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

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

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

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

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures currently has approximately 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in the Sonora State of Mexico and the Rogers Creek project in Southern British Columbia. Management feels both opportunities represent tremendous opportunity.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email: dwood@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Eloro: Exploring a region in Bolivia from Space

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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Tocvan at Equity Guru

Excellent article on Tocvan’s most recent news release over at Equity Guru.

“The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project.

Hydrothermal fluids carrying gold, silver and other elements can morph into mineralized veins within the structures and surrounding host rock.

Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench.

Over 17,700m of drilling has been completed by previous operators.”

Worth reading the whole thing.

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Newlox Delivers Over 90% Gold Recovery Using Organic Aqua Regia


Click Image To View Full Size

Figure 1. Organic Aqua Regia Samples

Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) is pleased to provide an update on the Organic Aqua Regia (OAR) testing underway at the recently established Newlox Research and Development’s laboratory. The Company is investigating Organic Aqua Regia (OAR) technology as a non-toxic and water-free alternative to cyanidation for the production of gold and other precious metals. While OAR is currently in Stage 1 testing at the Company’s laboratory, preliminary results are very encouraging.

OAR is being developed in conjunction with the University of British Columbia in Canada and Chiba University in Japan for the leaching of gold with an organic reagent that is both non-toxic and widely used in other industries. The reagent price is comparable to sodium cyanide, the conventional gold mining industry reagent. The main advantages are that it is non-toxic, is recyclable, extracts gold faster than cyanide, does not use water, and does not require carbon or electrowinning.

Recent OAR tests conducted by Newlox on high-grade gold ore samples have returned gold recoveries above 90% when conducted at ambient temperature and pressure. Testing is currently underway to investigate the effect of both temperature and reagent concentration on the leaching mechanics.

A Message from Ryan Jackson, President & CEO:

“During a recent visit to the laboratory by management, the research and development team presented preliminary results from Stage 1 testing. We were delighted to hear that the first round of testing delivered over 90% gold recovery, using the cutting-edge OAR leaching technology.

This initial round of testing is part of Newlox R&D’s 12-month OAR development program, and we are delighted to have already realized such positive results. Stage-1 testing is still underway, and we are looking forward to reporting the detailed results of this program as they become available.

OAR leaching could be a paradigm-shifting technology applicable not only to the US$180 billion formal global gold mining industry but also as a method to bring the US$27 billion informal gold mining industry into the 21st century.”

Forward-Looking Information

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).

Technical Disclaimer

The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.

On Behalf of the Board, Newlox Gold Ventures Corp.

Contact Newlox

Ryan Jackson

Newlox Gold Ventures Corp., President

Website: www.newloxgold.com

www.newlox.tech

Email: ryan@newloxgold.com

Phone: +1 778 738 0546

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Tocvan Announces the Association of the High-Grade Silver East Zone With a Pipe-Like Feature, at the Pilar Gold-Silver Project in Sonora, Mexico

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce additional key observations and conclusions from recent technical studies focused on the identification of a Phase 1 program of drill-hole targets at the Pilar Gold-Silver Project in Sonora, Mexico.

As noted in the most recent press release dated September 29, 2020, several significant conclusions were made, one of which is the interpretation of a sub-vertical pipe-like feature in the east-central part of the property, this feature may represent a breccia feeder pipe related to epithermal mineralization (Figures 1, 2). The pipe is ~100m in diameter, oval shaped, and has a steep plunge (~70?) to SSW with a 195? azimuth.

A second circular feature is noted through geochemistry analysis and is tentatively interpreted as a pipe-like feature. It is located in the south-east part of the property, and is south-east of the pipe-like feature described above, interestingly both pipe-like features follow the main north-west to south-east shear structure that runs across the property.

Interesting to note, are the results of the assay soil survey program released in the press release dated June 24, 2020 where the highest soil silver assay result was recorded on the property (317 g/t Ag) and the highest rock-grab silver assay result recorded on the property (323 g/t Ag) (press release: January 7, 2020). Other discoveries and assay results taken together revealed a second parallel mineralized trend of gold and silver to the east of the drilled area and a new high-grade silver zone termed the East Zone (press release: June 24, 2020) (Figure 3).

Key to note, the second circular feature located in the south-east part of the property (Figure 2) (press release: September 29, 2020), tentatively interpreted as a pipe-like feature, is coincident with the recently discovered high-grade silver East Zone (Figure 3) (press release: June 24, 2020), in fact the two highest silver assay results are in this area, along with several other gold and silver high grade results. Pipes, and breccia-pipes are significant features in epithermal gold-silver models and can hold bonanza grades (>1opt) of gold and silver.


Click Image To View Full Size

Figure 1. Interpretation of ground Induced Polarization data (MPH Consulting Ltd).

Note on Figure1. An Induced Polarization Resistivity Inversion depth slice at 325m ASL is shown, with interpretation notes. A significant NNW-SSE ~100m wide corridor is present as a strong resistivity low, and is coincident with much of the drilling performed on the property to date. It is interpreted as increased rock porosity related to an alteration corridor. Another resistivity low is present to the east of this, and takes the form of a discrete 100m diameter oval. Although visibly controlled by a NNE-SSW structure, it terminates abruptly and is interpreted as a potential epithermal feeder pipe.


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Figure 2. Geochemical interpretation of shallow soil data (from Aurum Exploration Services).


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Figure 3. Results from the 2020 Soil Survey at Pilar Au-Ag Project

Special Note:

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

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

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins within the structures and surrounding host rock. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:

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

    • – 0.73g/t Au over 40m

      – 0.75g/t Au over 61m

      – 17.3g/t Au over 1.5m

      – 5.27g/t Au over 3m

      – 53.47g/t Au & 53.4g/t Ag over 16m

      – 9.64g/t Au over 13m

      – 10.6g/t Au & 37.8g/t Ag over 9m

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

    • – 55g/t Au over 3m

      – 28.6g/t Au over 6m

      – 3.39 g/t Au over 50m

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

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

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

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

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures Currently has approximately 17.7 million shares outstanding and is earning into two exiting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email: dwood@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Eloro: District Scale in Bolivia

Interesting press release today from Eloro (V.ELO). They have staked 9 additional properties in the Potosí Department, southern Bolivia where Iska Iska, their flagship Bolivian property is located.

Eloro CEO, Tom Larsen, is quoted in the release saying, “Iska Iska has excellent potential to host a significant silver polymetallic mineral deposit. We are currently carrying out an underground drill program (see press release September 14, 2020) with results pending. Acquisition of these additional properties which appear to have similar hydrothermal alteration signatures to Iska Iska further expands our very prospective land position in the area.”

The new properties are interesting in themselves but they also suggest very strongly that Eloro is encouraged with what it is finding at Iska Iska.

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Eloro Resources Stakes Additional Properties in the Iska Iska Polymetallic Property Area, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELOOTCQX: ELRRF; FSE: P2QM(“Eloro”, or the “Company”) is pleased to announce that Minera Tupiza S.R.L., Eloro’s Bolivian subsidiary has staked nine (9) additional properties (known as “Mining Areas” under Bolivian law) covering a total of 311.75 square kilometres in the Potosí Department, southern Bolivia where Iska Iska is located as shown in Figure 1. The geological characteristics and target mineralization of these properties are summarized in Table 1. Figure 2 shows the regional geology in the area of the new properties. The properties are located on prominent ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) anomalies with a similar hydrothermal alteration signature to that of Iska Iska. The Tup-5 property ties directly onto the Iska Iska property.

 Figure 1Figure 2

Tom Larsen, President and CEO of Eloro, commented: “As outlined in the NI 43-101 Technical Report by Micon International (see press release April 29, 2020), Iska Iska has excellent potential to host a significant silver polymetallic mineral deposit. We are currently carrying out an underground drill program (see press release September 14, 2020) with results pending. Acquisition of these additional properties which appear to have similar hydrothermal alteration signatures to Iska Iska further expands our very prospective land position in the area.”

Table 1: Summary of Geology and Exploration Targets, New Properties Iska Iska Area, Bolivia (see Figure 1 for locations).

No.NAMESQ. KMGEOLOGICAL DESCRIPTIONTARGET
1Puna22SE part of the Early Miocene resurgent Kari Kari caldera. It is filled with welded ignimbrites and ash flows from 8-5 Ma. Comprises a Complex fault system of N-S, NNE-SSW and E-W directions that are filled with Sn, W and base metal mineralization. Main alteration products are silicification and highly altered Fe minerals.Sn, W, Base Metals
2Khuchu Ingenio17Subvolcanic dacites and andesites hosting Ag, Pb and Zn mineralization. Basement is the Silurian Llallagua Formation sandstone. The neighboring area is composed of wide and long veins hosting enriched mineralized pockets. Main hydrothermal alterations are sericitization and argillization.Polymetallic Ag, Pb, Zn
3Tomave125The claim area is composed of mainly siliciclastic sediments of Silurian age that comprises diamictites, shales, slates, sandstones and quartzites. They are likely to host both high temperature tin, and late stage Ag, Zn and Pb mineralization. Hydrothermal alterations are silicification, sericitization, argillization and propylitization.Polymetallic Ag, Zn, Pb
4Atocha Florida23.75Tertiary volcanics extruding Silurian sediments, mineralization occurs in both rocks and are composed of veins, stockworks and veinlets hosting Zn-Pb-Ag. Main alteration products are sericitization and advanced argillization.Polymetallic Zn, Pb, Ag, Au
5Atocha38Polymetallic (Ag, Pb, Zn) mineralization associated with a collapsed caldera, which consists of pyroclastic rocks, flows, volcanic domes, and dacitic to andesitic dikes. Hydrothermal alterations are sericitization and advanced argillization.Polymetallic Ag, Pb, Zn, Au
6Tup 318.5Includes a remarkable circular feature that outlines a structural basin in Ordovician sedimentary rocks, covering an area of about 16 km2 (4 x 4 km) and a neighboring southern extension of about 9 km long by 5 km wide, in which several hydrothermal alteration types are present on the processed satellite imagery. Hydrothermal alteration consists of carbonatic, argillic and sericitic alterations along with minor illite, Fe oxide, chlorite and kaolinite.Sn, Base metals
7Tup 45.5Rocks are mostly sedimentary, although some volcanics also probably occur in the vicinity. The main geological feature corresponds to a N-S regional fault located in the center of the property that appears to control mineralization in the zone. Intense alteration zones composed of abundant sericite, argillic and kaolinite and minor illite, chlorite, Fe oxide and carbonates.Polymetallic Ag, Pb, Zn, Au
8Tup 510.25Ordovician sandstones and shales within an eastern extension of an intrusion. Main alteration products are jarositization, argillization and sericitization.Sn, Base Metals
9Pajchi42.75Possible collapsed volcano with resurgent eroded dacite domes and lava flows that are hosting a probably polymetallic mineralization composed of a high temperature tin mineralization overlapped by Ag-Zn-Pb mineralization. Hydrothermal alteration types are argillization, strong oxidation, and sericitization.Polymetallic Ag-Zn-Pb, Au

Au=gold, Ag=silver, Zn=zinc, Pb=lead, Sn=tin, W=tungsten

Qualified Person

Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology 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. ASTER is public domain data made available by the Jet Propulsion Laboratory of NASA. Processing of the ASTER and satellite data was done by Sandra L. Perry, MS, P.Geo. of Perry Remote Sensing LLC in Denver, Colorado. Ms. Perry is a Qualified Person as defined by NI 43-101.

About Iska Iska

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

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

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

About Eloro Resources Ltd.

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

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

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

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

Figure 1: Location map of new properties, Iska Iska – Potosi area.
https://www.globenewswire.com/NewsRoom/AttachmentNg/cb2cb1c9-4adf-465d-9b74-3266f6933e85

Figure 2: Regional geology in area of new properties, Iska Iska – Potosi area.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0cfc8a38-4423-4512-a954-074e5fb86ea7

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Tocvan Announces the Identification of Pipe-Like Features at the Pilar Gold-Silver Project in Sonora, Mexico

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce several key observations and conclusions from recent technical studies focused on the identification of a Phase 1 program of drill-hole targets at the Pilar Gold-Silver Project in Sonora, Mexico.

As noted in previous press releases going back to January 7, 2020, the work completed on the Pilar Gold-Silver epithermal project has incorporated a variety of field programs, including geophysical surveys, rock and soil geochemical sampling, and structural analysis.

At the signing of the option agreement the Pilar property had a concentration of over 17,700m of drilling mainly in the north-west quadrant of the property with the majority of the hole depths reaching approximately 125m depth from surface, and some soil sampling spaced at a 100m on the east side of the property.

Results of work since November 2019 have revealed a gold-silver mineralized trend extending southeast from the main drilled area, a second parallel mineralized trend of gold and silver to the east of the drilled area, a new high-grade silver zone (East Zone), and results also show gold-silver mineralization extending across the property from north to south.

Data synthesis are currently underway to refine drill-hole targets. The process for drill hole permitting has begun, and Tocvan is currently entertaining quotes from drilling companies.

Gold-silver epithermal deposits are structurally controlled. To locate the structures containing the mineralization is a specialized process requiring skilled data analyses from proficient specialized professionals. To achieve high quality analyses various consulting firms were brought together to perform joint examinations; Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant with MPH Consulting Limited, Sandy M. Archibald, Ph.D., P.Geo. (PGO), Aurum Exploration Services (geochemistry), David Lewis, M.Sc., P.Geo. (PGO), consulting structural geologist, and Rodrigo Calles Montijo, Ing. Geo., CPG-QP , IMEx Servicios Geologicos. Rodrigo is based in Hermosillo and provides a full-service exploration consulting firm. The board of Tocvan would like to commend Mr. Calles-Mintijo for his sterling work and professionalism during a time of restricted travel and government ordered work shut downs resulting from our current world health crisis. We look forward to working with Rodrigo and his team during Tocvan’s upcoming maiden Pilar drill program.

Several significant conclusions from the joint effort of these geophysical, geochemical and structural specialists were made. One significant conclusion is the interpretation of a sub-vertical pipe-like feature that may represent a breccia feeder pipe related to epithermal mineralization. The pipe is ~100m in diameter, oval shaped, and has a steep plunge (~70?) to SSW with a 195? azimuth (Figures 1, 2, 3), and the pipe location appears to be controlled by a fold nose, based on interpreted basement folding. In relation to the epithermal model, breccia pipes are a significant feature and can hold bonanza grades (>1opt) of gold and silver. The pipes may extend from fissure veins that are known to contain significant grades of gold and silver in other epithermal deposits.

To date the work had located features in the 2-dimensional plane on the surface at the Pilar property. Results from further analyses provide a much better understanding of the vertical placement of the Pilar mineralized system in 3D space. The presence of silica caps were indicated based on geological mapping and interpretation of shallow soil geochemistry. It is recommended that these locations be drill-tested since gold mineralization might be present beneath these caps. Geophysical interpretation estimated that the silica caps extend to an approximate depth of 150m with a varying boundary/transition into the host rock.


Click Image To View Full Size

Figure 1. Geochemical interpretation of shallow soil data (from Aurum Exploration Services).


Click Image To View Full Size

Figure 2. Interpretation of ground Induced Polarization data (MPH Consulting Ltd).

Note on Figure2. An Induced Polarization Resistivity Inversion depth slice at 325m ASL is shown, with interpretation notes. A significant NNW-SSE ~100m wide corridor is present as a strong resistivity low, and is coincident with much of the drilling performed on the property to date. It is interpreted as increased rock porosity related to an alteration corridor. Another resistivity low is present to the east of this, and takes the form of a discrete 100m diameter oval. Although visibly controlled by a NNE-SSW structure, it terminates abruptly and is interpreted as a potential epithermal feeder pipe. This is quite visible in the 3D inversion in Figure 3.


Click Image To View Full Size

Figure 3 – A 3D Inversion of the Induced Polarization Resistivity data (looking west from below). A discrete ~100m diameter oval pipe target is interpreted, bounded below only by the depth of investigation of the IP survey. It appears to dip to the SSW (azimuth 195?), with a steep plunge (~70?).

Special Note:

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

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

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins within the structures and surrounding host rock. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:

  • – 17,700m of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
    • – 0.73g/t Au over 40m

      – 0.75g/t Au over 61m

      – 17.3g/t Au over 1.5m

      – 5.27g/t Au over 3m

      – 53.47g/t Au & 53.4g/t Ag over 16m

      – 9.64g/t Au over 13m

      – 10.6g/t Au & 37.8g/t Ag over 9m

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

    • – 55g/t Au over 3m

      – 28.6g/t Au over 6m

      – 3.39 g/t Au over 50m

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

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

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

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

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures Currently has approximately 17.7 million shares outstanding and is earning into two exiting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email: dwood@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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GR Silver Mining Announces a Significant Underground Discovery of Polymetallic Mineralization at the Plomosas Silver Project


  • 5.4 m @ 1,313 g/t AgEq1
    including 1.0 m @ 4,204 g/t AgEq and 2.4 m @ 1,103 g/t AgEq
  • 15.7 m @ 416 g/t AgEq
  • 7.8 m @ 631 g/t AgEq

VANCOUVER, BCSept. 28, 2020 /CNW/ – GR Silver Mining Ltd. (TSXV: GRSL), (FRANKFURT: GPE), (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce that wide, high-grade polymetallic (Au-Cu-Ag-Pb-Zn), disseminated and massive sulphide-rich mineralization has been discovered during initial underground channel sampling on the lower level of the Plomosas Mine (Figure 1), at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

A continuous intersection, measuring 15.7 m in length, was saw channel sampled adjacent to the existing “room and pillar” stope on the 775 RL level, and out into the unmined zones (Figure 2). Assays in this interval have discovered a new style of precious and base metal mineralization represented by disseminated and massive sulphide-rich zones, hosted by a brecciated andesite and rhyolite tuff. The mineralization consists of coarse grained chalcopyrite, sphalerite and galena with associated silver and gold. Sampling to date has not identified the limits of this new style of mineralization, which remains open to expansion with further sampling and exploration. (Video Link)

The polymetallic mineralization mainly occurs as massive to closely-spaced disseminated sulphides, with veins, stockworks and sulphide stringers hosted in brecciated sequences of rhyolite and andesite tuffs. Quartz and calcite are identifed as the main gangue minerals. Ore mineral assemblages include chalcopyrite, galena, sphalerite, pyrite, bornite, with azurite and malachite as supergene minerals (Catalogue Underground Samples-Link – High Grade). Hydrothermal alteration is represented by silicification, and altered host rocks may also include quartz, muscovite, chlorite, epidote and specularite. This mineral assemblage is generally consistent with the inner zones of low to intermediate sulfidation epithermal deposits.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “These new high-grade polymetallic underground channel sampling results are extraordinary, indicating the potential to define substantial new mineralized zones. The geological setting of these samples provides an opportunity to define large volumes of not only precious metals, but also base metals. The presence of gold that appears to be associated with base metal mineralization, provides immediate new underground and surface drilling targets, aiming to delineate much larger resources in the near future. The presence of three styles of mineralization: (1) disseminated or massive sulphide-style mineralization adjacent to (2) the structurally controlled Pb-Zn-Ag-Au hydrothermal breccia and (3) high-grade Au-Ag low sulphidation mineralization, reinforces the potential for large-scale mining at Plomosas, in areas consisting of underground development completed by previous operators.

The high-grade nature of the historic Plomosas Pb-Zn-Ag-Au mine has been well documented since the late 1990s. However, the mine operator until 2001, Grupo Mexico, did not address the potential for modern large-scale mining indicated by these recent results and high-grade Ag-Au recently discovered by GR Silver Mining in low sulphidation epithermal veins. While the high-grade mineralization remains the primary target for the Company at Plomosas, the potential for large volume, disseminated and massive sulphide mineralization hosted in volcanic rocks, will be carefully assessed. The Company plans to advance this highly promising project with more underground saw cutting  of channel samples, geological and structural mapping, and underground drilling.

The initial assay results from underground continuous sampling are shown in Table 1.

Table 1: Summary of Initial Underground Saw Cutting Channel Sample Assay Results – News Release September 28, 2020 (Plomosas Mine Area)

Channel  

Length (m)  

Ag g/t  

Au g/t  

Pb %  

Zn %  

Cu %  

AgEq g/t*  

  Northeast Wall

2.6

504

14.6

8.9

6.6

0.3

2,490

North Wall

15.7

90

2.5

0.5

1.3

0.8

416

includes

5.3

171

4.3

0.5

1.3

0.7

672

Pillar 11

5.4

147

10.0

0.6

3.3

1.2

1,313

includes

2.4

195

6.3

1.0

6.2

2.0

1,103

and

1.0

288

37.5

0.5

1.1

1.1

4,204

Pillar 7

7.8

50

2.9

2.2

7.3

0.2

631

            includes

3.0

95

6.6

3.7

10.9

0.3

1,206

Pillar 10

6.0

66

6.2

1.4

3.9

0.9

880

            includes

3.0

122

11.5

2.2

5.5

1.7

1,574

* 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$3.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

GR Silver Mining is continuing its detailed sampling and geological/structural mapping of recently exposed underground faces to confirm the potential for expansion of polymetallic mineralization along strike. In addition, the Company has now budgeted for a 1,400 m underground drilling program to be completed using existing drill stations, aiming to define substantial intersections of Au-Cu-Ag-Pb-Zn mineralization along strike and down dip.

The initial 1,400 m underground core drilling program is expected to continue through 2020 and is focused on the delineation of new areas for resource estimation, combined with the recently announced surface core drilling program (see News Release dated July 15, 2020).

The planned underground drill sites in the Plomosas Mine will be located in levels immediately above recently discovered disseminated and massive sulfide-rich zones hosted by a brecciated andesite and  rhyolite tuff unit, aiming to confirm extensions down dip and along strike.

In addition to drill testing these areas at the Plomosas Mine, the Company is also integrating 4,500 historical underground channel and rock chip samples to investigate the presence of similar mineralization in other areas of the historic underground workings.

GR Silver Mining believes that the Plomosas Mine Area is part of a much larger epithermal system, as indicated by field evidence along 1 km of strike length, where only 400 m of that strike has previously been drilled. This represents an opportunity for the Company’s current surface drilling and upcoming underground drilling programs to discover new mineralized zones in near surface positions as well as extensions to underground mined areas.

The brecciated andesite and rhyolite tuff are located predominantly on the hanging wall of the Plomosas Fault, which commonly hosts the Zn-Pb-Ag-Au rich hydrothermal breccia unit,the main object of past mining activities in the Plomosas Mine Area (See link to Conceptual 3D model).

Recently released historical results related to Grupo Mexico drill holes in the vicinity of this level, (*See Section Link), have defined attractive mineralization worth additional exploration in the area. This discovery validates the important potential of the Plomosas Silver Project.

Qualified Person

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

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

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

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, 16 new exploration targets from which 11 have high priority for future exploration programs.

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

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future. In August 2020, GR Silver Mining commenced its drilling program in the area to investigate extensions to known mineralization and to guide new discoveries, part of a planned resource estimation in 2021.

SAN MARCIAL PROJECT

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

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.

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.

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

Disclaimer for Forward-Looking Information

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

1 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$3.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

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SOURCE GR Silver Mining Ltd.

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

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GR Silver Mining Reports Drill Results at the Plomosas Silver Project Significant Near Surface Intervals, Including: 5.1 m @ 19.2 g/t Au and 18.0 m @ 554 g/t AgEq

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce drill results from the Company’s recently announced surface core drilling program in the Plomosas Mine Area as well as results from the ongoing validation of historic drilling at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

The initial two drill holes completed and released are in the Plomosas Mine Area, targeting  expansion of the mineralization footprint along strike, and confirmation of attractive near surface mineralized zones. The results received confirm the presence of wide, shallow or near surface silver-gold-lead-zinc (polymetallic) veins and hydrothermal breccias. Our ongoing review and validation of historic data on the same sections indicates high grade silver and gold mineralization in low sulphidation epithermal veins outside of the polymetallic silver rich hydrothermal breccia zone. The drilling currently in progress has validated recent geological modelling, confirming near surface zones of wide Ag-Au-Zn-Pb mineralization. Recent access to historic workings near the area being drilled by the Company, together with historic and recently completed drill holes, is being integrated into a 3D model to support the expansion and potential delineation of near surface resources.

The drilling completed to date, together with recently announced results, has delineated a 700 m long mineralized system (Figure 1), consisting of multiple veins. It demonstrates the presence of, not only the polymetallic Pb-Zn-Ag rich hydrothermal breccia hosted on the N-S oriented low angle Plomosas Fault, but also a series of high angle, low sulphidation vein and stockwork systems, commonly on the hanging wall or cross cut by the former hydrothermal breccias.

The mineralized zones reported in this news release represent multiple mineralization styles,  including wide, polymetallic Pb-Zn-Ag rich hydrothermal breccias, high grade Au in low sulphidation veins/stockworks and narrow high grade Ag low sulphidation veins. The definition of wide zones, or high grade zones close to the surface, represents a new opportunity for future shallow drilling along strike, aiding potential resource definition.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “First assay results have now been received from GR Silver Mining’s own drilling program at Plomosas. We continue to encounter evidence of a large hydrothermal system at the Plomosas Mine Area with the identification of wide mineralized intervals or high grade zones representing mulltiple mineralization styles and events. Our 3D integration of the recent and historic drilling data has proved valuable in defining the Pb-Zn-Ag mineralized zones, as well as the discovery of several attractive near surface Ag-Au-Pb-Zn zones. The recent recommissioned access to the Plomosas underground mine, together with surface access provide a unique opportunity to guide our surface and underground drilling program in the upcoming months, aiming at further discoveries and delineation of a resource in the area.”

GR Silver Mining is currently advancing its surface drilling program on the two areas marked on Figure 1. The Company recently completed the integration of a previous ground geophysical survey (IP) in the area and has advanced its program of underground mapping and sampling.

The initial 4,500 m surface core drilling program is expected to continue through 2020 and has a dual focus: shallow drilling (up to 150 m below surface) to expand the known mineralized zones along strike at the Plomosas Mine and San Juan-La Colorada Areas, and follow-up drilling on several new high-grade Au-Ag low sulphidation epithermal vein occurrences at Yecora and El Saltito (see news release dated July 15, 2020).

The planned  drill sites on the Plomosas Project are located in the Plomosas Mine Area and San Juan Trend areas where historic drilling was completed by previous owners, however GR Silver Mining have outlined un-drilled areas with additional multiple epithermal veins along strike and at shallow depth.

In addition to drill testing the areas with historic drill holes at the Plomosas Project, the Company will also commence initial reconnaissance and surface exploration on 11 priority targets identified as displaying potential for new discoveries.

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

Table 1: Summary Surface Drill Hole Results – News Release September 16, 2020 (Plomosas Mine Area)

SURFACE DRILLING PROGRAM 2020

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

Est.
true
width
(m)

Ag
g/t

Au
g/t

Pb
%

Zn
%

AgEq
g/t

PLS20-01

8.0

16.5

8.5

6.0

85

0.4

1.1

0.6

177

includes

11.5

15.0

3.5

2.5

172

0.9

2.7

1.4

387

PLS20-02

72.4

98.1

25.7

22.3

48

0.1

0.3

0.6

85

101.0

149.0

48.0

41.6

na

na

0.1

0.5

includes

139.0

146.9

7.9

6.8

na

na

0.4

1.4

HISTORIC DRILLING DATA

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

Est.
true
width
(m)

Ag g/t

Au g/t

Pb %

Zn %

AgEq
g/t

PLS-3

74.2

88.3

14.1

12.2

46

na

0.1

0.2

55

98.8

103.9

5.1

4.4

16

19.2

0.1

0.1

1,986

PLS-6

77.5

80.7

3.2

3.2

74

0.2

0.2

0.3

87

237

136.8

145.8

9.0

4.5

na

na

0.4

1.0

241

51.0

51.7

0.8

0.6

163

0.3

0.6

0.7

232

251

58.0

59.1

1.1

06

136

na

0.9

1.1

251

119.3

123.7

4.4

2.5

na

1.8

0.1

na

261

206.5

226.5

20.0

15.3

na

1.2

na

na

268

163.0

168.9

5.9

4.5

73

0.3

0.2

0.4

127

315

21.0

39.0

18.0

16.9

321

0.9

2.7

1.9

554

318

36.0

50.0

14.0

9.0

30

1.7

1.3

2.0

318

PSD-1

77.8

101.5

23.7

20.5

81

na

na

na

PSD-2

75.0

88.7

13.7

11.9

44

na

0.1

0.3

93.6

100.8

7.2

6.2

na

na

0.3

1.0

121.7

132.6

10.9

9.4

na

0.3

0.2

1.1

PSD-3

95.1

108.0

12.9

11.2

na

na

0.4

0.5

PSD-5

84.3

91.3

7.0

7.0

32

na

na

na

PSD-7

63.3

65.6

2.4

2.2

83

na

na

na

75.5

96.6

21.0

19.3

27

na

na

na

109.7

125.0

15.3

14.0

na

na

0.2

0.4

PSD-11

89.3

103.3

14.0

13.8

37

na

na

na

SD-83

61.3

66.7

5.5

5.2

18

na

0.1

0.2

*

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

The drill holes in this news release were generated by a core drilling campaign initiated by the Company in Q3/2020 (PLS20-01 and PLS20-02), and historical drill holes completed by Grupo Mexico. Neither of the drill sets were previously released.

The area being drilled has a series of outcrops representing quartz stockwork veining and locally hydrothermal breccias hosted in a Tertiary volcanic bimodal andesitic-rhyolitic sequence commonly intruded by rhyolitic dykes. Structurally, the area is marked by a series of high angle NW trending faults which are commonly intersecting the N-S low angle Plomosas Fault, a common host structure for Ag-Au-Pb-Zn polymetallic hydrothermal breccias (link to cross section 1 , link to cross section 2). Alteration is mainly represented by a propylitic assemblage containing chlorite-epidote-quartz-pyrite and abundant specular hematite. Locally on surface, argillic alteration halos and large oxidized zones are observed, a result of previous accumulation of pyrite and other sulphides. The polymetallic mineralization is mainly represented by fine galena and sphalerite, common hematite-quartz cemented hydrothermal breccias and filling veins. Late stage quartz Ag-Au epithermal veining is commonly observed overprinting Ag-Pb-Zn mineralization in the hydrothermal breccias.

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

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

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

Hole No.

From-To (m)

Sampling

PLS-3

0.00 m to 74.2m

NS

PLS-6

0.00 m to 59.1 m

NS

237

0.00 m to 18.95 m

NS

241

0.00 m to 18.05 m

NS

251

0.00 m to 24.35 m

NS

261

0.00 m to 152.15 m

NS

268

0.00 m to 99.45 m

NS

PSD-11

0.00 m to 89.3 m

NS

SD-83

0.00 m to 61.3 m

NS

All numbers are rounded. NS – Core not assayed

Table 3: Drill Hole Locations – News Release September 16, 2020 (Plomosas Mine Area)

Hole No.

East (m)

North (m)

RL (m)

Azimuth

Dip

Depth (m)

PLS20-01

451,586

2,552,252

940

270

-60

150.85

PLS20-02

451,486

2,551,539

986

0

-90

165.0

PLS-3

451,490

2,551,532

977

0

-90

105.85

PLS-6

451,490

2,551,532

977

90

-70

169.6

237

451,483

2,552,240

958

330

-65

201.2

241

451,502

2,552,207

959

308

-70

85.3

251

451,484

2,552,184

975

308

-60

160.25

261

451,404

2,552,189

1,010

308

-67

291.9

268

451,418

2,552,210

1,005

308

-70

255.05

315

451,282

2,552,218

795

45

-90

84.3

318

451,282

2,552,218

795

326

-53

71.65

PSD-1

451,474

2,551,541

980

270

-81

145.5

PSD-2

451,474

2,551,541

980

90

-86

260.15

PSD-3

451,477

2,551,538

980

90

-71

251.7

PSD-5

451,477

2,551,538

980

53

-50

214.0

PSD-7

451,477

2,551,538

979

53

-80

131.8

PSD-11

451,431

2,551,511

977

55

-70

379.85

SD-83

451,488

2,551,509

985

55

-80

316.2

All numbers are rounded.

The Company believes that the Plomosas Mine Area is part of a much larger low sulphidation epithermal system as indicated by field evidence along 1.0 km of strike length, where only 400 m of that strike had previously been drilled. This represents an opportunity for the Company’s current surface drilling program to continue discovering new mineralized zones close to the surface.

Qualified Person

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

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

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

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

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, 16 new exploration targets from which 11 have high priority for future exploration programs.

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

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future. In August 2020, GR Silver Mining commenced its drilling program in the area to investigate extensions to known mineralization and to guide new discoveries, part of a planned resource estimation in 2021.

SAN MARCIAL PROJECT

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

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

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