GR SILVER MINING EXTENDS SE AREA SILVER DISCOVERY WITH NEW WIDE INTERSECTION OF 123.1 M AT 112 G/T AG, INCLUDING 13.1 M AT 289 G/T AG AND 0.4 M AT 4,680 G/T AG

GR Silver Mining Ltd. has completed follow-up drilling lateral to the new high-grade Southeast area (SE area) silver (Ag) discovery, at the company's wholly owned Plomosas project, in Sinaloa, Mexico. Surface drill hole SMS22-16 intersected mineralization similar to the previously announced SMS22-10 discovery in the SE area, on a 90-metre step-out drilling program, where multiple high-grade intervals are hosted in a wide zone with a predominance of Ag-rich hydrothermal breccias and stockworks, to the southeast of the San Marcial resource area.

Highlights from the Southeast area surface drilling results at San Marcial:

• SMS22-16: Identified a wide hydrothermal breccia and stockwork system, with multiple high-grade Ag intervals, similar to the wide hydrothermal system in the SMS22-10 discovery hole (see news release dated Aug. 8, 2022). SMS22-16 intersections are summarized as:
• 123.1 m at 112 grams per tonne (g/t) Ag including:
• 13.1 m at 289 g/t Ag including 0.4 m at 4,680 g/t Ag;
• 27.3 m at 250 g/t Ag including 0.3 m at 1,351 g/t Ag;
• 6.4 m at 635 g/t Ag including 0.5 m at 2,203 g/t Ag.
• SMS22-14: Confirmation of Ag mineralization at shallow depth 150 m along strike from the SE area. Presence of wide Ag mineralization with isolated high-grade values. SMS22-14 intersections are summarized as:
• 10.5 m at 23 g/t Ag;
• 3.5 m at 118 g/t Ag including 0.2 m at 1,790 g/t Ag.
• The drilling program continues at the SE area, to define the geometry and lateral extent of the mineralization. The results to date suggest that the high-grade, wide Ag mineralization can be present at shallow depth from surface where Ag values are relatively low, as seen in shallow hole SMSP22-023 (see the table entitled "San Marcial southeastern area -- results highlights"). The occurrence of Ag anomalous zones on surface along the 1.5-kilometre target contact, farther southeast from the SE area, provides new targets for the company to continue drilling, aimed at expanding the footprint of mineralization and potentially for incorporation into the planned resource estimation update in Q1 2023.

GR Silver Mining chairman and chief executive officer, Eric Zaunscherb, commented: "With each new drill hole, the company's understanding of the controls on mineralization in the new SE area, as well as its size and geometry, increase. The systematic approach capturing geochemical, geophysical and geological data at surface, is informing shallow drilling (for example, hole SMSP22-023), which, in turn, guides us at depth (for example, SMS22-16). The evidence appears to be pulling us further to the southeast and the ongoing fully funded drill program will continue to generate data for the mineral resource estimate update scheduled for the first quarter of 2023."

Drilling program Southeast area

Following the recent discovery of wide, high-grade Ag mineralization in the SE area of San Marcial, the company continues to drill holes to test the geometry and continuity of mineralization at depth and laterally.

SMS22-16 was designed to test lateral continuity, approximately 90 m southeast, of the wide high-grade Ag mineralization intersected in SMS22-10. The Ag-rich mineralization hosted in breccia and intense hematite-quartz stockwork veining encountered in SMS22-16 is very similar to the mineralization style encountered in SMS22-10 and at the same key elevation between the 650 level and 550 level, following the northwest trend but within the prospective corridor in the intersection with the northeast trend. Similar to SMS22-10, the continuity of the discovery zone to southeast is now validated by SMS22-16, which displays multiple brecciation stages and a series of andesitic dikes intruding and hosting Ag mineralization in the contact with the lower volcano-sedimentary unit.

SMS22-14 tested the extension of the mineralized contact zone 125 m to the southeast of SMS22-13, encountering a geological setting similar to that identified in SMS22-10. SMS22-14 targeted a low-grade Ag geochemical anomaly on surface relatively close to the target contact, to evaluate the presence and continuity of Ag mineralization at shallow depth outside the northeast-trending structural corridor that hosts the SE area discovery zone. The results support further drilling in the area, down dip and along strike, as it is common in the SE area for the wide high-grade Ag mineralization to occur at some depth, with the surface expression represented by wide low-grade Ag zones.

SMS22-15 was drilled 80 m below SMS22-12. The results suggest that the mineralization on this section -- SMS22-10, SMS22-12 and SMS22-15 -- is part of an extensional breccia and stockwork system with typical pinch and swell geometry.

GR Silver Mining continues to identify additional targets in the SE area utilizing geophysical, geochemical and geological mapping studies, and will continue to test the lateral extent of high-grade Ag mineralization along the target contact. The company anticipates drilling will continue with two rigs over the coming months in the SE area of San Marcial.

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DISCLAIMER: GR Silver is a paid marketing client*

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