GR Silver Mining (TSX-V:GRSL) hailed the high-grade results of exploration at its asset in Mexico, which supports the idea that there is a large district-scale vein and breccia system at the GAP zone between the San Marcial and San Juan areas.
Following its acquisition of the GAP area concession in March this year, the company now controls 7km of structural trend between San Marcial and San Juan and it has now discovered gold and silver rich veins at GAP.
Highlights from channel sampling includes 0.30 metres (m) at a grade of 10.72 grams per ton (g/t) gold and 251 g/t silver, while rock chip sampling uncovered 1.60 g/t gold with 440 g/t silver.
READ: GR Silver Mining starts 1,500m of underground resource expansion drilling at San Marcial project
"The progress of GR Silver Mining's exploration program in new areas continues to deliver positive results," said the group's CEO Marcio Fonseca in a statement.
"We are encouraged by the initial results from the GAP Area, as well as the magnitude of the epithermal system based on our first ever sampling program.
"Drilling is planned to further test the high-grade mineralization in the GAP Area. These first high-grade gold and silver values show that the GAP Area has significant potential to connect the seven kilometre long vein system from San Marcial to San Juan, as another step in consolidating the mineral potential of the entire Plomosas project."
Over recent months, GR has completed geological mapping, reconnaissance of old workings, a ground geophysical survey and collected channel samples over an extensive epithermal vein system within the previously unexplored GAP area.
The GAP Area is one of five new areas GR is currently drilling, which is testing areas outside the recently announced NI 43-101 mineral resource estimates.
GR Silver Mining holds two contiguous projects - La Trinidad and Plomosas (which includes the integrated San Marcial area) - and has 778 square kilometres (sq km) of concessions containing several structural corridors totaling over 75 kilometres in strike length.
In August 2021, the company posted initial resource estimates for its 8,515 hectare (Ha) Plomosas project. The higher confidence indicated resource was put at 10.3 million ounces (Moz) of silver-equivalent, while inferred was estimated at 21 Moz of silver-equivalent.
Contact the author at giles@proactiveinvestors.com