GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GRSLF) (FRA:GPE) posted positive news from its San Marcial silver project in Mexico, saying it had uncovered new high-grade mineralization, while a new access road was being built.
The road is to access a tunnel, which has been expanded ahead of underground drilling and the work exposed a new section of the footwall zone of the NI 43-101 resource in areas previously deemed unmineralized, the company said.
READ: GR Silver Mining discovers new underground polymetallic mineralization at Mexico project
Channel sampling was carried out, with assays including 3.8 metres (m) at 2,184 grams per ton (g/t) silver, 0.8 % lead and 2.9 % zinc. Another highlight was 2.7m at 1.48 g/t gold, including 0.6m at 5.87 g/t of the yellow metal.
"The company has taken advantage of new outcrops of fresh rock resulting from the construction of a new road access to the San Marcial Tunnel," said the firm's chief executive Marcio Fonseca.
"The exposure of a wide hydrothermally altered, silicified and sulfide-rich zone revealed high grade silver and gold mineralization in the footwall area adjacent to the resource area, that has the potential to add to the San Marcial NI 43-101 resource estimate," he added.
Fonseca highlighted that the new mineralization was hosted within a potentially wide zone with evidence of hydrothermal features similar to the high-grade gold result from the 2019 drilling program that returned 1m at 204.6 g/t gold, about 140m to the northwest of the tunnel - again outside the NI 43-101 resource.
GR said the area is now being mapped in detail and it now envisages a follow-up deeper drilling program to fully define the dimensions of the mineralized system.
San Marcial, where the company is currently drilling, is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which contains 36 million ounces (Moz) of silver-equivalent and 11 million silver- equivalent inferred.
GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.
Contact the author at giles@proactiveinvestors.com