GR Silver Mining Intersects Bonanza-grade Gold Veins at Depth in the Plomosas Mine Area 0.6 m at 40.2 g/t Au and 0.25 m at 64.5 g/t Au

VANCOUVER, Feb. 21, 2023 - GR Silver Mining Ltd. ("GR Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRA: GPE) - is pleased to announce additional underground drilling results in the Plomosas Mine Area as part of the 2022 infill and exploratory drilling program at the Company's wholly-owned Plomosas Project in Sinaloa, Mexico.

The drilling had the following objectives:

• Drilling at specific locations where recent geological modelling has indicated the presence of high-grade precious metal epithermal veins, which demonstrate the existence of high-grade mineralization below existing underground workings;
• Define the geometry and boundaries of silver ("Ag") - gold ("Au") mineralization and detail participation of precious metals mineralization in the upcoming resource estimation update; and
• Confirm presence of high-grade gold epithermal veins in the hanging wall and footwall of the main mineralized zone in new areas of the historic underground mine.

The 35 drill holes being reported in this announcement were all drilled from within the historic Plomosas Mine Area, mainly below the 900 level, and represent the penultimate batch of drill results to be incorporated into the resource estimation at the Plomosas Mine Area.

Gold highlights from the underground drilling results (Down hole widths):

• PLIP22-30: 14.1 m at 2.67 g/t Au and 69 g/t Ag (353 g/t AgEq¹)
  including: 0.6 m at 40.18 g/t Au and 219 g/t Ag (4,075 g/t AgEq)

• PLI22-52: 9.9 m at 1.91 g/t Au, including 0.25 m at 64.50 g/t Au

In addition, the drilling results continue to reveal attractive high-grade silver-polymetallic mineralization in unmined areas at the lower levels of the historic underground mine. Drill hole results such as those highlighted below, continue to demonstrate the potential to incorporate wide and attractive polymetallic results into the upcoming resource estimation.

• PLIP22-29: 22.0 m at 1.01 g/t Au, 55 g/t Ag, 3.1% Pb, 4.8% Zn and 0.2% Cu (441 g/t AgEq)
  including: 3.0 m at 5.42 g/t Au, 299 g/t Ag, 1.8% Pb, 9.7% Zn and 0.6% Cu (1,291 g/t AgEq)

• PLIP22-35: 18.5 m at 1.08 g/t Au, 20 g/t Ag, 0.5% Pb, 1.5% Zn and 0.3% Cu (221 g/t AgEq)
  including: 0.8 m at 6.09 g/t Au, 46 g/t Ag, 2.7% Pb, 8.4% Zn and 0.8% Cu (1,105 g/t AgEq)

• PLIP22-42: 3.1 m at 1.97 g/t Au, 50 g/t Ag, 19.7% Pb, 15.6% Zn and 0.3% Cu (1,422 g/t AgEq)

The Plomosas Mine Area drilling program has been completed and one batch of assays is pending to be processed and incorporated into the resource estimation, expected to be published later in Q1|2023. The program has achieved its objectives of replacing some specific areas where zero values were adopted in the previous resource estimation, but also, more importantly, defining the presence of high-grade gold and silver zones which form part of a distinct mineralizing event, hosted within the same structure as well as the footwall and hanging wall of the Plomosas Breccia. These results provide vital data to be introduced in the resource estimation, aiming to increase the percentage participation of precious metals in the Plomosas Mine Area resource update. At deeper levels in the historic mine, the presence of cross-cutting structures is common intersecting the main mineralized zone, creating pod-shaped geometries with the presence of multiple veinlets, defining wide zones (up to 20 metres) carrying gold and silver mineralization. High-grade gold hosted by narrow epithermal veins returned values such as 0.6 m at 40.2 g/t Au from hole PLIP22-30 and 0.25 m at 64.5 g/t Au from hole PLI22-52, which are part of a much wider mineralized system.

GR Silver Mining Chairman and CEO, Eric Zaunscherb comments, "The previous resource estimate for the Plomosas Mine Area incorporated many historical drill holes that were selectively sampled for precious metals mineralization. The extensive surgical infill drill program conducted by GR Silver Mining provided 'proof of concept', successfully replacing many historical drill holes in the resource model. In the process, the Company's geologists have opportunely defined incremental high-grade precious metal mineralization that was previously unrecognized. These facts suggest the potential for an increase in grade and content in the Plomosas Mine Area in the highly anticipated resource update."

GR Silver Mining completed the infill drilling program at the Plomosas Mine Area at the end of 2022 and final assays are being received and processed. This program added approximately 11,750 metres of core drilling (186 holes) in specific areas of the existing NI 43-101 resource block model, achieving the key objectives and supporting more detailed geological mineralization modelling, while also enhancing the silver and gold grade distribution in the upcoming resource estimate.

The highlights of the drill holes reported in this news release are summarized as follows:

Table 1: Plomosas Mine Area - Latest Results Highlights

Table 2: Plomosas Mine Area Latest Drill Hole Details

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc. at Burnaby, BC. The analytical methods are four acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits (>10 ppm).

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, P. Geo., President & COO for GR Silver Mining, who has reviewed and approved its contents.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 square kilometres of concessions containing several structural corridors totaling over 75 kilometres in strike length.

Eric Zaunscherb, Chairman & CEO

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation and information that are based on the beliefs of management and reflect the Company's current expectations. 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.

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 press release.

SOURCE GR Silver Mining Ltd.