/NOT FOR DISTRIBUTION TO
Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share for a period of 24 months following closing of the Offering at an exercise price of
The Company intends to use the net proceeds for working capital and general corporate purposes.
The Offering was led by
In connection with the Offering, the Underwriters received a cash commission and non-transferable broker warrants (the "Broker Warrants"). The Underwriters elected to receive a portion of their cash fees in Units, resulting in the Company paying aggregate cash fees of
The Offering remains subject to the final acceptance of the
Exploration Program
The upsized bought deal financing provides
- Surface drilling is progressing at the
Plomosas Project , specifically in theSan Juan Area , with all resource drilling expected to be finalized byMay 2021 . - GR Silver is advancing two new resource estimates on the
Plomosas Project – one at the Plomosas Mine Area and another at theSan Juan Area . These resources are expected to result in a maiden NI 43-101 report being completed before the end of Q2/2021, which will add to the Company's existing resource inventory. - The Company will exercise the option to acquire the
San Marcial Project in May, which will result inGR Silver Mining holding 100%-ownership and unlimited access across its portfolio in theRosario Mining District . GR Silver will be the first company to exercise the full acquisition of theSan Marcial Project in the past 15 years, after completing$4.6 million in exploration expenditures over the past three years, and increasing the Indicated silver resource inventory by 59% (see News Release datedFebruary 7, 2019 ). - The San Marcial IP and ground magnetic geophysical survey now in progress (see News Release dated
February 22, 2021 ) will be extended by 30% in size to the NW, over the GAP area and into theSan Juan Area of thePlomosas Project . This 87.5 line km geophysical survey is significant to complement the Company's previous litho-geochemical sampling program in defining shallow new exploration targets for future drilling. A mapping and sampling program over mineralized vein and breccia structures continues to uncover new zones for further work. The Company expects that the geophysical survey and mapping efforts will support delineation of new mineralized zones in the under-explored gap along the prospective trend between the San Marcial Area and theSan Juan Area , six kms to the NW, and also in new areas to the SW of the San Marcial Resource Area. - With completion of the underground development at the San Marcial Resource Area, the Company is finalizing technical and commercial arrangements to initiate an underground drill program. This program will test the depth extensions of the San Marcial Resource, with the aim of increasing the published mineral resource estimate (see News Release dated
June 12, 2020 ) by the end of 2021. - Additional surface drill programs are expected to test strike extensions to the maiden NI 43-101 resources at the
Plomosas Project , as well as investigating new targets at both theSan Marcial Project and thePlomosas Project . - A new exploration campaign with grid-based soil sampling and geological mapping is planned for the large underexplored area between the Plomosas Mine Area and the
San Juan Area , covering areas with field evidence of historic workings and high potential for Ag and Au mineralization in veins and breccias. - A full evaluation of the large
La Trinidad exploration data package - including existing soil, stream sediment and drill hole geochemical databases - is currently underway. This will be combined with publicly available geological, geochemical and geophysical datasets to focus on areas of interest. A systematic exploration approach will assure that a pipeline of quality Au and Ag targets are generated and prioritized for exploration, aiming at new discoveries and potential delineation of near surface resources. Concurrently, field crews will complete ground evaluation and reconnaissance of existing mineral occurrences and areas of limited historical drilling. - Development of multiple 3D deposit models at Plomosas,
San Juan and San Marcial, in addition to the Company's regional exploration model and information fromLa Trinidad , will lead to a fully integrated Preliminary Economic Assessment targeting early 2022 completion.
The securities offered have not been registered under the
About
The Project has an 8,515-hectare property position and is strategically located within 5 km of the
The
The Company is carrying out a drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the
The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km - 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately
The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.
In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a NI 43-101 report entitled "San Marcial Project Resource Estimation and Technical Report,
Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce
Exploration undertaken by
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1 Refer to | |
2 Refer to Marlin MD&A Releases dated | |
3 Refer to Mako Mining Corp. MD&A Releases dated |
Cimarron is another advanced stage project that was acquired along with the
Whilst the 2011 resource is considered by
Other Projects
Mr.
President & CEO
GR Silver Mining Ltd.
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Neither the
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4 Refer to Marlin NI 43-101 News Release dated |
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the use of proceeds of the Offering, the availability of regulatory approvals for the Offering, and future exploration programs at any of the Company's mineral properties. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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