GR Silver Mining (TSX-V:GRSL) Ltd said it has reached a major milestone in advancing its assets in the Rosario mining district of Mexico, as it posted initial resource estimates for its 8,515 hectare (Ha) Plomosas project.
The latest NI-43 101 estimates include data from 80 new holes and 476 historic ones, or 100,672 metres (m) of drilling covering two areas, the former Plomosas mine and the San Juan area, the firm said.
It also builds on the initial resource of the group's San Marcial project, 5 kilometres (km) away, announced in mid-2020, showing 36.0 million indicated ounces (Moz) of silver-equivalent.
READ: GR Silver Mining discovers wide high-grade gold and silver zones at its Plomosas project in Mexico
GR Silver's CEO Marcio Fonseca told investors that the latest estimates mean the group's combined silver-equivalent (AgEq) indicated resources have been lifted by 29% and inferred resources by 176% in the Rosario Mining District.
"The completion of the resource estimation and ongoing drilling creates a cornerstone for GR Silver Mining (TSX-V:GRSL)'s goal to deliver further discoveries and resource growth in Mexico," Fonseca said in a statement.
"GR Silver Mining's strict protocols for COVID-19 mitigation have effectively reduced active cases amongst staff and contractors to nil, allowing us to accelerate exploration of the company's core, 778 square kilometer project," he added.
In the new estimates for Plomosas, the higher confidence indicated resources were pegged at 10.3 Moz of silver-equivalent, while inferred were estimated at 21 Moz of silver-equivalent. In the indicated category were 3.4 Moz of silver 53,000 ounces of gold, 73 million pounds (Mlbs) of zinc and 48 Mlbs of lead.
The company noted that a 14,000m drill program using seven rigs was currently in progress on newly identified, high priority gold-silver targets outside the current resource areas.
"We are excited by the geological model that has evolved from the bounty of historical data gleaned from the company's district-scale consolidation," said GR Silver's non-executive chairman Eric Zaunscherb. "In particular, the model provides the robust rationale underlying the current drill program, designed to follow up high-grade precious metal intersections, as well as a cogent strategy for enhancing these initial mineral resource estimates."
The company has said its project in the Sinaloa State represents a district-scale 778 square km advanced stage exploration property including over 75 km strike length in three distinct, parallel structural corridors.
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