GSilver Drills 2,988 GPT AgEq Over 0.35m Estimated True Width at El Cubo

GSilver Drills 2,988 GPT AgEq Over 0.35m Estimated True Width at El Cubo Reports Successful Drilling from Three Different Guanajuato Areas VANCOUVER, BC / ACCESSWIRE / May 5, 2022 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF) is pleased to report drill results from its ongoing exploration programs at the Company's wholly owned El Cubo Mine Complex and El Pinguico project in Guanajuato, Mexico. Highlights from Recent Drilling at the Company's Guanajuato properties: Hole VP022-002: 1,956 grams per tonne (gpt) Ag and 12.90 gpt Au for 2,988 gpt AgEq over 0.55m (0.35m est. true width) from the Villalpando vein, at the Capulin area, at El Cubo. Holes SC22-001 and SC22-002: 42 gpt Ag and 7.56 gpt Au for 647 gpt AgEq over 0.35m (0.3m est. true width) in hole SC22-001 and 276 gpt Ag and 4.49 gpt Au for 636 gpt AgEq over 0.30m (0.13m est. true width) and 194 gpt Ag and 2.60 gpt Au for 402 gpt AgEq over 0.55m (0.30m est. true width) in hole SC22-002from the ‘680' vein, and the Tuberos and Poniente veins, respectively, at the Santa Cecilia area, at El Cubo. Hole P21-22: 227 gpt Ag and 2.11 gpt Au for 396 gpt AgEq over 1.5m (0.60m est. true width) and 193 gpt Ag and 1.15 gpt Au for 285 gpt AgEq over 0.6m (0.24 m est. true width) from the Arroyo vein and El Pinguico vein, respectively, at the El Pinguico project. "These results serve to build confidence in our understanding of geological controls of high-grade mineralisation within the various veins and different zones of our Guanajuato mine holdings. Further, drilling at the El Cubo mine continues to identify mineralisation that the Company can quickly build into its near-term mining plans," commented James Anderson, Chairman and CEO of Guanajuato Silver. GSilver continues infill and expansion drilling at the El Cubo Mine targeting the Villalpando, Asuncion, Tuberos and ‘680' veins at the Villalpando and Santa Cecilia areas; in parallel, GSilver is continuing exploration at the El Pinguico project targeting the Arroyo and Pinguico veins. From late January to end of March 2022, a total of 3,130 meters in 14 holes were drilled from underground at the Guanajuato properties. The drill results announced today include the last two holes drilled at El Pinguico in 2021, and six of the 14 diamond drillholes drilled so far this year. The Company is reporting results for a total of eight drill holes from the three areas. Villalpando Exploration Drilling at the Capulin area of El Cubo, targeting the Villalpando and Asuncion vein structures, has been very successful. Overlooked by previous operators, this area boasts ample development work with easy access to newly defined mineralised material. The Asuncion vein occasionally exhibits bonanza grades as highlighted by VPO22-002, which returned over 95 troy ounces of silver-equivalent over an estimated true width of 0.35 metres. At Capulin, drill holes VPO22-04 and VPO22-05 have been drilled and are out for assay. Drilling remains ongoing in this area. Figure 1: Capulin Area, El Cubo Mine Capulin Area, El Cubo Mine Hole Structure From To Interval Est. True Width Au Ag AgEq (m) (m) (m) (m) (gpt) (gpt) (gpt) ? 100.70 101.35 0.65 0.32 0.39 120 151 VPO22-001 Asuncion 125.05 125.55 0.50 0.28 0.21 103 119 ? 141.70 143.30 1.60 0.76 0.11 107 116 Villalpando 164.20 232.85 68.65 7.89 0.27 29 50 including 164.20 165.90 1.70 0.17 0.54 70 113 including 173.80 175.05 1.25 0.13 0.42 81 115 including 189.25 196.45 7.20 0.72 0.53 65 107 including 199.75 200.70 0.95 0.10 0.95 86 162 including 209.25 210.10 0.85 0.09 0.49 84 124 including 220.95 225.70 4.75 0.48 0.67 63 117 including 228.80 229.85 1.05 0.11 0.98 114 194 Capulin Area, El Cubo Mine Hole Structure From To Interval Est. True Width Au Ag AgEq (m) (m) (m) (m) (gpt) (gpt) (gpt) VPO22-002 Asuncion 81.00 81.55 0.55 0.35 12.90 1,956 2,988 Villalpando 141.70 171.05 29.35 13.55 0.21 31 47 including 151.30 154.35 3.05 1.15 0.76 115 176 including 156.05 159.75 3.70 1.28 0.53 69 111 Villalpando FW 175.45 176.15 0.70 0.39 0.44 92 127 VPO22-003 Villalpando 169.50 170.70 1.20 0.44 0.15 89 101 Villalpando 172.65 174.75 2.10 0.82 0.56 111 156 Villalpando 178.20 178.70 0.50 0.17 1.50 24 143 Villalpando 181.15 181.70 0.55 0.19 0.60 91 139 Santa Cecilia Exploration and Development Drilling in the Santa Cecilia area of El Cubo targets numerous vein structures; these include ‘680', Tuberos, Poniente, and the northern extension of Villalpando. In this area, productive veins are often perpendicular (transverse) to the regional NW structure and frequently carry proportionally higher gold content. As mine production in the Santa Cecilia area continues to take on a more important role within GSilver's El Cubo mining strategy, and in view of the area's important grade potential, the decision has been made to join the southern Villalpando area with the northern Santa Cecilia area at depth. With only approximately 150m of development tunnelling to complete before this connection is made, management estimates that the work necessary for this task will take only approximately 6 to 8 weeks. Upon completion, haulage trucks, which currently need to travel on gravel roads for 6.7km from Santa Cecilia to our processing plant, will now need only to travel 2.5km within the mine; thereby reducing fuel costs, tire wear, and road maintenance costs significantly and immediately. At Santa Cecilia, drill holes SC22-03 to SC22-08 have been drilled and are out for assay. Drilling at Santa Cecilia, an area that was largely discounted by previous operators, remains ongoing. Figure 2: Santa Cecilia Area, El Cubo Mine Santa Cecilia Area, El Cubo Mine Hole Structure From To Interval Est. True Width Au Ag AgEq (m) (m) (m) (m) (gpt) (gpt) (gpt) SC22-01 680 Vein 72.90 73.25 0.35 0.30 7.56 42 647 SC22-02 Tuberos Vein 131.60 131.90 0.30 0.13 4.49 276 636 Poniente Vein 172.55 173.10 0.55 0.30 2.60 194 402 Commenting on these results, James Anderson added, "The gold-bearing transverse veins at Santa Cecilia are demonstrative of the numerous opportunities that exist at El Cubo where we can take advantage of rich mineralization that was largely overlooked in recent years. Remarkably, we are already producing precious metals concentrate from backfill and stacked material that was previously left behind at Santa Cecilia. Evidence of additional similar transverse veins are present throughout El Cubo, and we expect that these systems will form a major component of our mining operations into the future." El Pinguico Exploration Drill results from the El Pinguico project included two drill holes drilled from the San Jose #2 crosscut in 2021. P21-22 encountered the Pinguico system and returned 0.60m estimated true width (ETW) at 285 gpt AgEq. Importantly, both holes cut good widths of very good grade in the Arroyo vein; this vein was encountered previously but until now had only returned moderate results. These results will be thoroughly studied and interpreted by GSilver geological staff prior to additional targeting of this area. Figure 3: Pinguico Project (2021) El Pingüico Project (2021) Hole Structure From To Interval True Width Au Ag AgEq (m) (m) (m) (m) (gpt) (gpt) (gpt) P21-21 Arroyo 2.05 4.30 2.25 1.29 1.13 104 194 P21-22 Arroyo 0.00 3.90 3.90 1.56 1.04 120 203 including 2.40 3.90 1.50 0.60 2.11 227 396 Pinguico 217.70 218.30 0.60 0.24 1.15 193 285 2022 drilling at El Pinguico was targeted from a drill site located within the old mine workings at Adit Level 1 for the first time. Good widths of moderate grade were encountered in P22-01. P22-02 encountered no significant results; P22-03 is out for assay, while drilling of P22-04 is ongoing. Figure 4: El Pinguico Project (2022) El Pinguico Project (2022) Hole Structure From To Interval Est. True Width Au Ag AgEq (m) (m) (m) (m) (gpt) (gpt) (gpt) P22-01 Pinguico 193.65 194.60 0.95 0.52 0.59 69 116 Pinguico 196.75 197.35 0.60 0.49 0.67 65 118 Note: All silver equivalent (AgEq) values are calculated based on a long-term gold to silver price ratio of 80:1 as used by mineral industry advisors, Behre Dolbear and Company (USA), Inc., in the Company's NI 43-101 PEA report with the effective date of January 31, 2021; a copy of which is available for review on SEDAR. Abbreviations used in this news release include: gpt: grams per tonne; Au: gold; Ag: silver; ETW: estimated true width; m: metre, AgEq: silver equivalent, Est.: estimated, FW: Footwall. Sampling and quality assurance/quality control Drill core was first reviewed by a Company geologist, who identified and marked intervals for sampling. The marked sample intervals were then cut in half with a diamond saw; half of the core was left in the core box and the other half was 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. The samples are maintained under security on site until they are shipped to the analytical lab. The analytical work reported on herein was performed by Corporacion Quimica Platinum S.A de C.V., Silao, Guanajuato, Mexico. To validate our assay results and our preparation procedures, GSilver sends additional random samples representing approximately 20% of all analytical samples to Bureau Veritas in Hermosillo, Sonora, Mexico. Bureau Veritas is an ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) geo-analytical laboratory and is independent of GSilver and its "qualified person". In order to further validate our assay results and our preparation procedures GSilver sent additional random samples representing approximately 10% of all analytical samples to SGS Mexico, S.A de C.V, Durango, Mexico. SGS is also an ISO/IEC geo-analytical laboratory and is independent of GSilver and its "qualified person". Core samples were 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 was 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. GSilver 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. Hernan Dorado Smith, a director and officer of GSilver and a "qualified person" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release. About Guanajuato Silver Co. Ltd.: GSilver mines and processes silver and gold concentrate from its El Cubo mine and mill. The Company continues to delineate for additional silver and gold resources through underground drilling at El Cubo and its nearby El Pinguico project. Both projects are located within 11km of the city of Guanajuato, Mexico, which has an established 480-year mining history. ON BEHALF OF THE BOARD OF DIRECTORS "James Anderson" Chairman and CEO For further information regarding Guanajuato Silver Company Ltd., please contact: JJ Jennex, Communications Manager, +1 (604) 723-1433 Email: jjj@gsilver.com Continue to watch our progress at: www.GSilver.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information and Statements This news release contains certain forward-looking information and statements, which relate to future events or future performance including, but not limited to, the Company's proposed development and mining plans at El Cubo and El Pinguico, expected areas and plans for future mining operations and the timing thereof, the Company's proposed drilling and exploration programs at El Cubo and El Pinguico in 2022 including the total number of meters to be drilled, the locations thereof and the anticipated results therefrom; the Company's expectations for grade and width of certain veins within the El Cubo mine and El Pinguico project including prospective high grade vein locations and opportunities for resource expansion; and the Company's ability to meet its ramp-up expectations and position its mining operations to continue the current trajectory of delivering rising tonnage, grade, recoveries, and revenue from precious metals concentrate sales. Such forward-looking statements and information reflect management's current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral resource estimates at El Cubo and El Pinguico and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock conforming to sampled results and metallurgical performance; tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; success of the Company's combined El Cubo / El Pinguico mining operation and development and exploration programs thereon; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, inflation, supply chain disruptions, availability of financing, currency rate fluctuations, actual results of exploration, development and production activities, actual resource grades and recoveries of silver and gold, unanticipated geological or structural formations and characteristics, environmental risks, future prices of silver, gold and other metals, operating risks, accidents, labour issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to continue to ramp-up its operations at the El Cubo mill to deliver the rising tonnage, grades, recoveries, and revenue from precious metals concentrate sales at the costs and within the timetable anticipated. In addition, GSilver's decision to process mineralized material from its estimated resources at El Cubo and above and underground stockpiles at El Pinguico through the El Cubo mill is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the results of the Company's recently announced preliminary economic assessment and projected production of silver and gold concentrate will be realized. There is also uncertainty about the continued spread of COVID-19 and the current war in Ukraine and the impact they will have on the Company's operations, supply chains, ability to access El Cubo and/or El Pinguico or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All the forward-looking statements and information made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. The forward-looking statements and information are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law. SOURCE: Guanajuato Silver Company Ltd. View source version on accesswire.com: https://www.accesswire.com/700278/GSilver-Drills-2988-GPT-AgEq-Over-035m-Estimated-True-Width-at-El-Cubo Copyright © 2022 Guanajuato Silver Company Ltd., All rights reserved. You are receiving this email because you opted in via our website. Our mailing address is: Guanajuato Silver Company Ltd. 578 – 999 Canada Place Vancouver, BC V6C 3E1 Canada Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

African Gold Group Seeks Dual ASX Listing And Announces Board Changes

View this email in your browser AFRICAN GOLD GROUP SEEKS DUAL ASX LISTING AND ANNOUNCES BOARD CHANGES   May 4, 2022, Toronto, Ontario – African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61) ("AGG" or the "Company") is pleased to announce that it intends to seek a dual listing on the Australian Securities Exchange ("ASX").   ASX Listing   The Company intends to seek to list on ASX in the coming months and has received in-principle advice from ASX indicating that subject to satisfaction of certain conditions, the Company would be suitable for listing on ASX. Whilst the final approval of the listing is subject to the Company meeting certain customary requirements of the ASX, the receipt of the in-principle advice allows the Company to move forward with its plans for and preparation of a prospectus for the ASX listing.   Danny Callow, CEO of AGG, commented:   "We are very excited to receive the in-principle approval from the ASX, the first step in the process to securing an ASX listing. Our decision to seek a dual listing on the ASX is a result of significant support from Australian investors into our Kobada Project in South-Western Mali. We believe that a dual listing will unlock further opportunities through access to a broader pool of informed capital, and for AGG to unlock its full value for shareholders. Following our ASX listing, AGG will focus on expanding our total 3.2-million-ounce mineral resource along multiple highly prospective drill targets, and further enhancing our current definitive feasibility study which shows attractive economics for a 100,000oz per annum gold project over the first 10 years of production."   Board Update   The Company has also decided to strengthen its board of directors (the "Board") with the addition of an Australian domiciled, independent director well known in the investment community and very experienced in guiding companies through the process from developer to producer. The Company is pleased to announce the appointment of Tim Kestell to the Board.   Mr. Kestell is an accomplished executive with over 25 years of experience in the capital markets, including working for HSBC, Patersons Securities and Euroz Securities Limited. Mr. Kestell played an instrumental role as a director and an investor in a number of companies in the mining sector, including Capricorn Metals and Emerald Resources NL, enabling the transition from explorer to producer stage.   After serving for almost two years and guiding the Company through a critical stage of its strategic process, Mr. Scott Eldridge, Non-Executive Chairman of the Company has made the decision to step down from the Board to pursue other interests. Scott will continue as a consultant on an as-required basis and will maintain existing options awards to expiry. Mr. Jan-Erik Back, Deputy Chairman of the Board will step up to the Chairman role.   The Company has granted a total of 1,446,666 stock options to certain directors of the Company pursuant to the Company`s stock option plan. The stock options vest immediately and may be exercised at a price of $0.10 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange   Danny Callow, CEO of AGG, commented:   "Over the past two and a half years we have spent a significant amount of time in restructuring the Company. This has involved spending a significant amount of time in delivering an economically attractive definitive feasibility study on our flagship Kobada Project, as well as growing the mineral resource by 40% and the ore reserves by more than 140%. At the same time, the Company has streamlined the Board, significantly reduced corporate and overhead costs and positioned the company for the next stage of its growth strategy. The decision to appoint Tim to the Board, who is well known and respected in the Australian investor community will set the Company on its trajectory to achieve its strategic goals. I would personally like to welcome Tim to the Company and wish him well as he transitions into the new role. Finally, on behalf of the Company, I would like to thank our outgoing Chairman, Mr. Scott Eldridge for his unwavering support over the past two years guiding the structural corporate changes and wish him all the very best in his future endeavours."   About African Gold Group   African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa's next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG's principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2021 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.   For more information: Danny Callow President and Chief Executive Officer + (27) 76 411 3803 Danny.Callow@africangoldgroup.com Daniyal Baizak Vice President, Corporate Development +1 (647) 835 9617 Daniyal.Baizak@africangoldgroup.com     Jan-Erik Back Non-Executive Chairman of the Board Jan-Erik.Back@africangoldgroup.com Camarco (Financial PR) Gordon Poole / Charlotte Hollinshead +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk     Cautionary statements   This press release contains "forward‑looking information" within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the dual-listing of the Company on the ASX, filing of a prospectus in Australia, appointment of directors of the Company, grant of incentive stock options, expansion of mineral resources and reserves, upside potential of the Project, drilling and exploration plans of the Company, and development timetable with respect the Project. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals from the ASX and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although AGG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws.     NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.     Follow on Twitter LinkedIn Follow on Instagram Our mailing address is: info@africangoldgroup.com Want to change how you receive these emails? 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