GR Silver Mining Ltd.
GR Silver is an advanced explorer in Sinaloa, Mexico, benefitting from the synergies between its two key projects, Plomosas and San Marcial to achieve its goal of rapidly multiplying its current 40 million ounces inventory of precious metals (Ag). In March 2020, GR Silver completed the acquisition of the Plomosas property from First Majestic, which has seen past production, significant drilling, but no current resources. The Company is focused on adding NI 43-101 compliant ounces to its current 40 million ounces of silver inventory over the next 12 months at 2 of the 6 mineralized zones at Plomosas. Simultaneously GRSL is conducting resource expansion drilling at San Marcial.
The projects lie within 5 km of each other and the existing infrastructure can benefit future development for both projects. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 580 million ounces of silver and 11 million ounces of gold.
The Plomosas Project together with the San Marcial Project provides GR Silver control of 9,765 ha, and most of the silver-gold-lead-zinc mineralized zones in the eastern section of the Rosario Mining District.
Plomosas Silver Project
High Grade Gold-Silver Drill Results
San Juan Area high-grade drill results from dill hole SJS18-01A:
Sampling of the San Juan Area underground workings returned up to 0.4 m at 3,003 g/t Ag and 0.2 m at 6,128 g/t Ag. (See News Release dated April 2, 2020)
High-grade gold-silver mineralization identified in the Plomosas Mine Area:
San Marcial Project
Timeline and Milestones
Management and Directors
Marcio Fonseca, P.Geo, M.Sc., President and CEO, Director
25 years mining and financial industry experience, specialising in Latin America. Investment banker with Macquarie Bank, Vale, Phelps Dodge. Transaction track record with Macquarie Bank, SilverCrest Mines [CAD$155M acquisition of SilverCrest by First Majestic Silver Corp. (October 2015)].
Trevor Woolfe, VP Corporate Development and Exploration
Geologist with over 25 years in mining industry in Australia and Latin America. Previously worked with Placer Dome (Chile and Brazil), Newcrest and RIO (Australia), Oro Verde (Nicaragua). Past 10 years Managing Director of ASX companies including Anchor Resources Ltd.
Blaine Bailey, CPA, CGA, Chief Financial Officer
Over 13 years of experience as CFO for mineral exploration companies listed on the TSX, TSXV and NYSE.
Heye Daun, Director
Mining engineer and company builder with 25 years of mining and public markets experience.
Alan Friedman, Director
Currently President, Co-founder and Director of Osino Resources.
Eric Zaunscherb, Director
Canadian geologist with over 32 years of experience as a mining analyst.
Michael Thomson, Director
Over 30 years of experience in the securities industry as a lawyer, regulator, investment banker, Vice President and entrepreneur.
Gino DeMichele, Director
Has spent over 26 years as a brokerage industry executive and Financier.
Jonathan Rubenstein: Chairman of the Board of Mag Silver Corp.
Derek White: President & CEO of Ascot Resources Ltd.
On July 15, 2020, GR Silver Mining Ltd. announced that the company has started a surface drilling program at its 100%-owned Plomosas Silver Project ("Plomosas Project") in Sinaloa, Mexico. The Company has mobilized three drill rigs, with one rig already on site.
On July 07, 2020, GR Silver Mining Ltd. has released drill results at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico. These results are located in the San Juan-La Colorada Area, one of six priority areas with recent (2018) drill data being released by the Company. Also, the company extended the San Juan AG-Au mineralized system at the Plomosas project to 1 km with a 600m step-out.
On June 26, 2020, GR Silver Mining Ltd. Announced that it following the press release of May 29, 2020, is providing a further update on the status of filing of its first-quarter interim financial statements, management's discussion and analysis, and related chief executive officer and chief financial officer certificates for the three-month period ended March 31, 2020.
On June 24, 2020, GR Silver Mining Ltd. reported that the TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced May 8, 2020. Number of shares: 33.9 million shares, purchase price: 27 cents per share.
On June 22, 2020, GR Silver Mining Ltd. has released drill results at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico. These results are located in the Plomosas mine area, one of six priority areas with a combination of recent (2016 to 2018) and historical drill data being released by the company. It drilled 11 m of 1,235 g/t Ag at Plomosas.
On June 18, 2020, GR Silver Mining Ltd. announced that it has completed its previously announced bought deal private placement of an aggregate of 33.9 million units of the company at a price of 27 cents per unit for gross proceeds of $9,153,000, which included the exercise of the underwriters' option in full.
The Company intends to use the net proceeds of the Offering to fund resource expansion and drilling at the Plomosas and San Marcial projects in Sinaloa, Mexico, and for working capital and general corporate purposes.
On June 12, 2020, GR Silver Mining Ltd. has filed on SEDAR its amended National Instrument 43-101 report entitled "San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico," having an effective date of March 18, 2019, and an amended date of June 10, 2020.
The company is further pleased to announce that it will now be proceeding with the closing of its underwritten private placement previously announced on May 7 and 8, 2020. The offering of 30 million units for gross proceeds of $8.1 million, with an option exercisable by Beacon Securities Ltd. on behalf of a syndicate of underwriters for an additional 3.9 million units for additional gross proceeds of $1,053,000, is scheduled to close on June 18, 2020, subject to standard closing conditions.
On May 29, 2020, GR Silver Mining Ltd. announced postponement of filing of its Q1 Financial Documents for the three month period ended March 31, 2020. In response to the COVID-19 pandemic, the securities regulatory authorities in Canada have granted a blanket exemption providing issuers, including GR Silver Mining Ltd., an additional 45 days to complete their regulatory filings that were otherwise due during the period from March 23, 2020, to June 1, 2020.
The Company presently anticipates being able to complete and file the Q1 Financial Documents on or before July 15, 2020.
On May 13, 2020, GR Silver Mining Ltd. has provided high-grade drill results from its Plomosas silver project in Mexico. These results are located in the Plomosas mine area, with a combination of recent (2016 to 2018) and historical drill data being released by the Company.
GR Silver Mining identifies high-grade gold-silver area at Plomosas project:
Dill hole SD-3 returns: 1.8 m at 30.6 g/t Au and 118 g/t Ag (3,092 g/t AgEq), including 0.6 m at 86 g/t Au and 36 g/t Ag (8,378 g/t AgEq).
On May 8, 2020, GR Silver Mining Ltd. announced that it has further increased the size of its previously announced brokered private placement offering of units to $8.1 million.