Impact: Very Positive
GR Silver announced an updated I&I mineral resource estimate (MRE) for its 100%-owned Plomosas project in Sinaloa, Mexico. The MRE integrates the Plomosas, San Marcial and San Juan/La Colorada areas and delineates a total of 150M oz AgEq at~198 g/t AgEq. We view the updated MRE for Plomasas very positively given that it beat our expectations of 114M oz AgEq (read more) and those of the street (+100M oz AgEq). This is a key milestone for the company and demonstrates that the project contains a significant and economic AgEq resource base. In addition to the potential for resource expansion, we believe Plomosas remains highly prospective and that additional high-grade discoveries could be made along the 6km contact at San Marcial.
