Thursday, November 24, 2022

GR Silver Mining Declares Monetary Outcomes for the Quarter Ending September 30, 2022

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VANCOUVER, BC, Nov. 22, 2022 /CNW/ – GR Silver Mining Ltd. (“GR Silver Mining” or the “Firm”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – experiences the Firm’s unaudited monetary outcomes for the third quarter ended September 30, 2022. The condensed consolidated interim monetary statements and administration’s dialogue and evaluation (“MD&A”) for the third quarter ended September 30, 2022 can be found beneath the Firm’s SEDAR profile on www.sedar.com or on GR Silver’s web site www.grsilvermining.com.

GR Silver Mining Ltd. Logo (CNW Group/GR Silver Mining Ltd.)

GR Silver Mining Ltd. Brand (CNW Group/GR Silver Mining Ltd.)

Highlights of Q3|2022

  • Through the 9 months ended September 30, 2022, GR Silver Mining drilled 126 underground and floor holes totalling 5,757.0 m on the Plomosas Mine, and 49 floor holes totalling 5,677.6 m at San Marcial.

  • On August 8, GR Silver Mining introduced discovery of extensive, high-grade silver mineralization roughly 250 m southeast of the southernmost boundary of the San Marcial Useful resource Space, in an space generally known as the Southeast Space (“SE Space”). Gap SMS22-10 intersected 101.6 m at 308 g/t Ag (from 98.5 m down gap), together with a number of intervals grading over 1,000 g/t Ag. Subsequent drilling, introduced within the information releases of September 7 and October 17, demonstrates the geometry, lateral extent and continuity of the brand new zone alongside strike to the southeast of this gap, through which silver-rich mineralization is hosted in breccia and intense hematite-quartz stockwork veining. The Firm continues to establish extra targets on this a part of the San Marcial Property, using geophysical, geochemical and geological mapping research, and can proceed to check the lateral extent of high-grade Ag mineralization alongside the goal contact. The Firm anticipates drilling will proceed with two rigs over the approaching months within the SE Space of San Marcial.

  • After supply of the Plomosas Mine and San Juan Areas Mineral Useful resource Estimate in August 2021, GR Silver Mining launched into a program of surgical infill drilling within the Plomosas Mine Space, to interchange among the historic holes used within the estimate that have been selectively sampled, in addition to to check new near-surface and underground high-grade Ag-Au mineralized zones. Information releases on April 27, Might 24, September 12 and October 31 detailed outcomes from this profitable program, which continues with three rigs. The Firm has launched the outcomes from 105 new holes (5,523 m), which reveal new discoveries in a number of un-mined zones within the major polymetallic hydrothermal breccia, in addition to newly found footwall and hanging wall treasured metallic mineralization related to cross chopping faults (e.g., gap PLI22-23: 44.5 m at 518 g/t AgEq – 268 g/t Ag, 1.0 g/t Au, 2.4% Pb, 1.7% Zn, 0.2% Cu).

  • On August 30, the Firm closed a best-efforts brokered non-public placement providing, issuing 36,263,000 items of the Firm at a value of $0.15 per unit for combination gross proceeds of $5,439,450, together with 2,929,000 items bought pursuant to the partial train of the choice granted to the brokers. Every unit consisted of 1 widespread share within the capital of the Firm and one-half of 1 widespread share buy warrant. Every entire warrant is exercisable to amass one widespread share for a interval of 36 months following the closing of the Providing at an train value of $0.22 per widespread share.

  • As at September 30, 2022, the Firm held money of $3.6 M. Administration is of the opinion that the supply of the mineral useful resource estimate replace for the mixed Plomosas Mission, integrating the Plomosas Mine and San Marcial Areas, is on observe for supply within the first quarter of 2023.

GR Silver Mining Chairman and CEO, Eric Zaunscherb feedback “Within the 12 months so far, GR Silver has efficiently superior the Plomosas Mission with purposeful drilling and resultant new mineralization discoveries incremental to the prevailing mineral useful resource estimates. We now have been capable of advance the undertaking on account of the abilities of our glorious crew in Mexico, the assist of our capital markets companions that helped the corporate to draw new capital, and the welcome assist of our new and current shareholders. We’re excited in regards to the built-in mineral estimate to return, in addition to the outcomes of ongoing exploration within the new 12 months.”

QA/QC Procedures 
The Firm has applied QA/QC procedures which embrace insertion of clean, duplicate and normal samples in all pattern tons despatched to SGS de México, S.A. de C.V. laboratory amenities in Durango, Mexico, for pattern preparation and assaying. For each pattern with outcomes above Ag >100 ppm (over limits), these samples are submitted immediately by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical strategies are 4 acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Hearth Assay with gravimetric end for silver above over limits. For gold assays the analytical strategies are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Hearth Assay and gravimetric end for gold above over limits.

Certified Particular person 
The Certified Particular person beneath Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Initiatives for this information launch is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has reviewed and permitted its contents.

About GR Silver Mining Ltd
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration firm engaged in cost-effective silver-gold useful resource growth on its 100%-owned property, positioned on the jap fringe of the Rosario Mining District, within the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two previous producer treasured metallic underground and open pit mines, inside the expanded Plomosas Mission, which incorporates the built-in San Marcial Space and La Trinidad acquisition. Along side a portfolio of early to superior stage exploration targets, the Firm holds 734 km2 of concessions containing a number of structural corridors totaling over 75 km in strike size.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO

Cautionary Assertion Concerning Ahead-Trying Info 
This press launch incorporates “forward-looking statements” inside the which means of relevant Canadian securities laws and data which are primarily based on the beliefs of administration and mirror the Firm’s present expectations. When used on this press launch, the phrases “estimate”, “undertaking”, “perception”, “anticipate”, “intend”, “count on”, “plan”, “predict”, “could” or “ought to” and the adverse of those phrases or such variations thereon or comparable terminology are supposed to establish forward-looking statements and data. Such statements and info mirror the present view of the Firm. Dangers and uncertainties could trigger precise outcomes to vary materially from these contemplated in these forward-looking statements and data. By their nature, forward-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger our precise outcomes, efficiency or achievements, or different future occasions, to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements.

Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this press launch.

SOURCE GR Silver Mining Ltd.

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