GR Silver Mining (TSX-V:GRSL) Ltd told investors it has now filed its NI 43 -101 resource estimate for the Plomosas project in the Rosario mining district of Mexico, which showed higher confidence indicated silver-equivalent ounces of 10.3 million ounces (Moz).
In August this year, the company had said that the indicated category at the 8,515 hectare (Ha) asset was 3.4 Moz of silver, 53,000 ounces of gold, 73 million pounds (Mlbs) of zinc and 48 Mlbs of lead. Inferred resources at the project were pegged at 21 Moz of silver equivalent, 8.6 Moz of silver, 85,000 ounces of gold, 149 Mlbs of zinc and 116 Mlbs of lead.
The estimates included 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.
The report builds on the initial resource of the group's San Marcial project - which lies 5 kilometres (km) away - announced in mid-2020, which showed 36 million indicated ounces (Moz) of silver-equivalent.
READ: GR Silver Mining says latest resource for Plomosas increases combined indicated silver equivalent ounces by 29%
At Plomosas. a 14,000m drill program using seven rigs is currently in progress on newly identified, high priority gold-silver targets outside the current resource areas.
In August, GR Silver's CEO Marcio Fonseca told investors that the latest estimates meant the group's combined silver-equivalent (AgEq) indicated resources had been lifted by 29% and inferred resources by 176% in the Rosario Mining District.
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.
Contact the author at giles@proactiveinvestors.com