Vancouver, BC – GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV|GRSL,
OTCQB|GRSLF, FRANKFURT|GPE) – is pleased to announce an independent, updated Mineral Resource
Estimate (the “Resource Estimate”) in accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects (“NI 43-101”) for the Company’s wholly-owned Plomosas Project in Sinaloa, Mexico.
The Resource Estimate was completed by ARSENEAU Consulting Services Inc, (“ACS”) of Vancouver,
British Columbia, Canada, and integrates resources for the San Marcial, Plomosas Mine and San Juan-La
Colorada Areas within the Plomosas Project.
Highlights of the Resource Estimate (Table 1) including comparison to the previous mineral resource
estimates
1 are:
? 108% increase in indicated mineral resources from 46 Moz to 97 Moz silver equivalent2
(“AgEq”)
? 72% increase in indicated mineral resources from 32 Moz to 55 Moz Ag
? 61% increase in inferred mineral resources from 33 Moz to 53 Moz AgEq
? 20% increase in inferred mineral resources from 18 Moz to 22 Moz Ag
? 44% increase in average indicated mineral resource grade from 143 to 206 g/t AgEq
? 65% increase in average inferred mineral resource grade from 112 to 185 g/t AgEq
San Marcial Area
? 80% increase in indicated mineral resources from 36 Moz to 65 Moz AgEq
? 65% increase in inferred mineral resources from 12 Moz to 20 Moz AgEq
? Indicated mineral resources of 9.7 Mt at 209 g/t AgEq (148 g/t Ag)
? Inferred mineral resources of 3.0 Mt at 200 g/t AgEq (145 g/t Ag)
? 71% of the value of the San Marcial Resource Estimate is comprised of silver
? 91% of the 65 Moz AgEq San Marcial indicated resources are potentially amenable to open pit
extraction
? True width of the modelled San Marcial mineralization averages 22 metres, while the SE Area
discovery averages 53 metres in thickness, supporting potential for low-cost bulk mineable open
pit and/or underground mining methods
Plomosas Mine Area
? 2022 infill drilling resulted in an increase of 137% in the indicated mineral resource tonnage
? 260% increase in indicated mineral resources from 9 Moz to 31 Moz AgEq
? Ag and AgEq grade increased by 30% and 52%, respectively, in indicated mineral resources in
relation to the previous resource estimate
? Ag ounces represent 20% of total indicated mineral resources at the Plomosas Mine Area
? Ag ounces represent 26% of total inferred mineral resources at the Plomosas Mine Area
? True width of modelled mineralization at the Plomosas Mine Area averages 20 metres, supporting
1
San Marcial 2019 resource (see News Releases dated February 7, 2019 and June 12, 2020); Plomosas Mine and San Juan 2021 resource (see News Release
dated August 23, 2021)
2
Refer to footnote below Tables 1 and 2 for AgEq definition
see & read more on
https://grsilvermining.com/wp-content/uploads/2023/03/GRSL.NewsRelease.20MAR2023.FINAL_.pdf |
