GR Silver Mining (TSX-V:GRSL) Ltd. has announced an independent, updated Mineral Resource Estimate (MRE) for its wholly-owned Plomosas Project in Sinaloa, Mexico, with highlights including sharp rises in indicated and inferred mineral resources.
The resource estimate completed by ARSENEAU Consulting Services Inc integrates resources for the San Marcial, Plomosas Mine and San Juan-La Colorada Areas within the Plomosas Project.
"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,” GR Silver Mining (TSX-V:GRSL) chairman and CEO, Eric Zaunscherb said in a statement.
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“Delivery of this Resource Estimate continues the advance and de-risk process for the Plomosas Project. Management will now turn to planning next steps, which will build on already robust resource growth, tapping into the property's significant exploration potential. Only approximately 300 metres of the SE Area discovery zone has been drilled of 6 kilometres prospective contact strike length, 100% controlled by the company. 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. We are very proud of, and grateful to, our team of employees and consultants at site for making this possible."
Highlights of the Resource Estimate with comparison to previous mineral resource estimates are:
- 108% increase in indicated mineral resources from 46 million ounces (Moz) to 97 Moz silver equivalent (AgEq)
- 72% increase in indicated mineral resources from 32 Moz to 55 Moz silver (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 grams per ton (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 (m), while the SE Area discovery averages 53m 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 20m, supporting potential for low-cost bulk mineable open pit and/or underground mining methods
- 46% of the value of the Resource Estimate at the Plomosas Mine Area is comprised of precious metals
The company said it has successfully expanded resources at a low cost of exploration and acquisition (US$0.25/oz) at the Plomosas Project. Additionally, since previous resource estimates in 2019 and 2021, the company has achieved an estimated exploration cost of US$0.17/oz AgEq discovered.
Indicated AgEq and Ag ounces have increased 331% and 206% since the company's inception while Inferred AgEq and Ag ounces have increased 632% and 406% since the company's inception, it said, adding that the proportion of total indicated resource (oz AgEq) has increased since the previous resource estimate, now representing 65% of total resources at the Plomosas Project.
GR Silver Mining (TSX-V:GRSL) is a Canada-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.
Contact the author at jon.hopkins@proactiveinvestors.com