GR Silver Mining (TSX-V:GRSL) Ltd has announced a new silver (Ag) discovery in the first drill hole stepping out 250 metres (m) to the southeast of the San Marcial Resource Area on the wholly-owned Plomosas Project in Sinaloa, Mexico.
In a statement, GR Silver Mining chairman and CEO, Eric Zaunscherb commented: "The discovery of wide, high-grade silver mineralization in this new area is not only evidence of the Plomosas Project's exploration potential, but also testament to the efficacy of the exploration model developed by our geologists. They have clearly 'dialed in', hitting impressive mineralization on a blind target guided by modern exploration tools and concepts.
"We look forward to continued exploration success and news flow from ongoing drilling, leading to an updated project Mineral Resource Estimate in Q1|23. In addition to wide intersections building tonnage, we are confident that the higher grades encountered in recent drilling may also be meaningfully impactful in the upcoming resource update."
GR Silver noted that surface drill hole SMS22-10 intersected 101.6m at 308 grams per ton (g/t) Ag (from 98.5m downhole), including multiple intervals grading over 1,000 g/t Ag. The hole was drilled 250m to the SE of the San Marcial Resource Area, where the company has been exploring the extension of the target contact between upper and lower volcanic units, which typically hosts the San Marcial Breccia Ag mineralization, together with strong ground magnetic anomalies delineated in 2021.
READ: GR Silver Mining reports high-grade silver results from San Marcial resource expansion drilling program in Mexico
The company said drilling to date in the new area has identified a more extensive breccia and stockwork mineralization, rich in Ag, immediately below the contact zone and extending mineralization far below the original target zone.
This new, wide, high-grade silver discovery coincides with an inflexion in the NW-SE trending contact where it intersects with two key NE-SW trending faults, it added, which defines a highly prospective target for continued drilling, both along strike and down-dip.
Highlights of the new discovery in the Southeast Area:
- Surface drill hole SMS22-10 has identified a wide hydrothermal breccia and stockwork system, with multiple high-grade Ag intervals SMS22-10:101.6m at 308 g/t Ag (from 98.5m downhole), including:
- 0.8m at 7,139 g/t Ag (from 98.5m)
- 0.3m at 3,065 g/t Ag (from 102.9m)
- 0.2m at 1,774 g/t Ag (from 116.1m)
- 0.2m at 1,508 g/t Ag (from 118.3m)
- 0.3m at 1,285 g/t Ag (from 134.4m)
- 4.1m at 1,004 g/t Ag (from 149.8m)
- 0.4m at 1,579 g/t Ag (from 156.3m)
- 0.3m at 1,017 g/t Ag (from 171.5m), and
- 16.2m at 414 g/t Ag (from 184.0m), including
- 1.3m at 1,405 g/t Ag (from 198.3m)
Recent detailed mapping by the company has identified important NE-SW trending faults to the SE of the San Marcial Resource Area. The faults are coincident with Ag anomalies in surface geochemistry and deeper anomalies in the company's recent ground geophysical survey, forming an inflexion and likely hosting Ag mineralization below the NE-dipping contact zone that typically hosts the San Marcial Breccia.
GR Silver said additional drilling is in progress along strike and down dip in the new Southeast Area discovery, and on seven Ag geochemical anomalies in the 1.5 kilometre (km) long target zone.
The company said the discovery of a new wide, high-grade Ag zone in the Southeast Area of San Marcial opens up the potential for significant additional mineralization to the SE of the San Marcial Resource Area. This drill success validates the excellent targeting work undertaken by the company's technical team in the last two years, combining detailed mapping, interpretation of a recent ground geophysical survey and geochemical anomalies from an intensive litho-geochemical sampling program.
GR Silver Mining has identified several additional targets in the Southeast Area. Drill holes SMS22-11 to SMS22-13 have been recently completed and are currently being logged and sampled. Laboratory analysis for these holes is pending. Specifically, drill hole SMS22-12 was drilled below the SMS22-10 discovery hole, whilst an additional hole (SMS22-15) is currently in the early stages of drilling below SMS22-12.
The company anticipates that drilling will continue with two rigs over the coming months in the Southeast Area of San Marcial.
GR Silver Mining 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.
The company controls 100% of two past producer precious metal underground and open-pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the company holds 734 square km of concessions containing several structural corridors totaling over 75 km in strike length.
Contact the author at jon.hopkins@proactiveinvestors.com