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GR Silver Mining Announces High-Grade Au-Ag Discovery at the GAP Area

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces that it has received high-grade results from the exploration sampling program of newly discovered Au-Ag rich epithermal veins in the GAP Area, located between the San Juan and San Marcial Areas in Sinaloa, Mexico.

Highlights

Channel sampling highlights include:

  • 0.30 m @ 10.72 g/t Au and 251 g/t Ag
  • 0.35 m @ 0.81 g/t Au and 1,450 g/t Ag
  • 0.30 m @ 2.77 g/t Au and 363 g/t Ag

Rock chip sampling highlights include:

  • 0.54 g/t Au with 3.5% Pb and 11.8% Zn
  • 1.60 g/t Au with 440 g/t Ag
  • Results to be followed up by recently announced surface core drill program

GAP Area Discovery

Since the acquisition of 100% of the concession containing the GAP Area in March 2021, GR Silver Mining’s team has advanced an exploration program that links the San Marcial, San Juan and Plomosas Areas. The Company now controls seven kilometres of structural trend between San Marcial and San Juan, which hosts the new GAP Area discovery (Figure 1).

Over the past months, the Company has completed geological mapping, reconnaissance of old workings, a ground geophysical survey and collected channel samples over an extensive epithermal vein system within the GAP Area. This key zone links two areas that now host NI 43-101 mineral resource estimates1,2, and has not previously been explored.

Initial reconnaissance and sampling indicate that the high-grade Au-Ag concentrations are associated with well zoned, low-temperature epithermal veins and include amethystine quartz, among other quartz types, and with low sulphide content. Locally, some of the veins exceed 10% combined lead and zinc (Table 1). Systematic sampling of the different veins led to the definition of a 2 km2 large prospective zone in the GAP area.

The mapped geology shows that the volcaniclastic-sedimentary and andesitic tuff units that host the veins in the GAP Area are likely to be underlain by several intrusive diorite plugs.

GR Silver Mining’s discovery of Au-Ag rich veins in the GAP Area supports the proposed model of a large district-scale vein and breccia system between the San Marcial and San Juan Areas. The GAP Area is one of five new areas in the Company’s current drill program, which is testing areas outside of the recently announced NI 43-101 mineral resource estimates2.

Table 1: Selective Channel Sample and Rock Chip Assay Results – News Release September 8, 2021

Samples

Sample Type

UTM North

UTM East

Apparent 
width*
(m)

Au g/t

Ag g/t

Pb %

Zn %

19322 – 19324

Channel Sample

2547027

448314

0.9

3.76

137

0.1

0.4

includes

Channel Sample

2547027

448314

0.3

10.72

251

0.1

0.5

15665

Channel Sample

2546849

448205

0.4

3.76

142

na

na

15672

Channel Sample

2546739

448334

0.35

0.81

1,425

0.1

na

19326 – 19328

Channel Sample

2547027

448314

1.3

1.30

96

0.2

0.7

includes

Channel Sample

2547027

448314

0.4

3.06

155

0.5

1.6

15662

Channel Sample

2546846

448195

0.9

2.87

156

na

na

15641 – 15643

Channel Sample

2546806

448173

0.9

1.08

129

na

na

includes

Channel Sample

2546806

448173

0.3

2.77

363

na

na

15635

Rock Chip Sample

2546760

448264

1.09

36

na

na

18363

Rock Chip Sample

2546847

448213

4.75

230

na

na

15681

Rock Chip Sample

2546527

448173

1.06

488

na

na

15688

Rock Chip Sample

2547432

448046

0.54

12

3.5

11.8

15695

Rock Chip Sample

2547016

448324

1.60

440

0.1

0.1

15706

Rock Chip Sample

2544575

448009

0.48

64

14.7

0.7

*

Channel sample widths are apparent widths only. Insufficient structural information is available at this stage to estimate true width with confidence.

Selective sample results in this table represent results with gold >1.0 g/t Au, or silver >200 g/t Ag, or lead+zinc >10% Pb+Zn. na = no significant result (<0.1%)

________________________________

1

See News Releases dated February 7, 2019 and June 12, 2020 (San Marcial)

2

See News Release dated August 23, 2021 (San Juan/ Plomosas)

Figure 1 – Geologic Map of the GAP Area with sample locations and highlights of high-grade Au-Ag results

* 

See here for location of the GAP Area at the Plomosas Project

GR Silver Mining President and CEO, Marcio Fonseca commented “The progress of GR Silver Mining’s exploration program in new areas continues to deliver positive results. We are encouraged by the initial results from the GAP Area, as well as the magnitude of the epithermal system based on our first ever sampling program. Drilling is planned to further test the high-grade mineralization in the GAP Area. These first high-grade gold and silver values show that the GAP Area has significant potential to connect the seven kilometre long vein system from San Marcial to San Juan, as another step in consolidating the mineral potential of the entire Plomosas Project.”

Qualified Person

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

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within two contiguous Projects – La Trinidad and Plomosas (which includes the integrated San Marcial Area). In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 778 km2 of concessions containing several structural corridors totaling over 75 kilometres in strike length.

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

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Cautionary Statement Regarding Forward-Looking Information

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

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

SOURCE GR Silver Mining Ltd.

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

Related Links

https://www.grsilvermining.com/

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Eloro Intersects 234.19g Ag eq/t over 53.20m in the Mineralized Envelope of the Santa Barbara Breccia Pipe at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. To date, the Company has completed 58 diamond drill holes totalling 26,982 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) (Holes DDHK-19 and DHK-20) and the central-southern part of the Central Breccia Pipe (“CBP”) (Holes DCN-04 and DCS-02). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. Two surface drill rigs are completing drilling at SBBP in order to outline an initial National Instrument 43-101 (“NI-43-101”) compliant resource. A third drill, an underground rig, situated in the west end of the Santa Barbara Adit, is testing the eastern part of SBBP and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. This map depicts a recently identified robust magnetic anomaly to the northwest of the SBBP where drilling is in progress (see press release June 7, 2021, for an overview of the magnetic results). Figure 2 is a north-south section showing the major potential extension of the SBBP mineralized system. Table 1 provides significant drilling results with definitions of chemical symbols and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

  • Hole DHK-20, drilled from the west end of the Huayra Kasa underground workings at -50 degrees on section with hole DHK-18, which intersected 129.65 g Ag eq/t over 300.75m (see press release dated July 28, 2021), returned 234.19 g Ag eq/t (70.5 g Ag/t, 2.31% Zn, 2.74% Pb and 0.04% Sn) over 53.20m from 139.35m to 192.55m including a higher grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and 0.10% Sn) over 9.26m. Multiple additional significant mineralized intervals occur above and below this intercept. Mineralization occurs within the mineralized envelope east of SBBP in all host rock types.
  • Hole DHK-19, drilled to the southeast at -45 degrees from the west end of the Huayra Kasa underground workings, intersected 108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.02% Zn and 0.58% Pb) over 48.2m from 46.95m to 95.15m in altered dacite in the mineralized envelope of the SBBP. This includes a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.58% Zn and 1.04% Pb) over 15.02m. Multiple additional significant mineralized intervals occur above and below this intercept.
  • Hole DCN-04 was drilled at -80 degrees to the north from the northern radial platform of the CBP. This hole intersected seventeen (17) mineralized intersections, principally Sn-Ag-bearing, over its 851.4m length. Best results include 71.54 g Ag eq/t (32.58 g Ag/t and 0.10% Sn) over 97.10m from 134.40 to 231.5m; 101.52 g Ag eq/t (28.74 g Ag/t and .19% Sn) over 62.01m from 281.40m to 343.41m; 134.33 g Ag eq/t (70.42 g Ag/t and 0.16% Sn) over 22.59m from 417.05m to 439.64m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m from 659.55m to 677.00.m
  • Hole DCS-02 was drilled southeast at -60 degrees from the south radial platform of the CBP. This hole, which was drilled to 800.5m, intersected nine (9) reportable Ag-Zn-Pb-Sn mineralized intervals. Best results include 79.53 g Ag eq/t (including 0.21% Sn) over 19.42m, 101.01 g Ag eq/t (32.75 g Ag/t, 0.76% Zn, 0.75% Pb) over 10.47 and 130.95g Ag eq/t (34.14 g Ag/t, 0.10 g Au/t, 1.35% Zn and 0.56 % Pb over 7.40m. Mineralization in the southern part of the CBP is notable for containing significant Zn and Pb as well as Ag and Sn, a metal assemblage more comparable to SBBP and Porco. The northern part of the CBP is dominantly Sn-Ag suggesting a deeper origin for this part of the breccia pipe.

Major Potential Extension to Santa Barbara Breccia Pipe

Data from a ground magnetics survey conducted by Eloro (see press release of June 7, 2021) outlined a prominent area of anomalously low magnetic variability northwest of the SBBP, as shown in Figure 1, likely reflecting strong hydrothermal alteration. Subsequent 3D inversion modelling confirmed that this area warranted drill testing as this pattern is comparable to the SBBP and CBP, both marked by similar magnetic anomalies. Recently completed holes DSB-12 drilled southeast at -40 degrees and DSB-13 on section at -65 degrees intersected strongly altered dacite and breccia with widespread mineralization. As depicted in Figure 2, a north-south section, these holes substantially increase the potential strike length of the SBBP and surrounding mineralized envelope to more than 1.2km. Figure 3 shows pictures of representative boxes of mineralized drill core. Sulphide minerals identified include pyrite, galena, sphalerite and chalcopyrite accompanied by cassiterite. Assays are pending but visually the style of mineralization is similar to what has been intersected within drill holes in the mineralized envelope of the SBBP.

Tom Larsen, CEO of Eloro commented: “The Company is pleased to report that the Santa Barbara Breccia Pipe and its surrounding mineralized envelope is in fact much larger than initially envisioned. Our drilling campaign is now focused within this extensive area in order to define an inaugural NI 43-101 compliant mineral resource which we expect to have completed in Q1 2022. In addition, I am pleased to announce that, as a result of the continuing sampling backlog delays at the ALS Laboratory in Lima due to Covid-19 induced issues, the Company has recently commissioned Alfred H Knight (“AHK”) Laboratories of Great Britain along with ALS Laboratories to help alleviate this backlog. AHK is highly recognized, having a global network of accredited laboratories with operations in over 35 countries. They have recently opened facilities in Bolivia, due to the high demand taking place from mining companies in the region. This is a significant development which will improve the reporting of drilling results at Iska Iska going forward.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “The very encouraging mineralized intersections in the drill holes testing the magnetic anomaly northwest of the SBBP has opened up the potential for a major extension to this target resource area. The strike length of SBBP and its envelope which trends approximately north-northwest is now more than 1.2km and remains open in all directions. The present target area for mineral resource definition is approximately 1.2km along strike, 500m wide and extends to a depth of at least 600m. Drill holes in the CBP continue to return encouraging values but further drilling on this and the Porco target will be deferred until after drilling in the SBBP area is completed. The downhole IP/Res survey at the SBBP is moving along well and will provide important information to better confirm continuity of mineralization between drill holes especially higher-grade zones with greater sulphide content.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L., said: “Interpretation of Aster/Landsat satellite imagery and later, the magnetic survey in the northwestern sector of the SBBP, has outlined a substantial anomalous zone that likely reflects widespread hydrothermal alteration. The first diamond drillholes DSB-12 and DSB-13 holes have intercepted a number of well mineralized intervals in which measurement with the XRF gun confirm Ag, Sn, Pb, Zn and tungsten (W). This mineralization is hosted in dacitic volcanic domes which are cut by local sections of well-mineralized breccias with predominantly dacitic clasts surrounded by a tourmaline matrix that is replaced by sulphides and cassiterite. This discovery extends the SBBP and associated mineralized envelope along strike as much as 50% from its original size. The SBBP has characteristics of a large kilometre-scale and continuous near-surface mineralized body of enriched telescoped polymetallic mineralization.”

Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, commented: “Once again, all recently assayed drill holes returned multiple long mineralized intervals at Iska Iska. The limits of the system keep expanding, the magnetic anomaly to the northwest of the SBBP being the most recent addition. Here, recently completed holes DSB-12 and DSB-13 display very promising long intervals of mineralization with an appearance similar to holes drilled closer to the SBBP. While the 1,200 x 500 x 600 m volume currently being targeted for a maiden resource is impressive, it is important to keep in mind that this is still just a subset of the much larger Iska Iska system that extends over a kilometre further south to the Porco breccia pipe along the southern margin of the caldera complex where Eloro recently drilled some visibly mineralized holes. In short, this major discovery is still in its early days.”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at September 7, 2021
https://www.globenewswire.com/NewsRoom/AttachmentNg/8db46095-749d-404a-b905-8c288034ffc3

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

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

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

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

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

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Preliminary metallurgical tests are in progress to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of September 7, 2021.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Surface Drilling Northwest Extension Santa Barbara
DSB-12205072.77656867.54165.0225-40806.2
DSB-13205072.77656867.54165.0225-60696.5
Subtotal1502.7
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-21UG205418.57656360.04151.9235-70512.9
DHK-22UG205418.57656360.04151.9210-60600.0
DHK-23UG205418.57656360.04151.9270-50598.0
Subtotal1710.9
Underground Drilling Santa Barbara Adit
DSBU-1UG205285.27656074.84165.090-10260.5
Subtotal260.5
DSBU-2UG205285.27656074.84165.0270-20In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-05S204902.07655860.04420.090-60524.3
DCN-06S204902.07655860.04420.0180-80626.4
DCN-07S204902.07655860.04420.0270-60680.4
Subtotal1831.1
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-03S204852.17655612.34429.7225-60443.5
DCS-04S204852.17655612.34429.7180-60644.4
Subtotal1087.9
Porco Central – Surface Radial Drill Program
DPC-01S205457.27655110.94175.0270-60767.5
DPC-02S205457.27655110.94175.0225-60908.2
DPC-03S205457.27655110.94175.0135-60524.5
DPC-04S205457.27655110.94175.00-60371.4
DPC-05S205457.27655110.94175.090-60407.5
DPC-06S205457.27655110.94175.0243-60716.4
Subtotal2,571.6
TOTAL10,088.6

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees

Total drilling completed since the start of the program on September 13, 2020 is 26,982m in 58 holes (19 underground holes and 39 surface holes) with one underground in progress. One surface rig is being moving to a new hole location northwest of SBBP. The second surface drill rig is being exchanged for a more powerful machine which will arrive on site soon and commence drilling in the SBBP area.

Qualified Person

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

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

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

Recently, AHK Laboratories, who manage a global network of laboratories have setup operations in Bolivia with the establishment of a preparation laboratory in Oruro. AHK has a strong base of accredited laboratories in South America including Peru, Chile, Brazil and Argentina. Eloro will be contracting AHK to provide analytical services in order to help reduce the sample backlog. A series of check samples are currently being analyzed by AHK as a QA/QC check.

About Iska Iska

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

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

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

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

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

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

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

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

Eloro reported additional multiple holes with significant silver-tin polymetallic Intercepts in the SBBP and CBP on July 6, 2021 including:

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

On July 28, 2021 Eloro reported results from hole DHK-18, drilled due south at -10 degrees from the west drill bay in the Huayra Kasa underground workings to test the mineralized envelope of the SBBP. This hole intersected 129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m including higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. This hole intersected significant mineralization approximately 230m below the eastern part of the Santa Barbara adit from which continuous channel sampling previously reported returned 442 g Ag eq/t over 166m (see press release April 13, 2021). 82% of this 446.5m long hole contained reportable intervals.

A detailed ground magnetic survey of the Iska Iska property reported on June 6, 2021 confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation including Aster data. The SBBP and CBP, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the Central and Porco Breccia Pipes likely merge at depth. In addition there is a prominent area of low intensity magnetics northwest of the SBBP which is reported on in this press release.

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

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 compliant mineral resource by Q1 2022. A downhole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

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

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

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

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

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets including the magnetic anomaly northwest of the Santa Barbara Breccia Pipe and diamond drill holes completed and in progress.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3561dc8a-fb45-4df0-81a6-a47ca615fd1f

Figure 2: North-South Geological Cross Section, Santa Barbara Breccia Pipe showing Major Extension in Holes DSB-12 and DSB-13
https://www.globenewswire.com/NewsRoom/AttachmentNg/95f6e3a0-5731-4a32-b503-d6a1bc26858d

Figure 3: Pictures of Diamond Drill Core Samples from Hole DSB-12

Hole DSB-12 496.27m to 503.44m. Deformed moderately alunitized dacite locally interbedded with minor sandstone, showing flow banding and cut by intrusive breccia composed of dacite clasts cemented with tourmaline matrix (partially replaced by sulphides as pyrite, sphalerite and, silver sulphosalts). There are two vein breccias (20/30 cm in width) along with pyrite, sphalerite, and alunite-bearing cross-cutting veinlets and disseminated pyrite (3%).
https://www.globenewswire.com/NewsRoom/AttachmentNg/efe4f19e-c81d-4e5f-a197-ea16c95cb6c2

Hole DSB-12 664.64m to 671.63m. Deformed intrusion breccia locally intercalated with aphanitic dacite. Breccia is polymictic, clast-supported with subangular to subrounded clasts of fine-grained dacite in a milled granodiorite matrix, partially replaced by tourmaline. Mineralization is principally as three vein breccias consisting of pyrite, chalcopyrite, alunite and quartz. Locally there are sulphide veinlets (3-5 per m) and disseminated pyrite (3%).
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2563ee0-770c-4c19-9734-786c8ed54677

Table 1Figure 1Figure 2Figure 3a: Picture of Diamond Drill Core Samples from Hole DSB-12Figure 3b: Picture of Diamond Drill Core Samples from Hole DSB-12
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Cartier Iron Announces Commencement of 10,000 Metre Diamond Drilling Program at Big Easy Low Sulphidation Gold-Silver Project, Newfoundland

Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce that it has commenced the planned 10,000m diamond drill program at the Big Easy low sulphidation gold-silver project near Clarenville, Newfoundland. Drilling will initially focus on the Central Anomaly where previous drilling (see press release June 8, 2021) confirmed an extensive zone of silicification up to 200m wide with epithermal gold-silver mineralization. This additional drilling will more fully explore this very prospective zone which extends for at least 600m along strike. Table 1 lists initial planned drill holes and Figure 1 shows the location of the chargeability anomaly with planned drill holes. Drilling is also planned to test the chargeability/resistivity anomalies identified on the Sleigh Pond grid in the southern part of the property as outlined in the press release of June 8, 2021, and as shown in Figure 1. The Sleigh Pond program will likely take place in winter 2022. The drilling program is being managed by Mercator Geological Services with drilling being carried out by Logan Drilling Group.

Cartier Iron commissioned Clearview Geophysics of Brampton, Ontario to carry out a reconnaissance Controlled Source Audio Magneto-Telluric (CSAMT) in the Central Anomaly – Big Easy Showing Area as shown in Figure 1. The field portion of this survey has been completed and the data is currently being processed. It is expected that this survey will provide further information about the on-strike and depth extent of potential epithermal mineralization.

Tom Larsen, Cartier Iron’s CEO, commented: “We are pleased to commence diamond drilling at Big Easy. Our previous work has outlined a number of very prospective targets along extensive structures with wide zones of silicification with gold-silver mineralization. With the closing of the $5.2 million financing on July 7, 2021, we are now well positioned to carry out an aggressive exploration program at our 100% owned Big Easy property.”

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron said: “Preparation for the drilling program has moved along quite rapidly with all required permits in place. We look forward to receiving the results of the CSAMT survey in the next few weeks. These will be validated against our previous geophysical and drill results and incorporated into three-dimensional models of the Big Easy mineralization to show how known targets extend to depth and potentially to yield new targets for drilling along strike.

CSAMT Survey

CSAMT is a geophysical technique that measures the conductivity of subsurface materials using electromagnetic waves from a distant transmitter. Both electrical and magnetic sensors are used to characterize distortions in the flow of subsurface currents that result from conductivity variations. In the audio frequencies, this technique can measure comparatively resistive rocks from 250m to 1000m deep. At both the Big Easy showing and the Central anomaly drill results suggest that the epithermal system may be stronger at greater depth, so CSAMT was chosen to look deeper than the approximately 200m limit of previous Induced Polarization/Resistivity (IP/Res) surveys.

Approximately 20 line-km were surveyed on twelve (12) Lines spaced at 200m to extend coverage southward from the Big Easy Showing to the Central Anomaly IP/Res target where drilling in 2018 and 2021 confirmed strong alteration and significant gold values. The silicification that accompanies gold emplacement in epithermal systems usually results in a volume with extremely low conductivity that can be mapped in three dimensions using CSAMT data.

Cartier Iron Completes Big Easy Property Acquisition

Pursuant to the terms of the Big Easy property acquisition agreement, as amended (the “Acquisition”), the Company has issued the final tranche of one million common shares to the property vendors. The share issuance, combined with the prior completion of the minimum required exploration expenditure of $2 million, satisfies all of the Company’s obligations as per the Acquisition, whereby it owns a 100% interest in the Big Easy, with the vendors holding a 3% net smelter royalty, which can be reduced to 2.5% through two staged payments aggregating $500,000 on or before November 21, 2022.

Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical content of this press release. The diamond drilling program will be carried out under the supervision of Peter Webster, P.Geo. of Mercator Geological Services. Mr. Webster is a QP as defined under NI 43-101. The CSAMT surveys were carried out by Clearview Geophysics under the direction of Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design and will assist in the interpretation from data processed by Clearview Geophysics. Messrs. Hale and Gilliatt are QPs as defined under NI 43-101. Analytical work for the diamond drill program will be done by Eastern Analytical Ltd. in Springdale, Newfoundland. The Company employs an industry standard QA/QC program for all analytical work.

Cartier Iron gratefully acknowledges the support of the Newfoundland and Labrador government through the Junior Exploration Assistance program.

Table 1: Proposed Initial Diamond Drill Holes, Central Anomaly Target

Proposed DDHUTM EUTM NAzimuthDipProposed Length (m)
BE-21-P1709875.65346189.7270-55400
BE-21-P2709813.35346187.8270-55350
BE-21-P3709876.55346394.1270-55400
BE-21-P4709939.95346390.7270-55500
BE-21-P5710033.05346390.0270-55600
BE-21-P6709876.35346497.3270-55450
BE-21-P7709775.15346495.8270-55350
BE-21-P8709975.05346498.0270-55450
  TOTAL3,500

Note: Holes may not be drilled in the order presented. The first drill hole will be BE-21-37. Core size will be NQ.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:
Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Figure 1: Plan Map Showing Locations of Chargeability Anomalies in the Central Anomaly and Sleigh Pond Areas with Locations of Initial Planned Drill Holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/f3f55766-12c1-4ebf-a785-9fc1442a3d77

PDF Available: http://ml.globenewswire.com/Resource/Download/0e4b374a-c6ab-4a3f-84b9-8e5c61045784

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GR Silver Mining Announces Completion of Initial Resource Estimates at the Plomosas Project in Sinaloa, Mexico

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – today announced the delivery of initial NI 43-101 mineral resource estimates on the Company’s Plomosas Project (“Plomosas”), located in Sinaloa, Mexico.

Highlights

  • Indicated Resources: 10.3 Moz AgEq* – 3.4 Moz Ag, 53 koz Au, 73 Mlbs Zn, and 48 Mlbs Pb
  • Inferred Resources: 21.0 Moz AgEq* – 8.6 Moz Ag, 85 koz Au, 149 Mlbs Zn, and 116 Mlbs Pb
  • The incorporation of extensive historical data and completion of the initial resource estimates at the Plomosas Project (“Plomosas”) incremental to the nearby San Marcial NI 43-101 mineral resource estimate of 36.0 Moz AgEq# Indicated resources and 11.9 Moz AgEq# Inferred resources (see News Release dated June 12, 2020), represents a major milestone for GR Silver Mining
  • Estimates include 80 new drill holes and 476 historic drill holes representing a total of 100,672 m of drilling covering two areas, the former Plomosas Mine and the San Juan area (Figure 1)
  • The present resource included a sampling of historical drill holes completed by previous companies that was frequently selective, resulting in a large amount of drill core unsampled; this core is no longer available. Unsampled intervals within mineralized zones were assigned zero values for the resource estimation, including in areas with evidence of precious and base metals mineralization. Further drilling will address these blank spots to potentially continue resource growth at the Plomosas Mine and San Juan areas
  • 14,000m drill program employing seven rigs is in progress on newly identified, high priority Au–Ag targets outside the current resource areas (Figure 1)

GR Silver Mining President and CEO, Marcio Fonseca commented: “The publication of the initial resource estimates at the Plomosas Project is the result of a systematic collection of geological information, data review and analysis in a 3D model. This has also allowed for multiple discoveries of high-grade silver and gold mineralization outside of the main mineralized body and has encouraged the Company to continue drilling on multiple targets outside of the resource area. These results, together with the existing NI 43-101 mineral resource estimate at the nearby San Marcial Project, represent a major milestone for the Company, increasing GR Silver Mining’s combined AgEq Indicated resources by 29% and Inferred resources by 176% in the Rosario Mining District. The completion of the resource estimation and ongoing drilling creates a cornerstone for GR Silver Mining’s goal to deliver further discoveries and resource growth in Mexico.

“I would like to take this opportunity to thank all staff, who have embraced the challenge to complete two initial NI 43-101 resource estimates within a nine-month time frame during a pandemic, which today form the foundation for Plomosas’ future growth. GR Silver Mining’s strict protocols for COVID-19 mitigation have effectively reduced active cases amongst staff and contractors to nil, allowing us to accelerate exploration of the Company’s core, 778 square kilometer Project.”

Figure 1 –  Resource Estimation Areas – Plomosas Mine and San Juan Areas1

New Au-Ag targets of the ongoing Drill Program are shown in black

Non-Executive Chairman, Eric Zaunscherb stated: “the compilation of data and initial mineral resource estimates for the Plomosas Mine and San Juan areas establish baselines for growth for these areas, much as the release of the initial San Marcial mineral resource estimate established a baseline for growth for that area in February 2019. We are excited by the geological model that has evolved from the bounty of historical data gleaned from the Company’s district-scale consolidation. In particular, the model provides the robust rationale underlying the current drill program, designed to follow up high-grade precious metal intersections, as well as a cogent strategy for enhancing these initial mineral resource estimates.”

Geological Data

Data representing 556 core drill holes; 80 new drill holes and 476 historic drill holes – together with geological reconnaissance, underground mapping, and detailed geological mapping on surface, have proved valuable components to delineate an extensive precious metal-rich system.

Drill core from recent surface and underground resource drilling followed strict QAQC protocols and is stored on site at the project core storage facilities. Historical drill holes feature historical documentation and field evidence of drill hole collars to support full integration of both datasets. Validation drilling was completed at the Plomosas Mine and San Juan areas, with the Company drill testing some historical surface and underground drill sites in 2020 and 2021. These tests validated geochemical assay reports of mineralized zones previously intersected by historic diamond core drilling.

Sampling of historical drill core by previous companies was frequently selective with sampling only performed on specific core intervals, leaving many unsampled intervals within mineralized zones. Nearby underground geological investigations and channel sampling demonstrated that many of these unsampled intervals feature precious and base metal mineralization. For the purposes of the resource estimate, these unsampled intervals between mineralized zones have been conservatively assigned zero values by GR Silver Mining, which likely results in underestimation of grade for portions of the resource model. Further drilling will address this situation to potentially continue resource growth at the Plomosas Mine and San Juan areas. The entire dataset has been recently surveyed, including detailed laser surveying of all underground workings.

Geology

There are at least two distinct mineralizing events identified at the Plomosas Mine to date. The principal structure at the Plomosas Mine is the Plomosas Breccia, a low-angle N-S trending fault breccia (“Plomosas Fault”), which hosts the primary precious and base metal mineralized zone. This structure has a general dip angle of 30° to 40° to the west with dilatational features and wide mineralized sections that are between one and eight meters thick. Mineralization in the Plomosas Breccia is principally by replacement of pre-existing fault breccia and in the original wall rocks.

Precious metal-rich epithermal veins are hosted by steep NW-SE, N-S and NE-SW trending faults that crosscut the Plomosas Fault and commonly define high-grade zones by later enrichment at the intersections with, or proximal to, the Plomosas Breccia (Figure 2). In parts, precious metal mineralization is found in contact breccias of intrusive rhyolite and diorite dykes.

These late precious metal-rich mineralized zones are at a preliminary stage of exploration with only limited data incorporated into the 3D model to date. Further drilling is warranted to better define its full potential.

Figure 2 – 3D Representation of the Plomosas Mine Area

At the San Juan area, two veins were modelled based on shallow surface-only core drilling, namely the mineralized San Juan and La Colorada veins. The San Juan vein is hosted in a low-angle north-south trending fault breccia (“San Juan Fault”) generally dipping at an angle of 40° to 50° to the east. The polymetallic silver-gold rich mineralization has a much narrower geometry than that observed at the Plomosas Mine. Similar to the Plomosas Mine, there is evidence supporting the presence of several precious metal-rich mineralized zones, which are at an early stage of modelling at San Juan (Figure 3). The La Colorada vein is hosted in a low-angle north-south trending fault (“La Colorada Fault”) parallel to the San Juan Fault. Preliminary wide spaced surface core drilling has defined a predominantly gold-silver hydrothermal vein breccia.

Figure 3 – 3D Representation of the San Juan Area including the San Juan and La Colorada veins

The precious metal-rich zones recently identified in the geological models at both the Plomosas Mine and the San Juan areas have emerged as the primary focus of the current exploration drilling program, concentrating on targets and geological settings where there are indications of favorable geology for additional discoveries.

Mineral Resource Estimates

The mineral resource estimates for the Plomosas Mine and San Juan areas were provided by Dr. Gilles Arseneau, P.Geo. of ARSENEAU Consulting Services Inc. (ACS) using Geovia Gems Version 6.8.4. The Plomosas Mine mineral resources were estimated by ordinary kriging into 5m cube blocks, and the San Juan mineral resources were estimated by the Inverse Distance Squared method. Grades were capped prior to compositing to 1 m. Block grades were estimated in three successive passes for the Plomosas Mine and four passes for the San Juan area. The historical Grupo Mexico drill holes were only used for passes two and three at the Plomosas Mine and for passes three and four at the San Juan area. Blocks estimated with Grupo Mexico drill holes were all classified as inferred mineral resources. Blocks estimated during Pass 1 with at least two drill holes or Pass 2 at San Juan, with at least four drill holes, were classified as Indicated.

Mineral resources are reported using a dollar equivalent based on the following metal prices and recoveries determined from recent metallurgical tests. The mineral resources are reported using pit constrained (“Whittle Pit Assessment”) and Underground stope optimizer (“MSO”) with operational cost assumptions reported in Table 1.

Table 1 – Summary Parameters Adopted for Resource Estimation and Mineral Resource Reporting – Plomosas Mine and San Juan Areas

Plomosas Project

Metal Prices

Gold US$/oz

1,600

Silver US$/oz

20

Lead US$/lb

0.90

Zinc US$/lb

1.10

Area

Plomosas Mine

San Juan

Grade Capping

Gold g/t

20

10

Silver g/t

450

360

Lead %

13

13

Zinc %

11

8

Metallurgical Recoveries***

Gold

86 %

79 %

Silver

74 %

71 %

Lead

69 %

58 %

Zinc

75 %

47 %

Preliminary Cost Assumptions

Mineral Resource Reporting****

Open Pit (“OP”)

36 US$/t

36 US$/t

Underground (“UG”)

50 US$/t

50 US$/t

*** Based on preliminary metallurgical testwork completed in 2021 with samples from both areas investigating potential production of precious metal-rich concentrate

**** Preliminary cost assumptions adopted in the Whittle assessment and MSO are based on similar type deposits in Mexico where underground and open pit operations are in progress for a throughput capacity of 1500 tpd

The reasonable prospect of economic extraction was defined by generating a Whittle optimized pit shell based on the above metal prices and recoveries and assuming a total open pit mining cost and processing cost of US$36/t. Underground resources were restricted to shapes defined by stope optimizer software and assumed combined underground mining and processing costs of US$50/t.

The mineral resource estimates are based upon drilling completed by the Company between 2020 and 2021, and earlier drilling by previous operators. The resource table for the Plomosas Project is detailed below.

Table 2 – Plomosas Project Mineral Resource Statement

Plomosas Mine Area Mineral Resource Statement ACS – August 23, 2021

Resource

Category

Type

Tonnage

MT

Au

g/t

Au

KOz

Ag

g/t

Ag

Moz

Pb

%

Pb

MLbs

Zn

%

Zn

MLbs

Ag Eq

Moz

AgEq*

g/t

Indicated

OP

0.3

0.21

2

74

0.6

1.0

5.9

0.9

5.0

1.0

115

Inferred

OP

1.2

0.07

3

75

2.9

0.9

24.3

0.8

20.0

3.9

102

Indicated

UG

1.7

0.84

46

27

1.4

0.9

33.5

1.4

52.9

7.5

137

Inferred

UG

3.4

0.50

55

40

4.3

0.9

68.5

1.1

83.0

12.6

116

Total

Indicated

2.0

0.76

48

33

2.1

0.9

39.4

1.3

57.9

8.5

134

Total

Inferred

4.6

0.39

58

49

7.2

0.9

92.8

1.0

103.0

16.5

112

San Juan Area Mineral Resource Statement ACS – August 23, 2021

Resource

Category

Type

Tonnage

MT

Au

g/t

Au

KOz

Ag

g/t

Ag

Moz

Pb

%

Pb

MLbs

Zn

%

Zn

MLbs

Ag Eq

Moz

AgEq*

g/t

Indicated

OP

0.1

0.19

0

115

0.3

0.3

0.5

0.6

1.1

0.3

111

Inferred

OP

0.2

0.37

3

92

0.7

0.6

3.0

0.7

3.4

0.8

111

Indicated

UG

0.4

0.35

4

87

1.1

1.0

8.2

1.7

13.8

1.6

132

Inferred

UG

1.0

0.77

24

22

0.7

0.9

19.9

2.0

42.2

3.6

116

Total

Indicated

0.5

0.32

5

92

1.3

0.9

8.7

1.5

14.9

1.9

128

Total

Inferred

1.2

0.70

27

36

1.4

0.9

22.9

1.7

45.6

4.5

115

Plomosas Project Total Resources Statement ACS – August 23, 2021

Resource

Category

Type

Tonnage

MT

Au

g/t

Au

KOz

Ag

g/t

Ag

MOz

Pb

%

Pb

MLbs

Zn

%

Zn

MLbs

Ag Eq

Moz

AgEq*

g/t

Indicated

OP

0.3

0.20

2

83

0.9

0.8

6.4

0.8

6.1

1.3

114

Inferred

OP

1.4

0.12

5

78

3.6

0.9

27.3

0.7

23.5

4.8

103

Indicated

UG

2.1

0.76

50

38

2.5

0.9

41.7

1.5

66.7

9.1

136

Inferred

UG

4.4

0.57

79

36

5.0

0.9

88.4

1.3

125.1

16.2

116

Total

Indicated

2.4

0.68

53

44

3.4

0.9

48.1

1.4

72.8

10.3

133

Total

Inferred

5.8

0.46

85

46

8.6

0.9

115.7

1.2

148.6

21.0

113

     * AgEq is based on parameters presented in Table 1

The following table illustrates the nearby San Marcial Project NI 43-101 Mineral Resource Estimates estimated by Marcelo Filipov, P.Geo of WSP Canada Inc. and Todd McCracken, P.Geo of WSP Canada Inc. Both Mr. Filipov and Mr. McCracken are Qualified Persons as defined by National Instrument 43-101 (link to San Marcial NI 43-101 Resource Report).

Table 3 – San Marcial Area Mineral Resource Table

San Marcial Resources Statement – February 7, 2019

Resource

Type

Tonnage

Au

Au

Ag

Ag

Pb

Pb

Zn

Zn

Ag Eq

AgEq#

Category

MT

g/t

KOz

g/t

MOz

%

MLbs

%

MLbs

Moz

g/t

Indicated (OP+UG)

OP+UG

7.6

na

na

117

29.0

0.3

53.0

0.5

86.0

36.0

147

Inferred (OP+UG)

OP+UG

3.4

na

na

91

10.0

0.1

8.0

0.4

26.0

12.0

108

# AgEq is based on long term silver, zinc and lead prices of US$18.50 per ounce silver, US$1.10 per pound zinc and US$0.95 per pound lead. The following average metallurgical recoveries are assumed as 85% silver, 85% zinc and 95% lead. A 30 gpt AgEq cut off for open pit and 80 gpt AgEq for underground resource classification completed by WSP Canada Inc. on February 06, 2019. OP is amenable for potential open pit development, UG is amenable for potential underground development. “na” = not estimated

Quality Assurance / Quality Control

All assay data are verified by means of a rigorous QA/QC program which included the insertion of certified reference materials, blanks and duplicates into sample batches that are sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and analysis. The results of the QA/QC program are monitored by GR Silver Mining personnel and the Qualified Person. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de México to SGS Canada Inc. at Burnaby, BC. The analytical methods are 4-acid digestion and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay, with Gravimetric Finish for silver above over limits. For gold assays, the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay, and Gravimetric Finish for gold above 10 ppm (over limits).

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

Qualified Person

The mineral resource estimate was completed by independent consultant Dr Gilles Arseneau, P. Geo. of ARSENEAU Consulting Services Inc., a registered professional, who is an independent Qualified Person (QP) as defined by NI 43-101. Mineral resources are reported in accordance with CIM (2014) Definition Standards for Mineral Resources and Mineral Reserves in accordance with NI 43-101. Dr. Arseneau is a P. Geo. and is qualified as a Mineral Resource estimator and has over 25 years of relevant industry experience.

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.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based and Mexico-focused junior mineral exploration Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines within two contiguous areas; La Trinidad and Plomosas (which include the integrated San Marcial Area). Our Project represents a district scale 778 km2 of advanced stage exploration property including over 75 km strike length in three distinct, parallel structural corridors. These corridors have preliminary evidence of deep-seated intrusives driving robust metal-bearing fluid flow through an extensive network of conduits with evidence of high-grade and bulk silver-gold and polymetallic mineralization in multiple events.

GR Silver Mining Ltd.

Mr. Marcio Fonseca, P. Geo.
President & CEO

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Cautionary Statement Regarding Forward-Looking Information

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

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

SOURCE GR Silver Mining Ltd.

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

Related Links

https://www.grsilvermining.com/

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Gran Colombia Prices Oversubscribed US$300 Million 6.875% Senior Unsecured Notes Offering

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has successfully priced an oversubscribed offering of US$300 million in senior unsecured notes due 2026 at a coupon rate of 6.875% (the “2026 Notes”) pursuant to Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, (the “Act”), with closing expected to occur on or about August 9, 2021.

The proceeds from the 2026 Notes will be used to (i) to fund the development of our Guyana operations, (ii) to prepay the remaining Gold-Linked Notes, and (iii) for general corporate purposes. The 2026 Notes have been assigned a rating of B+ by Fitch Ratings and a rating of B+ by S&P Global Ratings.

This press release is neither an offer to sell nor a solicitation of an offer to buy the 2026 Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The 2026 Notes have not been registered under the Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration rights. The 2026 Notes are being offered exclusively to qualified institutional buyers in the United States pursuant to Rule 144A under the Act, to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Act and pursuant to certain prospectus exemptions in Canada.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to timing and terms of the 2026 Notes offering, the expected use of proceeds of the 2026 Notes offering and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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Tocvan Drills 39.7 meters of 0.96 g/t Au including 12.2 meters of 3 g/t Au in Main Zone Step-Out Also Hits at Triple Vein Zone 400 meters to the East, Opens Up New Target Area

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce final drill results from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program was completed in June with over 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Final results are included in this release, highlighted by drill hole JES-21-50 which returned 39.7 meters at 0.96 g/t Au in a 50 meter step-out to the Main Zone on trend with drill hole JES-21-47 which intersected 47.3 meters at 0.75 g/t Au. In addition, the first reconnaissance drill hole at the Triple Vein Zone (TVZ) was completed 400 meters to the east (JES-21-56) and was successful in intersecting mineralization at depth, returning 1.5 meters at 0.6 g/t Au and 139 g/t Ag.

 

Tocvan is now preparing plans for the next steps at Pilar which will include continued expansion drilling, exploration drilling at 4-Trench and TVZ and trenching followed by preliminary bulk sampling through key sections of the Main Zone.

 

Drill Result Highlights

 

JES-21-50 (Figure 1)

  • – 39.7 meters at 0.96 g/t Au and 2 g/t Ag from 39.7 to 79.3 meters
    • – Including 12.2 meters at 3.0 g/t Au and 6 g/t Ag from 39.7 to 51.9 meters

      – Including 1.5 meters at 14.6 g/t Au and 11 g/t Ag from 48.8 to 50.3 meters

JES-21-56

  • – 1.5 meters at 0.57 g/t Au and 139 g/t Ag from 216.6 to 218.1 meters

 

“During our Phase I and II drill programs we have been extremely successful in steadily increasing the known size of our Main Zone.”, commented VP Exploration, Brodie Sutherland. “JES-21-50 clearly shows the trend remains open to the southeast and we are excited to drill test this further later in the year. Beyond that we are seeing great indications that the Triple Vein Zone is developing into a new area for drill targeting. Surface sampling, mapping and geophysics are all aligned and with JES-21-56 intersecting mineralization at depth we are excited to see how this new trend can develop. ”

 

Results Discussion

JES-21-50 – The hole was planned to test the continuation of the Main Zone to the southeast, as a 50m step-out to JES-21-47 which intersected 47.7m of 0.75 g/t Au. Drilling in JES-21-50 intersected a broad zone of mineralization in altered andesites over 39.7 meters of 0.96 g/t Au, including a vein zone grading 1.5 meters of 14.6 g/t Au and 11 g/t Ag (see Table 1). The Main Zone continues to extend to the southeast and remains open as an expansion target for the next phase of drilling.

 

JES-21-56 – The hole was planned to test the eastern most extent of the Triple Vein Zone where surface sampling recovered 4.5 g/t Au and 735 g/t Ag from a rock chip along an artisanal working. Drilling intersected a silver rich zone grading 0.57 g/t Au and 139 g/t Ag, 216.6 meters downhole. Hitting mineralization at depth now opens this target area up for further exploration drilling along the 400 meter trend.

 


Click Image To View Full Size

Figure 1. Planview Map of Phase II Drill Program Update.

 

Table 1. Summary of Today’s Drill Results


Click Image To View Full Size

 

*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. 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 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development 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 currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 950

736 – 6th Avenue SW

Calgary, Alberta T2P 3TJ

Telephone: (403) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

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.

 

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

 

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

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

Highlights:

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

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

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

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

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

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

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

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

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

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

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

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


Qualified Person

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

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

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

About Iska Iska

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

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

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

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

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

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

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

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

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

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

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

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

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

About Eloro Resources Ltd.

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

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

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

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

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

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

Table 1Figure 1Figure 2
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Tocvan Drills 15.3 meters of 1.1 g/t Au in New 4-Trench Extension Defines new mineralized trend over a 500 meter strike at Pilar

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce results for the next four drill holes from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program was completed in June with over 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Results for four drill holes from the 4-Trench target area are included in this release, highlighted by drill hole JES-21-53 which returned 15.3 meters at 1.1 g/t Au. The results from 4-Trench have defined a new mineralized trend 500 meters long adjacent to the established Main Zone (Figure 1). Three (3) drill holes from new target areas are pending results.

 

Drill Result Highlights

 

JES-21-53 (Figure 1)

  • – 15.3 meters at 1.1 g/t Au and 2 g/t Ag from 36.6 to 51.9 meters
    • – Including 4.6 meters at 2.4 g/t Au and 3 g/t Ag from 41.2 to 45.8 meters

      – Including 1.5 meters at 4.6 g/t Au and 3 g/t Ag from 42.7 to 44.2 meters

JES-21-52

  • – 3.0 meters at 0.63 g/t Au and 47 g/t Ag from 33.6 to 36.6 meters

    – And 3.0 meters at 0.49 g/t Au and 31 g/t Ag from 41.2 to 44.2 meters

 

JES-21-55

  • – 10.7m at 0.43 g/t Au and 4 g/t Ag from 10.7 to 21.4 meters
    • – Including 1.5 meters at 1.2 g/t Au and 7 g/t Ag from 12.2 to 13.7 meters

 

“Drilling along the 4-Trench extension target has defined a new trend over a 500m strike length immediately adjacent to our Main Zone”, commented VP Exploration, Brodie Sutherland. “We are seeing mineralization in every hole along the trend with grades above 1 g/t gold in holes JES-21-53 and JES-21-44, 100m apart. This first pass of drilling has started to unlock the potential of a new parallel trend to our Main Zone which we are excited to test in our next phase of drilling.”

 

Results Discussion

JES-21-52 – The hole was planned to test the 4-Trench Extension target. Drilling intersected a broad low-grade zone from 7.6 to 44.2m of 0.18 g/t Au and 7 g/t Ag, including a two higher grade sections with 3m of 0.63 g/t Au and 47 g/t Ag along with 3m of 0.49 g/t Au and 31 g/t Ag. (see Table 1).

 

JES-21-53 – The hole was planned to test the 4-Trench Extension target 100m on trend with drill hole JES-21-44. The hole intersected 15.3m of 1.1 g/t Au, including 1.5m of 4.6 g/t Au.

 

JES-21-54 – The hole was planned to test the 4-Trench Extension target 100m along trend from JES-21-53. Drilling intersected a broad low-grade zone from 45.8 to 74.2m of 0.11 g/t Au.

JES-21-55 – The hole was planned to test 4-Trench Extension target at the northwest extent of the trend. The hole intersected 10.7m of 0.43 g/t Au, including two elevated zones each 1.5m at 1.2 g/t Au. The hole was stopped due to a mechanical issue before reaching final target depth. The hole ended in 0.19 g/t Au and 31 g/t Ag.

 


Click Image To View Full Size

Figure 1. Planview Map of Phase II Drill Program Update.

 

Table 1. Summary of Drill Results


Click Image To View Full Size

 

*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. 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 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development 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 currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

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) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

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.

 

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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Gran Colombia Gold Announces the Discovery of Two Additional High-Grade Veins at Its El Silencio Mine at Its Segovia Operations

Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today high-grade intercepts from the first 59 diamond drill holes totaling 10,229 meters of an in-fill drilling campaign that is being carried out by the Company’s Mine Geology Department at the El Silencio mine at its Segovia Operations. This 23,000 meters drilling campaign, which commenced in 2020 and will be completed this year, is focused on resource definition within the underground mine developments of the El Silencio mine and complements the previously announced 60,000 meters drilling program being carried out in 2021 by the Company’s exploration team. High-grade intercepts from two new veins recently discovered by this in-fill drilling campaign at the El Silencio mine provide and corroborate information of importance for the current and future development of different sectors of this flagship mine.

The best high-grade intercepts from these latest drill results at the El Silencio mine include:

  • 1040 Vein, new discovery: 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters (ES-GM-U51-20);
  • 1150 Vein, new discovery: 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters (ES-GM-U59-20);
  • 1180 Vein: 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters (ES-GM-U49-20); and
  • Manto Vein: 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters (ES-GM-U17-21).

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our drilling programs in Segovia are continuing to provide us with outstanding results. With the discovery of two additional high-grade veins at the El Silencio mine, close to the mine workings currently in production, we remain confident that we will continue to expand mineral resources and add to the mine life for this operation. These new discoveries are further evidence that our main mines remain under-explored and have the potential to be larger than what we understand today.”

The Company’s Mine Geology Department currently has three diamond drill rigs in operation at Segovia carrying out resource definition within the underground developments of the El Silencio mine in a program that has another 13,000 meters of drilling to be completed this year. In addition, as outlined in the Company’s press release dated June 9, 2021, the Company has another seven diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition on the Sandra K mine from two purpose-built surface platforms and one underground drill station within the underground developments of the Sandra K mine; one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the south ore-shoot of the El Silencio mine; one rig operating from surface at Providencia exploring the westernmost end of the Providencia vein system; one rig operating from the deepest underground developments of the Providencia mine exploring the down-dip extension of the Marmajito Vein; and one rig operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the last drilling campaign.

Key Highlights

1040 Vein (New Discovery; Attachments 2 and 3)

Exploration and in-fill drilling on the northern sector of the Manto Vein System, from underground stations ES900N-A, ES710N-A, ES810N-A and ES610N-A, installed on levels 22, 25 (ES710N-A/ES810N-A) and 26, respectively, led to the discovery of a new high-grade vein called the 1040 Vein, which is an E-W trending structure, shallow-dipping to the NE, located in the footwall of the 1180 Vein and interpreted to merge into the Manto Vein System down-dip. Multiple high gold grades were intersected from 32 multi-target drill holes (6,900 meters) on the main vein system with maximum intersection grades of 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters on the 1040 Vein (ES-GM-U51-20). The footprint of the orebody outlined on the 1040 Vein so far is over 500 meters down-dip by 200 meters wide, and it remains open up and down-dip. The 1040 Vein will be incorporated into the El Silencio mine plan through the ramp RP1130N from Level 31 to 38.

The discovery of this new orebody offers the potential for additional mineral resource growth and extension of the mine life.

1150 Vein (New Discovery; Attachments 2 and 3)

Exploration and in-fill drilling on the northern sector of the Manto Vein System, from underground stations ES710N-A and ES810N-A, installed on Level 25, led to the discovery of another new high-grade vein called the 1150 Vein, which occurs in the hanging-wall of the Manto Vein System and is interpreted as a splay off the Manto Vein. Multiple high gold grades were intersected from 21 multi-target drill holes (5,228 meters) on the main vein system with maximum intersection grades of 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters on the 1150 Vein (ES-GM-U59-20).

Manto & 1180 Veins (Attachments 1 and 3)

In-fill exploration drilling on the northern block of the Manto Vein System, from underground stations ES900N-A, ES810N-A, ES872N-B and ES615N-A, installed on levels 22, 25 (ES810N-A/ES872N-B) and 26, respectively, was targeted to extend and better delineate the known ore-shoots on the Manto Vein, which is the master structure; and the 1180 Vein, which is a footwall splay off the Manto Vein. Drilling was successful in extending the Manto Vein’s ore-shoot from Level 25 to 28, and better delineated the ore-shoot on the 1180 Vein down-plunge. Multiple high gold grades were intersected from 45 multi-target drill holes (8,047 meters) on the main vein system with maximum intersection grades of 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters on the Manto Vein (ES-GM-U17-21) and 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters on the 1180 Vein (ES-GM-U17-21). High-grade mineralization associated with both ore-shoots remains open down-plunge and will be targeted by in-fill drilling in 2021.

The table below lists the key intercepts from the ongoing drilling campaign carried out in 2020-2021 by the Company’s Mine Geology Department:

HoleFrom (m)To (m)Width (m)Au (g/t)Ag (g/t)Vein
EL SILENCIO MINE
U-G Drilling station ES-NV40-A
ES-GM-U03-20*49.8050.200.4011.52**VEM
U-G Drilling station ES900N-A
ES-GM-U09-21*133.08133.700.6212.0714.21040
ES-GM-U12-21*106.81107.851.0440.6360.7VEM
ES-GM-U17-21*90.8091.150.3544.4998.5VEM
U-G Drilling station ES710N-A
ES-GM-U02-21*93.5993.950.3628.0268.51150
ES-GM-U05-21*109.44109.800.366.579.61150
U-G Drilling station ES610N-A
ES-GM-U01-21*112.10112.800.7074.39154.51040
ES-GM-U04-21*128.45130.181.7335.1830.81040
ES-GM-U06-21*116.64116.950.3114.8827.31040
ES-GM-U63-20*145.22145.760.5431.2938.01040
ES-GM-U64-20*123.78124.480.7013.7410.51040
U-G Drilling station ES615-A
ES-GM-U07-20*79.7080.000.3018.24**1180
ES-GM-U11-20*93.5594.601.0548.47**1180
ES-GM-U12-20*92.0092.950.957.74**1180
ES-GM-U13-20*9.309.760.467.70**VEM
ES-GM-U14-20*8.158.450.306.02**VEM
ES-GM-U16-20*7.848.200.3614.32**VEM
U-G Drilling station ES810N-A
ES-GM-U36-20*103.90104.460.5644.28**1150
ES-GM-U37-20*86.5686.900.3418.348.4VEM
ES-GM-U37-20*195.80196.220.4210.845.51040
ES-GM-U44-20*190.15191.391.2418.8025.91180
ES-GM-U49-20*96.6597.590.947.7130.51150
ES-GM-U49-20*197.24197.540.3073.0332.01180
ES-GM-U51-20*68.7069.560.866.218.31150
ES-GM-U51-20*163.51164.070.56137.4410.11040
ES-GM-U51-20*179.13179.970.8412.0229.3SNO
ES-GM-U59-20*61.2061.740.5493.19<0.31150
U-G Drilling station ES872-B
ES-GM-U52-20*40.0340.330.308.371.9VEM
ES-GM-U52-20*185.52185.900.3812.2232.21180
U-G Drilling station ES872-A
ES-GM-U21-20*37.0037.400.4011.9513.4VEM

* Denotes underground drill holes. Underground drill holes coded as GM were drilled by the Company’s Mine Geology Department. The underground infill holes were drilled at -0 to -79 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.

** Silver was not assayed for these drill holes.

Vein name abbreviations: VEM: Manto Vein. 1180: 1180 Vein. 1150: 1150 Vein . 1040: 1040 Vein. SNO: unknown vein.

Results from in-mine exploration and infill drilling are reported for 59 holes (10,229 m) including: 3 holes (341 m) from station ES-NV40-A, 1 hole (103 m) from station ES230N, 3 holes (435 m) from station ES900N-A, 3 holes (600 m) from station ES710N-A, 8 holes (1,238 m) from station ES610N-A, 12 holes (918 m) from station ES615-A, 12 holes (2,682 m) from station ES810N-A, 13 holes (2,882 m) from station ES872-A, and 4 holes (1,030 m) from station ES872N-.B There are no results above cut-off grade for 35 holes and these holes are not listed in the table above.

Please refer also to the attached illustrative maps and section showing the El Silencio drilling programs.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Some of the samples were prepared and assayed by the Gran Colombia Mine Laboratory at Segovia (not certified). Gold was assayed by 30 g fire assay with AAS finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was not assayed in these samples. Standard, blank and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Attachment 1 – El Silencio mine – In-fill Drilling Grade Intercepts on Manto and 1180 veins
https://www.globenewswire.com/NewsRoom/AttachmentNg/d60b06e3-0e1c-4085-8221-b1ccc5d8ae11

Attachment 2 – El Silencio mine – In-fill Drilling Grade Intercepts on 1150 and 1040 veins
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bddabe3-5100-4aab-a756-514110441993

Attachment 3 – Cross section of the El Silencio vein system at northernmost end of the mine
https://www.globenewswire.com/NewsRoom/AttachmentNg/440c6e7a-98a5-41bb-bad2-d308d8fa93bf 

Attachment 1Attachment 2Attachment 3
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Tocvan Drills 47.3 meters of 0.75 g/t Au from Surface in Step-out South of the Main Zone Also Drills 7.6 meters of 1.7 g/t Au and 7 g/t Ag at New 4-Trench Extension Target

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce results for the next six drill holes from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program has concluded with over 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Results for six drill holes are included in this release, highlighted by drill hole JES-21-47 which returned 47.3 meters at 0.75 g/t Au and 5 g/t Ag (0.80 g/t AuEq). Seven (7) drill holes from new target areas are pending assay results.

 

Drill Result Highlights

 

JES-21-47 (Figure 1)

  • – 47.3 meters at 0.75 g/t Au and 5 g/t Ag (0.80 g/t AuEq) from surface to 47.3 meters
    • – Including 12.2 meters at 1.1 g/t Au and 12 g/t Ag from surface to 12.2 meters

      – Also 19.8 meters at 1.06 g/t Au and 4 g/t Ag from 27.5 to 47.3 meters

      – Including 3.1 meters at 5.6 g/t Au and 22 g/t Ag from 44.2 to 47.3 meters

 

NEW 4-Trench Extension Target

JES-21-44

  • – 44.2 meters at 0.41 g/t Au and 4 g/t Ag (0.45 g/t AuEq) from 10.7 to 54.9 meters
    • – Including 7.6 meters at 1.7 g/t Au and 7 g/t Ag from 47.3 to 54.9 meters

 

“JES-21-47 is another significant step-out to our Main Zone, expanding the potential further southeast along trend”, commented VP Exploration, Brodie Sutherland. “With each hole we learn a little more about how this system behaves, giving us more confidence to test our new target areas at Pilar. In addition, we are starting to see results for the 4-Trench Extension target and we are excited to have intersected 7.6m at 1.7 g/t Au, in one of our first holes in that area. With the conclusion of our Phase II drill program, we look forward to releasing the remaining results once available and begin planning for the next phase of program development.”

 

Results Discussion

JES-21-44 – The hole was planned to test the 4-Trench Extension target. Drilling intersected a broad low-grade zone from 10.7 to 54.9m of 0.41 g/t Au, including a higher grade section at depth of 7.6m of 1.7g/t Au and 7 g/t Ag (see Table 1). Historic results from drill hole N-12 intersected 4.5m of 1.42 g/t Au, 40m to the east of JES-21-44 suggesting mineralization is widening to the northwest along this trend.

 

JES-21-47 – The hole was planned to test southeast along the Main Zone Trend 100m from drill hole JES-20-32. The hole also tested 60m down-dip of historic hole JES-18-03, which intersected 13.5m of 5.6 g/t Au and 22 g/t Ag. A broad zone was intersected from surface to 47.3m of 0.75 g/t Au and 5 g/t Ag with higher grade intervals up to 3.1m of 5.6 g/t Au and 22 g/t Ag.

 

Figure 1. Cross-Section of Drill Hole JES-21-47


Click Image To View Full Size

 


Click Image To View Full Size

Figure 2. Planview Map of Phase II Drill Program Update.

 

Table 1. Summary of Drill Results


Click Image To View Full Size

 

*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. 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 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development 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 currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

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) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

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.

 

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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