New High-grade Intervals At San Marcial SE Area

VANCOUVER - GR Silver Mining Ltd. reported on surface drilling success in the new high-grade Southeast Area (SE Area) silver (Ag) discovery within the San Marcial Area,  at the Plomosas Project, in Sinaloa, Mexico. The six holes represent extensions along strike or down dip, creating the potential to expand silver mineralization boundaries. Each of the SE Area holes add attractive silver results and key geological information to expand the current Ag mineralization model.

The Company has now completed all holes planned to be incorporated into the 3D geological model, with the updated resource estimation expected to be released in Q1|2023. A total of 75 GR Silver Mining drill holes (10,500 m) will be added to the 52 holes used in the 2019 NI 43-101 San Marcial mineral resource estimation.

SMS22-09 resource area – down dip/plunge extension in the previous resource area 5.6 m at 1,223 g/t Ag, 1.4% Pb and 1.2% Zn?including    0.3 m at 26,150 g/t Ag, 30.0% Pb and 18.6% Zn. SMS22-09 intersected mineralization textures similar to those in SMS22-10 at and below the San Marcial Breccia. At further depth, the hole encountered a 5.6 m zone of veining with high-grade Ag-Pb-Zn mineralization, including the highest-grade silver result to date from San Marcial – 26,150 g/t Ag over 0.3 m.

SMS22-22 SE Area - down dip extension from hole SMS22-16 82.7 m at 121 g/t Ag, including 0.4 m at 3,386 g/t Ag, and 1.1 m at 1,391 g/t Ag.?SMS22-22 intersected mineralization similar to the previously announced SMS22-16 mineralization in the SE Area. SMS22-16 also contained multiple high-grade intervals, hosted in a wide zone of 123.1 m at 112 g/t Ag, with a predominance of Ag-rich hydrothermal breccias and stockworks.

SMS22-23 SE Area – 80 m step-out drilling from hole SMS22-22 112.6 m at 61 g/t Ag, including 0.9 m at 1,055 g/t Ag, and 0.6 m at 14.3 g/t Au.?SMS22-23 was drilled outside the NE-trending corridor that hosts the SE Area discovery. It was also drilled 60 m down dip from SMS22-13 which did not report significant mineralization closer to surface. However, SMS22-23 has shown that the same style of Ag mineralization in the SE Area can be found outside the NE trending corridor, in subparallel structural corridors similar to hole SMS22-10. This is a significant revelation that opens up the exploration potential further to the southeast of the SE Area discovery, along the target contact zone and in other subparallel prospective structures. SMS22-23 also has a narrow high-grade gold zone – 0.6 m at 14.3 g/t Au – in the vicinity of the gold zone previously reported for SMS22-20 – 1.0 m at 31.3 g/t Au - opening up the exploration potential for narrow high-grade gold veins in the SE Area.

Chair and CEO, Eric Zaunscherb, said, "As we close off the San Marcial database for the resource estimation scheduled this quarter, we are excited by the potential contribution of the new SE Area discovery. These most recent drill results contribute to our understanding of the mineralization at the SE Area as well as the original San Marcial Resource Area. San Marcial continues to deliver high-grade precious metal intervals within broad, well-mineralized masses. The discovery of high-grade Ag and Au mineralization outside, and to the SE, of the known structural corridor at the SE Area is highly encouraging. After delivery of the updated mineral resource, we will outline our strategic plan for 2023 and one can expect that the extension of exploration along this emerging and highly prospective SE trend will feature prominently."