GR Silver Mining is expanding the SE area silver discovery with a new broad interval of 123.1m at 112 g/t Ag, including 13.1m at 289 g/t Ag and 0.4m at 4,680 g/t Ag

VANCOUVER, BC, October 17, 2022 /CNW/ – GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce successful follow-up drilling alongside the new high-grade silver (Ag) discovery in the Southeast area (“SE Area”) on the fully owned Plomosas projectin Sinaloa, Mexico. Surface drill hole SMS22-16 intersected mineralization similar to the previously reported discovery SMS22-10 in the SE area in a 90 meter step-out drilling program where multiple high-grade intervals are hosted in a broad zone of predominantly Ag-rich hydrothermal Breccia and stockwork to the southeast of the San Marcial resource area.

Highlights of surface drilling results at the Southeast area at San Marcial

  • SMS22-16: Identified a broad hydrothermal breccia and stockwork system with multiple high-grade Ag intervals, similar to the broad hydrothermal system in discovery hole SMS22-10 (see press release dated August 8, 2022). SMS22-16 crossings are summarized as:

123.1m at 112g/t Ag including:
13.1m @ 289g/t Ag including 0.4 m at 4,680 g/t Ag
27.3m @ 250g/t Ag including 0.3 m @ 1,351 g/t Ag
6.4m @ 635g/t Ag including 0.5 m at 2,203 g/t Ag

  • SMS22-14: Confirmation of Ag mineralization at a shallow depth of 150m along strike from the southeast area (Figure 1). Presence of broad Ag mineralization with isolated high grade values. SMS22-14 crossings are summarized as:

10.5m @ 23g/t Ag
3.5m @ 118g/t Ag including 0.2 m @ 1,790 g/t Ag

  • The drilling program continues in the SE area to define the geometry and lateral extensions of the mineralization. Results to date indicate that high-grade, thick Ag mineralization may be present at shallow depths from surface where Ag values ​​are relatively low, as seen in shallow drill hole SMSP22-023 (Table 1). The occurrence of anomalous Ag zones at surface along the 1.5 km long target contact further southeast of the southeast area (Figure 1) provides the Company with new targets for continued drilling aimed at expanding the mineralization footprint and potentially included in the planned Q1|23 resource estimate update.

GR silver mining Chairman and CEO, Eric Zaunscherb comments, “With each new hole drilled, the Company’s understanding of the mineralization controls in the new SE area, its size and geometry improves. B. SMSP22-023 drill hole) which in turn directs us to depth (eg SMS22-16). The evidence appears to be drawing us further to the southeast and the ongoing, fully funded drill program will continue to generate data for the drill hole update of the mineral resource estimate planned for the first quarter of 2023.”

Southeast Area Drill Program

Following the recent discovery of broad, high-grade Ag mineralization in the southeast area of ​​San Marcial, the Company continues to drill holes to test the geometry and continuity of the mineralization at depth and laterally.

SMS22-16 was designed to test the lateral continuity, approximately 90m to the southeast, of the broad high-grade Ag mineralization intersected in SMS22-10 (Figure 1). The breccia-hosted Ag-rich mineralization and intense hematite-quartz stockwork veins encountered in SMS22-16 are very similar to the style of mineralization encountered in SMS22-10 and are at the same key elevation between the 650 and 550 levels, but follow the NW trend within the promising corridor at the intersection with the NE trend. Similar to SMS22-10, the SE continuity of the discovery zone is now confirmed by SMS22-16, which exhibits multiple breccia stages and a series of andesitic dykes intruding in contact with the lower volcanic sedimentary unit and hosting Ag mineralization.

SMS22-14 tested the extension of the mineralized contact zone 125m southeast of SMS22-13 and encountered a geological setting similar to that identified in SMS22-10. SMS22-14 targeted a low-grade surface Ag geochemical anomaly relatively close to the target contact to assess the presence and continuity of shallow Ag mineralization outside of the northeast trending structural corridor that defines the discovery zone in the SE area houses. The results support further drilling in the area, down dip and along strike, as it is common in the southeast area for broad high-grade Ag mineralization to occur at some depth, with surface expression represented by broad low-grade Ag zones.

SMS22-15 was drilled 80m below SMS22-12 (Figure 2). The results indicate that the mineralization on this interval – SMS22-10, SMS22-12 and SMS22-15 – is part of an extensive breccia and stockwork system with typical “pinch and swell” geometry.

Figure 2: Long Section of San Marcial and SE Areas - Drill Points Grade x Thickness (CNW Group/GR Silver Mining Ltd.)

GR silver mining continues to identify additional targets in the SE area using geophysical, geochemical and geological mapping studies and will continue to test the lateral extent of high-grade Ag mineralization along the target contact. The Company expects to continue drilling the SE area of ​​San Marcial with two drill rigs over the coming months.

Table 1: San Marcial Area, Southeast – Highlights of Results

borehole

From (m)

to the)

evident

Broad (m)

Ag g/t

Au g/t

Pb %

Zn %

SMS22-14

26.8

37.3

10.5

23

0.06

n / A

n / A

85.0

88.5

3.5

118

0.02

n / A

0.1

including

88.3

88.5

0.2

1,790

0.03

0.7

2.9

103.5

104.3

0.8

392

0.04

0.2

0.5

142.0

152.9

10.9

22

0.08

n / A

n / A

SMS22-15

322.4

328.3

5.9

34

0.03

0.4

1.1

SMS22-16

65.8

188.9

123.1

112

0.06

n / A

0.1

including

66.8

79.9

13.1

289

0.05

n / A

0.1

including

72.3

72.7

0.4

4,680

0.87

0.1

0.1

and

115.6

142.9

27.3

250

0.10

0.1

0.3

including

116.7

117.0

0.3

1,351

0.30

0.1

0.2

and

117.3

123.6

6.4

635

0.08

0.2

0.3

including

119.5

120.0

0.5

2.203

0.17

0.8

1.4

including

148.5

150.0

1.5

102

2.6

n / A

n / A

SMSP22-023

22.3

26.0 EOH

3.7

158

0.01

n / A

n / A

Numbers may be rounded. The results are uncut and undiluted. True width not estimated as the company does not have one

sufficient data from this new mineralized zone to reliably determine true widths of drill hole intersections.
“na” = no significant result “EOH” = end of hole

Table 2: 2022 San Marcial Drill Program – Southeast Area Drill Hole Details

borehole

east (m)

north (m)

RL (m)

Dive (˚)

azimuth (˚)

depth (m)

Results
status

SMS22-14

451620

2545715

725

-60

210

182.6

this edition

SMS22-15

451501

2545921

700

-80

240

408.0

this edition

SMS22-16

451474

2545840

690

-50

205

243.6

this edition

SMS22-17

451473

2546016

723

-50

225

380.0

Pending

SMS22-18

451388

2545903

760

-48

225

336.0

Pending

SMS22-19

451389

2545770

709

-50

210

in progress

SMS22-20

451388

2545903

760

-50

160

in progress

SMSP22-023

451460

2545735

678

-45

340

26

this edition

Note: All holes drilled from surface; WGS84 datum

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

The Company has implemented QA/QC procedures that include the insertion of blanks, duplicates and standards into all batches of samples sent to SGS de México, SA de CV laboratory facilities in Durango, Mexico, for sample preparation and analysis. For any sample with results above Ag >100ppm (above limits), those samples will be submitted directly by SGS UK Mexico to SGS Canada Inc. at Burnaby, BC. Analytical methods are four acid digestion and inductively coupled plasma optical emission spectrometry with lead fusion fire assay with gravimetric finish for silver above limits. For gold analysis, the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above limits.

Qualified Person

The Qualified Person for this news release as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects Marco Fonseca, P.Geo President & COO for GR silver miningwho reviewed and approved the content.

Around GR Silver Mining Ltd.

GR silver mining is a Canada based, Mexico-focused junior mineral exploration company located on the eastern edge of the with the low cost expansion of silver-gold resources on its 100% owned assets Rosario mining areain the southeast of the state of Sinaloa, Mexico. GR silver mining controls 100% of two underground and open pit formerly precious metals producing mines within the extended area Plomosas projectwhich includes the integrated San Marcial area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company owns 734 km2 Multiple structural corridor concessions totaling over 75km of strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
chairman

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws and information that are based on management’s beliefs and reflect the Company’s current expectations. As used in this press release, the words “estimate”, “forecast”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negatives of these words or such variations thereof or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the Company’s current views. Risks and uncertainties could cause actual results to differ materially from those contained in these forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements or other future events to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements .

Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

GR Silver Mining Ltd. Logo (CNW Group/GR Silver Mining Ltd.)

SOURCE GR Silver Mining Ltd.

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