GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GLYXF) has reported more encouraging drill results from its Plomosas silver project in Mexico, which showed high grade mineralization outside the previously exploited Plomosas mine area.
A silver, gold, lead, zinc underground mine operated at this area of the asset from 1986 to 2001 and GR Silver is continuing to review this area and the whole project, using historical drill data along with its own findings, the firm said in a statement.
On the findings from its latest drilling, GR Silver said it found that gold and silver enriched veins and breccias occur in vertical and shallow-dipping fault zones on the footwall and hanging wall of the existing polymetallic mineralized zone, revealing potential extensions for a future resource estimation.
"The results also confirm the continuity of the polymetallic mineralized zone down dip and along strike outside the previously mined areas," it said.
Assays included 11 metres (m) at 1,235 grams per ton (g/t) silver, including 2.3 metres at 2,600 g/t silver and 1.7 metres at 4,209 g/t silver.
"We continue to systematically review the extensive unreleased historical and recent drill hole database at the Plomosas silver project, the group's president and CEO Marcio Fonseca, told investors.
"The review confirms the presence of high-grade Au-Ag zones, which were not previously explored and evaluated by previous owners, nor integrated into a resource estimation.
"Most of the new mineralized veins are accessible through existing underground development, which facilitates planning of additional underground drilling and provides opportunities for new discoveries," he added.
Fonseca said GR Silver had so far reviewed 51 drill holes at the Plomosas Mine Area and 256 drill holes remain to be validated. The validated drill holes have already been integrated into a 3D database.
"Our ongoing investigations along the 8,000 m of underground tunnels at the Plomosas Mine Area, including geological/structural mapping and sampling, continue to reveal new mineralized zones," Fonseca also said on Monday.
"These new zones demonstrate that mineralization is not only hosted within a single high-grade structure but within multiple cross-cutting shallow and vertical structures."
Other activity, which is ongoing at the site, includes underground mapping and sampling of the Plomosas Mine Area, drill core sampling and assaying, and initial bulk sampling of selected underground areas for future metallurgical testwork, the firm added.
Shares gained over 20% to C$0.47 in Toronto.
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