GR Silver Mining Ltd. (TSXV: GRSL) shared today the results of its initial mineral resource estimate for the Plomosas project in Sinaloa, Mexico. The report includes the maiden indicated resource of 10.3 million silver equivalent ounces.
The data came from a total of 556 core drill holes consisting of 80 new ones and 476 historical ones, covering a total of 100,672 metres of the property that includes the former Plomosas mine and the San Juan area.
Indicated mineral resource estimate contains 2.4 million tonnes grading at 133 g/t silver equivalent for 10.3 million ounces. On the other hand, inferred mineral resource estimate comprises 5.8 million tonnes of material grading at 113 g/t silver equivalent for 21.0 million ounces.
The report also shared preliminary cost assumptions of US$36 per tonne for open pit mining and US$50 per tonne for underground mining. The estimates adopted defined parameters including metal prices of US$20 per silver ounce and US$1,600 per gold ounce, as well as grade caps of 450 g/t silver and 20 g/t gold for the Plomosas mine and 360 g/t silver and 10 g/t gold for the San Juan area.
The junior mining firm also relayed an ongoing 14,000-metre drilling program employing seven rigs on the newly identified Au–Ag targets outside the current resource areas.
GR Silver Mining last traded at $0.41 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.