresas, as well as the previously reported Loma Dorada vein system
• Presence of high-grade Au results, close to the surface, with potential to extend mineralization along strike from existing resource areas, including:
  • LDS21-13A: 5.2 m at 4.52 g/t Au and 56 g/t Ag, including
  • 0.6 m at 10.17 g/t Au and 340 g/t Ag
  • ESS21-04: 0.5 m at 30.09 g/t Au and 76 g/t Ag
  • CVS21-01A: 0.9 m at 0.38 g/t Au and 459 g/t Ag
  • o LTS21-CH-001: 3.5 m at 1.21 g/t Au and 67 g/t Ag, including
  • 0.4 m at 9.44 g/t Au and 394 g/t Ag
  • o CHS21-CH-004: 1.0 m at 4.98 g/t Au and 314 g/t Ag
• Ag mineralization at Las Cuevas supports the upside potential for along strike extension of the Ag mineralized system up to 1.5 km to the NW of the NI 43-101 resource at the Plomosas Mine Area
• Recent Au-Ag rich drill results indicate the presence of low sulphidation epithermal veining in multiple areas of the Plomosas Project, which will likely be the subject of additional drilling in 2022

GR Silver Mining Chairman and CEO, Eric Zaunscherb commented, “Our primary focus remains on delivering updated mineral resource estimates for the San Marcial and Plomosas Mine Areas in Q1|23. We cannot, however, ignore the rich potential of the wholly owned, 432 km² Plomosas Project in its entirety, with several strong regional, northwest-trending structures that remain untested over a combined 75 km strike length. The results released today are an indicator of the potential of the project’s pipeline targets, which we will reveal going forward.”

The latest drill results from the 1 km along strike extension to the north of the San Juan/La Colorada vein system, intersected high-grade Au-Ag typical of epithermal veins with colloform banded quartz textures within the predominant NW trend (Figure 1). This structural trend extends to the north of the San Juan/La Colorada NI 43-101 mineral resource and is part of the NW to N-S trend of Loma Dorada. There is evidence that structures in this area intersect defining a ‘flower’ structural pattern with the potential to develop ore shoots at depth. The shallow results, such as those obtained from drill hole LDS21-13A, which intersected 5.2 m at 4.52 g/t Au and 56 g/t Ag, including 1.3 m at 10.17 g/t Au and 340 g/t Ag (Table 1), encourage the Company to continue drilling for potential resource delineation.

Shallow drilling results revealed narrow high-grade Au-rich epithermal veining at the southern extension of the 1.5 km long El Saltito vein system (Figure 1). The high-grade gold intercept of 0.5 m at 30.09 g/t Au from drill hole ESS21-04 (Table 1), is the most SE hole in the area, indicating the potential for additional high-grade Au mineralization further to the SE. The system is therefore open to the south, along a structural extension that is exposed/mapped on surface for at least another 500 m.

The Las Cuevas vein system is located 1.5 km along strike to the N-NW of the NI 43-101 resource at the Plomosas Mine Area (Figure 1) and represents a new discovery of Ag-Au mineralization. Shallow drilling and channel sampling (Table 2) have been successful in discovering high-grade Au and Ag mineralization at this potential northern extension of the resource area. The mineralization coincides with a historical high-chargeability geophysical anomaly, and also with a high aeromagnetic anomaly identified in a ground geophysical survey. This drilling by GR Silver Mining is the first ever on the Las Cuevas target and, combined with encouraging Ag-Au channel results, provides justification for a follow up surface drilling program in the near future, aiming to integrate Las Cuevas with the existing resource area

Exploration by GR Silver Mining in 2021 and early 2022 on the Las Teresas vein system, approximately 2 km to the NW of the Loma Dorada mineralization, has been successful in identifying potential extensions to the Au-Ag low sulphidation vein-style mineralization. Shallow drilling and surface channels have identified mineralized zones with Au-Ag anomalies that require follow up drilling.

Las Chorreras is located at the western end of Plomosas concession. Historical channel sampling in the area outlined Au-Ag anomalies on a 1 km long prominent hill with intense argillic alteration. Recent channel sampling by GR Silver Mining confirmed the discovery of high-grade Au and Ag mineralization associated with the intense advanced argillic alteration zone. This mineralization contains pyrite, galena and sphalerite, both disseminated and in irregular stringers, hosted within andesitic “block and ash” units in contact with dioritic intrusives and rhyolitic dykes. The next stage of exploration at this new target will involve shallow drilling to confirm the 3-D extension of mineralization below the positive channel sample results.

Table 1:   Plomosas Project New Vein Systems – Drill Results

Table 2:   Plomosas Project New Vein Systems – Channel Results

Table 3:   Plomosas Project New Vein Systems – Surface Drill Hole Details

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

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km² of concessions containing several structural corridors totaling over 75 km in strike length.

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation 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.

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

GR Silver Mining Ltd.

Eric Zaunscherb

Chairman & CEO

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.417.7952, Email: bdayton@grsilvermining.com