GR Silver Mining Announces Discovery of Wide, High-Grade Silver Zone - 101.6 m at 308 g/t Ag, Including Multiple Intervals >1,000 g/t Ag

VANCOUVER, BC, Aug. 8, 2022 /CNW/ - GR Silver Mining Ltd. ("GR Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce a new silver (Ag) discovery in the first drill hole stepping out 250 m to the southeast of the San Marcial Resource Area on the wholly-owned Plomosas Project in Sinaloa, Mexico. Surface drill hole SMS22-10 intersected 101.6 m at 308 g/t Ag (from 98.5 m down hole), including multiple intervals grading over 1,000 g/t Ag. The hole was drilled 250 m to the SE of the San Marcial Resource Area, where the Company has been exploring the extension of the target contact between upper and lower volcanic units, which typically hosts the San Marcial Breccia Ag mineralization, together with strong ground magnetic anomalies delineated in 2021. The drilling to date in the new area has identified a more extensive breccia and stockwork mineralization, rich in Ag, immediately below the contact zone and extending mineralization far below the original target zone. This new, wide, high-grade silver discovery coincides with an inflexion in the NW-SE trending contact where it intersects with two key NE-SW trending faults (Figure 1). This defines a highly prospective target for continued drilling, both along strike and down dip.

Figure 1: Location of 2022 Drill Holes - Southeast Area and San Marcial Resource Area (CNW Group/GR Silver Mining Ltd.)

Figure 2: San Marcial and Southeast Area Longitudinal Section – Pierce Points Grade x Thickness (CNW Group/GR Silver Mining Ltd.)

Figure 3: San Marcial Southeast Area Cross Section – SMS22-10 (B – B’ see Figure 1) (CNW Group/GR Silver Mining Ltd.)

Figure 4: SMS22-10 Select Mineralized Drill Core – Discovery Zone (Ag grades) - Drill Core from 97.15 m to 117.3 m (CNW Group/GR Silver Mining Ltd.)

Figure 4: SMS22-10 Select Mineralized Drill Core – Discovery Zone (Ag grades) - Drill Core from 193.95 m to 199.55 m (CNW Group/GR Silver Mining Ltd.)

Highlights of the new discovery in the Southeast Area (see also Table 1):

• Surface drill hole SMS22-10 has identified a wide hydrothermal breccia and stockwork system, with multiple high-grade Ag intervals
• SMS22-10: 101.6 m at 308 g/t Ag (from 98.5 m down hole), including
     0.8 m at 7,139 g/t Ag (from 98.5 m)
     0.3 m at 3,065 g/t Ag (from 102.9 m)
     0.2 m at 1,774 g/t Ag (from 116.1 m)
     0.2 m at 1,508 g/t Ag (from 118.3 m)
     0.3 m at 1,285 g/t Ag (from 134.4 m)
     4.1 m at 1,004 g/t Ag (from 149.8 m)
     0.4 m at 1,579 g/t Ag (from 156.3 m)
     0.3 m at 1,017 g/t Ag (from 171.5 m), and
     16.2 m at 414 g/t Ag (from 184.0 m), including
     1.3 m at 1,405 g/t Ag (from 198.3 m)
• Recent detailed mapping by the Company has identified important NE-SW trending faults to the SE of the San Marcial Resource Area (Figure 2). The faults are coincident with Ag anomalies in surface geochemistry and deeper anomalies in our recent ground geophysical survey, forming an inflexion and likely hosting Ag mineralization below the NE-dipping contact zone that typically hosts the San Marcial Breccia
• Additional drilling is in progress along strike and down dip in the new Southeast Area discovery, and on seven Ag geochemical anomalies in the 1.5 km long target zone

GR Silver Mining Chairman and CEO, Eric Zaunscherb commented, "The discovery of wide, high-grade silver mineralization in this new area is not only evidence of the Plomosas Project's exploration potential, but also testament to the efficacy of the exploration model developed by our geologists. They have clearly 'dialed in', hitting impressive mineralization on a blind target guided by modern exploration tools and concepts. We look forward to continued exploration success and news flow from ongoing drilling, leading to an updated project Mineral Resource Estimate in Q1|23. In addition to wide intersections building tonnage, we are confident that the higher grades encountered in recent drilling may also be meaningfully impactful in the upcoming resource update."

Southeast Area Discovery

Drill hole SMS22-10 represents a new discovery in the Southeast Area (Figure 1), where no drilling had previously been undertaken. It is in this area that the Company has been targeting the extension of the contact that hosts the breccia mineralization at the San Marcial Resource Area. The discovery drill hole passed through the upper volcanic unit, consisting primarily of andesitic "block and ash" before reaching a hydrothermal breccia (similar to San Marcial Breccia-style of mineralization) at the contact with the underlying (lower) volcano-sedimentary unit. This coincides with the structural setting containing the mineralized San Marcial Breccia at the nearby San Marcial Resource Area. A silver-only mineralized, intensely brecciated and hydrothermally altered zone, intersected immediately below the typical San Marcial Breccia-style mineralization, hosts a wide, high-grade zone measuring 101.6 m and averaging 308 g/t Ag (Table 1). This mineralized zone consists of an intercalation of hydrothermal breccias and quartz veining/flooding containing Ag sulphides (acanthite) and possibly other Ag sulfosalts.

The broad, high-grade interval commenced at 98.5 m down hole with the typical San Marcial-style breccia hosted in the contact between the upper volcanics and lower volcano-sedimentary unit (Figure 4). This hydrothermal breccia is composed of fine hematite cementing mainly lower volcano-sedimentary unit fragments with disseminated sulphides, both in the matrix and in the fragments. This interval returned exceptional Ag grades of 7,139 g/t Ag over 0.8 m (from 98.5 m). Visible sulphides include galena and sphalerite, while Ag sulphides are frequently fine grained and possibly hosted within the hematite.  At 102.9 m depth, this high-grade Ag breccia was followed by an interval containing 3,065 g/t Ag over 0.3 m.

The mineralization discovered below the San Marcial Breccia has a predominance of Ag in the interval from 106 to 171 m, where trace and disseminated Ag sulfosalts are present. This results in a wide, consistently mineralized Ag interval including higher-grade portions such as 1,774 g/t Ag over 0.2 m (from 116.1 m), 1,004 g/t Ag over 4.1 m (from 149.8 m) and 1,579 g/t Ag over 0.4 m (from 156.3 m). The presence of a quartz-sulphide event, which is frequently developed in subvertical E-W and NE oriented structures, cross-cutting the San Marcial-style breccia and volcano-sedimentary unit, delineates a pervasive stockwork-brecciated zone (Figure 3).

From 171 to 202 m, the stockwork-brecciated zone contains more quartz than hematite, demonstrating both subvertical and 45° to 55° dip angles with cross-cutting relationships possibly related to the presence of narrow subvertical dykes. This phase of mineralization consists of a more polymetallic quartz-sericite, acanthite, argentite, and minor galena-sphalerite assemblage (Table 1), demonstrating consistent mineralization up to 414 g/t Ag over 16.2 m (from 184 m), including 1,405 g/t Ag, 1.9 % Zn and 0.8 % Pb (from 198.3 m) (Figure 4).

The discovery extends the known mineralized system 250 m from the edge of the San Marcial Resource Area (Figure 2). Recent mapping has identified major regional NE-SW fault systems likely located between the San Marcial Resource Area and the Southeast Area discovery zone.

Follow-up Drill Program

The discovery of a new wide, high-grade Ag zone in the Southeast Area of San Marcial opens up the potential for significant additional mineralization to the SE of the San Marcial Resource Area. This drill success validates the excellent targeting work undertaken by the Company's technical team in the last two years, combining detailed mapping, interpretation of a recent ground geophysical survey and geochemical anomalies from an intensive litho-geochemical sampling program.

GR Silver Mining has identified several additional targets in the Southeast Area. Drill holes SMS22-11 to SMS22-13 have been recently completed and are currently being logged and sampled. Laboratory analysis for these holes is pending. Specifically, drill hole SMS22-12 was drilled below the SMS22-10 discovery hole, whilst an additional hole (SMS22-15) is currently in the early stages of drilling below SMS22-12 (Figure 3). The Company anticipates that drilling will continue with two rigs over the coming months in the Southeast Area of San Marcial.

Table 1:  San Marcial Southeastern Area - Results Highlights SMS22-10 (for individual Ag results refer to Table 3)

Drill Hole	From (m)	To (m)	Apparent  width (m)	Ag g/t	Au g/t	Pb %	Zn %
SMS22-10	55.0	81.2	26.2	2	0.12	na	na
	98.5	200.1	101.6	308	0.02	0.1	0.3
including	98.5	99.3	0.8	7,139	0.04	1.6	1.3
and	102.9	103.2	0.3	3,065	na	0.1	0.2
and	116.1	116.3	0.2	1,774	0.01	na	0.1
and	118.3	118.5	0.2	1,508	na	na	0.1
and	134.4	134.7	0.3	1,285	0.04	0.1	0.5
and	149.8	153.9	4.1	1,004	0.06	0.2	0.3
and	156.3	156.7	0.4	1,579	0.06	na	0.1
and	171.5	171.8	0.3	1,017	0.15	0.4	0.7
and	184.0	200.1	16.2	414	0.05	0.4	0.9
including	198.3	199.6	1.3	1,405	0.20	0.8	1.9

Numbers may be rounded. Results are uncut and undiluted. True width not estimated as the Company does not have sufficient data from this new mineralized zone to determine the true widths of the drill hole intervals with any confidence.

 "na" = no significant result.

Drill Core from 97.15 m to 117.3 m

Contact between upper and lower volcanics with Ag mineralized, hematitic San Marcial-style breccia containing visible galena, sphalerite and Ag sulphides, and transitioning to stockwork/breccia.

Drill Core from 193.95 m to 199.55 m

Deeper in the Ag mineralized interval where stockwork/brecciation contains more quartz-sericite than hematite along with polymetallic acanthite, argentite, and minor galena-sphalerite mineralization.

Table 2:   2022 San Marcial Drill Program – Southeast Area Drill Hole Details

Drill Hole	East (m)	North (m)	RL (m)	Dip (˚)	Azimuth (˚)	Depth (m)	Results Status
SMS22-09 *	450815	2545982	877	-50	220	18.0	Pending
SMS22-10	441442	2545868	709	-50	250	235.8	Received
SMS22-11	441442	2545868	709	-45	205	160.9	Pending
SMS22-12	451501	2545921	700	-60	240	337.5	Pending
SMS22-13	451523	2545781	697	-50	220	229.3	Pending

Note: all holes drilled from surface; WGS84 Datum - * Drillhole completed as extension down plunge of resource area

Table 3:   SMS22-10 Individual Silver Assay Results (ppm)

From	To	Length	Ag		From	To	Length	Ag		From	To	Length	Ag		From	To	Length	Ag
			ppm					ppm					ppm					ppm
0	55	55	na		103.15	103.45	0.3	206		145.9	146.7	0.8	15		186.3	186.8	0.5	934
55	55.55	0.55	3		103.45	103.8	0.35	303		146.7	147.45	0.75	50		186.8	187.5	0.7	152
55.55	56.35	0.8	3		103.8	104.6	0.8	18		147.45	148.15	0.7	25		187.5	188	0.5	129
56.35	57.15	0.8	1		104.6	104.8	0.2	599		148.15	149.1	0.95	274		188	188.75	0.75	131
57.15	58	0.85	1		104.8	105.45	0.65	16		149.1	149.8	0.7	659		188.75	189.5	0.75	28
58	58.3	0.3	2		105.45	106.05	0.6	6		149.8	150.15	0.35	1530		189.5	190.3	0.8	217
58.3	59	0.7	2		106.05	106.35	0.3	87		150.15	150.9	0.75	1197		190.3	190.75	0.45	133
59	60	1	1		106.35	107.1	0.75	27		150.9	151.55	0.65	463		190.75	191.4	0.65	567
60	60.85	0.85	1		107.1	107.75	0.65	83		151.55	152.1	0.55	1265		191.4	192.1	0.7	844
60.85	61.65	0.8	1		107.75	108.75	1	20		152.1	152.75	0.65	209		192.1	192.35	0.25	433
61.65	62	0.35	1		108.75	109.15	0.4	315		152.75	153.45	0.7	1329		192.35	192.8	0.45	316
62	62.95	0.95	2		109.15	109.95	0.8	72		153.45	153.85	0.4	1427		192.8	193.2	0.4	231
62.95	63.6	0.65	1		109.95	110.7	0.75	39		153.85	154.2	0.35	955		193.2	194.2	1	135
63.6	64.15	0.55	3		110.7	111	0.3	243		154.2	154.7	0.5	407		194.2	194.55	0.35	129
64.15	65	0.85	3		111	112	1	150		154.7	155.3	0.6	177		194.55	195.1	0.55	567
65	65.9	0.9	2		112	112.7	0.7	15		155.3	155.85	0.55	676		195.1	195.7	0.6	358
65.9	66.7	0.8	1		112.7	113.7	1	440		155.85	156.3	0.45	437		195.7	196.3	0.6	313
66.7	67.5	0.8	1		113.7	114.55	0.85	118		156.3	156.65	0.35	1579		196.3	197.05	0.75	729
67.5	68.2	0.7	1		114.55	115.3	0.75	27		156.65	157.65	1	340		197.05	197.65	0.6	518
68.2	68.8	0.6	2		115.3	116.05	0.75	243		157.65	158.5	0.85	523		197.65	198.25	0.6	801
68.8	69.4	0.6	1		116.05	116.25	0.2	1774		158.5	159.5	1	183		198.25	198.6	0.35	2088
69.4	69.95	0.55	3		116.25	117.3	1.05	33		159.5	160.1	0.6	273		198.6	199.55	0.95	1154
69.95	70.9	0.95	1		117.3	118.3	1	56		160.1	160.75	0.65	123		199.55	200.1	0.55	167
70.9	71.75	0.85	1		118.3	118.5	0.2	1508		160.75	161.25	0.5	125		200.1	200.8	0.7	20
71.75	72.6	0.85	2		118.5	119.5	1	60		161.25	161.9	0.65	278		200.8	201.2	0.4	15
72.6	73.05	0.45	2		119.5	120.1	0.6	117		161.9	162.85	0.95	185		201.2	202.05	0.85	64
73.05	74.1	1.05	3		120.1	121	0.9	61		162.85	163.35	0.5	112		202.05	202.75	0.7	122
74.1	75.1	1	1		121	122	1	253		163.35	164.25	0.9	16		202.75	203.35	0.6	45
75.1	75.8	0.7	5		122	123	1	53		164.25	164.8	0.55	105		203.35	204.05	0.7	28
75.8	76.45	0.65	4		123	124	1	124		164.8	165.2	0.4	30		204.05	204.7	0.65	5
76.45	77.3	0.85	5		124	125	1	87		165.2	165.7	0.5	101		204.7	204.9	0.2	19
77.3	77.65	0.35	4		125	125.8	0.8	51		165.7	166.7	1	233		204.9	205.75	0.85	10
77.65	78.55	0.9	3		125.8	126.6	0.8	87		166.7	167.75	1.05	51		205.75	206.4	0.65	11
78.55	79.4	0.85	2		126.6	127.25	0.65	93		167.75	168.8	1.05	12		206.4	207.3	0.9	7
79.4	80.3	0.9	4		127.25	127.5	0.25	187		168.8	169.1	0.3	49		207.3	208.2	0.9	6
80.3	81.15	0.85	5		127.5	128.05	0.55	134		169.1	169.8	0.7	48		208.2	209.1	0.9	6
81.15	82	0.85	2		128.05	128.6	0.55	166		169.8	170.6	0.8	19		209.1	210	0.9	14
82	82.85	0.85	2		128.6	129.45	0.85	311		170.6	171.45	0.85	31		210	210.9	0.9	7
82.85	83.15	0.3	3		129.45	130.25	0.8	445		171.45	171.75	0.3	1017		210.9	211.8	0.9	3
83.15	83.75	0.6	2		130.25	130.75	0.5	149		171.75	172.2	0.45	155		211.8	212.7	0.9	4
83.75	84.3	0.55	1		130.75	131.35	0.6	223		172.2	172.65	0.45	28		212.7	213.6	0.9	3
84.3	84.9	0.6	2		131.35	131.9	0.55	379		172.65	173.45	0.8	86		213.6	214.6	1	5
84.9	85.9	1	1		131.9	132.6	0.7	233		173.45	173.65	0.2	147		214.6	215.5	0.9	5
85.9	86.9	1	3		132.6	133.3	0.7	366		173.65	174.3	0.65	531		215.5	216.45	0.95	3
86.9	87.9	1	3		133.3	134	0.7	238		174.3	174.65	0.35	127		216.45	217.4	0.95	4
87.9	88.7	0.8	4		134	134.2	0.2	197		174.65	174.9	0.25	169		217.4	218.3	0.9	2
88.7	89.5	0.8	2		134.2	134.4	0.2	250		174.9	175.2	0.3	44		218.3	219.2	0.9	3
89.5	90.2	0.7	4		134.4	134.7	0.3	1285		175.2	176.1	0.9	82		219.2	220.1	0.9	4
90.2	91	0.8	11		134.7	135.55	0.85	129		176.1	176.35	0.25	454		220.1	221.1	1	1
91	91.9	0.9	4		135.55	135.9	0.35	142		176.35	177	0.65	29		221.1	222.1	1	3
91.9	92.8	0.9	3		135.9	136.35	0.45	364		177	177.75	0.75	10		222.1	223.1	1	4
92.8	93.7	0.9	1		136.35	137.35	1	166		177.75	178.3	0.55	70		223.1	224.1	1	2
93.7	94.6	0.9	3		137.35	138.3	0.95	223		178.3	179.25	0.95	58		224.1	225	0.9	2
94.6	95.4	0.8	3		138.3	139.2	0.9	133		179.25	179.95	0.7	53		225	225.8	0.8	4
95.4	96.2	0.8	15		139.2	140.1	0.9	110		179.95	180.5	0.55	88		225.8	226.8	1	1
96.2	97	0.8	5		140.1	140.7	0.6	110		180.5	180.95	0.45	24		226.8	227.8	1	1
97	97.85	0.85	6		140.7	141.3	0.6	539		180.95	181.25	0.3	244		227.8	228.8	1	2
97.85	98.5	0.65	4		141.3	142.2	0.9	20		181.25	181.75	0.5	52		228.8	229.8	1	1
98.5	98.85	0.35	10550		142.2	142.75	0.55	64		181.75	182.2	0.45	23		229.8	230.8	1	1
98.85	99.3	0.45	4486		142.75	143.4	0.65	21		182.2	182.7	0.5	30		230.8	231.6	0.8	4
99.3	100.2	0.9	204		143.4	143.85	0.45	322		182.7	183.3	0.6	20		231.6	232.3	0.7	84
100.2	100.8	0.6	86		143.85	144.1	0.25	193		183.3	183.95	0.65	57		232.3	233.1	0.8	1
100.8	101.5	0.7	87		144.1	144.55	0.45	105		183.95	184.35	0.4	252		233.1	233.9	0.8	5
101.5	101.95	0.45	189		144.55	144.95	0.4	45		184.35	185.3	0.95	83		233.9	234.8	0.9	4
101.95	102.9	0.95	61		144.95	145.25	0.3	45		185.3	185.9	0.6	82		234.8	235.8	1	1
102.9	103.15	0.25	3065		145.25	145.9	0.65	197		185.9	186.3	0.4	32

Numbers may be rounded. Results are uncut and undiluted. Intervals shown are down hole intervals.

"na" = no significant result.

Quality Assurance Program and Quality Control Procedures ("QA/QC")

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

Qualified Person

The scientific and technical data contained in this News Release related to the exploration program were reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo. He has approved the disclosure herein.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km² of concessions containing several structural corridors totaling over 75 km in strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO                      

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE GR Silver Mining Ltd.

Brenda Dayton, VP Corporate Communications, Telephone: [phone], Email: [email protected]