GR Silver Reports 108% Increase in Indicated Mineral Resources

GR Silver Mining reported a 108% increase in indicated mineral resources from 46Moz to 97Moz of AgEq following an independent Mineral Resource Estimate for its wholly-owned Plomosas project in Sinaloa, Mexico. The updated estimate was completed by ARSENEAU Consulting Services and considers the San Marcial, Plomosas and San Juan-La Colorada areas within the project. The estimate follows National Instrument 43-101 Standards of Disclosure for Mineral Projects.

According to the updated estimate, there has been a 72% increase in indicated mineral resources from 32Moz to 55Moz of silver and a 61% increase in inferred mineral resources from 33 Moz to 53 Moz of AgEq. There has also been a 20% increase in inferred mineral resources from 18Moz to 22Moz of silver.

“We are very pleased to achieve this milestone as promised over the past year. The conservative parameters applied and the approach taken allow us to be confident in this positive outcome as we focus on broad zones of mineralization that may be amenable to bulk, low-cost open pit and/or underground mining methods,” said Eric Zaunscherb, Chairman and CEO, GR Silver. 

The San Marcial Area saw an 80% surge in indicated mineral resources from 36Moz to 65Moz of AgEq and 65% growth in inferred mineral resources from 12Moz to 20Moz of AgEq. Furthermore, 71% of the estimate is comprised of silver and 91% has potential for open pit extraction. 

At Plomosas, 2022 infill drilling resulted in a surge of 137% in the indicated mineral resource tonnage. Additionally, there has been a 260% increase in indicated mineral resources from 9Moz to 31Moz of AgEq with grade increases of 30% and 52%, respectively. The new estimate is expected to support ongoing exploration and development at the Plomosas Project.

“Recent surface mapping by our geologists has peeled the geological onion and discerned the controls on high-grade mineralization for future success. In addition, we intend to begin attaching economic parameters to the Plomosas Project that, in our opinion, will demonstrate its appeal,” added Zaunscherb.