GR Silver Mining (TSX-V:GRSL) Ltd has hailed the latest drill assays from its Plomosas project in Sinaloa, Mexico, which suggest the potential to expand mineralization to the south-east (SE) of the San Marcial resource area at the asset.
Two holes both hit mineralization, which was similar to the previously announced discovery in the SE area, said the explorer, with multiple intervals grading over 1,000 grams per ton (g/t) of silver.
"This phase, focusing on expansion and discovery at San Marcial as well as the low-hanging fruit of surgical infill at Plomosas Mine, will allow us to deliver the integrated Plomosas Project Mineral Resource Estimate update in Q1/23," noted the company's CEO Eric Zaunscherb in a statement.
READ: GR Silver Mining unveils new silver discovery to the southeast of the San Marcial Resource Area on its wholly-owned Plomosas Project in Mexico
"Recent results demonstrate the expansion potential in the new SE discovery area. Incremental drilling is testing the orientations of the structures and levels within the mineralized system in the SE area. Further, drilling will systematically explore new areas of mineralization in the immediate vicinity, targeting supportive detailed geological mapping and geophysical and pXRF litho-geochemical anomalies, and now successful shallow surface drilling," he added.
Zaunscherb also pointed out that the firm is fully funded for its current phase of exploration.
The latest assays showed one hole intersected 75.7 metres (m) at a grade of 92 g/t silver, starting from 85.2m. That included an intersection of 0.3m at 1,253 g/t silver and 0.4m at 1,032 g/t of the precious metal. Another hole hit 44.5 m at 98 g/t silver starting from 222.4m depth, including an intercept of 0.2m at 1,059 g/t silver, from 239.7m depth.
Three further shallow holes confirmed that high-grade silver stockwork mineralization was present 120m south of a hole at the southeast area at San Marcial, proving a broad system and potential new areas for follow-up drilling, the company said.
GR Silver said the discovery of the new "wide, high-grade" silver zone in the SE Area opened 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," it added.
The company wholly controls 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.
It also holds a portfolio of early to advanced stage exploration targets and 734 square kilometres (km) of concessions containing several structural corridors totaling over 75 km in strike.
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