GR Silver Announces Discovery of High-Grade Silver

The Canadian company GR Silver announced a new silver (Ag) discovery in the first drill hole within the San Marcial Resource Area of the Sinaloa-based Plomosas Project.

In 2021, GR Silver Mining made the final US$2 million payment and issued 1.5 million common shares to SSR Mining to complete the 100 percent acquisition of the San Marcial Silver Project. This project is located 98km southeast of Mazatlan and 5km south of the company’s Plomosas project. San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project that is open for expansion along strike and down-dip, with silver mineralization hosted in wide hydrothermal breccias in a geological setting similar to other multi-million-ounce districts in the Sierra Madre Occidental, GR Silver Mining reported.

Over the past three years, GR Silver Mining has undertaken successful and extensive concession-wide exploration activities. The discovery of new high-grade resource zones outside of the resource area has allowed the company to identify zones for resource expansion at San Marcial. In addition, GR Silver Mining was the first company to complete an underground tunnel development into the San Marcial deposit, providing full exposure of the mineralized zones to support an oriented underground drill program and to delineate high-grade extensions to the silver resource.

GR Silver has done extensive work to unfold new discoveries in areas that before were thought to hold only basic metals. The recent discovery was in the surface drill hole SMS22-10, which intersected 101.6m at 308g/t Ag and included multiple intervals grading over 1,000g/t Ag. According to GR Silver, the hole was drilled 250m to the southeast of the San Marcial Resource Area where it has been exploring the extension of the target contact between upper and lower volcanic units. Moreover, it reported that the drilling in the new area has identified a more extensive breccia and stockwork mineralization, rich in silver. This area can be found immediately below the contact zone and extending mineralization far below the original target zone.

“The discovery of wide, high-grade silver mineralization in this new area is not only evidence of the Plomosas Project’s exploration potential, but also testament to the efficacy of the exploration model developed by our geologists. They have clearly ‘dialed in’, hitting impressive mineralization on a blind target guided by modern exploration tools and concepts,” said Eric Zaunscherb, Chairman and CEO, GR Silver.