Zaunscherb named Chairman at GR Silver
GR Silver Mining Ltd. [GRSL-TSXV, OTCQB, GPE-Frankfurt] said Monday it has named Eric Zaunscherb as the company’s non-executive chairman of the board, effective July 1, 2021.
Zaunscherb, who has been a director of GR Silver since April 2020, is a well-known Canadian mining analyst, who previously served as Managing Director – Metals & Mining Analyst at Canaccord Genuity, where he co-ordinated the firm’s global mining equity research team. He is a qualified geologist.
GR Silver shares moved lower Monday, easing 1.7% or $0.01 to 59 cents in light trading. The shares are currently trading in a 52-week range of 95 cents and 46 cents.
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 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.
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which is estimated to contain an indicated resource of 36 million silver equivalent (AgEq) ounces, plus an inferred resource of 11 million AgEq. The company recently completed 320 metres of underground development in the San Marcial Resource Area, from where underground drilling is planned to expand the high-grade portions ot the resource down-dip.
The La Trinidad Project, which was acquired in March 2021, contains a former open pit head leach mine, which operated between 1995 and 1998, producing approximately 52,000 ounces of gold. Subsequent production between 2014 and 2019 brought cumulative output to 112,000 ounces of gold.
When GR bought the asset, it also acquired an extensive regional database of geological, geochemical and geophysical information resulting from the efforts of a previous operator who spent $18.6 million.
GR recently launched a 14,000-metre exploration drill program targeting newly identified and untested silver-gold veins on its concessions within the Rosario Mining District in Sinaloa.
The company said seven drill rigs are being mobilized to undertake this program at new project sites on the company’s extensive silver-gold vein systems that extend over structural trends covering a combined 75-metre strike length of the Plomosas, San Marcial and La Trinidad Project areas.