VANCOUVER, BC, Dec. 29, 2020 /CNW/ - GR Silver Mining
Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) ("GR
Silver Mining" or the "Company") and Mako Mining Corp.
("Mako" "@MakoMiningCorp") have agreed to amend their Letter of
Intent ("LOI") dated December 12,
2019, to extend the date by which they are required to sign
a Definitive Agreement to January 31,
2021. Pursuant to the LOI, GR Silver and Mako agreed
to negotiate an arm's length transaction whereby GR Silver would
acquire 100% of the issued and outstanding shares of Marlin Gold
Mining Ltd from Mako and to enter into a Definitive Agreement on or
before December 31, 2020 (News
release dated December 17, 2019).
GR Silver Mining President and CEO, Marcio Fonseca, commented, "The Company
and Mako are continuing to work towards finalizing the formal
agreement and we believe this extension will provide us with the
time required to come to final terms on the transaction."
About GR Silver Mining Ltd.
GR Silver Mining Ltd. is a Mexico-focused company engaged in
cost-effective silver-gold resource expansion on its key assets
which lie on the eastern edge of the Rosario Mining District,
Sinaloa, Mexico.
PLOMOSAS SILVER PROJECT
GR Silver Mining owns 100% of the Plomosas Silver Project
located near the historic mining village of La Rastra, within the Rosario Mining District.
The Project is a past-producing asset where only one mine, the
Plomosas silver-gold-lead-zinc underground mine, operated from 1986
to 2001. The Project has an 8,515-hectare property position and is
strategically located within 5 km of the Company's San Marcial
Silver Project in the southeast of Sinaloa State, Mexico.
The March 2020 acquisition of the
Plomosas Silver Project included 563 historical and recent drill
holes from both surface and underground locations. These drill
holes represent an extensive database allowing the Company to
advance towards resource estimation and potential project
development in the near future.
The Company has commenced an 11,900
m drilling program with surface holes focused on expanding
known mineralization along strike in two initial areas, the
Plomosas Mine Area and the San Juan
Area. Underground drilling included in the program will
target the extension of recent polymetallic discoveries at the
lowest level (775 m RL, or ~250 m
below surface) of the Plomosas Mine Area and six low sulphidation
epithermal veins at San Juan Area.
Both areas will be the subject of NI 43-101 resource estimations
following completion of this drill program.
The 100%-owned assets include all facilities and infrastructure
including: access roads, surface rights agreement, water use
permit, 8,000 m of underground
workings, water access, 60 km - 33 KV power line, offices, shops,
120-person camp, infirmary, warehouses and assay lab representing
approximately US$30 million of
previous capital investments. The previous owners invested
approximately US$18 million in
exploration, including extensive geophysics and geochemistry
programs.
The silver and gold mineralization on this Project display the
alteration, textures, mineralogy and deposit geometry
characteristics of a low sulphidation epithermal silver-gold-base
metal vein/breccia mineralized system. Previous exploration was
focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted
in NW-SE structures in the vicinity of the Plomosas mine. The E-W
portion of the mineralization and extensions for the main N-S
Plomosas fault remain under-explored.
In addition to the resource potential at Plomosas, a review of
the existing drill hole database, geophysical surveys and
geochemical data covering most of the concession, has defined 16
new exploration targets from which 11 have high priority for future
exploration programs.
SAN MARCIAL PROJECT
San Marcial is a near-surface, high-grade silver-lead-zinc open
pit-amenable project, which contains a 36 Moz AgEq (Indicated) and
11 Moz AgEq (Inferred) NI 43-101 resource estimate. The company
recently completed over 320 m of
underground development in the San Marcial Resource Area, from
which underground drilling is planned to expand the high-grade
portions of the resource down dip. The Company recently discovered
additional mineralization in the footwall, outside of the existing
resource, and will also be drilling this area. GR Silver Mining is
the first company to conduct exploration at San Marcial in over 10
years. The NI 43-101 resource estimate (San Marcial Project –
Resource Estimation and Technical Report) was completed by WSP
Canada Inc. on March 18, 2019 and
amended on June 10, 2020.
Recent exploration has identified silver and gold mineralization
in areas previously defined as non-mineralized, discovering
evidence of pervasively altered rocks with intense silicification,
veining and associated wide, silver and gold mineralized zones on
the footwall of the NI 43-101 resource.
Plomosas and San Marcial collectively represent a geological
setting resembling the multimillion-ounce San Dimas Mining District
which has historically produced more than 600 Moz silver and 11 Moz
gold over a period of more than 100 years.
OTHER PROJECTS
GR Silver Mining's other projects are situated in areas
attractive for future discoveries and development in the same
vicinity of Plomosas and San Marcial in the Rosario Mining
District.
Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.
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Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and
information that are based on the beliefs of management and reflect
the Company's current expectations. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information.
Such statements and information reflect the current view of the Company. Risks and uncertainties
may cause actual results to differ materially from those
contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
SOURCE GR Silver Mining Ltd.
