logo-loader
viewGR Silver Mining

GR Silver Mining starts new 4,500 metre drill program at Plomosas silver project in Mexico

The surface drilling program is designed to expand the mineralized zones along strike and drill several new high-grade gold-silver epithermal vein occurrences on two targets

GR Silver Mining -
Exploration is also underway at the San Marcial project (pictured) in preparation for an upcoming underground drill program

GR Silver Mining Ltd (CVE:GSRL) (OTCQB:GRFLF) said it has kicked off a new drill campaign at its Plomosas silver project in Sinaloa, Mexico.

The 4,500-metre surface drilling program is designed to expand the mineralized zones along strike and drill several new high-grade gold-silver epithermal vein occurrences on two targets.

The group said it has mobilized three drill rigs, with one rig already on site. The Vancouver-based company selected the drill sites at Plomosas in areas where historic drilling delineated a number of shallow epithermal veins along strike at the Plomosas Mine and San Juan-La Colorada areas, it told shareholders.

READ: GR Silver Mining says pleased with exploration at Plomosas ahead of upcoming drill program

Drilling at the Plomosas Mine Area target will test shallow mineralization along strike from a step out section, where drill results returned intervals that of 11 metres of 1,235 grams per ton silver last month.

In a statement, GR Silver's CEO Marcio Foncesa said the firm is “very pleased” with the progress of its exploration program at both Plomosas and its other project, San Marcial, a near-surface, high-grade silver-lead-zinc property.

“At Plomosas we have not only six areas already drilled where we are initiating surface drilling to expand mineralized zones along strike but also 11 very promising priority exploration targets with evidence of veining,” Fonseca added.

“The exploration programs to date have discovered multiple veins, providing the company with new drilling targets at both projects. The existing infrastructure and permits at Plomosas will allow the company to accelerate not only surface, but also future underground drilling.”

GR Silver is also planning to begin an initial reconnaissance and surface exploration on 11 priority targets that show evidence of vein systems but had very little exploration by the project’s previous owners.

San Marcial update

Drilling is also underway at San Marcial, which has a resource estimate outlining 36 million silver ounces in the indicated category with an additional 11 million ounces in the inferred category. The firm plans to commence an underground drill program in 3Q 2020.

“The advance of the underground development at San Marcial represents a completion of a major milestone, allowing underground drill access to deeper high-grade hydrothermal breccia zones for future resource expansion,” CEO Fonseca told investors.

GR Silver also told shareholders that it was reviewing potential acquisitions in areas directly adjacent to Plomosas and San Marcial in the Rosario mining district. Both Plomosas and San Marcial represent a geological setting similar to the multimillion-ounce San Dimas mining district which has historically produced more than 600 million ounces of silver and 11 million ounces of gold over a period of more than 100 years.

Shares of GR Silver jumped 12.7% in Canada at C$0.71 at the midday point Wednesday.

--Updates with share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: GR Silver Mining

Price: 0.78 CAD

TSX-V:GRSL
Market: TSX-V
Market Cap: $95.1 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of GR Silver Mining named herein, including the promotion by the Company of GR Silver Mining in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

GR Silver Mining hits high-grade mineralization in drilling at the Plomosas...

GR Silver Mining (CVE: GRSL-OTCQB: GRSLF) CEO Marcio Fonseca joined Steve Darling from Proactive Vancouver with news about the recent drilling at their Plomosas project in Mexico. Fonseca gave us the numbers and also talked about the current drilling program and the fact they plan to get...

3 weeks, 4 days ago

3 min read