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Renforth discovers Nickel on surface at new location on Surimeau District Battery Metals Property in NW Quebec

Renforth Resources Inc. (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to announce that summer prospecting in the southwestern part of the Huston area within the wholly owned ~260 km2 Surimeau District Battery Metals property returned an assay of 1.9% Ni, 1.38% Cu, 1170ppm Co and 4 g/t Ag, within a grab sample taken from strongly foliated diorite with patchy oxidation on the weathered surface. A grab sample is selected by the geologist and may not be representative of the property as a whole.  In this instance, the diorite sampled hosts a quartz vein with trace pyrite, as can be seen in the pictures below. The vein did not return significant nickel values.

 

The previously unexplored Huston area is located approximately 18km NW of the Victoria West area of the Surimeau property. The ~5km long Victoria West area was the site of recent drilling by Renforth, delivering visible sulphides in the core, with assays still awaited.

 

This Huston result obtained by Renforth is considered notable by management as it is the first documented occurrence of nickel in this area, which is largely entirely unexplored with the exception of a limited drill program in the general area by Hecla in the 1980s, which was focused on gold.  Renforth will have the geological team revisit this area later this fall, after hunting season closes, before snow is on the ground.

Sample Location Map


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Sample Field Photos


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Samples referred to in this press release were bagged, tagged, and sealed in the field and transported directly to the facilities of AGAT Laboratories in Val d’Or, Quebec where they underwent Sodium Peroxide Fusion – ICP-OES/ICP-MS Finish for multi element analysis. The samples were not assayed for platinum group elements.

 

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to NI 43-101

 

For further information please contact:

Renforth Resources Inc.

Nicole Brewster

President and Chief Executive Officer

C:416-818-1393

E: nicole@renforthresources.com

#269 – 1099 Kingston Road, Pickering ON L1V 1B5

 

Follow Renforth on Facebook, LinkedIn and Instagram!

 

About Renforth

Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement. In addition to this Renforth wholly owns the 260 km2 Surimeau District Property with several areas of historically identified polymetallic and gold mineralization.  This includes the Victoria West occurrence, Renforth’s current focus, interpreted to be a nickel-containing ultramafic unit,  juxtaposed with VMS-style copper-zinc mineralization which occurs over ~5km of strike in the western end of the 20km central anomaly at Surimeau. Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.  Renforth is well funded, with ~$5 million in cash and securities on hand (*as at 05/14/21), in addition to the gold contained in our gold deposit.

 

No securities regulatory authority has approved or disapproved of the contents of this news release.

 

Forward Looking Statements

 

This news release contains forward-looking statements and information under applicable securities laws.  All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

 

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Tocvan Ventures Corp. acquires 100% interest in the Rogers Creek Copper Porphyry Property in southwestern BC and announces spin-out transaction

Tocvan Ventures (CSE:TOC) (OTC: TCVNF) (WKN:TV3/A2PE64), is pleased to announce that they have entered into an agreement whereby Tocvan is acquiring 100% interest in the Rogers Creek Property in B.C. from C3 Metals Inc. (“C3 Metals”) Tocvan previously held an option to a acquire up to an 80% interest in the property from C3 Metals

Under the terms of the new agreement with C3 Metals, Tocvan is acquiring a 100% interest in the Rogers Creek Property and the previous option agreement is now void. In consideration, C3 Metals will receive 500,000 common shares of Tocvan. C3 Metals will also receive common shares of Cascade Copper Corp. (“Cascade Copper”) (described below) equal to a value of $75,000, based on prelisting finance price, upon listing on the Canadian Securities Exchange. C3 Metals will retain a 2% NSR on the Rogers Creek Property, 1% of which can be repurchased by Cascade Copper for one million dollars.

Tocvan is also pleased to announce that, subject to shareholder and regulatory approval, the company is planning to spin-out 100% of the Rogers Creek Property to Cascade Copper, newly created company, with a focus on copper porphyry exploration assets in southern British Columbia (the “Spin-Out”). It is expected that the Spin-Out will be structed as a plan of arrangement transaction under the Business Corporations Act (Alberta).  Under the terms of the proposed plan of arrangement, Tocvan shareholders are to receive one common share of Cascade Copper for every six shares held of Tocvan. When and if approved, Tocvan will have no interest in the Rogers Creek Property.

Derek Wood CEO of Tocvan commented, “We believe the value of the Rogers Creek Property is not reflected in Tocvan’s current share price and see the proposed Spin-Out to create additional value for Tocvan shareholders. We are extremely pleased to reach this agreement with C3 Metals. The agreement provides for greater flexibility in how Rogers Creek is advanced towards discovery. By creating a new company, Tocvan shareholders can participate in the upside possibility through share ownership of Cascade Copper, while Tocvan is able to focus on its two Mexican properties and minimize share dilution. We believe the proposed Spin-Out will be very beneficial to Tocvan shareholders and we expect that this transaction will unlock the value of the Rogers Creek Property and increase shareholder value by allowing capital markets to ascribe value to the Rogers Creek Property independently of the other properties held by Tocvan. This is a great opportunity for all the shareholders of record on the effective date, which will be announced in due course. Shareholders owning Tocvan shares will be eligible to receive the proposed spin-off shares of Cascade Copper at the aforementioned ratio.”

 

Rogers Creek Historic Work Summary

–  1,786 km of helicopter-borne magnetic gradiometry and VLF-EM.

–  280 km of helicopter-borne radiometrics.

–  Levelling, merging and inversions of 47 kilometres of Induced Polarization (I.P.)

geophysics.

–  3D modelling of geophysical and property data by Mira Geosciences with proprietary

Geoscience Analyst 3D software.

–  Prospecting, mapping, and sampling, including the collection of 1,061 surface rock

samples, 3,328 soil samples, and 318 stream sediment samples.

– Soil sample geochemical vectoring study.

– 5,209 m of diamond drilling in 10 holes, including the analysis of 1,951 m of drill

core samples.

– 5,200 m of drill core magnetic susceptibility readings totalling 1,164 readings.

– 329 resistivity/chargeability readings taken over 7 drill holes totalling ~4,055m.

– Limited surface and drill hole (4 holes) alteration mapping and logging.

 

About Cascade Copper:

 

Cascade Copper is a newly created company that will have two very advanced-stage copper porphyry properties located within the Miocene age intrusions of the Cascade Magmatic Arc in southwestern BC: the Rogers Creek Property and the Fire Mountain Property. The two properties are contiguous, and both are advanced to a drill-ready stage. Combined, the properties have seen over 3 million dollars of exploration to date and cover an area of approximately 240 square kilometers. Work to date has advanced the properties from a small showing discovered on a logging road in 2007 to an advanced exploration-stage with evidence for a large mineralized system. This has validated the initial working hypothesis that there is considerable potential to discover significant mineralization within the Miocene age intrusions of the Cascade Magmatic Arc in southwestern BC, which have seen very little modern exploration.

 

The proposed Spin‐Out will be subject to the approval of Tocvan’s shareholders which Tocvan intends to seek at a special meeting of shareholders (the “Shareholders’ Meeting”). The date for the Shareholders Meeting has not yet been determined. The Spin-Out is subject to Canadian Securities Exchange (“CSE”) approval and the Spin‐Out also requires the approval of the Alberta Court of Queen’s Bench. Tocvan intends to seek a listing of the Cascade Copper common shares on the CSE but no assurance can be provided that such a listing will be obtained. Any such listing will be subject to Cascade Copper fulfilling all of the requirements of the CSE.  Further details of the Spin‐Out, including the date for the Shareholders’ Meeting and any amendments to the number of Cascade Copper common shares to be granted to shareholders of Tocvan will be announced in the near future. Shareholders are cautioned that the final details of the Spin‐Out are still to be determined and there is no certainty that the Spin‐Out will be completed on the terms currently proposed or at all.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 29 million shares outstanding and is earning into three exciting opportunities. The Pilar Gold-Silver project and the El Picacho Property within the Caborca Orogenic Gold Belt both located in Sonora and the Rogers Creek Copper project in southern British Columbia, management feels all three projects represent tremendous opportunity to create long term shareholder value.

ON BEHALF OF THE BOARD

Derek Wood President & CEO

Dwood@tocvan.ca

Toll-Free: 403-668-7855

 

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward‐looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward‐looking. Forward‐looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward‐looking statements.

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Renforth Resources: Gold plus Battery Metals in Quebec

On August 24 Renforth (RFR.C) put out a news release detailing “positive assay results from the 2021 portion of the >15,000m drilled into the wholly owned Parbec surface gold deposit in Malartic, Quebec, contiguous to the Canadian Malartic Mine.”

Nicole Brewster, Renforth’s CEO, is a very straightforward, no-nonsense person. Where other companies would be touting 9.5 meters of 4.66 gpt gold as a “game-changer”, Brewster called them “positive”. Understated is one way to describe the release. But that is how Brewster wants to present Renforth and the Parbec results.

“There was not a lot of traction from retail,” said Brewster in a phone interview. “Right now the retail market is pretty dead. In time the value will be recognized.”

Part of the value in the Parbec property is the gold values it contains, but another value element is where the property is actually located. Right on the property line of the Canadian Malartic gold mine, Canada’s largest open pit gold mine operated jointly by Agnico Eagle Mines Limited and Yamana Gold Inc. The Canadian Malartic mine has an estimated mine life extending to 2039. However, large gold mining companies are always on the lookout for additional gold resources to extend the life of their mine but also to improve grade and throughput for their processing facilities. A well-defined gold deposit right next door is obviously very attractive.

Brewster’s strategy is to define that deposit. “So far we have not gone down very far,” said Brewster. “Our program had 3 goals for the drilling and we’ve had good results across the board. We successfully filled in some gaps in our model with new drill holes and, as we drill deeper we’ve been getting good results. We’ve also drilled twinning holes so that we can validate historic drill results and incorporate them into our model.”

“This is the first larger scale deposit that I have ever done,” said Brewster. “Parbec has never been modelled structurally, we have been working on grade alone. Our success in this program leaves lots of targets and work to do at Parbec”

Like a lot of mining CEOs, Brewster is frustrated at the COVID impacted pace at the assaying labs. “So far our holes have been delivering high metal values, but we still have 10 holes to be assayed. The lab is very slow and I expect we’ll get those results later in September.”

Brewster is looking forward to the remaining assay results and additional modelling work. I suspect that geos at Agnico Eagle and Yamana are also eager to see the results. Making a bid for Parbec before the market realizes what Renforth actually has there would make a lot of sense to a major. Say thirty million now versus three hundred million when the property is completely derisked. However, it might also make a lot of sense to a mid-tier developer. Lots of potential suitors.

Renforth is in the happy position of having cash in the bank (as well as marketable securities) as the result of the prior sale of the New Alger property to Radisson Resources back in 2020. While Brewster is eager to get results, Renforth does not face the cash pressure many junior explorers experience.

Which means that Renforth can also advance its Surimeau District Battery Metals Prospect a little to the west of Parbec and adjacent to the Malartic West property.

“Right now, we have perhaps 30% of the results from 15 drill holes in a 3,456m maiden drill program, completed in April 2021, drilling off 2.2kms of strike within the ~5km long Victoria West Target area,” said Brewster. “We want to evaluate all the data from the holes we drilled. But we also want to fly a detailed magnetic survey. We know there are sulphides in the magnetic anomaly,” said Brewster. “We’ll fly it tight with a purpose-built drone which will also be taking very detailed pictures as it flies.”

“The drone is amazing,” said Brewster. “It has proprietary programming and it knows when its batteries are getting low. When that happens, it flies back to base, has its batteries hot swapped out, and then flies back to exactly where it left off. The operator brings lots and lots of batteries. The advantage of the drone over a helicopter is that the drone flies to exact headings at exactly the same altitude. Which means we get much cleaner data much faster, with less environmental impact.”

Surimeau is interesting as it has, within the 260 km2 property, both a gold element and nickel, zinc and copper present, plus a few more minerals. Looking for the battery metals add another dimension to the property. A battery metals deposit with gold credits is a potentially more attractive property than a smallish gold deposit on its own.

For Brewster it is not about the promotion, it is about the work.

The market has not quite realized what Renforth has. The company is trading at $0.07-$0.085 for a market cap of around 18.3 million dollars. A good hole or two could double that overnight.

Disclosure: I hold shares in Renforth bought in the open market and I may add to my position, or trade some of it, at any time.

 

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Grid Metals:Three Solid Properties

There are not a lot of junior exploration companies which have survived for 25 years. Grid Metals (GRDM.V) has, and Robin  Dunbar, CEO and President of Grid was happy to speak about the company’s history and prospects in a phone interview.

“Our three main properties were acquired from 1998 to 2005,” said Dunbar. East Bull Lake Palladium Property located near Sudbury Ontario is a highly prospective palladium property. The company commenced drilling at its Bannockburn Nickel Project in April 2021 and its Makwa Mayville Project near Winnipeg in Manitoba has a significant NI 43-101 compliant resource of nickel, copper and platinum group metals.

“We did a deal with prospectors to acquire East Bull Lake,” said Dunbar. “The Ontario Geological Survey had done work on the area. The OGS and subsequent research found that  East Bull Lake intrusion was   the same age as other palladium bearing intrusions in Canada and around the world  In the early 2000’s Falconbridge funded several million dollars of exploration at East Bull

“There have been thirty holes at East Bull drill by Grid since 2020 and other work that is 20 years old,” said Dunbar. “Interesting results. We’re beginning to understand where the palladium sits in the intrusion.”

The next step at East Bull Lake is undertaking a sampling program initially focussing on the East Lobe of the intrusion to identify new drill targets. There are six- or seven-kilometer scale targets within the approximately 20km x 4 km layered intrusion. One of those main targets is the Central Parisien Lake Zone where most of the 30 recent holes were drilled. Follow up drilling is expected to commence in the fall.

GRID has now announced the results of initial metallurgical test work on drill core samples from East Bull.  The results of the program showed that a high-grade palladium concentrate (with platinum, gold, copper and nickel credits) can be produced.  This type of high-grade concentrate should be attractive to the smelters that will ultimately process the concentrate product.  It’s an excellent result for Grid that increases the prospectivity of the project.

Grids’  Bannockburn Nickel project is about 100 km south of Timmins, Ontario and consists of 125 unpatented mining claims. “We bought the property from a Finnish company,” said Dunbar. The property was the subject of an updated 2021 NI 43-101 Technical Report and there has been extensive exploration work on the property including geophysics and 84 drill holes.

At the moment, GRID is awaiting assays on seven holes drilled earlier this year. (The first hole was received and was   positive) “We have the historic results and positive results of drilling we did in 2005,” said Dunbar. “The previous drilling and a metallurgical report we commissioned indicates to us we have the same geology as what Canada Nickel (TSXV:CNC) has at their Crawford Project. The pending drill holes will give us an idea of grade and potential tonnage for the low grade bulk tonnage nickel target which has a strike length of about 2 km. “

“In the past, we had been chasing high grade, low tonnage, massive sulfide nickel zones,” said Dunbar. “However, this program will test the low-grade nickel model.  Demand for nickel in EVs is expected to rise dramatically over the next decade.  The bulk tonnage target at Bannockburn could make sense if the grade and tonnes are high enough and we can demonstrate reasonable nickel recoveries. It’s an exciting target that has been a big winner for Canada Nickel. ”

The third GRID property is the Makwa Mayville copper nickel cobalt PGE deposit located in the Bird River Greenstone Belt approximately 145 km from Winnipeg Manitoba.  Grid has a large land position in the Bird River Belt which were acquired from previous operators including Falconbridge. Since 2005  nearly 30 million dollars has been spent establishing a NI  43-101 resource with in situ metal value of approximately $4 billion and including 300,000 ounces of PGE . Significant engineering and metallurgical work has been done on the two deposits to confirm that good metal recoveries and concentrate products should be able to be produced. With the growing demand for these materials for batteries and EV’s the value of the property seems very likely to increase as Grid advances the project by exploration and economic analysis.

From the investor’s perspective GRID is deeply intriguing. Essentially it is a company with three significant assets which has a total market cap of less than 11 million dollars. A single one of those assets, the Makwa Mayville property has a 43-101 resource worth 4 billion dollars. Back in May, when GRID shares were trading above $0.20, the contained metal to market cap ratio was 216X. Now the shares are trading at $0.115 and that ratio is well over 300X.

And that is just one of the GRID projects.

At some point, GRID will have a catalyst event. It might be a rich drill hole, it might be a deal to bring one of its properties into production, but whatever it is it will attract the market’s attention to this hugely undervalued set of assets. There was a point in 2007 when the unrolled back GRID shares traded above $15.00.

Junior explorers can be frustrating for investors for years. Good properties, good management, good results and the share price just sits there. Until it doesn’t. With its current market cap, GRID offers investors the opportunity to buy solid assets for less than a penny on the dollar.

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Renforth Successfully Completes Final Parbec Twin Hole With 11.75m of 3.3 g/t Gold

Renforth Resources Inc. (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to announce that PAR-21-132 successfully twinned PAR-87-33 with several mineralized intervals, including 11.75m which gave an average assay of 3.3 g/t Au between 130.15m and 141.9m down the hole, including a sub-interval of 15.53 g/t Au over 1.75m between 136.45m and 138.2m down the hole. Assay highlights for this hole are presented below.

 

PAR-21-132 was the final planned twin hole left to report upon, there are still numerous Parbec assays from the 15,569m drilled in the 2020/21 drill program still to receive and report.  This program successfully completed the twining of 10% of the holes drilled between 1986 and 1993, where each twin hole drilled delivered assay results comparable to, or better than, the historic ones. In addition to this, numerous holes were drilled, in this program but also notably in Renforth’s previous drilling, in proximity to historic holes, with the results consistently comparable, supporting Renforth’s position that the 1986-1993 data can be relied upon not only for lithological information but also assay values.

 

PAR-21-132 Assay Highlights


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In the vertical section for line 5225E included below it is clear that PAR-21-132 successfully twinned PAR-87-33 and returned notable assay values at comparable locations down the hole, at relatively shallow depths and within the current conceptual open pit for the May 2020 MRE, which did not include any assay data for any of the 1980’s or 1990’s holes on the section.  All of the 2020 and 2021 drill holes were drilled subsequent to the 2020 MRE, a future MRE calculation for Parbec will benefit from the inclusion of assay data in this area, both 2020/21 and prior.

 

Parbec Vertical Section 5225E


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Parbec Top 10 Drill Intervals

The highlight interval reported on today has a metal factor which supports its inclusion in the Top 10, in fact the sub-interval from PAR-21-132 of 15.33 g/t gold over 1.75m does meet the metal factor cut off for inclusion, however, the longer interval is used.


Click Image To View Full Size

 

Surimeau District Project Update

Renforth would like to assure shareholders that assay data for the 3456m drill program earlier this year, which drilled along 2.2 kms of strike with visible sulphides in each hole, within the ~5km long Victoria West mineralized target area, is being received, albeit not as quickly as we would like.

With the assay data received to date our technical team can see that the nickel vs. the zinc (and copper) systems are remarkably separate structures juxtaposed upon each other. This observation supports the choice of our technical working model, the “Outokumpu” deposit model.

Renforth anticipates that due to the “discovery” nature of our work at Victoria West and the relatively small amount of work we have done within a sizeable system (at only one of several on the 260km2 property), we will only release assay data upon receipt of all of the data and after an opportunity for our technical team, including our advisors, to consider those results, especially in the context of a potential Outokumpu-like deposit, which would be very unique outside of Eastern Finland.

 

Samples referred to in this press release were selected, split, bagged and tagged in the field and delivers to the facilities of AGAT Laboratories in Val d’Or Quebec where they were assayed for gold using “202-051 – Au by Fire Assay, AAS Finish” and “202-064 – Au by Fire Assay, Gravimetric Finish” for overlimit (>10 g/t Au) values.

 

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to NI 43-101

 

For further information please contact:

Renforth Resources Inc.

Nicole Brewster

President and Chief Executive Officer

C:416-818-1393

E: nicole@renforthresources.com

#269 – 1099 Kingston Road, Pickering ON L1V 1B5

 

Follow Renforth on Facebook, LinkedIn and Instagram!

 

About Renforth

Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement. In addition to this, Renforth has discovered a nickel bearing polymetallic system, over ~5km of strike in the western end of the 20km central anomaly at Renforth’s wholly owned 260 km2 Surimeau District Property. Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.  Renforth is well funded, with ~$5 million in cash and securities on hand (*as at 05/14/21), in addition to the gold contained in our gold deposit.

 

No securities regulatory authority has approved or disapproved of the contents of this news release.

 

Forward Looking Statements

 

This news release contains forward-looking statements and information under applicable securities laws.  All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

 

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Grid Metals Corp. Provides Update on Exploration Activities at Bannockburn Nickel and East Bull Lake Palldium Properties

Grid Metals Corp. (the “Company“) (TSXV:GRDM)(OTCQB:MSMGF) is pleased to provide a shareholder update for its projects located in Ontario Canada. The drill program at Bannockburn Nickel is completed and the Company is awaiting assay results from the remaining seven drill holes submitted for assay. At the East Bull Lake Palladium Property first results from a sampling program over new prospective drill target areas are now pending with select samples expected in early AugustAt East Bull seven target areas are being field investigated in the summer field program which will assist in targeting for the upcoming phase of drilling.

Bannockburn Nickel Project

DRILL ASSAYS PENDING

The Company recently completed an eight-hole drill program at Bannockburn where the exploration target is bulk tonnage disseminated nickel mineralization in a serpentinized ultramafic complex. Previous drilling defined a >1 km trend of disseminated nickel sulfide mineralization referred to as the B Zone. The geology and nickel grade x thickness observed at the B Zone is analogous to that reported from Canada Nickel Company’s Crawford Nickel project – also located in the Timmins Mining District. The first drill hole was rush assayed and returned 296 metres averaging 0.28% nickel (see Company’s June 28th, 2021 news release for details). All of the completed holes intersected between 200 and 350 metres of the target host ultramafic. Results from the remaining seven holes are pending and will be released as soon as possible.

Mineralogical analysis to determine the type and abundance of nickel sulfides present will be initiated after all assay results have been received. The Company hopes to discover a significant near-surface nickel sulfide resource on the B Zone trend, targeting a pit constrained resource of over 100 million tonnes of near surface mineralization containing at least 200 Kt of potentially recoverable nickel.

East Bull Lake Palladium Property.

PALLADIUM COPPER SAMPLES FROM NEW ZONES – ASSAYS PENDING

A three-month field program of detailed surface sampling commenced in early July at East Bull. The program will cover several multi-km long trends of coincident geophysical anomalies and historical anomalous palladium grades – each of which is a prospective drill target for the upcoming drill program. Results from the field program will used to guide the next phase of drilling that is expected to commence early this fall.

The initial phase of sampling is focused on the East Lobe of the intrusion and yielded a total of 225 surface samples along a ~ 2 km trend with further sampling to come over previously unmapped portions of the East Lobe. Initial assay results from selected samples are expected early in August.

Drill targets continue to be prioritized however the next phase of drilling at East Bull Lake will likely include several holes into the highly prospective East Lobe as well as extension drilling on the recently defined Central Parisien Lake Zone, which remains open for 2 km to the west. In all there are seven target areas that will be further field reviewed and sampled during the current summer program.

Other activities at East Bull Lake include an initial metallurgical test program that is nearing completion at an independent laboratory. The metallurgical test program will test for level of recovery of palladium, platinum, gold, copper and nickel as well as concentrate grades of the laboratory flotation product. The Company views this early stage metallurgical testing as a significant determinant of the prospectivity of East Bull.

Also at East Bull the Company has submitted select samples from the 2020 and 2021 drilling for rhodium analysis.

Dr. Dave Peck, P.Geo., has reviewed and approved the technical content of this release for purposes of National Instrument 43-101.

About Grid Metals Corp.
Grid Metals Corp. is an exploration and development Company that has three projects focused on Nickel Copper-PGM-Cobalt. In addition to the East Bull Lake Palladium and Bannockburn Nickel properties Grid has a PEA stage Ni-Cu-PGM-Co project (Makwa- Mayville) in southeastern Manitoba. Grid has signed exploration agreements at all three of its properties with the affected First Nations.

To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.
Robin Dunbar – President, CEO & Director Telephone: 416-955-4773 Email: rd@gridmetalscorp.com
David Black – Investor Relations Email: info@gridmetalscorp.com

We seek safe harbour. This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include the Company’s plans for its properties, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward- looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Management Discussion and Analysis for the most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

 

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Eloro Intersects 129.65 g Ag eq/t over 300.75m in the Mineralized Envelope of the Santa Barbara Breccia Pipe at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 46 diamond drill holes totalling 22,398.9 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) and the central-southern part of the Central Breccia Pipe (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. One surface drill rig is completing first pass drilling of the major Porco (South) Target. The second surface drill is currently cleaning out drill holes on the SBBP radial platform for the planned downhole induced polarization/resistivity (IP/RES) survey then will be moved to test the gap area between the Central and Porco Breccia Pipes. The third drill, an underground rig, is testing the northeast part of SBBP and its mineralized envelope. This drill will shortly be moved to a new drill bay recently completed on the west end of the Santa Barbara adit. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Figure 2 is a more detailed geological plan map of the SBBP and northern CBP areas showing the magnetic low target to the northwest of the SBBP where drilling is planned (see press release June 7, 2021 for an overview of the magnetic results). Table 1 provides significant drilling results and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

  • Hole DHK-18, drilled due south at -10 degrees from the west drill bay in the Huayra Kasa underground workings to test the mineralized envelope of the SBBP, intersected 129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m. This includes higher grade intervals of 215.54 g Ag eq/t over 72.76m163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. This hole intersected significant mineralization approximately 230m below the eastern part of the Santa Barbara adit from which continuous channel sampling previously reported returned 442 g Ag eq/t over 166m (see press release April 13, 2021). 82% of this 446.5m long hole contained reportable intervals;
  • Hole DSB-11, drilled to the southeast at -40 degrees from the SBBP radial centre to test the area approximately 300m below the Santa Barbara adit intersected 121.90 g Ag eq/t (40.27g Ag/t, 0.10 g Au/t 0.48% Pb, 0.11% Cu and 0.14% Sn) over 137.4m from 190.02m to 327.36m. This includes a higher-grade interval grading 173.53 g Ag eq/t over 80.54m. Notable intercepts lower in the hole include 76.59 Ag eq/t over 55.9m from 407.60m to 463.51m including a higher-grade section of 105.56 g Ag eq/t over 33.31m and 78.82 g Ag eq/t over 143.03m from 520.7m to 773.73m including 105.48 g Ag eq/t over 34.82m and 120.70 g Ag/t over 19.54m. Overall 61% of this 665.3m hole contains reportable intersections.
  • Hole DCS-01 drilled due east at -60 degrees was the first reconnaissance hole drill from the south radial platform on CBP. This hole, which was drilled to 1,007.5m, intersected 25 reportable Ag-Zn-Pb-Sn mineralized intervals ranging in size from 1.43m to 34.86m from the start of the hole to its end. Best results include 87.75 g Ag eq/t over 21.67m, 161.07 g Ag eq/t over 13.25m, 100.60 g Ag eq/t over 15.15m, 54.44 g Ag eq/t over 34.86m, 90.24 g Ag eq/t over 26.91m and 117.48 g Ag eq/t over 16.51m.
  • Hole DCN-03 was drilled southeast at -60 degrees from the northern radial platform of the CBP. This hole intersected nine mineralized intersections principally Sn-Ag over its 464.5m length. The best result was 48.59 g Ag eq/t (16.23 g Ag/t, 0.12% Pb and 0.064% Sn) over 15.05m.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are close to completing first pass drilling over three of our major target areas in the Iska Iska Caldera Complex. Following completion of the downhole IP/Res survey, we will be carrying out additional drilling in the SBBP and its surrounding envelope to define the full extent of mineralization which remains open in all directions. This drilling will also test the potential extension of the mineralized zone to the northwest as indicated by the strong magnetic low as shown in Figure 2. Hole DCS-01 intersected silver-tin polymetallic mineralization similar to what we are seeing visually in the initial drill holes on Porco. Analysis of the magnetic data suggests the potential for a centre of mineralization in the gap zone between CBP and Porco; this will be drill tested soon. The northern part of CBP is primarily an Sn target with some Ag. We will determine the follow-up drill plan there once we receive pending assays from the drill holes. Our Tupiza-based exploration team led by Dr. Osvaldo Arce, P.Geo. continues to do an excellent job keeping up with all the drilling and we thank our drill contractor Leduc Drilling for the continuing high quality drill production.”

Dr. Quinton Hennigh, Senior Technical Advisor to Eloro stated: “The 300.75m intercept grading 129.65 g Ag eq/t in hole DHK-18 generates a metal factor of approximately 39,000 gram-meters Ag eq/t, a remarkable result and a clear testament to the strength of the Iska Iska Ag-Sn-base metal system. For those more familiar with gold, this grade is equivalent to almost 2 g Au eq/t over 300.75m. Importantly, mineralization occurs in the wall rock envelope east of the SBBP, thus the system is not constrained to the limits of the breccia pipes. All holes drilled across the project to date display intervals of alteration and mineralization, and the limits of the system have not yet been delineated. In short, all geologic settings, either in or out of the breccia pipes, can be considered prospective, and the deposit is wide open for expansion in all directions. We have lots to look forward to as results return from multiple outstanding holes including those recently completed at Porco (South).”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at July 28, 2021:
https://www.globenewswire.com/NewsRoom/AttachmentNg/791b9920-e338-4786-bc91-cf7cebb0780b

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

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

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

ElementPrice (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,40065.6000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629

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

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of July 28, 2021.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-19UG205422.77656359.84151.6145-45329.8
DHK-20UG205421.27656359.24151.4180-50350.8
DHK-21UG205418.57656360.04151.9235-70512.9
DHK-22UG205418.57656360.04151.9210-60600.0
Subtotal1,793.5
DHK-23UG205418.57656360.04151.9270-50In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-04S204902.07655860.04420.00-80851.4
DCN-05S204902.07655860.04420.090-60524.3
DCN-06S204902.07655860.04420.0180-80626.4
DCN-07S204902.07655860.04420.0270-60680.4
Subtotal2,682.5
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-01S204852.07655612.84429.690-601,007.5
DCS-02S204852.37655612.44429.6135-60800.5
DCS-03S204852.17655612.34429.7225-60443.5
DCS-04S204852.17655612.34429.7180-60644.4
Subtotal2,895.9
Porco Central – Surface Radial Drill Program
DPC-01S205457.27655110.94175.0270-60767.5
DPC-02S205457.27655110.94175.0225-60908.2
DPC-03S205457.27655110.94175.0135-60524.5
Subtotal2,200.2
DPC-04S205457.27655110.94175.00-60In progress
TOTAL9,571.9

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 22,398.9m in 46 holes (18 underground holes and 28 surface holes) with one underground and one surface hole in progress. The second surface drill is cleaning out holes for the downhole IP survey.


Qualified Person

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

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

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

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (“CBP”). The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.

A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 gAg/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.

On May 26, 2021 Eloro released results from Hole DSB-07 drilled at -60 degrees to a depth of 683.4m to the southeast from the radial drill platform on SBBP which intersected multiple mineralized intercepts including:

  • 122.66 grams silver equivalent/tonne (“g Ag eq/t”) (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m from 236.60m to 360.21m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m, from 317.21m to 349.53m.
  • 105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m from 449.87m to 623.45m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m, from 551.19m to 590.27m.
  • 146.19 g Ag eq/t (1.70 g Ag/t, 0.00% Zn, 0.01% Pb, 0.42% Sn and 0.02 g Au/t) over 10.20m from 171.60m to 181.80m in the oxide zone indicating potential for significant Sn mineralization in this strongly leached nearer surface zone.
  • In aggregate, 64% of this 683.4m long hole returned reportable mineralized intervals.

Eloro Resources reported additional multiple holes with significant silver-tin polymetallic Intercepts in the Santa Barbara and Central Breccia Pipes on July 6, 2021 including:

  • Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m.
  • Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m80.71 g Ag eq/t including 0.213% Sn over 74.39m from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.

A detailed ground magnetic survey of the Iska Iska property reported on June 6, 2021 confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation including Aster data. The Santa Barbara and Central Breccia Pipes, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the that the Central and Porco Breccia Pipes likely merge at depth. There is a prominent area of low intensity magnetics northwest of the Santa Barbara Breccia Pipe which requires follow-up work.

Geological mapping and satellite interpretation identified a third major breccia pipe target Porco (South) that is approximately 600m in diameter (South) located southeast of CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. This target is currently being drill tested. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 mineralization by late fall. A a downhole induced polarization/resistivity survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

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

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

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

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

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9b76591-0f6e-4c85-a9a5-bb851b962e8b

Figure 2: Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing location of strong magnetic low target:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7302270-331b-4e58-a0f9-0cee6634bc19

Table 1Figure 1Figure 2
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GR Silver Mining Reports Wide Gold and Silver Zones from the Final Drill Holes to be Incorporated into the Plomosas Mine Area Resource Estimation

 GR Silver Mining Ltd. (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) (“GR Silver Mining” or the “Company”) – is pleased to report assay results from the final drill holes to be incorporated into the resource estimation at the Plomosas Mine Area at the Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. These results represent wide intersections of predominantly gold and silver-rich epithermal veining.

Drill highlights:

     PLI21-10

  • 41.7 m @ 1.13 g/t Au

     PLI21-14

  • 11.1 m @ 0.81 g/t Au

     279-IM

  • 13.0 m @ 328 g/t Ag, 0.5 % Pb, 1.2% Zn, 0.1% Cu and 0.2 g/t Au – 397 g/t AgEq1

A listing of significant drill results from the Plomosas Mine Area are presented in Table 1.

_________

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

GR Silver Mining President and CEO, Marcio Fonseca commented “This final batch of drilling results from drill holes PLI21-10 and 14, represent a step out of approximately 150 m to the north from the closest underground information in the Plomosas Mine Area. As a result, they confirm the presence of attractive gold and silver epithermal mineralization in unmined zones of the historic Plomosas Mine Area. These results represent the delineation of new prospective host rocks defining additional targets for future drilling beyond the area of the maiden resource estimation, which is currently in progress.”

The gold mineralization, as evidenced in drill holes PLI21-10 and 14, is hosted by hydrothermal breccias which commonly include irregular colloform banded quartz veins related to a NW-oriented structural trend. This mineralization style is illustrated by the core samples displayed in the following link: (see Link to Core Photos).

The following figure (Figure 1) illustrates the location of all surface holes released to date on the Plomosas Mine Area and a select group of results representing the Ag-Au rich mineralized intervals that are currently being incorporated into the maiden resource estimation for this area.

The longitudinal section (Figure 2) demonstrates the 2 km long N-S trend of the Plomosas Mine Area, extending northwards towards the historical old workings at El Ranchito and El Aguacate. The longitudinal section also includes geophysical anomalies outlining the preferential location of potential mineralized zones along strike, as well as grade times thickness pierce points of surface and underground drill holes in AgEq grams per tonne times metres (gtm).

The discovery of precious metal only mineralized epithermal veins has encouraged the Company to pursue an extensive surface core drilling program, outside of  areas under resource estimation, such as at Plomosas South (see News Release dated June 21, 2021), with the objective of identifying new discoveries in H2|2021.

Table 1: Drill Hole Assay Results

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

Ag
g/t

Au
g/t

Pb %

Zn %

Cu %

AgEq
g/t

PLI21-10

46.7

88.4

41.7

29.5

1

1.13

n/a

0.1

n/a

includes

48.6

61.4

12.8

9.1

1

2.12

0.1

0.1

n/a

PLI21-14

64.0

75.1

11.1

6.4

1

0.81

n/a

0.1

n/a

includes

64.0

70.0

6.0

3.4

1

1.38

n/a

0.2

n/a

PLS20-05

9.0

13.0

4.0

3.6

163

0.05

6.4

3.7

0.2

499

PLS21-06

8.1

14.3

6.2

6.1

120

0.48

2.8

0.7

0.1

285

PLI17-33

113.8

114.8

1.0

0.9

9

5.24

0.2

0.2

n/a

279-IM

25.3

38.3

13.0

11.8

328

0.19

0.5

1.2

n/a

397

311

1.0

2.0

1.0

1.0

680

0.04

0.6

2.4

0.08

774

5.0

10.0

5.0

4.9

143

0.02

1.2

4.3

0.09

397

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1,600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu. All numbers are rounded. Results are uncut and undiluted. “n/a” = no relevant assays.

Table 2: Drill Hole Locations

Hole No.

East (m)

North (m)

RL (m)

Azinuth (*)

Dip (*)

Depth (m)

Type

PLI21-10

451,209

2,552,085

771

118

0

180.0

UG

PLI21-14

451,039

2,552,058

740

230

-65

272.3

UG

PLS20-05

451,544

2,552,011

951

0

-90

150.5

Surface

PLS21-06

451,592

2,552,248

910

90

-50

109.5

Surface

PLI17-33

451,172

2,552,219

772

60

-22

162.2

UG

279-IM

451,158

2,551,655

735

90

24

76.8

UG

311

451,281

2,552,198

774

128

-45

77.5

UG

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

Qualified Person

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

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

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

The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Lead and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

About GR Silver Mining Ltd.

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

Plomosas Silver Project

GR Silver Mining’s 6,574 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc2.

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

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

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

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

__________

2 Historical production figures according to internal company production reports by IMMSA (Grupo Mexico)

San Marcial Project

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

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

La Trinidad Project

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

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

_________

3 Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

4 Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

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

Cimarron Project

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

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

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

_______

6 Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

Other Projects

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

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

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

http://www.grsilvermining.com/

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GR Silver Mining Reports Drill Results Including a High-grade Au-rich Polymetallic Vein from the Plomosas Mine Area

GR Silver Mining Ltd. (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) (“GR Silver Mining” or the “Company”) – is pleased to report drill results in the northern portion of the Plomosas Mine Area. These results represent intersections of polymetallic (Ag-Au-Pb-Zn) hydrothermal breccia near the surface in unmined areas in the historic Plomosas Mine Area (Figure 1) at the Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

Drill highlights include:

  • SD-13: 1.8 m @ 15.8 g/t Au, 1.1 % Pb, 3.9 % Zn and 17 g/t Ag – 1,779 g/t AgEq1
  • PLS21-13A: 6.2 m @ 171 g/t Ag, 1.1 % Pb, 0.7 % Zn, 0.2 % Cu and 0.4 g/t Au – 282 g/t AgEq
  • PLS21-15A: 8.1 m @ 227 g/t Ag, 1.7 % Pb, 1.4 % Zn, 0.1 % Cu and 0.3 g/t Au – 354 g/t AgEq

GR Silver Mining President and CEO, Marcio Fonseca, commented “The reported drilling results continue to demonstrate the presence of high-grade precious metal mineralization in unmined zones of the historic Plomosas Mine Area. These results also confirm the presence of wide, polymetallic (Ag-Au-Pb-Zn) hydrothermal breccias in under-explored extensions that will be integrated into the upcoming maiden resource estimation. The Company has also discovered continuous wide Ag-Au rich polymetallic mineralization near surface, in the form of high-grade epithermal veins, as well as wide, shallow mineralized zones that demonstrate potential for future open pit development in a historic Pb and Zn underground mining project”.

_________________________

1

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

The following figure illustrates the location of all surface drill holes released to date on the Plomosas Mine Area. The Company has released a total of 366 surface and underground drill holes in the Plomosas Project, which also includes the San Juan Area. All results released for this area are being incorporated into a 3D Model, part of the upcoming maiden resource estimation.

Figure 1: Plomosas Mine Area: Large Epithermal System with New Discoveries (Drone image)

GR Silver Mining has completed over 16,000 m of surface and underground core drilling at the Plomosas Project since its acquisition in 2020. This represents a major advance for a development stage project  which had been dormant for many years. Additionally, the Company’s exploration team has completed structural and geological mapping surveys in both areas, revealing what the Company believes to be a district-scale Ag-Au rich epithermal system. The Company is planning the continuation of exploration and surface drilling along strike of the mineralized systems in both areas, aiming to discover extensions to the planned resource estimates in the coming months.

The longitudinal section below represents the N-S trend of the Plomosas Mine Area, displaying the location of all surface and underground drill holes released to date and the upside potential for additional Ag-Au mineralization to be discovered along strike and down dip.

Figure 2: Longitudinal Section – Plomosas Mine Area (Looking East)

Table 1: Drill Hole Assay Results for this June 7, 2021 News Release

Hole No.

From (m)

To (m)

Drilled width (m)

True width (m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq g/t

PLS21-13A

3.5

20.7

17.2

16.2

75

0.25

0.7

0.8

0.1

152

includes

4.8

11.0

6.2

5.8

171

0.41

1.1

0.7

0.2

282

PLS21-14

194.0

202.0

8.0

6.9

10

0.11

0.4

0.5

n/a

PLI21-15A

22.5

30.5

8.0

7.6

227

0.27

1.7

1.4

0.1

354

PLS21-19A

16.5

25.4

8.9

8.0

30

0.28

0.7

0.5

0.1

105

44.0

58.0

14.0

12.7

13

0.16

0.5

0.6

n/a

66

SD-13

227.7

240.8

13.1

10.7

12

2.48

1.1

1.5

n/a

343

includes

234.8

236.6

1.8

1.5

17

15.81

1.1

3.9

n/a

1,779

SD-18

243.0

243.8

0.8

0.7

93

1.74

1.8

5.4

0.1

488

SD-23

265.9

269.7

3.8

3.6

100

0.14

0.2

1.1

0.5

188

SD-30

204.4

225.7

21.3

21.0

25

0.67

1.6

2.4

0.1

218

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1,600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu. All numbers are rounded. Results are uncut and undiluted. “n/a” = no relevant assays.

Table 2: Drill Hole Locations

Hole No.

East (m)

North (m)

RL (m)

Azimuth (˚)

Dip (˚)

Depth (m)

Type

PLS21-13A

451524

2551901

977

90

-75

115.5

Surface

PLS21-14

451241

2551803

1012

72

-75

372.0

Surface

PLI21-15A

451519

2551966

978

90

-85

101.3

Surface

PL121-19A

451498

2551844

971

90

-80

99.0

Surface

SD-13

451395

2551706

1,014

270

-74

118.25

Surface

SD-18

451381

2551776

1,025

0

-90

80.0

Surface

SD-23

451381

2551776

999

270

-68

127.05

Surface

SD-30

451381

2551776

999

270

-55

203.5

Surface

All numbers are rounded. BOLD drill holes are drilled by GRSL and remaining holes represent historic drill holes drilled by Grupo Mexico.; East (m) and North (m) are UTM coordinates in WGS84, zone 13.

Qualified Person

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

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

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

The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Lead and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

Corporate Update

The Company also received TSX-V approval to the share for debt transaction previously announced on May 13, 2021 and consequently has issued 45,999 common shares to settle debt of $32,659.  All shares issued in conjunction with this debt settlement are subject to a hold period expiring October 1, 2021 in accordance with applicable securities laws and the policies of the TSX-V.

About GR Silver Mining Ltd.

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

Plomosas Silver Project

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

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

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

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

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

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

San Marcial Project

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

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

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold2.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold3,4. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold5, which is considered to be open along strike and down dip.

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

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

Other Projects

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

__________________________

2 

Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

3

Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

4 

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

5 

Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

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

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

Related Links

http://www.grsilvermining.com/

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


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

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

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

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

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

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

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

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

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

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

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

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

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

 Ag
g/t

 Au
g/t

Pb %

Zn %

Cu %

 AgEq
g/t

SJS21-03A

166.2

169.2

3.0

2.9

144

0.09

0.3

0.8

na

186

SJS21-04

117.0

127.5

10.5

9.8

242

0.31

0.4

0.8

na

310

includes

118.2

120.3

2.0

1.9

954

1.29

1.2

1.6

0.1

1,177

118.2

119.2

1.0

0.9

1,184

2.27

1.3

0.9

na

1,486

SJS21-05

108.9

123.5

14.6

`12.5

52

0.05

0.1

0.4

0.01

73

SJS21-05

128.5

130.6

2.1

1.8

61

0.01

0.2

0.4

0.01

82

SJS21-06

70.0

76.0

6.0

5.8

31

0.10

0.1

0.2

0.01

47

SJS21-07

No Significant Assays

SJS21-08

No Significant Assays

SJS21-09

38.0

40.0

2.0

1.9

45

0.40

1.9

6.4

0.01

324

LRD-35

81.8

89.8

8.0

4.00

126

0.08

1.7

0.7

na

214

LRD-37

40.0

62.3

22.3

20.2

62

0.31

0.6

0.4

na

126

includes

53.2

59.5

6.3

5.7

154

0.96

1.2

0.4

na

308

LRD-39

45.0

50.7

5.7

5.6

223

0.45

0.7

0.7

na

312

LRD-50

46.4

112.2

65.8

46.0

10

0.04

0.4

0.8

na

52

LRD-51

79.5

95.5

16.0

13.1

4

0.05

0.4

0.8

na

LRD-52

49.8

59.1

9.3

8.0

20

0.28

0.4

0.6

na

80

67.0

71.5

4.5

3.9

311

0.08

0.8

0.2

na

354

includes

69.2

70.3

1.1

1.0

781

0.21

1.5

0.3

na

863

LRD-61

92.8

145.1

52.4

40.1

5

0.07

0.4

1.0

na

YE-6

35.6

36.4

0.8

0.6

27

0.01

1.7

6.3

0.1

272

63.8

65.0

1.2

0.9

6

0.01

1.7

1.8

na

YES20-02

0.0

15.0

15.0

13.2

2

0.31

0.2

1.9

na

YES20-03

209.2

244.9

35.7

31.5

1

0.06

0.1

0.6

na

227.9

233.1

5.3

4.6

2

0.31

0.2

1.9

na

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

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

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

Hole No.

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth
(˚)

Depth
(m)

SJS21-03-A

448288

2550667

965

227

-60

184.5

SJS21-04

448170

2550727

934

196

-45

177

SJS21-05

448202

2550700

943

206

-50

150.35

SJS21-06

448139

2550685

940

245

-50

86.5

SJS21-07

448248

2550545

901

220

-80

75

SJS21-08

448339

2550479

907

220

-60

80

SJS21-09

448294

2550510

895

220

-70

55.5

LRD-35

447754

2550685

821

0

-90

136.55

LRD-37

447754

2550685

821

270

-70

96.4

LRD-39

447754

2550685

821

270

-43

83.95

LRD-50

447754

2550715

825

0

-90

140.25

LRD-51

447775

2550655

816

0

-90

119.2

LRD-52

447754

2550715

825

270

-70

118.9

LRD-61

447844

2550685

840

270

-80

166.9

YE-6

450073

2548236

1117

235

-75

114.95

YES20-02

447673

2550628

799

252

-60

21.0

YES20-03

447931

2550703

842

230

-80

350.0

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

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

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

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

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

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

Qualified Person

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

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

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

The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Lead and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

___________________________
2 Refer to News Release dated June 12, 2020

About GR Silver Mining Ltd.

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

Plomosas Silver Project

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

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

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

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

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

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

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

San Marcial Project

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

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

La Trinidad Project

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

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

Cimarron Project

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

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

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

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

Other Projects

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

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

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Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

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

http://www.grsilvermining.com/

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