GR Silver Mining (GRSL.V), the new name of Goldplay Exploration (GPLY.V), has released the final assay results of the 2019 drill program at San Marcial. Of the three holes that were reported, one hole that was drilled 120 meters west from the silver resource came up dry (which does provide GR Silver with additional intel on the geological structures in between the Nava and Faisanes targets) while the two other holes were actually very intriguing.
Hole 7 (a small step-out hole just 30 meters away from the current resource boundaries) contained almost 29 meters with 92 g/t silver (almost 3 ounces) starting at surface, including a 13.75 meter intercept containing almost 5 ounces of silver per tonne. An important result as this hole confirms the continuity of the silver mineralization (there were no significant gold values) that was encountered at surface in a trenching program. There was an additional anomalous value deeper down the hole and the 0.65 meters of 0.5 g/t gold could be related to a previously encountered 1 meter of almost 205 g/t gold but GR Silver will need to put the pieces of that puzzle together first as 0.5 g/t gold at that depth may be anomalous and interesting, it certainly isn’t anything that could be economic unless it’s lying on the outskirts of a larger gold mineralized zone.
The final hole GR Silver reported on, hole 8, was drilled on the Guacamayo target about 30 meters to the southeast of the resource area. GR planned to follow up on yet another trench which returned 24 meters of in excess of 7 ounces of silver per tonne of tock as well as 0.25 g/t gold while another nearby trench returned 5 meters at 0.6 g/t gold.
The hole did intersect precious metals mineralization with 0.6 meters containing 0.58 g/t gold and 138 g/t silver (almost 4.5 ounces of silver per tonne of rock).
Considering the entire eight hole drill campaign was aiming to generate new exploration targets outside of the currently known resource at San Marcial, GR Silver has learned a lot about the geological structures at San Marcial and provides the company with sufficient confidence to gear up for an underground drill program that will use the historical San Marcial tunnel to gain access to the drill targets. That tunnel will now be extended for an additional 100 meters to serve its purpose in a planned 2,000 meter drill campaign to drill-test the precious minerals zones at depth.
Meanwhile, GR Silver Mining is still conducting its due diligence on the La Trinidad and Plomosas projects which would allow GR to consolidate the district which still has an abundance of exploration targets.
Disclosure: The author has a long position in GR Silver Mining.