GR Silver Mining (TSXV: GRSL; US-OTC: GRSLF) has discovered high-grade polymetallic disseminated and massive sulphide-rich mineralization during initial underground channel sampling on the lower level of the historic Plomosas mine at its Plomosas silver project in Mexico’s Sinaloa state.
GR Silver says assay results from one of the saw channel samples returned 16 metres of 90 grams silver per tonne and 2.5 grams gold per tonne (416 grams silver-equivalent per tonne).
Another channel sample cut 5 metres of 147 grams silver and 10 grams gold (1,313 grams silver-equivalent). This sample included one metre grading 288 grams silver and 37.5 grams gold (4,204 grams silver equivalent).
“These new high-grade polymetallic underground sampling results are extraordinary, indicating the potential to define substantial new mineralized zones,” Marcio Fonseca, the company’s president and CEO, said in a statement. “The geological setting of these samples provides an opportunity to define large volumes of not only precious metals, but also base metals.”
Fonseca noted that the presence of three styles of mineralization (disseminated or massive sulphide-style mineralization adjacent to structurally controlled lead-zinc-silver-gold hydrothermal breccia and high-grade gold and silver low sulphidation mineralization), “reinforces the potential for large-scale mining at Plomosas, in areas consisting of underground development completed by previous operators.”
GR Silver acquired 100% of the project from First Majestic Silver (TSX: FR; NYSE: AG) in March and kicked off a 1,400-metre drill program in May.
First Majestic acquired the past-producing asset from Grupo México, which operated the underground silver-gold-lead-zinc mine from 1986 to 2001.
Over the last year, GR Silver’s shares have traded in a range of 9¢-95¢ and at press time were changing hands at 69¢.
The company has 124 million common shares outstanding for an $85-million market capitalization.