GR Silver Mining (TSX-V:GRSL) Ltd said it's eyeing a resource update in Mexico in the first quarter of 2023 as the company reported more drilling success from the new high-grade Southeast Area (SE Area) discovery at the property.
The latest assays come from four holes, which were positive for silver, and represent extensions along strike or down dip, or drilling at different orientations, to delineate mineralization.
"It is very satisfying to see the emergence of the SE Area as a potential contributor to the upcoming resource estimation update," said CEO Eric Zaunscherb in a statement.
"Our geological team has done a superb job in identifying this target and efficiently probing its geometry and continuity in recent drilling."
Among the highlights, one hole hit 185.5 metres (m) at 111 grams per ton (g/t) silver, from 150.7m depth, which included a length of 83.2 m at 215 g/t silver and 0.7m at 1,519 g/t of the precious metal.
READ: GR Silver Mining reports additional positive results from resource drilling at the Plomosas Mine area in Mexico
This hole was drilled perpendicular to the NE-trending mineralized corridor hosting the SE Area discovery, to confirm its geometry, as well as the position of the bounding NE-trending structures and also intersected a high-grade gold zone on the margins of the corridor.
Another hole hit 14.1 m at 186 g/t silver, starting from 287.1m depth, which included 0.2m at 6,405 g/t silver, 0.12 g/t gold, 10.1% lead and 17.9% zinc.
Zaunscherb added: "As the exploration model has evolved, the potential for incremental mineralization further along the Target Contact to the southeast is intriguing.
"The new recognition of high-grade Au mineralization in the relatively untested margins of NE-trending structures at San Marcial may be a significant development for the Plomosas project," he added.
The company told investors it aimed to complete three additional holes by December this year, and have all assays received by early 2023.
This year's program was the first drilling to be undertaken in the SE Area, after the successful completion of modern exploration, and resulting in a discovery.
The Target Contact will be the main focus of the surface program in the coming months, particularly in areas coincident with silver anomalies from surface geochemical sampling, it added.
Mexico-focused explorer GR Silver Mining (TSX-V:GRSL) controls 100% of two past-producing 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, it holds 734 square kilometres (sq km) of concessions containing several structural corridors totaling over 75 km in strike length.
Contact the author at giles@proactiveinvestors.com