GR Silver Mining (TSX-V:GRSL) Ltd said it has uncovered more broad zones of mineralization at its Plomosas project in Sinaloa, Mexico, including high-grade gold and silver which puts the company firmly on track to deliver an updated mineral resource in the first quarter of next year.
The company said it has drilled 96 holes for a total of 4,946 metres (m) in the Plomosas Mine Area since the NI 43-101 mineral resource estimate (MRE) was revealed in 2021, and it expects to complete an additional 4,200m by year-end.
"Our targeted infill drill program at the Plomosas Mine Area is now over 50% complete with the remainder fully funded. We remain on track to provide an updated mineral resource estimate in Q1 2023,” GR Silver Mining chairman and CEO Eric Zaunscherb said in a statement.
READ: GR Silver Mining hails latest drill results, which show resource expansion potential at San Marcial area of Plomosas
“Our geological team is successfully identifying new zones of polymetallic and precious-metal dominant mineralization and replacing unsampled intervals in the resource block model with significant mineralization,” he added.
“In addition to this low-hanging fruit, our geologists are refining their geological model with immeasurable long-term impact on the explorational potential, not just at Plomosas Mine Area but also at the expanding San Marcial Area and throughout the broader Plomosas Project," Zaunscherb concluded.
The current drill program was designed to replace historical holes used in the 2021 NI 43-101 (MRE), where zero values were assigned, and to test new near-surface and underground high-grade silver-gold mineralized zones identified in the recent underground sampling/mapping program.
Some of the result highlights from the latest infill drilling include:
- 5.7 metres (m) at 514 grams per tonne (g/t) silver (Ag), 0.1 g/t gold (Au), 0.4% lead (Pb) and 0.5% zinc (Zn); including 1.0m at 1,634 g/t Ag, 0.28 g/t Au, 1.2% Pb and 1.0% Zn including 0.2m at 3,163 g/t Ag, 0.61 g/t Au, 2.5% Pb and 4.3% Zn;
- 7.3m at 55 g/t Ag, 8.66 g/t Au, 2.7% Pb, 6.6% Zn and 0.5% copper (Cu) including 0.3m at 190 g/t Ag, 44.4 g/t Au, 1.3% Pb, 2.1% Zn and 1.0% Cu;
- 5.0m at 88 g/t Ag, 0.33 g/t Au, 5.1% Pb, 2.8% Zn and 0.2% Cu; and
- 21.2m at 2.1% Pb and 1.3% Zn.
Un-mined zones
The current underground drilling and mapping program in the Plomosas Mine Area has identified un-mined zones as well as better delineated the precious metals-rich stockwork zones located on the hanging wall of the hydrothermal breccia and often associated with northwest-trending fault zones, GR Silver Mining said.
The company said the completion of 4,946m of drilling represents a significant addition of results to be incorporated into the upcoming resource estimate.
The information collected during the past 12 months has indicated that not only are there zones with well-preserved precious and base metal-rich hydrothermal breccias, but also well-defined, wide silver-gold only stockwork zones on the hanging wall of the hydrothermal breccia, where historical mine operations did not fully investigate.
Additionally, the infill drilling program is improving the definition of the boundaries of a broad lead-zinc mineralized zone.
Company directors re-elected
GR Silver Mining also announced that the five nominees proposed by the company were re-elected as directors at the Annual General & Special Meeting of shareholders held on September 6, 2022.
Shareholders also voted in favour of all matters brought before the meeting, including re-appointing Davidson and Company LLP as the company's auditors and approving the new Omnibus Long-Term Incentive Plan that gives the company a variety of security-related mechanisms to attract, retain, and motivate qualified directors, employees, and consultants.
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 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.
Contact the author at jon.hopkins@proactiveinvestors.com