GR Silver Finds Opportunities in Sinaloa
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Mario Fonseca, President and CEO, GR Silver, provided company insights during the Mexico Mining Forum of 2022 regarding project updates over discoveries and plans for future mining projects in Mexico.
GR Silver is a relatively new Canadian based company that has with actions in Sinaloa. The company was created by North American investors aiming to create a silver and gold mining business. GR Silver is currently in an exploration phase, Fonesca explained, nevertheless, the company has made promising findings along their 700 km2. These discoveries include a new high-grade of Ag-Au veins near historic mine sites and a 14,000 m drilling program nearing completion. The geological setting composed of extensive low to intermediate sulphidation Ag-Au epithermal veins and the defining controls of Ag-Au mineralization make the area an attractive entry point to a district-scale Mexican project where trading at a discount to peers is possible.
Fonesca believes the company is positioned for continuous value growth since it has implemented a strategic asset in a prolific mining district with strong geology as well as the experienced leadership team in place on a growing Ag-Au resource base with high quality assets.
The Plomosas Project composed of 432 km2 of core concessions has a focus on drilling for discoveries and a portfolio of early to advanced stage exploration assets. Other areas’ non-core properties also provide optionality.
The project provides great opportunities because of the areas’ concession, 55-60 km with many areas where there have been previous gold and silver projects. Nevertheless, GR Silver has done extensive work to unfold new discoveries in areas that before were thought to be only basic metals. These areas of opportunity include San Marcia, where 40 million silver oz. have currently been extracted, and the Plomosas Mine, where much infrastructure is left over from a 2001-closed project.
"At Plomosas we are still producing inside an antique mine. The mine was said to have lead and zinc. Today we have discovered new silver and gold veins and are in a phase to increase resources,” explained Fonseca. The Plomosas project in 2022 will target Ag grade increase, adding new Au-Ag zones into the resource model and increasing attractiveness with multiple resource areas.
The San Marcial underground expansion drill program is the first underground drilling program completed, where the testing down dip extensions of 8 holes of 2,436 m has been completed, nevertheless, still pends results from five final holes. The successful drill program found new intersections which extend mineralization up to 170 m down dip below the San Marcial Mineral Resource, to 420 m from the surface. The tunnel extension and underground platform provide access to deeper targets, which have been delineated by the geophysical program.
The company also strives to achieve zero significant environmental incidents, focuses on community engagement and ensures neighbor benefits. GR Silver provides employment opportunities by hiring local as well as encouraging diversity and inclusivity in the workplace. GR Silver is currently in a phase of resource exposition which assures further findings and developments.