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Guanajuato Silver Provides Drill Results from Topia Mine
~ Historic Argentina Vein Demonstrates Immediate Production Potential ~ VANCOUVER, BC / ACCES...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"Guanajuato Silver Provides Drill Results from Topia Mine~ Historic Argentina Vein Demonstrates Immediate Production Potential ~VANCOUVER, BC / ACCESSWIRE / August 23, 2023 / Guanajuato Silver Company Ltd. (the \"Company\" or \"GSilver\") (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to provide recent drill results from the Company's wholly owned Topia Mine (\"Topia\") in Durango, Mexico.Drill Results:Commenting on these results, Chairman and CEO, James Anderson said, \"For 40 years Industrias Penoles, the largest mining company in Mexico, mined the Argentina vein at Topia. Remarkably, the vein was not pursued to the east of the district, past a significant fault structure; we are very encouraged by these initial results that indicate production potential within 2km of our mill facility from this long-lived precious metals vein system.\"Infill and resource expansion drilling continues at Topia with good results being generated at the Argentina, Rosario, Santa Cruz, and the San Gregorio veins. Drilling of the Argentina and Santa Cruz veins is being done from the new El Condor Tunnel with the objective of defining the trend of mineralization to the west of the current intercepts. The Rosario and San Gregorio veins, located in the southeastern part of the district, have been drilled from the Rosario ramp; these veins are separated by approximately 350 metres, and the objective there is to follow the trend of mineralization to the west. All silver equivalent (AgEq) values are calculated based on the following long-term ratios to the silver price: 80:1 for gold, 0.04:1 for lead, and 0.05:1 for zinc.Shares for Debt:Guanajuato Silver also announces that is has arranged with certain creditors to settle an aggregate of $1,207,093 in outstanding liabilities of the company by the issuance of an aggregate of 3,772,167 common shares in the capital of the company at a deemed price of $0.32 per share, subject to the receipt of TSX Venture Exchange approval. The Debt settlement includes the issuance of shares to one non-arm's length party totaling approximately C$150,000. (the \"Debt Settlement\").The non-arm's length party, a private company controlled by Hernan Dorado, a director and an officer of the Company, will receive 468,750 Shares in settlement of C$150,000 due as of March, 2023 pursuant to the Company's agreement to purchase certain ...