GR Silver files NI 43-101 report on Plomosas

News provided by GR Silver Mining Ltd. May 04, 2023, 06:15 ET Share this article Share to X Share this article Share to X VANCOUVER, BC , May 4, 2023 /CNW/ - GR Silver Mining Ltd. (" GR Silver Mining " or the " Company ") (TSXV: GRSL ) (OTCQB: GRSLF) (FSE: GPE) – is pleased to announce that the Company has filed on SEDAR an independent technical report ("the Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure of Mineral Projects ("NI 43-101") supporting the updated resource estimate for the Plomosas Project, previously reported in the Company's news release dated March 20, 2023 . This News Release is filed in accordance with Section 4.2, Sub Section (5)(b) reconciling differences in the silver equivalent ("Ag Eq") estimation related to the San Marcial Area. The Company carried out internal diligence upon receiving all digital files related to mineral resource estimates for the San Marcial, Plomosas Mine, and San Juan-La Colorada Areas from Dr. Gilles Arseneau , P.Geo. of ARSENEAU Consulting Services Inc. An internal review of the resource estimate for the San Marcial Area as part of the report compilation identified a miscalculation of the Ag Eq.

Dr. Arseneau mistakenly adopted the silver recovery rate from the Plomosas Mine Area in the estimation of the Ag Eq for the San Marcial Area in the denominator of the Ag Eq formula. The Ag Eq is calculated using the formula: AgEq =[(Ag (g/t)* Ag Price (g)*Ag Recovery(%))+(Au (g/t)*Au Price (g)*Au Recovery(%))+(Pb (%)*Pb Price (per %)*Pb Recovery(%))+(Zn (%)*Zn Price (per %)*Zn Recovery(%))+(Cu (%)*Cu Price (per %)*Cu Recovery(%))]/(Ag Recovery(%)* Ag Price (g)) Using 74% (Plomosas Mine Area) as the silver recovery rate instead of 94% (San Marcial Area) in the denominator of the Ag Eq calculation, while using 94% recovery rate in the numerator, mistakenly resulted in increasing the Ag Eq grade and, conseque