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GR Silver Mining controls multiple key assets in Rosario mining district of Mexico

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  • Accomplished board with extensive Mexico experience
  • Five drill rigs in operation at Plomosas project
  • Has consolidated land position in key district

What GR Silver Mining does:

GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GLYXF) is a precious metals explorer, which is consolidating assets in the well-known Rosario mining district in Mexico, where it now controls the most attractive ground.

The main assets are the Plomosas silver project (8,515 hectares), which hosts a former producing mine, and the San Marcial project, which lies 5 kilometres (km) away and is a near-surface, high-grade silver, lead, and zinc property, amenable to becoming an open-pit mine.

The company also has other projects attractive for future development near Plomosas and San Marcial. For example, it has the Rosario-gold project, which lies adjacent to Fresnillo PLC‘s (LON:FRES) historical multimillion-ounce Rosario mine.

GR Silver says its Plomosas and San Marcial assets collectively represent a setting resembling the multi-million-ounce San Dimas district in Durango, north-west Mexico. This area historically produced over 620 million ounces (Moz) silver and 11 Moz gold over around 100 years.

The Plomosas project was operated for 15 years by Grupo Mexico as a lead, zinc mine but was never explored or exploited for gold, silver or copper.

The Plomosas mine area at the project displays evidence of a 600m long epithermal system, potentially extending up to 1.2km, where multiple veins and discoveries have so far defined a much larger high-grade silver and gold mineralized footprint.

The former Plomosas silver-gold-lead-zinc underground mine operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing around 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.

How is it doing:

GR Silver Mining believes that Plomosas represents a district-scale project and the company is currently in the midst of an 11,900 metre (m) drill program.

Notably, in February 2021, the group announced a definitive deal to acquire Marlin Gold Mining Ltd from Mako Mining Corp (CVE:MKO) (OTCQX:MAKOF). Marlin owns the La Trinidad mine, which is currently being decommissioned, as well as control over 100% of nine concessions totaling 104,094.5 hectares, which are next to GR Silver’s existing portfolio.

The acquisition is expected to close on March 31 this year, at which point GR will control a concession portfolio of over 1,000 square kilometres (sq km). That includes two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 silver-gold veins in historic old workings.

Positive drill results from the company have been coming thick and fast in recent months.

The most recent were announced on March 25 coming from the Plomosas mine area at Plomosas, which included results from lower levels of the mine area, where previous underground drilling has been limited.  The assays have expanded high-grade silver-gold bulk tonnage zones, said GR.

Also this month, the company reported it had hit at one hole high-grade, near surface mineralization at the San Juan area at Plomosas. Highlight results included 5.7m at a grade of 611 g/t silver, 0.5% lead and 1.7 % zinc.

Two new resource estimates are due to be released for the Plomosas mine area and the Plomosas mine area  in the second quarter of this year.

In February this year, the company also told investors it had embarked on the first-ever ground geophysical program at its San Marcial asset, centered on the resource area and will incorporate a 3D Induced Polarization (IP) survey as well as ground magnetometry. The company said it expected new anomalies derived from the study to generate further drill targets to follow up later in the year.

In January, the resource group said it had hired Dr Honza Catchpole as its VP Exploration effective January 20, 2021.

It noted that Dr Catchpole had extensive experience working in Mexico, USA, Canada, Andean South America and Europe, mainly with porphyry Cu, skarn (Zn-Pb-Ag-Cu), epithermal precious (Au-Ag) and base metal (Ag-Zn-Pb-Cu) deposits.

Meanwhile, in February, it said Brenda Dayton had been named the VP Corporate Communications effective March 1.

GR Silver said Dayton has “extensive experience within the precious metals mining industry”, adding that, before joining the company, she served in a variety of senior investor relations and corporate communications roles, as well as corporate secretary for companies including Sunward Resources and Golden Queen Mining.

Inflection points:

  • Resouce estimates for two areas of Plomosas
  • More drill results
  • Precious metals moves

What the boss says:

In early March, CEO Mario Fonseca spoke to Proactive about the latest drill assays from the San Juan Area  and looked ahead to the resource estimate for that area and the one for the Plomosas mine area, due to be released in coming months.

“We expect the results of these resource estimations to increase materially the number of ounces of the company, that now sits at 39 million ounces – more than that for sure.”

Contact the author at [email protected]

Story by ProactiveInvestors


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