REG - Guanajuato Silver Co - Topia Drill Update

Guanajuato SilverAnnouncement

20/12/2022 13:45

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RNS Number : 3236K  Guanajuato Silver Company Ltd.  20 December 2022

20 December 2022

 

 

Guanajuato Silver Company Ltd

("Guanajuato Silver" or the "Company")

 

Topia Drill Update

 

Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF) (AQSE:GSVR), a
precious metals producer in Mexico, is pleased to provide recent drill results
from the Company's wholly owned Topia mine ("Topia") in Durango, Mexico.

 

Since the acquisition of the Topia mine in August (see GSilver news release
dated August 4, 2022 - "GSilver Closes Acquisition of Great Panther's Mexican
Mining Assets
(https://gsilver.com/news/2022c/794-ilverlosescquisitionofreatanthersexicanin20220804)
") the Company has continued with exploration programs centered on delineating
resources and increasing mine life. These new drill results focus on the La
Prieta, Rosario, and Dos Amigos vein structures in the central part of the
district and are part of an infill and resource delineation drill program that
commenced after the acquisition of the Topia mine and is ongoing.

 

Note: All silver equivalent (AgEq) values are calculated using an 81.08:1
(Ag/Au), 0.04:1 (Ag/Pb), and 0.06:1 (Ag/Zn). Abbreviations used in this news
release include the following: g/t: grams per tonne; gpt: grams per tonne; Au:
gold; Ag: silver; m: metre, and AgEq: silver equivalent.

 

James Anderson, Chairman & CEO said, "These results demonstrate the
continuity of mineralization along the lateral extent of the target horizon
and outside the boundaries of our current mining areas. Mining has been
ongoing at Topia for roughly 70 years and these high-grade intercepts
strengthen our commitment to expand milling capacity from 7,500 tonnes per
month to over 10,000 tonnes per month through 2023-24."

 

Epithermal mineralization at Topia exists as a system of narrow, high-grade
veins measuring up to 1.50m in thickness and occurring within an undulating
band of mineralized material that ranges vertically from 100m to 200m, within
a lateral extension continuing for several kilometers.  The drilling
completed over the last three months has provided a better understanding of
the control and trend of the mineralized bodies in the La Prieta, Rosario and
Dos Amigos vein systems.

 

Equity Financing Update:

The Company also announces its plan to close an initial tranche representing
the majority of its non-brokered C$7,500,000 private placement, first
announced on December 12(th), 2022 (see GSilver news release of the same date
- Guanajuato Silver Announces L.I.F.E. Equity Financing
(https://gsilver.com/news/2022c/831-uanajuatoilvernnouncesquityinancing20221212)
), on Wednesday, December 21, 2022.

 

Sampling and quality assurance/quality control

Drill core is first reviewed by a Company geologist, who identifies and marks
intervals for sampling. The marked sample intervals are then cut in half with
a diamond saw; half of the core is left in the core box and the other half is
removed, placed in plastic bags, sealed and labeled. Intervals and unique
sample numbers are recorded on the drill logs and the samples are sequenced
with standards and blanks inserted according to a predefined QA/QC procedure.
Core samples are subject to crushing at a minimum of 70 per cent passing two
millimeters, followed by pulverizing of a 250-gram split to 85 per cent
passing 75 microns. Gold determination is via standard atomic absorption (AA)
finish 30-gram fire assay (FA) analysis, in addition to silver and 34-element
using fire assay and gravimetry termination. Following industry-standard
procedures, blank and standard samples were inserted into the sample sequence
and sent to the laboratory for analysis. Data verification of the analytical
results included a statistical analysis of the standards and blanks that must
pass certain parameters for acceptance to ensure accurate and verifiable
results. Guanajuato Silver detected no significant QA/QC issues during review
of the data and is not aware of any sampling, recovery or other factors that
could materially affect the accuracy or reliability of the data referred to
herein.

 

Technical Information

Reynaldo Rivera, VP of Exploration of Guanajuato Silver, has approved the
scientific and technical information contained in this news release. Mr.
Rivera is a member of the Australasian Institute of Mining and Metallurgy
(AusIMM - Registration Number 220979) and a "qualified person" as defined by
National Instrument 43-101, Standards of Disclosure for Mineral Projects.

 

For further information regarding Guanajuato Silver Company Ltd., please
contact:

 

JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433

E: jjj@GSilver.com

GSilver.com

 

VSA Capital - AQSE Corporate Adviser

T: +44 (0) 20 3005 5000

Simon Barton - Corporate Finance

Andrew Monk - Corporate Broking

David Scriven - Corporate Broking

 

About Guanajuato Silver

Guanajuato Silver is a precious metals producer engaged in reactivating past
producing silver and gold mines near the city of Guanajuato, Mexico, which has
an established 480-year mining history. With five mines and three processing
facilities, the Company is one of the fastest growing silver producers in
Mexico.

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