GR SILVER DRILLS ADDITIONAL WIDE HIGH-GRADE AG MINERALIZATION AT SAN MARCIAL SE AREA 83.5 M AT 215 G/T AG, INCLUDING 0.8 M AT 2,618 G/T AG

GR Silver Mining Ltd. has achieved additional surface drilling success in the new high-grade southeast area silver (Ag) discovery at the company's wholly owned Plomosas project in Sinaloa, Mexico. The four new holes represent extensions along strike or down dip, or drilling at different orientation, to delineate mineralization geometry and boundaries. Each of the holes has provided positive silver results and geological information to enhance the existing knowledge in the southeast area. The company expects to complete three more drill holes in the southeast area prior to the December cut-off date for data to be incorporated into the 3-D geological model, with the updated resource estimation expected to be released in Q1 2023.

Highlights from the latest drilling results at the San Marcial southeast area:

• SMS22-17: 14.1 metres at 186 grams per tonne Ag;
• Including 0.2 m at 6,405 g/t Ag, 0.12 g/t Au (gold), 10.1 per cent Pb (lead) and 17.9 per cent Zn (zinc).
• SMS22-18: 73.5 m at 72 g/t Ag;
• Including 1.1 m at 905 g/t Ag;
• 0.8 m at 1,039 g/t Ag;
• SMS22-18 intersected mineralization similar to, and up dip from, the previously announced SMS22-10 discovery in the southeast area, where multiple high-grade intervals are hosted in a wide zone with a predominance of Ag-rich hydrothermal breccias and stockworks.
• SMS22-20: 185.5 m at 111 g/t Ag;
• Including 83.2 m at 215 g/t Ag;
• Including 0.7 m at 1,519 g/t Ag;
• 0.9 m at 1,768 g/t Ag;
• 0.8 m at 2,618 g/t Ag;
• SMS22-20 was drilled perpendicular to the northeast-trending mineralized corridor hosting the southeast area discovery to confirm its geometry, as well as the position of the bounding northeast-trending structures. This hole successfully intersected the structural and mineralization objectives, while also intersecting a high-grade gold (Au) zone on the margins of the corridor.
• The first ever visible gold occurrence at San Marcial was identified in SMS22-20, returning one m at 31.3 g/t Au, within a quartz vein on the margins of the northeast-trending southeast area Ag-mineralized corridor. The visible Au is located below the main wide high-grade Ag mineralized zone, supporting the opportunity for new Au discoveries in the southeast area;
• The drilling program at the southeast area, continues to define the geometry and lateral extents of the mineralization. The latest drill holes have successfully tested the mineralization stepping out from the discovery hole (SMS22-10), along the northern margin of the northeast-trending mineralized corridor. SMS22-20 was the first hole drilled perpendicular to the northeast-trending corridor, successfully defining its boundaries and allowing a better understanding of the footprint of mineralization that will potentially be incorporated into the resource estimation update planned in Q1 2023.

GR Silver Mining chairman and chief executive officer Eric Zaunscherb comments: "It is very satisfying to see the emergence of the southeast area as a potential contributor to the upcoming resource estimation update. Our geological team has done a superb job in identifying this target and efficiently probing its geometry and continuity in recent drilling. As the exploration model has evolved, the potential for incremental mineralization further along the target contact to the southeast is intriguing. The new recognition of high-grade Au mineralization in the relatively untested margins of northeast-trending structures at San Marcial may be a significant development for the Plomosas project."

Drilling program -- southeast area

GR Silver Mining plans to complete three additional holes by December, and have all assays received by early 2023. The 2022 program was the first drilling to be undertaken in the southeast area, after successful completion of modern exploration, and resulting in a discovery. The target contact will be the main focus of the company's surface program in the coming months, particularly in areas coincident with Ag anomalies from surface geochemical sampling.

A description of each drill hole and results are as follows:

SMS22-17 was designed to test the northern margin of the northeast-trending southeast area mineralized corridor, at depth 115 m below the discovery hole SMS22-10. It is also lateral to hole SMS22-12, which intersected 44.5 m at 98 g/t Ag (see news release dated Sept. 7, 2022). SMS22-17 intersected 14.1 m at 186 g/t Ag, including a high-grade intercept of 0.2 m at 6,405 g/t Ag that also contained 10.1 per cent Pb and 17.9 per cent Zn. This geochemical combination suggests that this hole position is transitional between the southeast area Ag-rich mineralization and the more typical Ag-Pb-Zn San Marcial breccia style of mineralization in the San Marcial resource area.

SMS22-18 also tested the northern margin of the northeast-trending southeast area mineralized corridor 90 m above the SMS22-10 discovery hole. The hematite cemented hydrothermal breccia encountered in SMS22-18 is consistent with the high-grade breccias in the discovery hole, and returned 73.5 m at 72 g/t Ag, including high-grade intervals such as 0.8 m at 1,039 g/t Ag. This hole successfully extends the southeast area mineralized zone to higher levels than previously seen.

SMS22-19 was drilled 75 m up dip from hole SMS22-11 to define the extent of the southeast area mineralization in upper levels but also to extend into the footwall volcano-sedimentary unit where a secondary breccia subparallel to the San Marcial resource area breccia was interpreted to extend. At shallow levels, the hole intersected the hematitic cemented breccia characteristic of the southeast area with 28.9 m at 30 g/t Ag. The secondary breccia was not present. The drill hole was positive, intersecting wide Ag mineralization in an area previously identified during surface lithogeochemical sampling.

SMS22-20 is an important strategic hole that was oriented perpendicular to the northeast-trending mineralized corridor that hosts the southeast area discovery mineralization. It was designed to confirm the geometry of the mineralization and validate the importance of the two northeast-trending faults that appear to control the location of the high-grade Ag mineralization. Both northeast-trending faults were successfully cut by this drill hole, while also intersecting the wide high-grade mineralized zones identified in the discovery hole SMS22-10 as well as SMS22-11 and SMS22-16. The hole resulted in an interval of 185.5 m at 111 g/t Ag, including numerous intercepts over 1,000 g/t Ag -- one of the best holes drilled to date at San Marcial. This hole provides the company with much greater confidence in the new southeast area mineralized zone and will assist with 3-D modelling of the high-grade Ag body as it prepares for an update of the San Marcial mineral resource estimate.

In addition to the significant Ag mineralization in hole SMS22-20, the hole also produced the first ever examples of visible gold. At depth outside (to the south) of the northeast-trending Ag mineralized corridor, a crystalline quartz vein, within a silicified volcano-sedimentary unit thought to be barren, was identified with fine-grained disseminated visible Au within a sample that returned one m at 31.3 g/t Au.

The San Marcial and southeast area breccias are generally devoid of Au with only sporadic low-grade values encountered to date, however, a series of significant (over five g/t) Au results have been drilled at San Marcial below the wide high-grade Ag mineralized zone. The volcano-sedimentary unit in the footwall below the San Marcial breccia was in the 2019 resource area identified as a focus for low-grade Au mineralization. In addition to this a series of high-grade Au results on the margins of the northeast-trending structural corridor have indicated potential for gold discoveries in the vicinities of the resource area. The most significant Au results to date were from drill hole SM-19-01, which intersected one m at 204.6 g/t Au and SMS22-20, which intersected one m at 31.3 g/t Au.

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