GR Silver Mining (TSX-V:GRSL) Ltd has reported more positive results from its Plomosas project in Mexico, where follow-up drilling has extended the previously announced new high-grade Southeast Area (SE Area) silver discovery.
A new hole, part of a 90 metre (m) step-out program, has uncovered a geological system, hosting multiple high-grade intervals, similar to the wide system, which was found in the discovery hole, reported in August this year.
Highlights assays included an interval of 123.1m starting at just 65.8m depth, of 112 grams per ton (g/t) silver. That included intercept of 13.1m at 289 g/t silver and 0.4m at 4,680 g/t silver.
READ: GR Silver Mining on track to deliver updated Plomosas resource in 1Q 2023 with discovery of more broad zones of mineralization
"With each new drill hole, the company's understanding of the controls on mineralization in the new SE Area, as well as its size and geometry, increase, the company's chairman and CEO Eric Zaunscherb told investors in a statement.
He said that the company's "systematic" approach, which was capturing geochemical, geophysical, and geological data at surface, was informing shallow drilling, which, in turn, was guiding drilling at depth.
"The evidence appears to be pulling us further to the southeast and the ongoing fully funded drill program will continue to generate data for the mineral resource estimate update scheduled for the first quarter of 2023," he added.
Drilling is continuing at the SE Area, the company said, and results to date suggest that the high-grade, wide silver mineralization can be present at shallow depth where silver values are relatively low.
For example, results from another hole confirmed the presence of silver mineralization at shallow depth 150m along strike from the SE Area. The hole hit 10.5m at 23 g/t silver, from 26.8m depth. Included in that was an intercept of 0.2m at 1,790 g/t silver, starting from 88.3m depth.
GR Silver also noted that the silver anomalous zones on surface along the 1.5 kilometre (km) target contact, further south-east from the SE Area provide new targets for continued drilling, aimed at expanding mineralization and potentially to add to the planned resource estimation update in the first quarter of 2023.
Mexico-focused GR is a junior explorer, focused on cost-effective silver-gold resource expansion on its wholly-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 km of concessions containing several structural corridors totaling over 75 km in strike.
Contact the author at giles@proactiveinvestors.com