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Posts, updates and videos about silver – updated automatically.

Eloro Resources Completes Financing

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

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

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

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

About Eloro Resources Ltd.

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

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

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

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

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Eloro Resources Increases Financing

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce that, further to its release dated May 1, 2020, it is proceeding with an increased non-brokered private placement (the “Private Placement”) of up to 2,200,000 units of Eloro at a price of $0.25 per unit (“Units”) for proceeds of up to $550,000.

Each Unit will consist of one common share (“Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.50 per share for a term of 18 months following the closing of the Private Placement.

The proceeds of the Private Placement will be used for working capital purposes and to fund exploration at its properties. The Private Placement is subject to approval by the TSX Venture Exchange. Directors and/or officers of the Corporation will be participating in the Private Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period.

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

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

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

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

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GR Silver Mining Upsizes Bought Deal Financing to $8.1 Million

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has further increased the size of its previously announced brokered private placement offering (“Offering“) of units (“Units“) in order to accommodate participation by First Majestic Silver Corp. (TSX: FR, NYSE: AG), an existing major shareholder of the Company, in the Offering.

Under the amended terms of the Offering, Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“) has agreed to purchase, on a “bought deal” private placement basis, 30,000,000 Units of the Company at a price of $0.27 per Unit, for aggregate gross proceeds to the Company of $8,100,000.  As previously announced, each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will be exercisable to acquire one common share for a period of 12 months following closing of the Offering at an exercise price of $0.40 per share.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 3,900,000 Units, for additional gross proceeds of up to $1,053,000, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about May 28, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.  All securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the timing and completion of the Offering, the use of proceeds of the Offering, the participation by First Majestic Silver Corp. in the Offering, and the availability of regulatory approvals for the Offering. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. 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. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking statements and information contained herein.

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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GR Silver Mining Announces Upsize to Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has amended the terms of its previously announced offering of units of the Company. Under the amended terms of the Offering (as defined below), Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“) has agreed to purchase, on a “bought deal” private placement basis, 26,000,000 units (“Units“) of the Company at a price of $0.27 per Unit (the “Issue Price“), for aggregate gross proceeds to the Company of $7,020,000 (the “Offering“). Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable to acquire one common share for a period of 12 months following closing of the Offering at an exercise price of $0.40 per share.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 3,900,000 Units, for additional gross proceeds of up to $1,053,000, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about May 28, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. All securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

In connection with the Offering, the Underwriters will receive: (i) a cash commission of 7.0% of the gross proceeds of the Offering, excluding up to a maximum of $1,000,000 gross proceeds from the issuance of Units to persons identified by the Company pursuant to a President’s List for which a commission of 4.0% of such gross proceeds is payable by the Company to the Underwriters; and (ii) that number of non-transferable compensation options (the “Compensation Options“) as is equal to (a) 7.0% of the aggregate number of Units sold under the Offering, excluding those Units sold in connection with the President’s List, and (b) 4.0% of the aggregate number of Units sold under the Offering in conjunction with the President’s List. Each Compensation Option is exercisable into one common share of the Company at the Issue Price for a period of 12 months from the closing date of the Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

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

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

Facebook LinkedIn Twitter

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the timing and completion of the Offering, the use of proceeds of the Offering and the availability of regulatory approvals for the Offering. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. 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. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking statements and information contained herein.

SOURCE GR Silver Mining Ltd.

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

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GR Silver Mining Announces $6 Million Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – announces that it has entered into an agreement with Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 22,300,000 units (“Units“) at a price of $0.27 per Unit (the “Issue Price“) for aggregate gross proceeds to the Company of $6,021,000 (the “Offering“).  Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant“).  Each Warrant will be exercisable to acquire one common share for a period of 12 months following closing of the Offering at an exercise price of $0.40 per share.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 3,345,000 Units, for additional gross proceeds of up to $903,150, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about May 28, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.  All securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

In connection with the Offering, the Underwriters will receive: (i) a cash commission of 7.0% of the gross proceeds of the Offering, excluding up to a maximum of $1,000,000 gross proceeds from the issuance of Units to persons identified by the Company pursuant to a President’s List for which a commission of 4.0% of such gross proceeds is payable by the Company to the Underwriters; and (ii) that number of non-transferable compensation options (the “Compensation Options“) as is equal to (a) 7.0% of the aggregate number of Units sold under the Offering, excluding those Units sold in connection with the President’s List, and (b) 4.0% of the aggregate number of Units sold under the Offering in conjunction with the President’s List.  Each Compensation Option is exercisable into one common share of the Company at the Issue Price for a period of 12 months from the closing date of the Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

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

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

Facebook LinkedIn Twitter

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the timing and completion of the Offering, the use of proceeds of the Offering and the availability of regulatory approvals for the Offering. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. 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. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking statements and information contained herein.

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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GR Silver Mining Provides an Update on Gold and Silver Exploration Results at the San Marcial Project

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that ongoing exploration continues to confirm substantial gold and silver potential at the San Marcial Project (“San Marcial”) in Sinaloa, Mexico.

Exploration activities at San Marcial are aimed at expanding the Company’s existing NI 43-101 Mineral Resource of 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred), as announced in February 2019 (News Release February 7, 2019). The resource is open at depth. In addition, the Company has continued to follow up on the eight drill targets identified by the Company over the past 12-18 months using systematic exploration, culminating in a surface drill program.

Recent San Marcial exploration highlights include:

  • Purchase by the Company of three new drill rigs:
    • 1 x NW150 to drill up to 150 m depth
    • 2 x hand held portable rigs to drill up to 20 m depth
  • Commencement of surface drill program testing the main targets using the NW150 rig
  • Widening of 170 m underground tunnel complete; 100 m tunnel extension is underway
  • 2,000 m underground resource expansion drill program upon completion of tunnel
  • Litho-geochemical sampling program identified 2 km arcuate trend to the W and SW of the San Marcial resource, using Pb as a pathfinder
  • Positive initial gold results from channel sampling at two new targets including 0.2 m at 28.94 g/t Au and 143 g/t Ag and 0.2 m at 6.81 g/t Au
  • Shallow drill testing of surface geochemical anomalies and structural targets with the two new portable rigs

GR Silver Mining President and CEO, Marcio Fonseca, commented“During the current global COVID-19 crisis, the health and safety of our team is top priority. The Company has implemented measures to adhere to government-imposed restrictions. Meanwhile, our project team from the local area has been able to progress some aspects of our exploration program using strict safety protocols. The recent purchase of our own surface drill rig allows us flexibility to advance the drill program at San Marcial with our own professionally trained local crew, in isolation in the field camp.

The Company is focused on increasing the resource inventory at San Marcial. Extension of the underground tunnel for drill access is advanced, which will allow the Company to drill test the down-dip extensions to the NI 43-101 resource later this year. High-grade silver results from previous drilling demonstrate that the resource is open at depth, with potential for expansion. The Company’s newly purchased drill rig has now commenced a drilling program on our other eight gold-silver targets at San Marcial. The first target being tested is Chachalaca, where initial channel sampling encountered high-grade gold veins up to 0.2 m at 28.94 g/t Au and 143 g/t Ag. 

Our personnel continue to extend the geochemical database covering the remainder of the 1,250 ha concession with a close-spaced litho-geochemical sampling program in search of new discoveries. A ring-type feature has been identified using lead geochemistry, extending at least 2 km from the resource area and is known as the Faisanes-Mariposa Trend. Follow up of geochemical anomalies – using trenching, channel-sampling and shallow drilling – has identified various zones of high-grade gold and silver. These anomalies will be assessed for potential follow up drilling.”

1. SAN MARCIAL UNDERGROUND DRILL PROGRAM
As outlined in last year’s financing announcement (News Release November 7, 2019), the Company has an underground drilling program (up to 2,000 m) planned for 2020 to test the depth extensions of the San Marcial NI 43-101 silver resource. The San Marcial resource has no previous underground mining history. However, an old tunnel was driven 170 m to intersect the breccia-hosted high-grade mineralization. Work has been completed by GR Silver Mining to widen the existing tunnel to allow drill machinery to enter (Figure 1). Mapping and channel sampling of the high-grade breccia, where it cuts this new exposure, is currently underway.

Local experienced mining contractors are currently extending that tunnel a further 100 m to reach a point where a series of drill holes will test the deeper extensions of the resource. The resource is relatively shallow with the deepest high-grade silver intersections from drilling at approximately 220 m below surface. Results of the 2020 drill program will be incorporated into the San Marcial 3D resource model to assess the potential for underground development of a high-grade resource below the potentially open-pittable upper levels of the deposit.

On completion of the tunnel extension, the commencement of underground drilling will be subject to availability of our preferred third-party drill company, once COVID-19 restrictions are relaxed.

2. SURFACE DRILLING TARGETS
Since releasing the San Marcial NI 43-101 resource in February 2019, the Company has undertaken a systematic exploration program to investigate the remainder of the concession. The program initially involved soil sampling, a 25 m x 25 m litho-geochemical sampling program, geological mapping and channel sampling. The accumulated data generated at least eight drill-ready targets for both gold and silver (Figure 2).

Over the past two months, the Company has acquired three new drill rigs:

  • 2 x hand held portable drill rigs with the capacity to drill test new anomalies and veins down to 20 m depth
  • 1 x compact man portable NW150 diamond drill rig with capacity to test our more advanced drill targets to a maximum of 150 m depth

As part of the Company’s proposed 2020 surface drilling program, the NW150 diamond drill rig (Figure 3a) was recently purchased to provide a flexible and cost-effective drilling alternative to test targets generated at San Marcial. The NW150 commenced drilling at the Chachalaca target in the northwest of the San Marcial concession. Chachalaca is a gold target with shallow underground workings exposing flat-lying quartz veins, zones of stockwork and breccias (Figure 3b) over an area of 500 m x 150 m. Best channel sampling results to date include 0.2 m at 28.94 g/t Au and 143 g/t Ag and 2.0 m at 3.48 g/t Au and 164 g/t Ag (Table 1).

Table 1:   Chachalaca Target – Best GR Silver Channel Sampling Results

SAMPLE

TARGET

EAST

(m)

NORTH
(m)

CHANNEL
(m)

Au (g/t)

Ag (g/t)

14397-8

CHACHALACA

449,378

2,546,423

2.0

3.48

164

14400

CHACHALACA

449,385

2,546,421

0.4

6.74

43

14502

CHACHALACA

449,385

2,546,421

0.3

3.15

31

14503

CHACHALACA

449,390

2,546,451

0.5

1.01

32

14504

CHACHALACA

449,391

2,546,461

0.2

28.94

143

All numbers are rounded.

To date, three shallow NQ-sized diamond holes have been completed at Chachalaca for a total of 136.5 m (Table 2 and Figure 4). The core from these holes is currently being processed by our geological team on-site in preparation for analysis. Targets currently in the program to be drill tested in coming months include (Figure 4):

  • Faisane
    • Possible extensions of the San Marcial silver resource to the NW
    • Follow up a high-grade gold intercept (1m at 204.6 g/t Au) from the Company’s first drill hole SM-19-01 in 2019
  • Guacamayo
    • Follow up extensions of the San Marcial silver resource to the SE
    • Test a key contact zone along strike with evidence of gold mineralization
  • Venados
    • Follow up prospective gold zones
  • Mariposa
    • Follow up prospective gold zones along the Faisanes-Mariposa Trend
    • Follow up a channel sample containing 0.2 m at 6.81 g/t Au

Table 2:   San Marcial Regional Drilling Program (NW150 rig)

HOLE ID

TARGET

EAST

(m)

NORTH
(m)

AZIMUTH
(deg)

ELEVATION
(m)

DIP

DEPTH

(m)

SM-20-01

CHACHALACA

449,405

2,546,459

0

820

-90°

54.0

SM-20-02

CHACHALACA

449,374

2,546,415

0

830

-90°

51.0

SM-20-03

CHACHALACA

449,357

2,546,462

340

782

-50°

31.5

All numbers are rounded.

3. SHALLOW SURFACE DRILLING
As a follow up to the litho-geochemistry sampling program, GR Silver Mining is testing areas of interest with shallow surface drilling. The Company has acquired two small portable drill rigs that utilize 41 mm diamond core bits to drill down to between 10 and 15 m from surface (Figure 5). These rigs can quickly and economically provide 3D understanding of anomalous areas as defined by the geological team. To date, six holes (total 48.9 m) have been drilled at the SW end of the Faisanes-Mariposa trend, while seven holes have been completed at Chachalaca (total 64.2 m). These drill holes are being logged and processed by our technical team.

4. LITHO-GEOCHEMICAL SAMPLING
Since releasing the San Marcial NI 43-101 resource in February 2019, a key component of the Company’s exploration strategy has been its litho-geochemical sampling program. This entails sampling of in situ rock at surface on a 25 m x 25 m grid across the concession. These samples are prepared and analyzed by portable XRF equipment at our on-site facility, with strict QA/QC protocols – a significant cost-saving compared to commercial analyses. Importantly, the 12,000 samples collected to date by the Company (Figure 4) have led to a comprehensive geochemical and lithological database with multi-element results, covering more than 60% of the concession, and importantly, the main mineralized trends.

One of the key pathfinder elements in the litho-geochemical program at San Marcial is lead (Pb). GR Silver Mining has discovered an important arcuate anomalous trend within the Pb results that stretches almost 2 km from the NW extremity of the San Marcial Resource Area (Faisanes) to the SW through the Mariposa target (Figure 6). This corridor is one of the focuses of our field team – this large ring-shaped feature could indicate a large buried system within this volcanic environment. Initial assessment of the target areas generated by the litho-geochemical sampling is undertaken using mapping and channel sampling.

Channel sampling of veins in shallow workings at the Mariposa target have returned encouraging gold results including 0.2 m at 6.81 g/t Au and 0.6 m at 3.82 g/t Au. Also, in a channel closer to the Faisanes target, a recent sample returned an intersection of 4 m at 0.42 g/t Au.

These new gold prospects are in addition to the high-grade channel sampling results reported in 2019 from the Nava target (News Releases May 7, 2019 and July 10, 2019).

Qualified Person

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

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

Gold and silver assay results in this release are generated by a third-party laboratory. GR Silver Mining has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Au>10 ppm or Ag >100 ppm (over limits), these samples are re-analyzed by SGS de Mexico in Durango. The analytical methods are: 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

Lead results reported in this release are generated (along with a broad suite of other elements) by use of hand held portable XRF (pXRF) equipment (two units owned by the Company). The specific models are both NITON XL3t 955 ULTRA. GR Silver Mining has implemented QA/QC procedures which include insertion of CRM (blank and standard) samples in all sample lots tested by pXRF in the Company’s facilities in Rosario, Mexico. The NITONs utilize a default setting, without calibrations, with QC checked weekly and established protocols for QA. Every 3 months the parameters for QC are reviewed and adjusted, according to each CRM performance. The NITON XRF analyses of the litho-geochemical program, while qualitatively reliable, should not be relied upon as there are inherent uncertainties in XRF analyses. Laboratory assay results provide a more accurate and reliable grade estimate of the samples, and are used in later stage follow up programs.

ABOUT GR SILVER MINING LTD.

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

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

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

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

San Marcial Project
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold over a period of more than 100 years.

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

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.grsilvermining.com/

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GR Silver Mining Completes Second Option Payment under San Marcial Option Agreement

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – announces that it has now made the second option payment as required under the San Marcial option agreement dated April 17, 2018 (refer to May 7, 2018 press release for further details), which included, in part, the issuance of 750,000 common shares to the optionor.  As required by applicable securities law and the policies of the TSX Venture Exchange, the shares are subject to a hold period expiring September 2, 2020.

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36 Moz AgEq (Indicated) + 11 Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

Related Links

http://www.goldplayexploration.com

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Eloro Resources Ltd. Files NI 43-101 Technical Report by Micon on the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce that the Company has filed on SEDAR an independent technical report (“Report”) by Micon International Limited (“Micon”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). This report, authored by Messrs. Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM and Richard Gowans, P.Eng., of Micon, supports Eloro’s planned exploration program at the Iska Iska polymetallic epithermal-porphyry project (“Iska Iska” or the “Project”), in the Potosí Department, southern Bolivia by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary. The Report will also be posted on the Company’s website, www.elororesources.com.

In the Report, Micon concludes: “The proximity of the Project to world class deposits confirms the favourable geological setting. In the Qualified Person’s (“QP”) experience, the optimal place to explore is in the vicinity of an operating mine. It remains to be established whether this will be the case at Iska Iska. Overall, Micon is of the opinion that further exploration of the Iska Iska property is merited based on the promising reconnaissance sampling results, which have been independently verified by the Micon QP. The geological model and concepts being applied by Eloro are sound. The deposit, if developed, renders itself amenable to both open pit and bulk underground mining.

A US$1,040,000 two-phase exploration program is recommended in the Report. Phase I is a limited office study estimated at US$40,000, due to the restrictions of the COVID-19 global pandemic. The Phase II exploration program includes 3,500m of underground drilling as well as geological mapping, trenching and sampling. The estimated cost of Phase II is US$1,000,000. Micon concludes that the budget under consideration is reasonable and justified and recommends that Eloro conduct the planned activities.

Tom Larsen, President & CEO of Eloro commented: “The Company is very pleased with Micon’s efforts in completing the Iska Iska NI 43-101 Report and we are fortunate that the lead author, Charley Murahwi, made the site visit in January 2020, just prior to Bolivia’s COVID-19 related travel restrictions. The Report clearly defines Eloro’s next steps to advance this project, in order to unlock the potential unrealized value at Iska Iska. We are also pleased to have highly regarded Bolivian geoscientist, Dr. Osvaldo Arce, supervise the proposed surface and underground drilling programs and grateful to the Villegas family, Iska Iska’s owners, for giving Eloro the opportunity to advance this highly prospective property.”

Qualified Person
Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release.

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

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

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

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

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

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

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

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GR Silver Mining Identifies Additional High-Grade Drill Results at Plomosas

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GR Silver Appoints Eric Zaunscherb as Director

GR Silver Mining Ltd. (TSXV: GRSLFRANKFURT: GPE, OTCQB: GLYXF) (“GR Silver Mining” or the “Company”) – is pleased to announce that Eric Zaunscherb has been appointed to the board of directors, effective immediately.

Mr. Zaunscherb is a Canadian geologist with over thirty-two years, and six cycles, of experience as a mining analyst. He most recently served as Managing Director, Research – Metals & Mining Analyst at Canaccord Genuity where he co-ordinated the firm’s global mining equity research team. He has enjoyed working in TorontoVancouver, and London, experiencing best practices in Capital Markets at several leading firms and conducting hundreds of exploration, development and mining project site visits globally. He embraces new technologies and industry initiatives in diversity and socially responsible investing, ensuring that local communities receive lasting benefits from mineral resource development.

Mr. Zaunscherb, commented, “I am very excited to join the Board of Directors of GR Silver Mining at this time. Highlighted by the recent acquisition of the Plomosas Silver Project and recently released high-grade exploration results, the Company is on-track to further the re-emergence of the historic Rosario Mining District in Sinaloa, Mexico. Management deserve credit for assembling this prospective land package while maintaining a robust capital structure in these challenging times.”

GR Silver Mining President and CEO, Marcio Fonseca, commented, We are very pleased to welcome Eric as a member of the Board of Directors. We are confident that we can harness his capital markets and technical expertise as we advance our exciting project portfolio.”

In connection with this appointment, Mr. Zaunscherb has been granted 300,000 stock options of the Company at an exercise price of $0.20 per share for a period of five years.

The Company also announces the resignation of Darren Bahrey as a director of the Company. Mr. Bahrey was one of the co-founders of the Company and has contributed significantly in its development with his significant knowledge of Mexico where our projects are located. The Company would like to thank him for his efforts and wish him well in his current endeavors.

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver, lead, and zinc open pit-amenable project. GR Silver Mining is currently expanding its NI 43-101 resource estimate at the San Marcial Project, which contains 36Moz AgEq (Indicated) + 11Moz AgEq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate ( San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 26, 2019.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 620Moz silver and 11Moz gold over a period of more than 100 years.

OTHER PROJECTS

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

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

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