GR Silver Mining Ended 3Q22 With Important Improvements

The Canada-based junior mining company GR Silver Mining announced it has finished 3Q22 with significant progress at its Plomosas and San Marcial assets in Sinaloa, which reported high-grade silver mineralization.

GR Silver reported that its Plomosas project, consisting of the Plomosas mine and San Marcial areas, has been in continuous development. During the first nine months of 2022, the company drilled 126 superficial and underground holes at the Plomosas mine, totaling 5,757m and 49 surface holes at San Marcial, totaling 5,677m. The most notable discovery was made on Aug. 8, 2022, when the company discovered high-grade mineral deposits in the San Marcial area’s southeast. During that drilling program, hole SMS22-10 of 101.6m intersected 308g/t Ag, including multiple intervals of 1,000g/t Ag. The company said that it is identifying other potential targets on its part of the San Marcial property. 

GR Silver announced it will continue drilling with two rigs over the coming months in the San Marcial area’s southeast. “We have been able to advance the project as a result of the skills of our excellent team in Mexico, the support of our capital markets partners that helped the company to attract new capital and the welcome support of our new and existing shareholders. We are excited about the integrated mineral estimate to come, as well as the results of ongoing exploration in the new year,” said Eric Zaunscherb, CEO, GR Silver Mining.

According to Zaunscherb, the drilling program carried out at the Plomosas project resulted in new mineralization discoveries and rising mineral resource estimates. He added that the resource estimate update for the project is to be delivered in 1Q23. 

GR Silver declared that it finished 3Q22 holding US$3.6 million in cash. Additionally, the company reported that it closed a best-efforts brokered private placement offering on Aug. 30, 2022. This offering consisted of 36,263,000 units of the company for US$0.15 each for aggregate gross proceeds of US$5,439,450, which included 2.9 million units sold under the partial exercise of the option granted to the agents. 

Along with the San Marcial project, the Plomosas project provides the company control of 9,764ha, which cover most of the solver-gold-lead-zinc mineralized zones in the Rosario Mining district’s eastern area. On May 5, 2022, MBN reported that GR Silver made the final US$2 million payment to acquire 100 percent of the San Marcial Project.