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GR Silver Mining Closes Acquisition of the Plomosas Silver Project
GR Silver Mining Closes Acquisition of the Plomosas Silver Project Canada NewsWire...
About this update from Gr Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nGR Silver Mining Closes Acquisition of the Plomosas Silver Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 30, 2020\n\n\n\nVANCOUVER, March 30, 2020 /CNW/ - GR Silver Mining Ltd. (TSXV: GRSL, FRANKFURT: GPE, OTCQB: GLYXF) (\"GR Silver\" or the \"Company\") - further to its news release of March 2, 2020, the Company is pleased to announce that it has now completed the acquisition of the Plomosas Silver Project (\"Plomosas Project\") from First Majestic Silver Corp. (NYSE: AG, TSX: FR, FRANKFURT: FMV) (\"First Majestic\"). \nAs consideration, GR Silver and its Mexican subsidiary paid CDN$100,000; granted a subsidiary of First Majestic a 2% net smelter return (\"NSR\") royalty on the Plomosas Project with half of the NSR being subject to a buy-back option for US$1,000,000; and issued to First Majestic 17,097,500 common shares of GR Silver.\nThe Plomosas Project is located within 5 kilometers of GR Silver's San Marcial Project in the Rosario Mining District, Sinaloa, Mexico, bringing opportunities for cost savings and blended development of both projects. The Plomosas Project lies in one of the most prolific geological settings for the discovery of high-grade silver-gold epithermal mineralized systems in Mexico. This is evidenced by world class deposits discovered in similar mining districts along the western edge of the Sierra Madre Occidental.\nThe Plomosas project was a past producing Grupo Mexico S.A de C.V. silver (Ag) - gold (Au) - lead (Pb) - zinc (Zn) underground mine (Plomosas mine) inside 8,515 hectares of mining concessions with numerous drilled areas with potential for resource definition and future exploration (click here to view 3D video). The Plomosas Project together with the San Marcial Project provides GR Silver control of 9,764 ha, and most of the silver-gold-lead-zinc mineralized zones in the eastern section of the Rosario Mining District (Figure 1).\nThe Plomosas Project includes:\nSix (6) areas that are at the drilling/resource stage with a total of 563 recent and historical drill holes, comp...