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GR Silver reports high-grade silver and gold intercepts from recently acquired Plomosas project

Underground channel sampling returned results of up to 6,128 grams per ton silver over 0.2 metres from the San Juan underground workings on the project

GR Silver Mining -
The firm recently acquired Plomosas from mining giant First Majestic Silver

GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GLYXF) revealed high-grade silver and gold results from recent exploration at its Plomosas project in Mexico on Thursday.

The Vancouver-based junior company said that underground channel sampling returned results of up to 6,128 grams per ton silver over 0.2 metres from the San Juan underground workings on the project.

GR Silver recently rehabilitated the underground workings at San Juan, which had not yet been looked at by the project’s previous owners.

READ: GR Silver Mining buys Plomosas silver project from First Majestic Silver giving it commanding position in Mexican mining district

San Juan is one of six priority areas with underground development on the Plomosas project, located in Sinaloa. The firm recently acquired Plomosas from mining giant First Majestic Silver.

Another result from San Juan returned a high-grade interval of 0.4 metres at 3,003 grams per ton (g/t) silver. Both intercepts come from within a composite sample of 2.1 metres at 532 g/t silver, which, according to GR Silver, defines in situ high-grade silver veins in addition to high-grade gold, zinc and lead mineralization.

Highlights from other intervals include 0.5 metres at 1,142 g/t silver within a channel composite of 9.3 metres at 346 g/t silver.

The results support the potential definition of wide underground zones at San Juan that can be easily mined, GR Silver added.

Multiple high-grade veins

The firm’s CEO Marcio Fonseca told shareholders that it is “very encouraging” to receive the first high-grade silver and gold results from the ongoing underground channel sampling at San Juan.

“We continue to rehabilitate the underground workings at San Juan to facilitate further sampling along the strike of the mineralization and in the lower levels,” Fonseca said in a statement.

“This will allow the company to integrate new channel sample data with the recent and historical drilling data (to be released) and thus gain further understanding of not only the high-grade silver results but also the relationship with attractive gold results.”

The firm’s initial studies indicate the existence of multiple high-grade silver and gold vein or breccia systems at the Plomosas Project, Fonseca told investors.

GR Silver is reviewing over 500 historic drill holes in the six priority areas and sampling mineralized zones. It aims to complete multiple resource estimations in 2020.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.355 CAD

TSX-V:GRSL
Market: TSX-V
Market Cap: $30.77 m
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