GR Silver Mining (TSX-V:GRSL) said its vision is to continue resource growth at its wholly-owned Plomosas silver project in Sinaloa, Mexico during 2023.
The company said one of its drill rigs has been mobilized to test a high prospective target located southeast of the SE Area discovery, aiming to expand the resource further.
Additionally, a recently filed National Instrument 43-101 Technical Report recommended that the company continue to drill test the extensions of known mineralization at the San Marcial, Plomosas Mine, and San Juan-La Colorada areas.
A 12,500-metre (m) program, mostly comprised of shallow drilling for resource expansion, is pending board approval.
GR Silver said its goal over the coming months is to conduct several small, cost-effective technical studies to ascertain economic parameters ahead of a potential Preliminary Economic Assessment (PEA).
It noted that the impact of changes to Mexico's mining law likely to receive final approval in the near term is not clear at this time. GR Silver said it would continue to monitor the situation closely.
Further, GR Silver noted that it has commenced cash management initiatives to reduce the company’s overhead and prioritize funds for exploration and drilling in Mexico.
Since the beginning of last year, the company has reduced its staff headcount in Mexico by 38% and the number of vehicles used to support field activities by 50%.
Additionally, its head office and overhead costs are being reduced by executives taking reduced cash salaries and directors waiving cash fees.
GR Silver Mining (TSX-V:GRSL) is a Canadian-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.
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