GR Silver Mining (GRSL.V), a Canadian explorer developing advanced-stage gold and silver assets in Mexico, announced today that it had extended Southeast area silver discovery at its flagship, wholly owned, Plomosas project in Sinaloa, Mexico.
Surface drill hole SMS22-16 intersected mineralization similar to the previously announced SMS22-10 discovery in the SE area, on a 90-metre step-out drilling program.
Highlights from the Southeast area surface drilling results at San Marcial included:
- SMS22-16 uncovered a wide hydrothermal breccia and stockwork system, with multiple high-grade Ag intervals. Intersection results were 123.1 metres at 112 g/t Ag including 13.1 metres at 289 g/t Ag (0.4 metres at 4,680 g/t Ag), 27.3 metres at 250 g/t Ag (0.3 metres at 1,351 g/t Ag) and 6.4 metres at 635 g/t Ag (0.5 metres at 2,203 g/t Ag).
- SMS22-14 confirmed Ag mineralization at shallow depth 150 metres along strike in the SE area. Intersection results were 10.5 metres at 23 g/t Ag and 3.5 metres at 118 g/t Ag (0.2 metres at 1,790 g/t Ag).
GR Silver is continuing drill work at the SE area, to map out the geometry and lateral extents of the mineralization. Data to date points to a possible high-grade, wide Ag mineralization at shallow depth to surface where Ag values are relatively low.
The explorer is seeking to identify additional targets in the SE area utilizing geophysical, geochemical and geological mapping studies and will continue to test the lateral extent of high-grade Ag mineralization along the target area.
Eric Zaunscherb, GR Silver CEO, commented, “With each new drill hole, the Company’s understanding of the controls on mineralization in the new SE Area, as well as its size and geometry, increase. The systematic approach capturing geochemical, geophysical, and geological data at surface, is informing shallow drilling (e.g., hole SMSP22-023), which, in turn, guides us at depth (e.g., SMS22-16). The evidence appears to be pulling us further to the southeast and the ongoing fully funded drill program will continue to generate data for the mineral resource estimate update scheduled for the first quarter of 2023.”
Silver mining in Mexico goes back to the Mayan civilization, the geology is perfect for silver orebodies, so it is no surprise that the country produced 5,541 tonnes of silver, representing 18% of the total global silver supply in 2020.
Since 1993, there has been a boon of foreign investment in Mexico directly attributed to the exploration and mining of silver in the country. In 2021, it was estimated that $1.5 billion USD in foreign direct investment entered Mexico to further the exploration and development of mineral assets.
GR Silver is part of that trend, putting 75% of its expenditures into the ground driving exploration and development at its key assets located on the eastern edge of the storied Rosario Mining District in the Sierra Madre Occidental.
Plomosas project contains 432 square kilometres of core concessions as well as two previously producing mines, Plomosas and La Trinidad.
GR Silver reported $2.22 million CAD in cash as of June 30, 2022, and currently trades for $0.12 per share for a market cap of $25.6 million.
