GR Silver ups resource estimate by 108% in Mexico
GR Silver Mining Ltd. [GRSL-TSXV, OTCQB, GPE-Frankfurt] on Monday announced a significant updated mineral resource estimate for its Plomosas project in Mexico.
The company now said it has outlined an indicated resource of 15 million tonnes of 206 g/t silver equivalent (AgEq) or 97 million ounces. On top of that is an inferred resource of 9.0 million tonnes of 185 g/t AgEq or 53 million ounces.
The company said indicated resources have jumped 108% from the previous estimate of 46 million ounces of AgEq. The inferred resource is up 61% from 33 million ounces of AgEq.
A total of 75 drill holes (10,500 metres were added to the 52 holes used in the previous resource estimate, the company said in a press release, Monday.
“We are very pleased to achieve this milestone as promised over the past year,’’ said GR Silver Chairman and CEO Eric Zaunscherb. “The conservative parameters applied, and the approach taken, allow us to be confident in this positive outcome as we focus on broad zones of mineralization that may be amenable to bulk, low-cost open pit and/or underground mining methods,’’ he said.
GR Silver shares were unchanged at 10 cents on volume of 528,800 and currently trade in a 52-week range of 28 cents and $0.085.
GR Silver is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie in the Rosario Mining District in the southeast of Sinaloa State Mexico. The company said three major acquisitions within three years has given it full control of 1,400 square kilometres, including two past-producing mines and three areas – San Marcial, La Trinidad, and Plomosas – it believes known resources can be expanded.
GR Silver’s 6,574-hectare Plomosas Silver project is located near the historic mining village of La Rastra and within 5.0 kilometres of the company’s San Marcial Silver Project in the Rosario District. Plomosas is a past-producing asset, where only one mine, the Plomosas lead-zinc-silver-gold underground mine operated a 600 ton-per-day crush-mill-flotation circuit from 1986 to 2001, producing approximately 8.0 million ounces of silver, 73 million pounds of lead, and 28 million pounds of zinc.
The latest resource estimate was completed by ARSENEAU Consulting Services Inc. of Vancouver, B.C. and integrates resources for the San Marcial, Plomosas Mine and San Juan-La Colorada Areas within the Plomosas Project.
Zaunscherb said management will now turn to planning next steps, which will build on already robust resource growth, tapping into the property’s prospective contact strike length, 100% controlled by the company. “Recent surface mapping by our geologists has peeled the geological onion and discerned the controls on high grade mineralization for future success.’’