SE Area Discovery Zone Expanded With New Bonanza-Grade Silver Interval

VANCOUVER - GR Silver Mining Ltd. reported on the two step-out drilling outside of the recently published NI 43-101 Mineral Resource Estimate boundary in the San Marcial Area at the Plomosas Project in Sinaloa, Mexico. The initial drilling program is targeting the extension of the SE Area discovery silver mineralization style, 250 m along strike to the southeast, targeting identification of the commonly mineralized contact zone at shallow depth. The first two holes – SMS23-01 and SMS23-02 - represent a step out of 50 m to the southeast. The positive results, combined with the geological knowledge gathered by the Company in the 2022 drilling and resource estimation studies favor GR Silver's continuation of the drilling program in this area.

In 2022 and Q1/2023, the Company carried out surface exploration along the southeastern extension of the target contact zone, which included surface mapping, geochemical sampling, and the integration of all geophysical data. This detailed study has generated surface evidence of the presence of wide silver mineralized zones at shallow depth, with associated high-grade silver structures, with results such as those reported from drill hole SMS23-02.

The geological setting continues to resemble the target contact zone between local upper volcanics (andesitic "block and ash" unit) and local lower volcanics (rhyolitic to dacitic volcano-sedimentary unit), which characterized the SE Area discovery zone. The presence of narrow high-grade silver mineralized hydrothermal breccias, hosted inside a wider mineralized envelope, encourages the Company on the potential for resource expansion at the San Marcial Area along the target contact zone.

Chair and CEO Eric Zaunscherb, said, "The conversion of surface silver geochemical anomalies, related to the mapped target contact zone, into confirmed bonanza-grade drill intersections is a testament to the efficacy of the Company's geological model. Our confidence in the prospectivity of the southeast extension of the target contact zone grows, as does our excitement at the potential of new drill targets being generated to the south through detailed mapping, geochemical and channel sampling. Some of these new targets may relate to intrusive bodies with coincident geophysical anomalies. Assuming the market shares our confidence and excitement, we can proceed with the 12,500-meter drill program that has been recommended.”