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GR Silver: Great Drill Holes at the Plomosas Silver Project, Mexico

The junior resource world runs on “news”. The most valuable news a company can bring to the market is drill results. Ideally, drill results which disclose good grades over broad intervals. The problem most juniors face is that drilling is expensive: hundreds of dollars a meter. And it is time-consuming as the core has to be split and sent to the lab for analysis.

When CEO Marcio Fonseca’s GR Silver Mining (V.GRSL) announced that it was buying 100% of the Plomosas Silver Project from First Majestic (T.FR) in exchange for GRSL shares and a small cash payment Fonseca stated, “The incorporation of this Project’s extensive database, together with knowledge gained during the last two years exploring, drilling, and expanding the resource at the nearby San Marcial Project, provides superb vectors  to achieve new discoveries of high-grade Ag-Au  Multiple Veins on the Plomosas Project.”

What many people missed, though it was right in the press release, was just what that database contained, namely over 500 recent and historical drill holes which represented a substantial fraction of the $18 million US which had been invested in the Plomosas project from 2007 to 2019. And here’s the key thing, none of those holes had been reported.

“Big companies like First Majestic don’t really publish drill results,” said Fonseca in a phone interview. “But these holes have real value, they are real results and have proved the presence of potential multiple discoveries.”

500 drill holes in six areas which have never been reported give GRSL press release material for a long time, and the company has released only approximately 100 holes. “We want to tell the story,” said Fonseca. “We want the news flow but we have to go through a process to validate the results. We need to confirm the location, confirm a chain of custody, look at the reports, the logs and core for each hole.”

Once a group of holes have been verified, GRSL can release the results and its interpretation of those results as it did July 20, 2020 GR Silver Mining Announces Extension to the Plomosas Vein and Reports High-Grade Silver Drill Results. The headline results were outstanding including 1,112 gpt AgEq1 over 5.4m (1,096 gpt Ag, 0.3% Pb and 0.2% Zn) including 2,498 gpt AgEq over 2.0m (2,484 gpt Ag, 0.7% Pb and 0.3% Zn). However, from an investor’s perspective, this passage may be the most important, “The drill holes in this news release were generated by a drill campaign completed by First Majestic Silver Corp. (“First Majestic”) in 2017 (PLI17-08), and historical drill holes completed by Grupo Mexico. Both drill sets were not previously released.” Another release came out July 24, reporting more, previously unreleased, drill holes.

Not one of the 22 holes reported in the release cost GRSL any money to drill. The company has literally hundreds of these holes to verify and release. “This gives us huge leverage,” said Fonseca. “100,000 meters.”

The prior work on the site also gives GRSL’s experienced site geologists a lot to work with. “There are six areas where there an average of 100 holes; but there are eleven additional targets which GR Silver is already planning to drill. We have one drill on site now with two more coming,” said Fonseca. Most of the proposed drilling will be quite shallow, less than 200 meters, making it easier to move drill rigs around, and will focus on delineating the vein systems and their controls as well as adding ounces.

“By the end of the year or early Q1/2021 we want to have the first-ever 43-101 compliant resource estimate on at least one area,” said Fonseca. “Having just completed a successful oversubscribed Bought Deal (CAD$9.1m), which included First Majestic investing $1.0m, makes GR Silver Mining a very particular story. Not many companies in this market cap would have a bought deal offer presented to them. These funds strength the company’s financial positions making it fully funded for the next two to three years.”

COVID has not been a significant factor for GRSL. “We’ve had no COVID shutdown,” said Fonseca. “While I have had to stop visiting Mexico, all our key people speak Spanish and we can stay in touch. All our employees are locals or live nearby limiting the flow of external personnel to the site.”

With plenty of cash on hand, a mountain of unreleased results to verify and release, plus three drill rigs expanding the footprint of mineralization or discovering new high-grade veins, there is very little question that GRSL is exceptionally well-positioned for growth. The recent romp in the price of silver – over $24.00 USD an ounce as I write – it is not surprising that GRSL’s share price has surged in the last few weeks. May 1 the shares were trading at $0.30 a share, at the close on July 24, GRSL traded at $0.85 on a volume of 1.933 million shares.

Fonseca’s GRSL has caught the market’s attention as a well run, well funded, resource expansion, discoveries and development stage company with control of a highly prospective silver-gold district. If silver holds its gains or runs higher, there is no reason why GRSL cannot break through the $1.00 mark in short order. And beyond.

(Note #1: AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn.)

(Disclosure: I, Jay Currie, own GRSL and have a buy order in for the open on July 26, 2020.)

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GR Silver Mining Reports High-Grade Silver Drill Results From the San Juan Area, Plomosas Silver Project


  • 1,181 gpt AgEq1 over 3.1m (846 gpt Ag, 0.8 gpt Au, 2.7% Pb and 6.0% Zn) includes 3,224 gpt AgEq over 1.1m (2,300 gpt Ag, 2.1 gpt Au, 7.6% Pb and 16.3% Zn)
  • 1,120 gpt AgEq over 2.7m (931 gpt Ag, 0.1 gpt Au, 1.9% Pb and 4.0% Zn) includes 1,566 gpt AgEq over 1.4m (1,478 gpt Ag, 1.3% Pb and 1.6% Zn)
  • 755 gpt AgEq over 3.5m (737 gpt Ag, 0.1 gpt Au, 0.1% Pb and 0.3% Zn)
  • 720 gpt AgEq over 4.8m (563 gpt Ag, 0.3 gpt Au, 1.6% Pb and 2.7% Zn)

VANCOUVER, BCJuly 24, 2020 /CNW/ – GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report high-grade drill results from the San Juan-La Colorada Area at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

These drill results highlight continuity of high-grade silver mineralized zones in a 100 m step out from a previously released section of drill hole results at the San Juan Area (Figure 1). These latest results define a mineralized strike length for the the low sulphidation epithermal system of up to 1,000 m (see News Release dated July 7, 2020). This news release features results from 17 diamond core holes drilled by previous companies and not previously released. The cross section containing these results establishes a high-grade continuous zone of Ag-rich polymetallic breccia, along a shallow dipping fault for approximately 400 m down dip. In addition, the drill results continue to confirm silver-gold mineralized zones hosted by multiple high angle faults (link to cross section).

The results of the 17 drill holes indicate the possible extension of the San Juan-La Colorada Area towards the San Francisco Area to the south, supporting the presence of a much larger low sulphidation epithermal Ag-Au rich system (Figure 2).

The mineralized veins and hydthermal breccias appear to be proximal to each other in subparallel structures, a feature typical of low sulphidation epithermal systems. The concentration of multiple veins, in combination with increased continuity along strike and down-dip, represents an attractive target for future resource delineation.

_____________________________

1AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “The Company has prioritized the validation of the drill holes at the San Juan-La Colorada Area, focusing on expansion of mineralization along strike and down-dip. These latest results confirm high-grade mineralization extending to the S towards the San Francisco Area, suggesting potential to outline a large low sulphidation epithermal system with at least a 1000 m strike length”.

The Company is advancing the rehabilitation of the historical San Juan underground workings, while continuing with geological and structural mapping/sampling. An improved understanding of the mineralized systems, which consists of a set of multiple structures hosting high-grade Ag-Au mineralization, has resulted in the definition of new drill targets. Detailed mapping by GR Silver Mining has identified down plunge extensions of previously released high-grade silver intercepts in polymetallic hydrothermal breccia (see news release dated April 2, 2020). In the lower levels of the historically developed San Juan workings, massive argentite, galena and sphalerite zones have been mapped similar to the previously released high-grade silver zones which included results such as 0.4 m at 4,698 g/t Ag and 0.2 m at 6,128 g/t Ag.

Table 1 summarizes the most significant drill assay results for this set of 17 drill holes released for the San Juan-La Colorada Area.

Table 1: Summary Surface Drill Hole Results – News Release July 27, 2020 (San Juan-La Colorada Area)

Hole No.

From
(m)

To
 (m)

Drilled
width
(m)

Est.
true
width
(m)

Ag g/t

Ag g/t

Pb %

Zn %

AgEq
g/t

 LRD-28

38.9

43.7

4.8

3.8

563

0.3

1.6

2.7

720

 LRD-29

218.8

225.0

6.2

5.0

144

0.0

0.3

0.8

177

 LRD-41

37.3

39.4

2.1

1.7

42

0.2

0.8

2.4

152

 LRD-59

71.2

74.3

3.1

2.5

846

0.8

2.7

6.0

1,181

includes

71.2

72.3

1.1

0.9

2,300

2.1

7.6

16.3

3,224

 LRD-62

58.9

60.1

1.2

1.0

91

0.4

3.8

5.8

425

 LRD-65

50.5

51.7

1.2

1.0

178

1.3

3.9

12.5

784

 LR2D-01

94.8

96.1

1.3

1.0

342

0.0

1.4

1.7

438

 SJS-06

245.0

249.1

4.1

3.3

335

0.1

0.1

0.2

347

includes

248.6

249.1

0.5

0.4

2,154

0.1

0.2

0.3

2,178

251.5

252.9

1.4

1.1

110

0.1

0.1

0.1

125

 SJS-09

301.1

308.1

7.0

5.6

363

0.1

0.8

1.9

457

includes

301.1

303.8

2.7

2.1

931

0.1

1.9

4.0

1,120

includes

301.1

302.5

1.4

1.1

1,478

    na

1.3

1.6

1,566

 SJS-10

287.1

300.5

13.4

10.7

226

0.0

0.3

0.3

247

includes

295.9

299.4

3.5

2.8

737

0.1

0.1

0.2

755

 SJS-14

339.3

347.4

8.1

6.5

16

0.3

0.9

2.8

150

 SJS18-04

283.6

287.5

3.9

3.1

262

0.1

0.7

2.6

366

291.5

292.3

0.8

0.7

193

0.0

0.2

0.4

213

314.4

314.8

0.4

0.3

96

0.1

2.8

3.9

312

 SJS18-13

4.3

6.5

2.2

1.7

65

0.9

0.1

0.0

160

23.9

24.3

0.4

0.3

158

1.1

0.2

0.4

291

 SJS-19

257.8

261.2

3.4

2.8

141

0.0

0.3

0.7

171

includes

257.8

259.4

1.6

1.3

271

0.0

0.5

1.1

318

278.8

279.9

1.1

0.9

254

0.0

0.2

0.5

274

 SJS-21

221.2

223.3

2.1

1.7

105

0.6

0.3

0.4

184

 SJS-25

301.6

305.2

3.6

2.9

50

0.1

1.8

4.6

248

includes

301.6

303.4

1.8

1.5

92

0.1

3.2

8.5

449

SJS-27

297.1

298.8

1.7

1.3

90

0.0

0.5

1.0

135

*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 17 drill holes in this news release were generated by a core drilling campaign completed by First Majestic Silver Corp. (“First Majestic”) in 2018 (SJS18-04 and -13), and historical drill holes completed by Grupo Mexico. Neither of the drill sets were previously released. They are part of an extensive surface and underground diamond core drilling database, which GR Silver Mining continues to consolidate and validate.

Table 2 lists the drill hole intervals previously not sampled (“NS”) for this group of released holes. The Company continues investigating previous unsampled intervals for evidence of mineralization in the core that warrants additional sampling and assaying. The Company recently announced a core drilling program at the Plomosas Silver Project (see news release dated July 15, 2020).

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

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

Hole No.

From-To (m)

Sampling

SJS17-13

0-173.95

NS

SJS17-13

191.35-218.5

NS

SJS17-13

233.55-331.7

NS

SJS17-15

0-197.9

NS

SJS17-15

208.25-253.4

NS

SJS18-04

0-270.75

NS

SJS18-04

317.95-375.55

NS

SJS18-12

48.2-82.5

NS

SJS18-12

113.4-145.0

NS

SJS18-13

33.0-64.75

NS

SJS18-13

129.0-186.3

NS

SJS18-13

191.3-247.5

NS

SJS18-13

249.6-282.0

NS

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

Table 3: Drill Hole Locations – News Release July 27, 2020 (San Juan- La Colorada Area)

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

LR2D-01

448267

2550579

925

260

-90

192

LRD-28

448224

2550545

910

0

-90

44

LRD-29

448361

2550615

986

0

-90

234

LRD-41

448242

2550510

908

0

-90

43

LRD-59

448247

2550574

918

0

-90

81

LRD-62

448262

2550514

917

0

-90

78

LRD-65

448262

2550514

917

262

-62

57

SJS-06

448414

2550668

1025

0

-90

291

SJS-09

448520

2550764

1013

50

-65

333

SJS-10

448486

2550738

1032

256

-55

321

SJS-14

448520

2550764

1013

227

-80

352

SJS18-04

448426

2550707

1043

227

-80

376

SJS18-13

448517

2550752

1002

220

-78

357

SJS-19

448402

2550653

1018

326

-81

319

SJS-21

448402

2550652

1017

317

-73

310

SJS-25

448458

2550693

1031

207

-77

328

SJS-27

448516

2550721

1013

225

-69

325

All numbers are rounded.

The Company believes that the San Juan-La Colorada Area is similar to the Plomosas Mine Area, consisting of Ag mineralization hosted in polymetallic hydrothermal breccias and steep angle Ag-Au rich low sulphidation epithermal veins, commonly displaying argentite, galena and sphalerite that can be observed in the drill core .

Qualified Person

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

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

The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has 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.

SAN MARCIAL PROJECT

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

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

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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GR Silver Mining Announces Extension to the Plomosas Vein and Reports High-Grade Silver Drill Results

GR Silver Mining Ltd. (TSXV: GRSL), (FRANKFURT: GPE), (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report drill results at its 100%-owned Plomosas Silver Project (“Plomosas Project”), Plomosas Mine Area, in Sinaloa, Mexico.

These drill results highlight high-grade silver mineralized zones in a 50 m step out from a previously released section of drill hole results at the Plomosas Mine Area (Figure 1) (see News Release dated May 13, 2020). They confirm continuity of the silver mineralized system for at least 500 m along strike. They also extend the continuity of both mineralization styles, Ag-Au low sulphidation epithermal veins and polymetallic high-grade Ag-Pb-Zn hydrothermal breccias, up to 700 m down dip below the surface (Figure 2).

The drill results confirm the prospectivity of near surface, multiple veins and hydrothermal breccia systems close to existing underground development, which will facilitate access for follow up in our upcoming drill program. Significantly, these drill holes also indicate the discovery of multiple subparallel mineralized systems below the current footwall of previously mined areas.

A large epithermal system is evident based on the most recently released set of drill results. The Company has initiated a shallow (100-150 m depth) surface drilling program aiming to confirm the mineralization footprint and the new high-grade vein discoveries along strike and down dip.

GR Silver Mining President and CEO, Marcio Fonseca, commented“The mineralized veins and hydrothermal breccias at the Plomosas Mine Area were originally interpreted to be confined only along the major Plomosas Fault, however our recent validation and integration of all drill results, underground structural mapping and sampling, supports the occurrence of additional mineralized veins outside of that major structure.

1. 

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

These results illustrate the potential to expand Ag-Au mineralization along strike and down-dip, creating a much larger mineralized footprint for future resource estimation. Some of our recently released results are particularly impressive, not only for the thickness of the mineralization but also average grade, reporting intervals of 11.0 m at 1,235 gpt Ag and 5.4 m at 1,096 gpt Ag including 2.0 m @ 2,484 gpt Ag. The recent progress of the surface and underground exploration program suggests that these high-grade veins extend and are open down plunge. With further success, we anticipate that the high-grade multi-vein mineralization in the Plomosas Mine Area will add additional mineralized zones for future resource delineation”.

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

Table 1: Summary Drill Hole Results – News Release July 20, 2020 (Plomosas Mine Area)

Hole No.

Hole Type

From (m)

To (m)

Drilled width (m)

Est. true width (m)

Ag g/t

Au g/t

Pb %

Zn %

AgEq g/t

SD-14

SURF

102.0

105.4

3.4

2.8

123

 na

 na

0.1

SD-17

SURF

81.0

84.7

3.7

3.5

169

 na

 na

0.1

SD-17

SURF

93.4

107.4

14.0

13.2

239

 na

0.1

0.3

252

includes

98.7

105.3

6.6

6.2

362

 na

0.2

0.5

SD-20

SURF

93.3

126.4

33.1

32.6

35

 na

0.1

0.2

SD-39

SURF

79.0

84.4

5.4

4.4

161

 na

 na

0.1

168

SD-39

SURF

96.3

98.8

2.5

2

928

 na

0.1

0.2

935

SD-40

SURF

101.5

112.4

10.9

10.7

84

 na

0.1

0.2

SD-41

SURF

61.1

65.7

4.6

4.6

39

0.1

0.1

0.2

SD-43

SURF

106.0

111.4

5.4

2.7

1,096

 na

0.3

0.2

1,112

includes

106.0

108.0

2.0

1

2,484

 na

0.7

0.3

2,498

SD-43

SURF

118.0

123.0

5.0

2.5

234

 na

0.0

0.1

240

SD-55

SURF

173.0

175.3

2.3

1.6

19

 na

1.7

5.3

SD-79

SURF

205.8

213.7

7.9

5.1

6

 na

0.6

0.7

117

UG

6.3

9.3

3.0

1.3

191

 na

1.1

0.9

254

117

UG

20.5

21.4

0.9

0.4

375

 na

3.0

2.1

536

277-IM

UG

26.5

30.5

4.0

3.1

103

0.1

0.8

1.4

172

 279-IM

UG

25.3

38.3

13.0

10

328

0.2

0.5

1.2

397

281

UG

8.0

11.0

3.0

3

16

0.3

1.2

2.9

281

UG

14.0

18.0

4.0

4

27

0.2

1.4

3.8

281

UG

44.0

48.0

4.0

4

12

0.1

1.6

2.7

282

UG

2.0

4.0

2.0

1.9

20

0.4

1.9

5.0

282

UG

6.0

8.0

2.0

1.9

50

3.8

1.9

9.0

745

283

UG

14.0

20.0

6.0

3

18

0.8

2.1

6.6

283

UG

78.0

80.0

2.0

1

185

0.8

1.5

2.1

377

284

UG

38.5

40.5

2.0

2

18

0.2

5.9

3.2

286

UG

103.0

105.0

2.0

2

4

0.1

0.1

2.4

287

UG

96.0

101.0

5.0

4.8

7

0.2

1.9

1.9

288

UG

76.8

80.8

4.0

3.5

9

0.4

0.5

2.7

294

UG

51.7

52.7

1.0

0.6

18

0.2

0.6

3.0

PLI17-18

UG

51.9

55.3

3.4

3.3

15

0.1

0.5

3.4

includes

53.4

53.9

0.5

0.5

59

0.2

2.6

11.3

480

PLI17-18

UG

119.4

124.5

5.1

5

147

0.9

0.1

0.2

244

 *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 drill campaign completed by First Majestic Silver Corp. (“First Majestic”) in 2017 (PLI17-08), and historical drill holes completed by Grupo Mexico. Both drill sets were not previously released. They are part of an extensive surface and underground diamond core drilling database, which GR Silver Mining continues to consolidate and validate. The Company recently announced a surface drilling program (see News Release dated July 15, 2020) which aims to expand the mineralization footprint along strike, which will lead to the first 3D geological model and resource estimation at the Plomosas Mine Area.

Table 2 lists the drill hole intervals previously not sampled (“NS”) for this group of released holes. The Company is investigating these 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

PLI17-18

15.05-45.55

NS

PLI17-18

87.75-115.0

NS

PLI17-18

171.15-209.7

NS

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

Table 3: Drill Hole Locations – News Release July 20, 2020 (Plomosas Mine Area)

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

117

451290

2551683

818

270

0

101.5

281

451079

2551741

753

90

-49

98.3

282

451074

2551718

753

0

-90

99.5

283

451095

2551738

752

90

16

84.2

284

451095

2551738

751

90

-42

87.0

286

451050

2551683

752

102

-57

170.1

287

451050

2551683

752

120

-75

149.9

288

451050

2551683

752

180

-83

122.9

294

451050

2551683

752

246

-69

146.6

277-IM

451155

2551658

752

90

0

149.0

279-IM

451155

2551658

753

90

24

76.8

PLI17-18

450939

2551785

751

100

-38

209.7

SD-14

451394

2551708

1043

0

-90

110.5

SD-17

451397

2551731

1034

90

-60

114.9

SD-20

451397

2551731

1034

0

-90

131.4

SD-39

451390

2551738

1037

90

-72

99.8

SD-40

451390

2551738

1037

90

-58

113.2

SD-41

451390

2551738

1037

270

-72

71.2

SD-43

451390

2551738

1037

0

-90

187.6

SD-55

451311

2551761

1032

270

-82

201.8

SD-79

451317

2551716

1050

270

-75

213.7

All numbers are rounded.

The Plomosas Mine Area drill results continue to demonstrate the continuity of higher-grade precious and base metals mineralization along strike, expanding the footprint of the low sulphidation epithermal system for approximately 500 m. The high grades encountered, Ag-Pb-Zn and Ag, occur in an area with multiple deep-rooted fault systems and are confirming the presence of unmined near surface high-grade mineralized zones for upcoming drilling follow-up.

Qualified Person

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

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

The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has 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.

SAN MARCIAL PROJECT

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

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

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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Tocvan Ventures: Doing it Right in Mexico

When you have been in the junior resource company business – as a broker or an investor relations professional – you see a lot of companies which are flawed. Too many shares out, management lining its own pockets, projects which have no real chance. Derek Wood, having worked in various aspects within the Canadian Capital Markets since the early 90s, had seen it all and he decided that he would put together a company and do it right.

“Two years ago Tocvan Ventures (C.TOC),” was created said Wood. “We started with a very advanced qualifying property Rogers Creek in southern BC. A copper-gold porphyry. But porphyries cost a lot of money to drill. They can be worth a lot too. We met our exploration obligation in Year 1 but we are not exploring there this year.”

“We went public with 10 million shares,” said Wood. “Mark Smethurst joined the company and he reviewed over 150 properties.”

The Pilar Gold Property is in the Sonora Gold District in the north-west of Mexico. Sonora was a good place to look for a project: 36.8% of Mexico’s annual gold production comes from the district. And Sonora is the Number One jurisdiction for silver production in the world.

The Pilar Property also had the great advantage of having previously been explored. Over 17,000 meters of drilling had been done over the last twenty-five years, the vast majority of this drilling has been done in two established areas in the northwest part of the property, the Main Zone and the North Hill Zone..  Tocvan believed that there might well be other zones.

“We saw intervals of high grade with values up to 50 grams of gold per ton,” said Wood. “It is an epithermal system which is shallow and at surface.”

Taking a systematic approach to the property, Smethurst and his team mapped, applied geophysics and soil and rock sampled. “We were able to indicate a second, parallel, high-grade zone,” said  Smethurst. “The new zone is more about silver than gold and we’ve sampled pockets of more than 300 gpt silver.”

Smethurst described walking the property. “We were on the property for the first time in November,” said Smethurst. “We were finding over 200 gpt silver in rock samples and we were looking at rock outcrops. I walked over to an outcrop and realized that the whole outcrop was part of an epithermal boiling zone. What happens is that the hot, mineral bearing, fluids rise up out of the earth and hit the cool descending surface waters. The mixing of the fluids is the boiling zone and the minerals are deposited out over hundreds of meters.”

Using the data from past drilling, new soil and rock sampling and mapping, Smethurst and his team identified two new zones at the opposite end of the property from the Main Zone. These new discoveries are to the east and to the south of the property. The older data was turned into a 3D model of the property which gives Tocvan the ability to do less drilling and get more ounces. The overall system is fault controlled.”

Wood also realizes the importance of infrastructure for a mining project. “We can drive into the property. There is a local source of water and there is power nearby. Plus there is lots of manpower both in a town nearby and a few miles further in Hermosillo.”

It is early days on the Pilar property, but the scale of Wood and Smethurst’s ambition reminds me of the Minera Alamos’ Santana project also located in Sonora. Essentially, Santana has a large quantity of heap leachable material very close to surface, so, it appears, does the Pilar property.

To begin to understand just how much mineralization Pilar contains, Touvan plans to start drilling the targets it has identified in the fall, COVID permitting. Meanwhile they are doing the metallurgy and are looking at a big bulk sample. One advantage of Mexico is that permitting is much faster than in Canada.

With COVID in play, Smethurst is running the operation from the living room of his home. “Mexico is a great country to work in,” said Wood. “We have great human resources and we’re able to get local people to work on the project. Even with COVID we are able to keep going.”

For Wood this systematic approach allows Tocvan to position itself in the junior market. “We’re coming out of one of the worst periods the junior markets have ever been through,” said Wood. “There was literally no retail. But now we’re getting a look with stories like Great Bear. Just as importantly, we’re able to reach retail investors through alternative media and the internet. The gold and silver sector overall is attracting interest because, with all of the quantitative easing, people are looking for alternative stores of wealth.”

Tocvan is being carefully positioned to maximize shareholder value with a systematic drill campaign and then a big bulk sample. Because the mineralization begins at surface, Tocvan should be able to move quickly to actually designing and building a mine.

“Doing it right” means keeping costs low and timelines short. It means keeping the market well informed about Tocvan’s progress and drilling news. And, as nearly three decades in the brokerage business, taught Wood, it means advancing the Pillar project with a minimum of stock dilution. Add and emerging bull market for junior gold and silver explorers and Tocvan is on its way.

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GR Silver Mining Commences Drilling at the Plomosas Project in Mexico and Provides a Corporate Update

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) is pleased to announce that it has started a surface drilling program at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. The Company has mobilized three drill rigs, with one rig already on site.

GR Silver Mining President and CEO, Marcio Fonseca, commented“We are very pleased with the progress of our exploration program at both the Plomosas and San Marcial Projects. At Plomosas we have not only 6 areas already drilled where we are initiating surface drilling to expand mineralized zones along strike but also 11 very promising priority exploration targets with evidence of veining. The exploration programs to date have discovered multiple veins, providing the Company with new drilling targets at both projects. The existing infrastructure and permits at Plomosas will allow the Company to accelerate not only surface, but also future underground drilling. The advance of the underground development at San Marcial represents a completion of a major milestone, allowing underground drill access to deeper high-grade hydrothermal breccia zones for future resource expansion.”

The initial 4,500 m surface core drilling program is expected to continue through 2020 and will have 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 the Yecora and El Saltito (Figure 1).

The initial drill sites on the Plomosas Project are planned in areas where historic drilling was completed by previous owners and recent investigations by GR Silver Mining have delineated additional multiple epithermal veins along the strike and at shallow depth.

In addition to drill testing of 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. These targets (Figure 2), which show evidence of vein systems but attracted little exploration follow-up by previous owners, will be added to our drilling program later in the year. More information on these new vein discoveries will be made available in future news releases.

The surface drilling program on the Plomosas Project is designed to demonstrate the potential for the extension of known high-grade Ag-Au veins recently released by the Company in both the Plomosas Mine Area and the San Juan-La Colorada Area. The program aims to confirm the potential of the project to host multiple low sulphidation epithermal mineralized systems, that combined, could define zones for future resource estimation.

PLOMOSAS MINE AREA

Drilling at the Plomosas Mine Area will test shallow mineralization along strike from a step out section, where drill results returned intervals that included 11.0 m of 1,235 g/t Ag (see News Release dated June 22, 2020), aiming to expand the known mineralized system up to 500 m (Figure 3).

SAN JUAN AREA

The San Juan discovery, where drill results returned assays including 3.5 m at 1,419 g/t Ag and 15.5 g/t Au (see News Release dated April 13, 2020), represents a set of subvertical multiple Ag-Au rich veins that has been mapped on surface over a strike length of 500 m (Figure 4), and remains largely undrilled. The Company plans to carry out shallow drilling along the mineralized structure in order to confirm the modelled geometry and Ag-Au grades.

At the Yecora and El Saltito, recent surface exploration, including mapping and a review of existing old workings, has confirmed the presence of a large epithermal system and multiple veins and veinlets at, or close to, the surface. An initial 1,000 m program of scout drilling to a depth of 150 m is planned for these two areas to allow the Company to develop a 3D geological model integrating the various mineralized zones.

CORPORATE UPDATE

Following completion of the acquisition of the Plomosas Project, the Company has completed a detailed data review and compilation of all available exploration data related to the geological, geochemical and geophysical exploration programs completed by previous owners. This work is being integrated in a GIS platform and external consultants have been engaged to work together with management and exploration staff to prioritize the 11 exploration targets delineated outside of the drilled areas, with evidence of low sulphidation epithermal veining.

Field work has advanced with definition of multiple veins and a large epithermal system in the San Juan-La Colorada Area, where to date the Company has expanded the footprint of the low sulphidation epithermal system for approximately 1km (see News Release dated July 7, 2020). Underground mapping and sampling are progressing at the Plomosas Mine Area, where channel sampling is supporting the potential existence of Ag-Au mineralized systems with potential to delineate prospective zones for drilling and resource estimation. More information on the underground channel sampling program will be made available in future news releases.

The Company has engaged independent mining consultants to review all drawings related to the historic mining voids at the Plomosas Mine Area, aiming to integrate them into a new survey and create a 3D underground mine model. This model will be used, together with existing information related to historic run-of-mine zones un-mined by Grupo Mexico, to identify potential targets for bulk sampling and to source large tonnages of mineralized material for metallurgical test work.

On the San Marcial Project, the Company has extended the rock (Lithogeochemical) sampling to over 750 ha, collecting more than 13,000 samples on a 25 m x 25 m grid, representing a valuable geochemical database for future shallow drilling follow up. This database will assist with interpretation of new drill targets, mapping of lithologies, alteration signatures and structures hosting silver and gold mineralization in the San Marcial Project. The Company has completed over 220 m of tunnel widening and underground development at San Marcial (Figure 5), and anticipates the start of underground drilling in Q3/2020.

The Company continues to advance the due diligence review on areas under exclusivity for acquisition immediately adjacent to both the Plomosas and San Marcial Projects, representing additional potential acquisitions in the Rosario Mining District.

Qualified Person

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

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

The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has 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 purpose.

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.

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 includes a resource estimated to contain 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.

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

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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


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

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

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

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

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

_____________________________

1

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

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

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

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

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

   Hole No.

From
(m)

To
(m)

Drilled
width
(m)

Est.
true
width
(m)

Ag g/t

Au g/t

  Pb %

Zn %

AgEq g/t

LCS18-01

203.3

203.6

0.4

0.4

14

0.1

3.3

5.2

LCS18-02

179.2

198.3

19.1

17.2

2

0.3

0.2

0.8

includes

190.5

192.2

1.7

1.5

8

2.1

0.8

4.1

LCS18-02

239.8

265.5

25.7

21.8

7

1.0

1.5

1.0

LCS18-03

206.7

209.3

2.7

2.4

45

15.1

3.1

0.9

1,723

includes

206.7

207.5

0.9

0.8

76

46.9

3.3

2.2

5,055

LCS18-04

250.9

288.6

37.8

34.0

5

0.3

0.8

1.0

includes 

276.0

287.6

11.6

10.4

7

0.7

1.6

2.3

368.9

370.0

1.2

1.0

182

0.3

0.1

0.2

224

LCS18-05

242.9

270.7

27.8

25.0

26

0.3

0.6

0.8

includes 

247.0

251.5

4.5

4.0

126

1.6

1.3

1.7

380

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

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

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

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

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

Hole No.

From-To (m)

Sampling

Hole No.

From-To (m)

Sampling

LCS18-01

0-132.95

NS

LCS18-03

152.2-166.9

NS

LCS18-01

141.75-195.45

NS

LCS18-03

172.1-184.55

NS

LCS18-01

242-270.05

NS

LCS18-03

209.3-214

NS

LCS18-02

0-177.7

NS

LCS18-04

0-156.1

NS

LCS18-02

298.35-307.3

NS

LCS18-04

389.85-453.1

NS

LCS18-02

410.75-450.5

NS

LCS18-05

0-165.9

NS

LCS18-03

0-89.75

NS

LCS18-05

182.6-184

NS

LCS18-03

112-147

NS

LCS18-05

207.7-242.5

NS

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

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

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

LCS18-01

447872

2551275

939

232

-47

270

LCS18-02

447922

2551141

922

250

-75

458

LCS18-03

447922

2551141

922

250

-50

214

LCS18-04

447961

2551067

899

250

-75

453

LCS18-05

447961

2551067

899

250

-54

280

All numbers are rounded.

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

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

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

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

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

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

Qualified Person

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

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

The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry.

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

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

SAN MARCIAL PROJECT

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

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

OTHER PROJECTS

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

Mr. Marcio Fonseca

P. Geo, President & CEO
GR Silver Mining Ltd.

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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Chris Perry on Tocvan Ventures

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

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

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

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

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

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

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

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

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

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

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

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

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

and the silver-assay-soil return is represented by

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

.

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


Click Image To View Full Size

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

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

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

Next Steps for Pilar

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


Click Image To View Full Size

Figure 2. Silver in Soil Results.


Click Image To View Full Size

Figure 3. Gold in Soil Results.

Special Note:

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

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

About the Pilar Property

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

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

– 0.73g/t Au over 40m

    • – 0.75g/t Au over 61m

– 17.3g/t Au over 1.5m

– 5.27g/t Au over 3m

– 53.47g/t Au & 53.4g/t Ag over 16m

– 9.64g/t Au over 13m

– 10.6g/t Au & 37.8g/t Ag over 9m

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

– 55g/t Au over 3m

– 28.6g/t Au over 6m

– 3.39 g/t Au over 50m

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

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

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

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

About Tocvan Ventures Corp.

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

Cautionary Statement Regarding Forward Looking Statements

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

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email: dwood@tocvan.ca

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

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GR Silver Mining Reports High-Grade Silver-Gold Drill Results at Plomosas

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

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

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

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

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

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

Hole No.

Type

From (m)

To (m)

Drilled
width (m)

Est. true
width (m)

Ag g/t

Au g/t

Pb %

Zn %

AgEq g/t

218

Surf.

5.9

21.8

15.9

14.6

46

1.0

1.7

2.2

269

includes

5.9

9.7

3.8

3.5

183

4.3

6.4

7.9

1,057

233

Surf.

176.9

178.4

1.5

1.4

77

4.6

0.07

1.0

580

236

Surf.

79.8

85.8

6.0

5.4

326

1.9

0.7

1.2

573

includes

79.8

81.9

2.1

1.9

900

2.9

1.9

3.2

1,349

242

Surf.

64.5

67.8

3.3

2.1

349

0.4

2.3

1.3

502

246

Surf.

39.7

40.6

0.9

0.9

182

0.2

0.5

1.0

235

250

Surf.

123.9

136.2

12.3

6.2

23

1.9

0.3

1.5

267

253

Surf.

112.2

123.2

11.0

7.5

1,235

0.2

0.8

1.9

1,335

includes

113.9

116.2

2.3

1.2

2,600

0.1

1.4

3.6

2,755

includes

119.3

121.0

1.7

0.9

4,209

0.5

1.8

5.6

4,475

130.0

145.0

15.0

7.5

9

1.1

0.4

1.2

includes

137.6

139.4

1.8

1.8

45

0.5

1.0

1.4

164

162.8

165.6

2.8

1.4

10

2.2

0.1

0.3

258

Surf.

166.8

170.5

3.7

2.7

1,469

0.5

2.2

3.2

1,680

includes

166.8

168.6

1.8

1.3

2,827

0.5

2.8

4.6

3,098

170.5

194.4

23.9

17.4

4

3.6

0.01

0.1

includes

170.5

171.5

1.0

0.7

17

43.0

0.03

0.07

259

Surf.

205.7

213.5

7.8

5.2

11

2.6

0.1

0.1

232.0

235.4

3.4

2.2

398

0.01

0.3

0.7

427

236.5

271.8

35.3

22.7

6

1.0

0.1

0.2

275.3

275.9

0.6

0.4

1,285

0.5

0.8

1.6

1,410

265

Surf.

249.2

258.5

9.4

6.6

13

0.4

0.02

0.04

269

Surf.

209.2

210.4

1.2

0.8

6

4.0

0.01

0.2

270

Surf.

24.5

25.5

1.0

0.8

4

2.2

0.02

0.2

204.2

204.4

0.2

0.1

50

0.1

16.8

10.0

909

208.9

209.5

0.6

0.5

68

0.2

2.8

13.5

554

232.0

239.6

7.6

6.2

105

0.6

1.1

2.0

257

274

Surf.

244.4

284.4

40.0

32.8

32

0.9

0.8

0.8

177

includes

267.2

270.9

3.7

3.0

57

6.1

3.9

2.0

869

218-A

Surf.

4.0

14.0

10.0

9.8

28

0.7

4.2

0.9

272

PLI17-28

UG

66.4

81.4

15.0

13.0

13

2.8

0.5

1.4

351

includes

73.9

77.0

3.1

2.7

41

10.4

0.9

3.8

1,244

83.7

89.7

6.0

5.2

5

1.9

0.1

0.1

PLI17-31

UG

55.2

68.8

13.6

11.7

8

1.7

0.4

0.7

includes

63.1

64.7

1.6

1.4

19

10.5

0.5

0.7

1,133

PLI17-37

UG

62.9

71.9

9.0

7.9

29

0.1

0.6

1.4

158

PLI17-39

UG

50.7

59.4

8.7

8.7

39

0.4

1.2

1.4

159

94.4

95.9

1.5

1.5

53

1.0

0.01

0.02

159

PLSS18-01

Surf.

358.1

363.2

5.1

5.1

16

0.1

1.6

2.0

142

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

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

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

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

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

Hole No.

From-To (m)

Sampling

Hole No.

From-To (m)

Sampling

236

0-41.7

NS

269

0-81.8

NS

242

0-44.0

NS

269

84.3-114.2

NS

246

0-36.0

NS

269

122.35-147.6

NS

250

0-75.1

NS

270

0-24.5

NS

253

0-65.7

NS

270

25.5-53.5

NS

258

0-113.0

NS

270

54.5-204.2

NS

259

0-105.3

NS

274

0-106.4

NS

259

153.8-191.5

NS

274

118.1-150.0

NS

218-A

30.35-53.3

NS

274

154.3-230.3

NS

PLI17-28

0-65.5

NS

PLI17-31

114.75-136.9

NS

PLI17-28

104.45-155

NS

PLI17-37

0-63.0

NS

PLI17-30

0-44.1

NS

PLI17-37

102.6-126.4

NS

PLI17-30

78.2-111.7

NS

PLI17-39

0-40.5

NS

PLI17-30

124.75-150.3

NS

PLI17-39

63.45-93.2

NS

PLI17-31

0-42.9

NS

PLSS18-01

0-310.0

NS

265

0-96.1

NS

    PLSS18-01

312.6-349.2

NS

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

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

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

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

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

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

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

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

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

218

451586

2552252

932

0

-90

93

233

451494

2552246

952

0

-90

207

236

451443

2552242

960

0

-90

233

242

451503

2552208

955

308

-60

133

246

451491

2552208

952

128

-70

151

250

451459

2552121

958

310

-50

200

253

451485

2552184

952

315

-45

194

258

451404

2552189

1000

308

-75

219

259

451404

2552189

1000

308

-60

280

265

451430

2552178

977

308

-73

259

269

451344

2552172

1030

0

-90

244

270

451344

2552172

1030

308

-80

285

274

451344

2552172

1030

308

-72

285

218-A

451586

2552252

932

68

-50

76

PLI17-28

451180

2552226

798

76

-35

155

PLI17-31

451179

2552227

798

60

-40

137

PLI17-37

451180

2552224

798

120

-35

141

PLI17-39

451180

2552224

798

105

-65

121

PLSS18-01

451201

2552308

1134

123

-53

407

All numbers are rounded.

Qualified Person

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

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

The recent drill holes completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry.

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

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

SAN MARCIAL PROJECT

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

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

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information

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

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SOURCE GR Silver Mining Ltd.

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

Related Links

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Eloro Resources Completes Financing

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

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

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

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

About Eloro Resources Ltd.

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

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

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

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

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